資本論 CHAPTER 24: CONVERSION OF SURPLUS-VALUE INTO CAPITAL003

19The

reader

will

notice,

that

the

word

revenue

is

used

in

a

double

sense:

first,

to

designate

surplus-value

so

far

as

it

is

the

fruit

periodically

yielded

by

capital;

secondly,

to

designate

the

part

of

that

fruit

which

is

periodically

consumed

by

the

capitalist,

or

added

to

the

fund

that

supplies

his

private

consumption.

I

have

retained

this

double

meaning

because

it

harmonises

with

the

language

of

the

English

and

French

economists.

20Taking

the

usurer,

that

old-fashioned

but

ever

renewed

specimen

of

the

capitalist

for

his

text,

Luther

shows

very

aptly

that

the

love

of

power

is

an

element

in

the

desire

to

get

rich.\"The

heathen

were

able,

by

the

light

of

reason,

to

conclude

that

a

usurer

is

a

double-dyed

thief

and

murderer.

We

Christians,however,

hold

them

in

such

honour,

that

we

fairly

worship

them

for

the

sake

of

their

money....

Whoever

eats

up,

robs,and

steals

the

nourishment

of

another,

that

man

commits

as

great

a

murder

(so

far

as

in

him

lies)

as

he

who

starves

a

man

or

utterly

undoes

him.

Such

does

a

usurer,

and

sits

the

while

safe

on

his

stool,

when

he

ought

rather

to

be

hanging

on

the

gallows,

and

be

eaten

by

as

many

ravens

as

he

has

stolen

guilders,

if

only

there

were

so

much

flesh

on

him,

that

so

many

ravens

could

stick

their

beaks

in

and

share

it.

Meanwhile,

we

hang

the

small

thieves....

Little

thieves

are

put

in

the

stocks,great

thieves

go

flaunting

in

gold

and

silk....

Therefore

is

there,on

this

earth,

no

greater

enemy

of

man

(after

the

devil)

than

a

gripe-money,

and

usurer,

for

he

wants

to

be

God

over

all

men.Turks,

soldiers,

and

tyrants

are

also

bad

men,

yet

must

they

let

the

people

live,

and

Confess

that

they

are

bad,

and

enemies,and

do,

nay,

must,

now

and

then

show

pity

to

some.

But

a

usurer

and

money-glutton,

such

a

one

would

have

the

whole

world

perish

of

hunger

and

thirst,

misery

and

want,

so

far

as

in

him

lies,

so

that

he

may

have

all

to

himself,

and

every

one

may

receive

from

him

as

from

a

God,

and

be

his

serf

for

ever.To

wear

fine

cloaks,

golden

chains,

rings,

to

wipe

his

mouth,to

be

deemed

and

taken

for

a

worthy,

pious

man

....

Usury

is

a

great

huge

monster,

like

a

werewolf,

who

lays

waste

all,

more

than

any

Cacus,

Gerion

or

Antus.

And

yet

decks

himself

out,and

would

be

thought

pious,

so

that

people

may

not

see

where

the

oxen

have

gone,

that

he

drags

backwards

into

his

den.

But

Hercules

shall

hear

the

cry

of

the

oxen

and

of

his

prisoners,and

shall

seek

Cacus

even

in

cliffs

and

among

rocks,

and

shall

set

the

oxen

loose

again

from

the

villain.

For

Cacus

means

the

villain

that

is

a

pious

usurer,

and

steals,

robs,

eats

everything.And

will

not

own

that

he

has

done

it,

and

thinks

no

one

will

find

him

out,

because

the

oxen,

drawn

backwards

into

his

den,make

it

seem,

from

their

foot-prints,

that

they

have

been

let

out.

So

the

usurer

would

deceive

the

world,

as

though

he

were

of

use

and

gave

the

world

oxen,

which

he,

however,

rends,

and

eats

all

alone...

And

since

we

break

on

the

wheel,

and

behead

highwaymen,

murderers

and

housebreakers,

how

much

more

ought

we

to

break

on

the

wheel

and

kill....

hunt

down,

curse

and

behead

all

usurers.\"

(Martin

Luther,

l.

c.)

21See

Goethe's

\"Faust.\"

22Dr.

Aikin:

\"Description

of

the

Country

from

30

to

40

miles

round

Manchester.\"

Lond.,

1795,

p.

182,

sq.

23A.

Smith,

l.

c.,

bk.

iii.,

ch.

iii.

24Even

J.

B.

Say

says:

\"Les

épargnes

des

riches

se

font

aux

dépens

des

pauvres.\"

[the

savings

of

the

rich

are

made

at

the

expense

of

the

poor]

\"The

Roman

proletarian

lived

almost

entirely

at

the

expense

of

society....

