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necessary　for　supporting　the　produce　of　the　estate；　and

consequently　both　the　gross　and　the　net　rent　of　the　landlord。

When　by　a　more　proper　direction；　however；　it　can　be　diminished

without　occasioning　any　diminution　of　produce；　the　gross　rent

remains　at　least　the　same　as　before；　and　the　net　rent　is

necessarily　augmented。

　　　　　But　though　the　whole　expense　of　maintaining　the　fixed

capital　is　thus　necessarily　excluded　from　the　net　revenue　of　the

society；　it　is　not　the　same　case　with　that　of　maintaining　the

circulating　capital。　Of　the　four　parts　of　which　this　latter

capital　is　composed…　money；　provisions；　materials；　and　finished

work…　the　three　last；　it　has　already　been　observed；　are　regularly

withdrawn　from　it；　and　placed　either　in　the　fixed　capital　of　the

society；　or　in　their　stock　reserved　for　immediate　consumption。

Whatever　portion　of　those　consumable　goods　is　employed　in

maintaining　the　former；　goes　all　to　the　latter；　and　makes　a　part

of　the　net　revenue　of　the　society。　The　maintenance　of　those　three

parts　of　the　circulating　capital；　therefore；　withdraws　no　portion

of　the　annual　produce　from　the　net　revenue　of　the　society；

besides　what　is　necessary　for　maintaining　the　fixed　capital。

　　　　　The　circulating　capital　of　a　society　is　in　this　respect

different　from　that　of　an　individual。　That　of　an　individual　is

totally　excluded　from　making　any　part　of　his　net　revenue；　which

must　consist　altogether　in　his　profits。　But　though　the

circulating　capital　of　every　individual　makes　a　part　of　that　of

the　society　to　which　he　belongs；　it　is　not　upon　that　account

totally　excluded　from　making　a　part　likewise　of　their　net

revenue。　Though　the　whole　goods　in　a　merchant's　shop　must　by　no

means　be　placed　in　his　own　stock　reserved　for　immediate

consumption；　they　may　in　that　of　other　people；　who；　from　a

revenue　derived　from　other　funds；　may　regularly　replace　their

value　to　him；　together　with　its　profits；　without　occasioning　any

diminution　either　of　his　capital　or　of　theirs。

　　　　　Money；　therefore；　is　the　only　part　of　the　circulating

capital　of　a　society；　of　which　the　maintenance　can　occasion　any

diminution　in　their　net　revenue。

　　　　　The　fixed　capital；　and　that　part　of　the　circulating　capital

which　consists　in　money；　so　far　as　they　affect　the　revenue　of　the

society；　bear　a　very　great　resemblance　to　one　another。

　　　　　First；　as　those　machines　and　instruments　of　trade；　etc。；

require　a　certain　expense；　first　to　erect　them；　and　afterwards　to

support　them；　both　which　expenses；　though　they　make　a　part　of　the

gross；　are　deductions　from　the　net　revenue　of　the　society；　so　the

stock　of　money　which　circulates　in　any　country　must　require　a

certain　expense；　first　to　collect　it；　and　afterwards　to　support

it；　both　which　expenses；　though　they　make　a　part　of　the　gross；

are；　in　the　same　manner；　deductions　from　the　net　revenue　of　the

society。　A　certain　quantity　of　very　valuable　materials；　gold　and

silver；　and　of　very　curious　labour；　instead　of　augmenting　the

stock　reserved　for　immediate　consumption；　the　subsistence；

conveniencies；　and　amusements　of　individuals；　is　employed　in

supporting　that　great　but　expensive　instrument　of　commerce；　by

means　of　which　every　individual　in　the　society　has　his

subsistence；　conveniencies；　and　amusements　regularly　distributed

to　him　in　their　proper　proportions。

