make　them。　They　require；　too；　a　capital　of　the　same　kind　to　keep
  them　in　constant　repair。
  No　fixed　capital　can　yield　any　revenue　but　by　means　of　a
  circulating　capital。　The　most　useful　machines　and　instruments　of
  trade　will　produce　nothing　without　the　circulating　capital　which
  affords　the　materials　they　are　employed　upon；　and　the　maintenance
  of　the　workmen　who　employ　them。　Land；　however　improved；　will
  yield　no　revenue　without　a　circulating　capital；　which　maintains
  the　labourers　who　cultivate　and　collect　its　produce。
  To　maintain　and　augment　the　stock　which　may　be　reserved　for
  immediate　consumption　is　the　sole　end　and　purpose　both　of　the
  fixed　and　circulating　capitals。　It　is　this　stock　which　feeds；
  clothes；　and　lodges　the　people。　Their　riches　or　poverty　depends
  upon　the　abundant　or　sparing　supplies　which　those　two　capitals
  can　afford　to　the　stock　reserved　for　immediate　consumption。
  So　great　a　part　of　the　circulating　capital　being　continually
  withdrawn　from　it；　in　order　to　be　placed　in　the　other　two
  branches　of　the　general　stock　of　the　society；　it　must　in　its　turn
  require　continual　supplies；　without　which　it　would　soon　cease　to
  exist。　These　supplies　are　principally　drawn　from　three　sources；
  the　produce　of　land；　of　mines；　and　of　fisheries。　These　afford
  continual　supplies　of　provisions　and　materials；　of　which　part　is
  afterwards　wrought　up　into　finished　work；　and　by　which　are
  replaced　the　provisions；　materials；　and　finished　work　continually
  withdrawn　from　the　circulating　capital。　From　mines；　too；　is　drawn
  what　is　necessary　for　maintaining　and　augmenting　that　part　of　it
  which　consists　in　money。　For　though；　in　the　ordinary　course　of
  business；　this　part　is　not；　like　the　other　three；　necessarily
  withdrawn　from　it；　in　order　to　be　placed　in　the　other　two
  branches　of　the　general　stock　of　the　society；　it　must；　however；
  like　all　other　things；　be　wasted　and　worn　out　at　last；　and
  sometimes；　too；　be　either　lost　or　sent　abroad；　and　must；
  therefore；　require　continual；　though；　no　doubt；　much　smaller
  supplies。
  Land；　mines；　and　fisheries；　require　all　both　a　fixed　and　a
  circulating　capital　to　cultivate　them；　and　their　produce　replaces
  with　a　profit；　not　only　those　capitals；　but　all　the　others　in　the
  society。　Thus　the　farmer　annually　replaces　to　the　manufacturer
  the　provisions　which　he　had　consumed　and　the　materials　which　be
  had　wrought　up　the　year　before；　and　the　manufacturer　replaces　to
  the　farmer　the　finished　work　which　he　had　wasted　and　worn　out　in
  the　same　time。　This　is　the　real　exchange　that　is　annually　made
  between　those　two　orders　of　people；　though　it　seldom　happens　that
  the　rude　produce　of　the　one　and　the　manufactured　produce　of　the
  other；　are　directly　bartered　for　one　another；　because　it　seldom
  happens　that　the　farmer　sells　his　corn　and　his　cattle；　his　flax
  and　his　wool；　to　the　very　same　person　of　whom　he　chooses　to
  purchase　the　clothes；　furniture；　and　instruments　of　trade　which
  he　wants。　He　sells；　therefore；　his　rude　produce　for　money；　with
  which　he　can　purchase；　wherever　it　is　to　be　had；　the　manufactured
  produce　he　has　occasion　for。　Land　even　replaces；　in　part　at
  least；　the　capitals　with　which　fisheries　and　mines　are
  cultivated。　It　is　the　produce　of　land　which　draws　the　fish　from
  the　waters；　and　it　is　the　produce　of　the　surface　of　the　earth
  which　extracts　the　minerals　from　its　bowels。
  The　produce　of　land；　mines；　and　fisheries；　when　their
  natural　fertility　is　equal；　is　in　proportion　to　the　extent　and
  proper　application　of　the　capitals　employed　about　them。　When　the
  capitals　are　equal　and　equally　well　applied；　it　is　in　proportion
  to　their　natural　fertility。
  In　all　countries　where　there　is　tolerable　security；　every
  man　of　common　understanding　will　endeavour　to　employ　whatever
  stock　he　can　command　in　procuring　either　present　enjoyment　or
  future　profit。　If　it　is　employed　in　procuring　present　enjoyment；
  it　is　a　stock　reserved　for　immediate　consumption。　If　it　is
  employed　in　procuring　future　profit；　it　must　procure　this　profit
  either　staying　with　him；　or　by　going　from　him。　In　the　one　case　it
  is　fixed；　in　the　other　it　is　a　circulating　capital。　A　man　must　be
  perfectly　crazy　who；　where　there　is　tolerable　security；　does　not
  employ　all　the　stock　which　he　commands；　whether　be　his　own　or
  borrowed　of　other　people；　in　some　one　or　other　of　those　three
  ways。
  In　those　unfortunate　countries；　indeed；　where　men　are
  continually　afraid　of　the　violence　of　their　superiors；　they
  frequently　bury　and　conceal　a　great　part　of　their　stock；　in　order
