ose　who　engaged　in　them。　The　most　absolute　liberty　was　not　sufficient　to　direct　attention　to　these　objects。　The　zeal　and　activity　of　the　princess　Eliza；　who　called　into　her　little　sovereignty　several　head…manufacturers；　who　furnished　them　with　money　and　houses；　who　brought　the　produce　of　their　shops　into　fashion；　has　founded　a　more　durable　prosperity　in　a　decaying　city；　and　restored　to　a　beneficent　activity　much　capital　and　intellect；　which；　but　for　her；　would　forever　have　remained　unemployed。　　　　　When　government　means　to　protect　commerce；　it　often　acts　with　precipitation；　in　complete　ignorance　of　its　true　interests；　almost　always　with　despotic　violence；　which　tramples　under　foot　the　greater　part　of　private　arrangements；　and　almost　always　with　an　absolute　forgetfulness　of　the　advantage　of　consumers；　who；　as　they　form　by　far　the　most　numerous　class；　have　more　right　than　any　other　to　confound　their　well…being　with　that　of　the　nation。　Yet　it　must　not　be　inferred；　that　government　never　does　good　to　trade。　It　is　government　which　can　give　habits　of　dissipation　or　economy；　which　can　attach　honour　or　discredit　to　industry　and　activity；　which　can　turn　the　attention　of　scientific　men　to　apply　their　discoveries　to　the　arts：　government　is　the　richest　of　all　consumers；　it　encourages　manufactures　by　the　mere　circumstance　of　giving　them　its　custom。　If　to　this　indirect　influence　it　join　the　care　of　rendering　all　communications　easy；　of　preparing　roads；　canals；　bridges；　of　protecting　property；　of　securing　a　fair　administration　of　justice；　if　it　do　not　overload　its　subjects　with　taxation　in　levying　the　taxes；　it　adopt　no　disastrous　system；　…　it　will　effectually　have　served　commerce；　and　its　beneficial　influence　will　counterbalance　many　false　measures；　many　prohibitory　laws；　in　spite　of　which；　and　not　by　reason　of　which；　commerce　will　continue　to　increase　under　it。
  Chapter　5
  Of　Money
  Wealth　incessantly　circulates　from　producers　to　consumers；　by　means　of　money。　All　kinds　of　exchange　are　accomplished　under　this　form；　whether　the　means　of　producing　wealth　are　transmitted　from　one　proprietor　to　another；　or　when　land　or　movable　capital　changes　its　owner；　or　when　labour　is　sold；　or　when　the　object　destined　to　be　consumed　reaches　the　hands　that　are　to　use　it。　Money　facilitates　all　these　exchanges；　it　occurs　among　the　different　contractors　as　a　thing　which　all　desire；　and　by　means　of　which　every　one　may　find　what　he　immediately　requires；　as　a　thing；　moreover；　submitted　to　invariable　calculation；　and　by　means　of　which　all　other　values　may　be　appreciated；　this　alone　being　their　scale。　　　　　Money　performs　several　functions　at　once：　it　is　the　sign　of　all　other　values；　it　is　their　pledge　and　also　their　measure。　As　a　sign；　money　represents　every　other　kind　of　wealth；　by　transmitting　it　from　hand　to　hand　we　transmit　a　right　to　all　other　values。　It　is　not　money　itself　which　the　day…labourer　requires；　but　food；　clothing；　lodging；　of　which　it　is　the　sign。　It　is　not　for　money　that　the　manufacturer　wishes　to　exchange　his　produce；　but　for　raw　materials；　that　he　may　again　begin　to　work；　and　for　objects　of　consumption；　that　he　may　begin　to　enjoy。　It　is　not　money　which　the　capitalist　lends　the　merchant　to　profit　by；　it　is　all　that　the　merchant　will　purchase　with　this　money　immediately　afterwards；　for　so　long　as　the　merchant　keeps　it　in　the　original　shape；　he　can　draw　no　advantage　from　it；　and　his　capital　will　not　begin　its　course　of　production　till　the　money　is　out　of　his　hands。　By　an　abuse　of　language；　which　has　caused　much　error　and　confusion；　the　words　money　and　capital　have　become　almost　synonymous：　money　indeed　represents　all　other　capital；　but　it　is　itself　the　capital　of　no　man；　it　is　always　barren　by　nature；　and　wealth　does　not　begin　to　increase；　till　after　money　has　left　the　hands　of　its　possessor。　　　　　Money　is　not　only　the　sign　of　wealth；　it　is　also　the　pledge　of　it。　It　not　only　represents　wealth；　it　contains　the　worth　of　it。　Like　wealth；　it　has　been　produced　by　a　labour　which　it　wholly　compensates。　In　work　and　advances　of　all　sorts　employed　in　extracting　it　from　the　mine；　it　has　cost　a　value　equal　to　what　it　passes　for　in　the　world。　It　furnishes　to　trade　a　commodity　which　is　expensive；　because　purchased　like　every　other；　it　is　the　sole　kind　of　wealth　which　is　not　increased　by　circulation；　or　dissipated　by　enjoyment。　It　issues；　still　without　alteration　from　the　hands　of　him　who　employs　it　usefully；　and　of　him　who　squanders　it　upon　his　pleasures。　But　the　high　price　at　which　society　acquires　money；　though　at　first　view　it　appears　an　inconvenience；　is　precisely　what　gives　it　the　merit　of　being　an　imperishable　pledge　for　its　possessors。　