　　　　　Secondly；　as　the　machines　and　instruments　of　a　trade；　etc。；

which　compose　the　fixed　capital　either　of　an　individual　or　of　a

society；　make　no　part　either　of　the　gross　or　of　the　net　revenue

of　either；　so　money；　by　means　of　which　the　whole　revenue　of　the

society　is　regularly　distributed　among　all　its　different　members；

makes　itself　no　part　of　that　revenue。　The　great　wheel　of

circulation　is　altogether　different　from　the　goods　which　are

circulated　by　means　of　it。　The　revenue　of　the　society　consists

altogether　in　those　goods；　and　not　in　the　wheel　which　circulates

them。　In　computing　either　the　gross　or　the　net　revenue　of　any

society；　we　must　always；　from　their　whole　annual　circulation　of

money　and　goods；　deduct　the　whole　value　of　the　money；　of　which

not　a　single　farthing　can　ever　make　any　part　of　either。

　　　　　It　is　the　ambiguity　of　language　only　which　can　make　this

proposition　appear　either　doubtful　or　paradoxical。　When　properly

explained　and　understood；　it　is　almost　self…evident。

　　　　　When　we　talk　of　any　particular　sum　of　money；　we　sometimes

mean　nothing　but　the　metal　pieces　of　which　it　is　composed；　and

sometimes　we　include　in　our　meaning　some　obscure　reference　to　the

goods　which　can　be　had　in　exchange　for　it；　or　to　the　power　of

purchasing　which　the　possession　of　it　conveys。　Thus　when　we　say

that　the　circulating　money　of　England　has　been　computed　at

eighteen　millions；　we　mean　only　to　express　the　amount　of　the

metal　pieces；　which　some　writers　have　computed；　or　rather　have

supposed　to　circulate　in　that　country。　But　when　we　say　that　a　man

is　worth　fifty　or　a　hundred　pounds　a　year；　we　mean　commonly　to

express　not　only　the　amount　of　the　metal　pieces　which　are

annually　paid　to　him；　but　the　value　of　the　goods　which　he　can

annually　purchase　or　consume。　We　mean　commonly　to　ascertain　what

is　or　ought　to　be　his　way　of　living；　or　the　quantity　and　quality

of　the　necessaries　and　conveniencies　of　life　in　which　he　can　with

propriety　indulge　himself。

　　　　　When；　by　any　particular　sum　of　money；　we　mean　not　only　to

express　the　amount　of　the　metal　pieces　of　which　it　is　composed；

but　to　include　in　its　signification　some　obscure　reference　to　the

goods　which　can　be　had　in　exchange　for　them；　the　wealth　or

revenue　which　it　in　this　case　denotes；　is　equal　only　to　one　of

the　two　values　which　are　thus　intimated　somewhat　ambiguously　by

the　same　word；　and　to　the　latter　more　properly　than　to　the

former；　to　the　money's　worth　more　properly　than　to　the　money。

　　　　　Thus　if　a　guinea　be　the　weekly　pension　of　a　particular

person；　he　can　in　the　course　of　the　week　purchase　with　it　a

certain　quantity　of　subsistence；　conveniencies；　and　amusements。

In　proportion　as　this　quantity　is　great　or　small；　so　are　his　real

riches；　his　real　weekly　revenue。　His　weekly　revenue　is　certainly

not　equal　both　to　the　guinea；　and　to　what　can　be　purchased　with

it；　but　only　to　one　or　other　of　those　two　equal　values；　and　to

the　latter　more　properly　than　to　the　former；　to　the　guinea's

worth　rather　than　to　the　guinea。

　　　　　If　the　pension　of　such　a　person　was　paid　to　him；　not　in

gold；　but　in　a　weekly　bill　for　a　guinea；　his　revenue　surely　would

not　so　properly　consist　in　the　piece　of　paper；　as　in　what　he

could　get　for　it。　A　guinea　may　be　considered　as　a　bill　for　a

certain　quantity　of　necessaries　and　conveniencies　upon　all　the

tradesmen　in　the　neighbourhood。　The　revenue　of　the　person　to　whom