  to　have　it　always　at　hand　to　carry　with　them　to　some　place　of
  safety；　in　case　of　their　being　threatened　with　any　of　those
  disasters　to　which　they　consider　themselves　as　at　all　times
  exposed。　This　is　said　to　be　a　common　practice　in　Turkey；　in
  Indostan；　and；　I　believe；　in　most　other　governments　of　Asia。　It
  seems　to　have　been　a　common　practice　among　our　ancestors　during
  the　violence　of　the　feudal　government。　Treasure…trove　was　in
  those　times　considered　as　no　contemptible　part　of　the　revenue　of
  the　greatest　sovereigns　in　Europe。　It　consisted　in　such　treasure
  as　was　found　concealed　in　the　earth；　and　to　which　no　particular
  person　could　prove　any　right。　This　was　regarded　in　those　times　as
  so　important　an　object；　that　it　was　always　considered　as
  belonging　to　the　sovereign；　and　neither　to　the　finder　nor　to　the
  proprietor　of　the　land；　unless　the　right　to　it　had　been　conveyed
  to　the　latter　by　an　express　clause　in　his　charter。　It　was　put
  upon　the　same　footing　with　gold　and　silver　mines；　which；　without
  a　special　clause　in　the　charter；　were　never　supposed　to　be
  comprehended　in　the　general　grant　of　the　lands；　though　mines　of
  lead；　copper；　tin；　and　coal　were　as　things　of　smaller
  consequence。
  CHAPTER　II
  Of　Money　considered　as　a　particular　Branch　of　the　general　Stock
  of　the　Society；　or　of　the　Expense　of　maintaining　the　National
  Capital
  IT　has　been　shown　in　the　first　book；　that　the　price　of　the
  greater　part　of　commodities　resolves　itself　into　three　parts；　of
  which　one　pays　the　wages　of　the　labour；　another　the　profits　of
  the　stock；　and　a　third　the　rent　of　the　land　which　had　been
  employed　in　producing　and　bringing　them　to　market：　that　there
  are；　indeed；　some　commodities　of　which　the　price　is　made　up　of
  two　of　those　parts　only；　the　wages　of　labour；　and　the　profits　of
  stock：　and　a　very　few　in　which　it　consists　altogether　in　one；　the
  wages　of　labour：　but　that　the　price　of　every　commodity
  necessarily　resolves　itself　into　some　one；　or　other；　or　all　of
  these　three　parts；　every　part　of　it　which　goes　neither　to　rent
  nor　to　wages；　being　necessarily　profit　to　somebody。
  Since　this　is　the　case；　it　has　been　observed；　with　regard　to
  every　particular　commodity；　taken　separately；　it　must　be　so　with
  regard　to　all　the　commodities　which　compose　the　whole　annual
  produce　of　the　land　and　labour　of　every　country；　taken　complexly。
  The　whole　price　or　exchangeable　value　of　that　annual　produce　must
  resolve　itself　into　the　same　three　parts；　and　be　parcelled　out
  among　the　different　inhabitants　of　the　country；　either　as　the
  wages　of　their　labour；　the　profits　of　their　stock；　or　the　rent　of
  their　land。
  But　though　the　whole　value　of　the　annual　produce　of　the　land
  and　labour　of　every　country　is　thus　divided　among　and　constitutes
  a　revenue　to　its　different　inhabitants；　yet　as　in　the　rent　of　a
  private　estate　we　distinguish　between　the　gross　rent　and　the　net
  rent；　so　may　we　likewise　in　the　revenue　of　all　the　inhabitants　of
  a　great　country。
  The　gross　rent　of　a　private　estate　comprehends　whatever　is
  paid　by　the　farmer；　the　net　rent；　what　remains　free　to　the
  landlord；　after　deducting　the　expense　of　management；　of　repairs；
  and　all　other　necessary　charges；　or　what；　without　hurting　his
  estate；　he　can　afford　to　place　in　his　stock　reserved　for
  immediate　consumption；　or　to　spend　upon　his　table；　equipage；　the
  ornaments　of　his　house　and　furniture；　his　private　enjoyments　and
  amusements。　His　real　wealth　is　in　proportion；　not　to　his　gross；
  but　to　his　net　rent。
  The　gross　revenue　of　all　the　inhabitants　of　a　great　country
  comprehends　the　whole　annual　produce　of　their　land　and　labour；
  the　net　revenue；　what　remains　free　to　them　after　deducting　the
  expense　of　maintaining…　first；　their　fixed；　and；　secondly；　their
  circulating　capital；　or　what；　without　encroaching　upon　their
  capital；　they　can　place　in　their　stock　reserved　for　immediate
  consumption；　or　spend　upon　their　subsistence；　conveniencies；　and
  amusements。　Their　real　wealth；　too；　is　in　proportion；　not　to
  their　gross；　but　to　their　net　revenue。
  The　whole　expense　of　maintaining　the　fixed　capital　must
  evidently　be　excluded　from　the　net　revenue　of　the　society。
  Neither　the　materials　necessary　for　supporting　their　useful
  machines　and　instruments　of　trade；　their　profitable　buildings；
  etc。；　nor　the　produce　of　the　labour　necessary　for　fashioning
  those　materials　into　the　proper　form；　can　ever　make　any　part　of
  it。　The　price　of　that　labour　may　indeed　make　a　part　of　it；　as　the
  wo