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do not assent to。
Mr M'Culloch says： 〃The accumulation and employment of both
fixed and circulating capital is indispensably necessary to
elevate any nation in the scale of civilization。 And it is only
by their conjoined and powerful operation that wealth can be
largely produced and universally diffused。〃 ＇Article 〃Political
Economy〃 in Supplement to Encyclopedia Britannica。＇
〃The quantity of industry；〃 he further says； 〃therefore not
only increases in every country with the increase of the stock or
capital which sets it in motion； but； in consequence of this
increase； the division of labour becomes extended； new and more
powerful implements and machines are invented； and the same
quantity of labour is thus made to produce an infinitely greater
quantity of commodities。
〃Besides its effect in enabling labour to be divided；
capital contributes to facilitate labour； and produce wealth in
the three following ways：
〃First。 It enables us to execute work that could not be
executed； or to produce commodities that could not be produced
without it。
〃Second。 It saves labour in the production of almost
every species of commodities。
〃Third。 It enables us to execute work better； as well as
more expeditiously。〃
Mr Mill's account of these effects； though not so precise；
is still more astounding。 〃The labourer；〃 he says； 〃has neither
raw materials nor tools。 These are provided for him by the
capitalist。 For making this provision the capitalist of course
expects a reward。〃 According to this statement； the capitalist
provides for the labourer and only； therefore； expects a profit。
In other parts of his book it is not the capitalist who provides；
but the capital which works。 He speaks of capital as an
instrument of production co…operating with labour； as an active
agent combining with labour to produce commodities； and thus he
satisfies himself； and endeavours to prove to the reader that
capital is entitled to all that large share of the produce it
actually receives。 He also attributes to capital power of
accumulation。 This power or tendency to accumulate； he adds； is
not so great as the tendency of population to augment and on
the difference between these two tendencies he and other authors
have erected a theory of society which places poor Mother Nature
in no favourable light。
Without troubling myself to quote more passages from these
authors； or to transcribe the opinion of other writers； I shall
proceed to examine the effects of capital； and I shall begin with
circulating capital。 Mr M'Culloch says； 〃without circulating
capital；〃 meaning the food the labourer consumes； and the
clothing he wears； 〃the labourer never could engage in any
undertaking which did not yield an almost immediate return。〃
Afterwards he says； 〃that division of labour is a consequence of
previous accumulation of capital；〃 and quotes the following
passage from Dr Smith； as a proper expression for his own
opinions：
〃Before labour can be divided； 'a stock of goods of
different kinds must be stored up somewhere； sufficient to
maintain the labourer； and to supply him with tools for carrying
on his work。 A weaver； for example； could not apply himself
entirely to his peculiar business； unless there was beforehand
stored up somewhere； either in his own possession； or in that of
some other person； a stock sufficient for his maintenance； and
for supplying him with the materials and implements required to
carry on his work； till he has not only completed； but sold his
web。 This accumulation must evidently be previous to his applying
himself for so long a time to a peculiar business。'〃
The only advantage of circulating capital is that by it the
labourer is enabled； he being assured of his present subsistence；
to direct his power to the greatest advantage。 He has time to
learn an art； and his labour is rendered more productive when
directed by skill。 Being assured of immediate subsistence； he can
ascertain which； with his peculiar knowledge and acquirements；
and with reference to the wants of society； is the best method of
labouring； and he can labour in this manner。 Unless there were
this assurance there could be no continuous thought； an
invention； and no knowledge but that which would be necessary for
the supply of our immediate animal wants。 The weaver； I admit；
could not complete his web； nor would the shipwright begin to
build his ship； unless he knew that while he was engaged in this
labour he should be able to procure food。 A merchant certainly
could not set out for South America or the East Indies unless he
were confident that during the period of his absence he and his
family could find subsistence； and that he would be able at the
end of his voyage to pay all the expenses he had incurred。 It is
this assurance； this knowledge； this confidence of obtaining
subsistence and reward； which enables and induces men to
undertake long and complicated operations； and the question is；
do men derive this assurance from a stock of goods already
provided （saved from the produce of previous labour） and ready to
pay them； or from any other source？
I SHALL ENDEAVOUR TO SHOW THAT THIS ASSURANCE ARISES FROM A
GENERAL PRINCIPLE IN THE CONSTITUTION OF MAN； AND THAT THE
EFFECTS ATTRIBUTED TO A STOCK OF COMMODITIES； UNDER THE NAME OF
CIRCULATING CAPITAL； ARE CAUSED BY CO…EXISTING LABOUR。
The labourer； the real maker of any commodity； derives this
assurance from a knowledge he has that the person who set him to
work will pay him； and that with the money he will be able to buy
what he requires。 He is not in possession of any stock of
commodities。 Has the person who employs and pays him such a
stock？ Clearly not。 Only a very few capitalists possess any of
those commodities which the labourers they employ consume。
Farmers may have a stock of corn； and merchants and shipowners
may have a few weeks' or months' supply of provisions for their
seamen； according to the length of the voyage they are to
undertake； but； beyond this； no capitalist possesses ready
prepared the commodities which his labourers require。 He
possesses money； he possesses credit with other capitalists； he
possesses； under the sanction of the law； a power over the labour
of the slave…descended labourer； but he does not possess food or
clothing。 He pays the labourer his money wages； and the
expectation which other labourers have of receiving part of these
wages or other wages； induces them in the meantime to prepare the
clothing and food the labourer constantly requires。 Not to deal；
however； in general terms and abstractions； doing which seems to
have led other writers astray； let us descend to particulars。
A great cotton manufacturer； we suppose； for example； a Sir
Robert Peel； or any other of those leviathans who are so anxious
to retain their power over us； and who； as legislators； either in
their own persons or in the persons of their sons； make the laws
which both calumniate and oppress us； employs a thousand persons；
whom he pays weekly： does he possess the food and clothing ready
prepared which these persons purchase and consume daily？ Does he
ev