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hurtful especially to the divine part of man； or reason。 And
again； the body itself； being equally liable to use and to abuse；
and； when rightly disciplined； serviceable to the State； both for
war and labour； but when not disciplined； or abused； valueless
to the State； and capable only of continuing the private or
single existence of the individual （and that but feebly） the
Greeks called such a body an 〃idiotic〃 or 〃private〃 body； from
their word signifying a person employed in no way directly useful
to the State； whence finally； our 〃idiot；〃 meaning a person
entirely occupied with his own concerns。
Hence； it follows that if a thing is to be useful； it must be
not only of an availing nature； but in availing hands。 Or； in
accurate terms； usefulness is value in the hands of the valiant；
so that this science of wealth being； as we have just seen； when
regarded as the science of Accumulation； accumulative of capacity
as well as of material； when regarded as the Science of
Distribution； is distribution not absolute； but discriminate； not
of every thing to every man； but of the right thing to the right
man。 A difficult science； dependent on more than arithmetic。
Wealth； therefore； is 〃THE POSSESSION OF THE VALUABLE BY THE
VALIANT〃； and in considering it as a power existing in a nation；
the two elements； the value of the thing； and the valour of its
possessor； must be estimated together。 Whence it appears that
many of the persons commonly considered wealthy； are in reality
no more wealthy than the locks of their own strong boxes are；
they being inherently and eternally incapable of wealth； and
operating for the nation； in an economical point of view； either
as pools of dead water； and eddies in a stream （which； so long as
the stream flows； are useless； or serve only to drown people； but
may become of importance in a state of stagnation should the
stream dry）； or else； as dams in a river； of which the ultimate
service depends not on the dam； but the miller； or else； as mere
accidental stays and impediments； acting not as wealth； but （for
we ought to have a correspondent term） as 〃illth；〃 causing
various devastation and trouble around them in all directions； or
lastly； act not at all； but are merely animated conditions of
delay； （no use being possible of anything they have until they
are dead；） in which last condition they are nevertheless often
useful as delays； and 〃impedimenta；〃 if a nation is apt to move
too fast。
This being so； the difficulty of the true science of
Political Economy lies not merely in the need of developing manly
character to deal with material value； but in the fact； that
while the manly character and material value only form wealth by
their conjunction； they have nevertheless a mutually destructive
operation on each other。 For the manly character is apt to
ignore； or even cast away； the material value： whence that of
Pope：
〃Sure； of qualities demanding praise；
More go to ruin fortunes； than to raise。〃
And on the other hand； the material value is apt to undermine the
manly character； so that it must be our work； in the issue； to
examine what evidence there is of the effect of wealth on the
minds of its possessors； also； what kind of person it is who
usually sets himself to obtain wealth； and succeeds in doing so；
and whether the world owes more gratitude to rich or to poor men；
either for their moral influence upon it； or for chief goods；
discoveries； and practical advancements。 I may； however；
anticipate future conclusions； so far as to state that in a
community regulated only by laws of demand and supply； but
protected from open violence； the persons who become rich are；
generally speaking； industrious； resolute； proud； covetous；
prompt； methodical； sensible； unimaginative； insensitive； and
ignorant。 The persons who remain poor are the entirely foolish；
the entirely wise；（22*） the idle； the reckless； the humble； the
thoughtful； the dull； the imaginative； the sensitive； the
well…informed； the improvident； the irregularly and impulsively
wicked； the clumsy knave； the open thief； and the entirely
merciful； just； and godly person。
Thus far； then； of wealth。 Next； we have to ascertain the
nature of PRICE； that is to say； of exchange value； and its
expression by currencies。
Note first； of exchange； there can be no profit in it。 It is
only in labour there can be profit that is to say； a 〃making
in advance；〃 or 〃making in favour of〃 （from proficio）。 In
exchange； there is only advantage； i。e。； a bringing of vantage or
power to the exchanging persons。 Thus； one man； by sowing and
reaping； turns one measure of corn into two measures。 That is
Profit。 Another； by digging and forging； turns one spade into two
spades。 That is Profit。 But the man who has two measures of corn
wants sometimes to dig； and the man who has two spades wants
sometimes to eat：They exchange the gained grain for the gained
tool； and both are the better for the exchange； but though there
is much advantage in the transaction； there is no profit。 Nothing
is constructed or produced。 Only that which had been before
constructed is given to the person by whom it can be used。 If
labour is necessary to effect the exchange； that labour is in
reality involved in the production； and； like all other labour；
bears profit。 Whatever number of men are concerned in the
manufacture； or in the conveyance； have share in the profit； but
neither the manufacture nor the conveyance are the exchange； and
in the exchange itself there is no profit。
There may； however； be acquisition； which is a very different
thing。 If； in the exchange； one man is able to give what cost him
little labour for what has cost the other much； he 〃acquires〃 a
certain quantity of the produce of the other's labour。 And
precisely what he acquires； the other loses。 In mercantile
language； the person who thus acquires is commonly said to have
〃made a profit〃； and I believe that many of our merchants are
seriously under the impression that it is possible for everybody；
somehow； to make a profit in this manner。 Whereas； by the
unfortunate constitution of the world we live in； the laws both
of matter and motion have quite rigorously forbidden universal
acquisition of this kind。 Profit； or material gain； is attainable
only by construction or by discovery； not by exchange。 Whenever
material gain follows exchange； for every plus there is a
precisely equal minus。
Unhappily for the progress of the science of Political
E