As　its　value　was　not　given　by　arbitrary　convention；　arbitrary　convention　cannot　take　its　value　away。　It　may　be　more　or　less　sought　after　according　as　it　occurs　more　or　less　abundantly　in　the　market；　but　its　price　can　never　deviate　very　far　from　what　would　be　required　to　extract　an　equal　quantity　from　the　mine。　　　　　Money；　in　the　last　place；　is　a　common　measure　of　values。　Before　the　invention　of　money；　it　must　have　been　very　difficult　to　compare　the　value　of　a　bag　of　corn　with　that　of　a　yard　of　cloth。　Dress　was　equally　necessary　with　food；　but　the　processes　by　which　men　procured　them；　seemed　scarcely　susceptible　of　being　compared。　Money　has　furnished　a　common　and　invariable　unity　to　which　every　thing　can　be　referred。　Nations；　who　are　not　acquainted　with　the　use　of　metals；　have；　nevertheless；　so　felt　the　advantages　of　this　common　measure　that　they　have　formed　an　ideal　unity；　to　which　they　refer　every　kind　of　value。　　　　　The　important　part　which　money　performs　in　political　economy；　and　the　various　properties　by　which　it　animates　exchanges；　and　protects　and　serves　to　measure　them；　explain　the　illusion　which　has　misled；　not　only　the　vulgar；　but　even　the　greater　part　of　statesmen；　and　exhibited　this　commodity　in　their　eyes　as　the　efficient　cause　of　labour；　and　the　creator　of　all　wealth。　It　is　essential　for　us；　however；　to　pause　here；　that　we　may　both　display　those　errors　in　a　clear　point　of　view；　and　firmly　demonstrate　the　principles　which　follow。　In　the　epoch　of　civilization；　at　which　we　are　arrived；　no　labour　can　be　accomplished　without　a　capital　to　set　it　in　motion；　but　this　capital；　though　almost　constantly　represented　by　money；　is　yet　quite　a　different　thing。　An　increase　of　the　national　capital　is　the　most　powerful　encouragement　to　labour；　but　an　increase　in　the　circulating　medium　has　not　of　necessity　the　same　effect。　Capitals　co…operate　powerfully　in　the　annual　reproduction　of　wealth；　giving　rise　to　an　annual　revenue；　but　money　continues　barren；　and　gives　rise　to　no　revenue。　Indeed；　the　competition　between　those　capitals；　which　are　offered　to　accomplish　the　annual　labour　of　the　nation；　forms　the　basis　for　the　interest　of　money；　but　the　greater　or　less　abundance　of　the　circulating　medium；　has　no　influence　in　the　fixing　of　this　interest。　　　　　Painful　experience　has　shown　all　the　inhabitants　of　Europe　what　a　dearth　was；　and　a　period　of　general　penury　among　a　civilized　people。　At　these　mournful　epochs；　every　one　has　heard　it　a　hundred　times　observed；　that　it　was　not　corn　or　food　which　was　wanting；　but　money。　Indeed；　vast　magazines　of　corn　have　often　remained　full　till　the　next　harvest；　those　provisions；　if　proportionably　shared　among　the　people；　would　have　almost　always　been　sufficient　for　their　support；　but　the　poor；　having　no　money　to　offer；　were　not　able　to　buy　them；　they　could　not；　in　exchange　for　their　labour；　obtain　money；　or　at　least　enough　of　it；　to　subsist。　Money　was　wanting；　natural　wealth　superabundant。　What　phenomenon　could　appear　more　proper　to　confirm　the　universal　prejudice　which　looks　for　wealth　in　money；　not　in　consumable　capital？　　　　　But　the　money；　which　is　wanting　in　a　time　of　scarcity；　is　the　wage　offered　to　the　workman　to　make　him　labour。　the　wage；　by　means　of　which；　he　would　have　purchased　a　subsistence。　The　workmen　never　labour；　except　when　some　of　those　who　have　accumulated　capitals；　or　in　other　words；　the　fruit　of　preceding　labours；　can　profit　from　those　capitals；　by　furnishing；　on　one　hand；　the　raw　material；　on　the　other；　a　subsistence　for　the　artisan。　Labour　cannot　be　carried　on　so　as　to　produce　any　material　fruit；　any　fruit　capable　of　becoming　wealth；　without　raw　materials　on　which　to　operate；　the　workman　cannot　labour　without　food　to　support　him；　and；　therefore；　every　kind　of　labour　is　impossible　without　a　capital　previously　existing　in　objects　of　consumption；　to　furnish　his　materials　and　his　wages；　and；　if　the　workman　himself　lay　out　these　advances；　it　is　because　he　combines　for　this　little　object；　the　two　characters　of　capitalist　and　artisan。　　　　　As　the　workman　requires　a　capitalist；　so　the　capitalist　requires　workmen；　because　his　capital　will　be　unproductive　if　it　continue　idle；　and　the　revenue　which　he　expects　and　has　to　live　upon　springs　from　the　labour　which　he　causes　to　be　executed。　Hence；　whenever　he　is　occupied　in　a　productive　enterprise；　he　employs　all　his　capital　in　causing　labour；　and　leaves　no　part　of　it　in　idleness。　If　he　is　a　cloth…maker；　and　has　devoted　ten　thousand　pounds　to　his　manufacture；　he　does　not　stop　till　his　ten　thousand　pounds　are　done；　and　he　no　longer　has　new　sums　to　employ　in　the