it　is　paid；　does　not　so　properly　consist　in　the　piece　of　gold；　as

in　what　he　can　get　for　it；　or　in　what　he　can　exchange　it　for。　If

it　could　be　exchanged　for　nothing；　it　would；　like　a　bill　upon　a

bankrupt；　be　of　no　more　value　than　the　most　useless　piece　of

paper。

　　　　　Though　the　weekly　or　yearly　revenue　of　all　the　different

inhabitants　of　any　country；　in　the　same　manner；　may　be；　and　in

reality　frequently　is　paid　to　them　in　money；　their　real　riches；

however；　the　real　weekly　or　yearly　revenue　of　all　of　them　taken

together；　must　always　be　great　or　small　in　proportion　to　the

quantity　of　consumable　goods　which　they　can　all　of　them　purchase

with　this　money。　The　whole　revenue　of　all　of　them　taken　together

is　evidently　not　equal　to　both　the　money　and　the　consumable

goods；　but　only　to　one　or　other　of　those　two　values；　and　to　the

latter　more　properly　than　to　the　former。

　　　　　Though　we　frequently；　therefore；　express　a　person's　revenue

by　the　metal　pieces　which　are　annually　paid　to　him；　it　is　because

the　amount　of　those　pieces　regulates　the　extent　of　his　power　of

purchasing；　or　the　value　of　the　goods　which　he　can　annually

afford　to　consume。　We　still　consider　his　revenue　as　consisting　in

this　power　of　purchasing　or　consuming；　and　not　in　the　pieces

which　convey　it。

　　　　　But　if　this　is　sufficiently　evident　even　with　regard　to　an

individual；　it　is　still　more　so　with　regard　to　a　society。　The

amount　of　the　metal　pieces　which　are　annually　paid　to　an

individual；　is　often　precisely　equal　to　his　revenue；　and　is　upon

that　account　the　shortest　and　best　expression　of　its　value。　But

the　amount　of　the　metal　pieces　which　circulate　in　a　society　can

never　be　equal　to　the　revenue　of　all　its　members。　As　the　same

guinea　which　pays　the　weekly　pension　of　one　man　to…day；　may　pay

that　of　another　to…morrow；　and　that　of　a　third　the　day

thereafter；　the　amount　of　the　metal　pieces　which　annually

circulate　in　any　country　must　always　be　of　much　less　value　than

the　whole　money　pensions　annually　paid　with　them。　But　the　power

of　purchasing；　or　the　goods　which　can　successively　be　bought　with

the　whole　of　those　money　pensions　as　they　are　successively　paid；

must　always　be　precisely　of　the　same　value　with　those　pensions；

as　must　likewise　be　the　revenue　of　the　different　persons　to　whom

they　are　paid。　That　revenue；　therefore；　cannot　consist　in　those

metal　pieces；　of　which　the　amount　is　so　much　inferior　to　its

value；　but　in　the　power　of　purchasing；　in　the　goods　which　can

successively　be　bought　with　them　as　they　circulate　from　hand　to

hand。

　　　　　Money；　therefore；　the　great　wheel　of　circulation；　the　great

instrument　of　commerce；　like　all　other　instruments　of　trade；

though　it　makes　a　part　and　a　very　valuable　part　of　the　capital；

makes　no　part　of　the　revenue　of　the　society　to　which　it　belongs；

and　though　the　metal　pieces　of　which　it　is　composed；　in　the

course　of　their　annual　circulation；　distribute　to　every　man　the

revenue　which　properly　belongs　to　him；　they　make　themselves　no

part　of　that　revenue。

　　　　　Thirdly；　and　lastly；　the　machines　and　instruments　of　trade；

etc。；　which　compose　the　fixed　capital；　bear　this　further

resemblance　to　that　part　of　the　circulating　capital　which

consists　in　money；　that　as　every　saving　in　the　expense　of

erecting　and　supporting　those　machines；　which　does　not　diminish

the　productive　powers　of　lab