It

can

almost

be

said

that

modern

society

lives

at

the

expense

of

the

proletarians,

on

what

it

keeps

out

of

the

remuneration

of

labour.\"

(Sismondi:

\"études,&c.,\"

t.

i.,

p.

24.)

25Malthus,

l.

c.,

pp.

319,

320.

26\"An

Inquiry

into

those

Principles

Respecting

the

Nature

of

Demand,

&c.,\"

p.

67.

27l.

c.,

p.

59.

28(Senior,

\"Principes

fondamentaux

del'écon.

Pol.\"

trad.Arrivabene.

Paris,

1836,

p.

308.)

This

was

rather

too

much

for

the

adherents

of

the

old

classical

school.

\"Mr.

Senior

has

substituted

for

it\"

(the

expression,

labour

and

profit)\"the

expression

labour

and

Abstinence.

He

who

converts

his

revenue

abstains

from

the

enjoyment

which

its

expenditure

would

afford

him.

It

is

not

the

capital,

but

the

use

of

the

capital

productively,

which

is

the

cause

of

profits.\"

(John

Cazenove,l.

c.,

p.

130,

Note.)

John

St.

Mill,

on

the

contrary,

accepts

on

the

one

hand

Ricardo's

theory

of

profit,

and

annexes

on

the

other

hand

Senior's

\"remuneration

of

abstinence.\"

He

is

as

much

at

home

in

absurd

contradictions,

as

he

feels

at

sea

in

the

Hegelian

contradiction,

the

source

of

all

dialectic.

It

has

never

occurred

to

the

vulgar

economist

to

make

the

simple

reflexion,that

every

human

action

may

be

viewed,

as

\"abstinence\"from

its

opposite.

Eating

is

abstinence

from

fasting,

walking,abstinence

from

standing

still,

working,

abstinence

from

idling,

idling,

abstinence

from

working,

&c.

These

gentlemen

would

do

well,

to

ponder,

once

in

a

while,

over

Spinoza's:\"Determinatio

est

Negatio.\"

29Senior,

l.

c.,

p.

342.

30\"No

one

...

will

sow

his

wheat,

for

instance,

and

allow

it

to

remain

a

twelve

month

in

the

ground,

or

leave

his

wine

in

a

cellar

for

years,

instead

of

consuming

these

things

or

their

equivalent

at

once

...

unless

he

expects

to

acquire

additional

value,

&c.\"

(Scrope,

\"Polit.

Econ.,\"

edit.

by

A.

Potter,

New

York,

1841,

pp.

133-134.)

31\"La

privation

que

s'impose

le

capitalisté,

en

prêtant

[The

deprivation

the

capitalist

imposes

on

himself

by

lending

...](this

euphemism

used,

for

the

purpose

of

identifying,

according

to

the

approved

method

of

vulgar

economy,

the

labourer

who

is

exploited,

with

the

industrial

capitalist

who

exploits,and

to

whom

other

capitalists

lend

money)

ses

instruments

de

production

au

travailleur,

au

lieu

d'en

consacrer

la

valeur

à

son

propre

usage,

en

la

transforment

en

objets

d'utilité

ou

d'agrément.\"

[his

instruments

of

production

to

the

worker,instead

of

devoting

their

value

to

his

own

consumption,

by

transforming

them

into

objects

of

utility

or

pleasure]

(G.

de

Molinari,

l.

c.,

p.

36.)

32\"La

conservation

d'un

capital

exige

...

un

effort

constant

pour

résister

a

la

tentation

de

le

consommer.\"

(Courcelle

Seneuil,

l.

c.,

p.

57.)

33\"The

particular

classes

of

income

which

yield

the

most

abundantly

to

the

progress

of

national

capital,

change

at

different

stages

of

their

progress,

and

are,

therefore,

entirely

different

in

nations

occupying

different

positions

in

that

progress....

Profits

...

unimportant

source

of

accumulation,compared

with

wages

and

rents,

in

the

earlier

stages

of

society....

When

a

considerable

advance

in

the

powers

of

national

industry

has

actually

taken

place,

profits

rise

into

comparative

importance

as

a

source

of

accumulation.\"

(Richard

Jones,

\"Textbook,

&c.,\"

pp.

16,

21.)

34l.

c.,

p.

36,

sq.

35\"Ricardo

says:

'In

different

stages

of

society

the

accumulation

of

capital

or

of

the

means

of

employing'(i.e.,

exploiting)

'labour

is

more

or

less

rapid,

and

must

in

all

cases

depend

on

the

productive

powers

of

labour.

The

productive

powers

of

labour

are

generally

greatest

where

there

is

an

abundance

of

fertile

land.'

If,

in

the

first

sentence,the

productive

powers

of

labour

mean

the

smallness

of

that

aliquot

part

of

any

produce

that

goes

to

those

whose

manual

labour

produced

it,

the

sentence

is

nearly

identical,

because

the

remaining

aliquot

part

is

the

fund

whence

capital

can,if

the

owner

pleases,

be

accumulated.

But

then

this

does

not

generally

happen,

where

there

is

most

fertile

land.\"

(\"Observations

on

Certain

Verbal

Disputes,

&c.\"

pp.

74,

75.)

36J.

Stuart

Mill:

\"Essays

on

Some

Unsettled

Questions

of

Political

Economy,\"

Lond.,

1844,

p.

90.

37\"An

Essay

on

Trade

and

Commerce,\"

Lond.,

1770,

P.44.

The

Times

of

December,

1866,

and

January,

1867,

in

like

manner

published

certain

outpourings

of

the

heart

of

the

English

mine-owner,

in

which

the

happy

lot

of

the

Belgian

miners

was

pictured,

who

asked

and

received

no

more

than

was

strictly

necessary

for

them

to

live

for

their

\"masters.\"

The

Belgian

labourers

have

to

suffer

much,

but

to

figure

in

The

Times

as

model

labourers!

In

the

beginning

of

February,

1867,came

the

answer:

strike

of

the

Belgian

miners

at

Marchienne,put

down

by

powder

and

lead.

38l.

c.,

pp.

44,

46.

39The

Northamptonshire

manufacturer

commits

a

pious

fraud,

pardonable

in

one

whose

heart

is

so

full.

He

nominally

compares

the

life

of

the

English

and

French

manufacturing

labourer,

but

in

the

words

just

quoted

he

is

painting,

as

he

himself

confesses

in

his

confused

way,

the

French

agricultural

labourers.

40

l.

c.,

pp.

70,

71.

Note

in

the

3rd

German

edition:

today,thanks

to

the

competition

on

the

world-market,

established

since

then,

we

have

advanced

much

further.

\"If

China,\"

says

Mr.

Stapleton,

M.P.,

to

his

constituents,

\"should

become

a

great

manufacturing

country,

I

do

not

see

how

the

manufacturing

population

of

Europe

could

sustain

the

contest

without

descending

to

the

level

of

their

competitors.\"

(Times,

Sept.

3,1873,

p.

8.)

The

wished-for

goal

of

English

capital

is

no

longer

Continental

wages

but

Chinese.

41Benjamin

Thompson:

\"Essays,

Political,

Economical,and

Philosophical,

&c.,\"

3

vols.,

Lond,

1796-1802,

vol.

i.,p.

294.

In

his

\"The

State

of

the

Poor,

or

an

History

of

the

Labouring

Classes

in

England,

&c.,\"

Sir

F.

M.

Eden

strongly

recommends

the

Rumfordian

beggar-soup

to

workhouse

overseers,

and

reproachfully

warns

the

English

labourers

that\"many

poor

people,

particularly

in

Scotland,

live,

and

that

very

comfortably,

for

months

together,

upon

oat-meal

and

barley

meal,

mixed

with

only

water

and

salt.\"

(l.

c.,

vol.

i,

book

i.,

ch.

2,

p.

503.)

The

same

sort

of

hints

in

the

19th

century.

\"The

most

wholesome

mixtures

of

flour

having

been

refused

(by

the

English

agricultural

labourer)...

in

Scotland,

where

education

is

better,

this

prejudice

is,

probably,

unknown.\"

(Charles

H.

Parry,M.

D.,

\"The

Question

of

the

Necessity

of

the

Existing

Corn

Laws

Considered.\"

London,

1816,

p.

69.)

This

same

Parry,however,

complains

that

the

English

labourer

is

now

(1815)

in

a

much

worse

condition

than

in

Eden's

time

(1797.)

42From

the

reports

of

the

last

Parliamentary

Commission

on

adulteration

of

means

of

subsistence,

it

will

be

seen

that

the

adulteration

even

of

medicines

is

the

rule,

not

the

exception

in

England.

E.g.,

the

examination

of

34

specimens

of

opium,

purchased

of

as

many

different

chemists

in

London,showed

that

31

were

adulterated

with

poppy

heads,

wheat

flour,

gum,

clay,

sand,

&c.

Several

did

not

contain

an

atom

of

morphia.

43G.

B.

Newnham

(barrister-at-law):

\"A

Review

of

the

Evidence

before

the

Committee

of

the

two

Houses

of

Parliament

on

the

Corn

Laws.\"

Lond.,

1815,

p.

20,

note.

44l.

c.,

pp.

19,

20.

45C.

H.

Parry,

l.

c.,

pp.

77,

69.

The

landlords,

on

their

side,

not

only

\"indemnified\"

themselves

for

the

Anti-Jacobin

War,

which

they

waged

in

the

name

of

England,

but

enriched

themselves

enormously.

Their

rents

doubled,

trebled,quadrupled,

\"and

in

one

instance,

increased

sixfold

in

eighteen

years.\"

(I.

c.,

pp.

100,

101.)

46Friedrich

Engels,

\"Lage

der

arbeitenden

Klasse

in

England,\"

p.

20.

47Classic

economy

has,

on

account

of

a

deficient

analysis

of

the

labour

process,

and

of

the

process

of

creating

value,never

properly

grasped

this

weighty

element

of

reproduction,as

may

be

seen

in

Ricardo;

he

says,

e.g.,

whatever

the

change

in

productive

power,

\"a

million

men

always

produce

in

manufactures

the

same

value.\"

This

is

accurate,

if

the

extension

and

degree

of

intensity

of

their

labour

are

given.

But

it

does

not

prevent

(this

Ricardo

overlooks

in

certain

conclusions

he

draws)

a

million

men

with

different

powers

of

productivity

in

their

labour,

turning

into

products

very

different

masses

of

the

means

of

production,

and

therefore

preserving

in

their

products

very

different

masses

of

value;

in

consequence

of

which

the

values

of

the

products

yielded

may

vary

considerably.

Ricardo

has,

it

may

be

noted

in

passing,

tried

in

vain

to

make

clear

to

J.B.

Say,

by

that

very

example,

the

difference

between

use

value(which

he

here

calls

wealth

or

material

riches)

and

exchange

value.

Say

answers:

\"Quant

à

la

difficulté

qu'élève

Mr.

Ricardo

en

disant

que,

par

des

procédés

mieux

entendus

un

million

de

personnes

peuvent

produire

deux

fois,

trois

fois

autant

de

richesses,

sans

produire

plus

de

valeurs,

cette

difficulté

n'est

pas

une

lorsque

l'on

considére,

ainsi

qu'on

le

doit,

la

production

comme

un

échange

dans

lequel

on

donne

les

services

productifs

de

son

travail,

de

sa

terre,

et

de

ses

capitaux,

pour

obtenir

des

produits.

C'est

par

le

moyen

de

ces

services

productifs,que

nous

acquérons

tous

les

produits

qui

sont

au

monde.

Or...nous

sommes

d'autant

plus

riches,

nos

services

productifs

ont

d'autant

plus

de

valeur

qu'ils

obtiennent

dans

l'échange

appelé

production

une

plus

grande

quantité

de

choses

utiles.\"

[As

for

the

difficulty

raised

by

Ricardo

when

he

says

that,

by

using

better

methods

of

production,

a

million

people

can

produce

two

or

three

times

as

much

wealth,

without

producing

any

more

value,

this

difficulty

disappears

when

one

bears

in

mind,

as

one

should,

that

production

is

like

an

exchange

in

which

a

man

contributes

the

productive

services

of

his

labour,

his

land,

and

his

capital,

in

order

to

obtain

products.

It

is

by

means

of

these

productive

services

that

we

acquire

all

the

products

existing

in

the

world.

Therefore

...

we

are

richer,

our

productive

services

have

the

more

value,

the

greater

the

quantity

of

useful

things

they

bring

in

through

the

exchange

which

is

called

production](J.

B.

Say,

\"Lettres

à

M.

Malthus,\"

Paris,

1820,

pp.

168,

169.)

The

\"difficulté\"

—

it

exists

for

him,

not

for

Ricardo

—

that

Say

means

to

clear

up

is

this:

Why

does

not

the

exchange-value

of

the

use

values

increase,

when

their

quantity

increases

in

consequence

of

increased

productive

power

of

labour

Answer:the

difficulty

is

met

by

calling

use

value,

exchange-value,

if

you

please.

Exchange-value

is

a

thing

that

is

connected

one

way

or

another

with

exchange.

If

therefore

production

is

called

an

exchange

of

labour

and

means

of

production

against

the

product,

it

is

clear

as

day

that

you

obtain

more

exchange

value

in

proportion

as

the

production

yields

more

use

value.In

other

words,

the

more

use

values,

e.g.,

stockings,

a

working

day

yields

to

the

stocking-manufacturer,

the

richer

is

he

in

stockings.

Suddenly,

however,

Say

recollects

that

\"with

a

greater

quantity\"

of

stockings

their

\"price\"

(which

of

course

has

nothing

to

do

with

their

exchange-value!)

falls

\"parce

que

la

concurrence

les

(les

producteurs)

oblige

à

donner

les

produits

pour

ce

qu'ils

leur

cotent...

[because

competition

obliges

them

(the

producers)

to

sell

their

products

for

what

they

cost

to

make]

But

whence

does

the

profit

come,

if

the

capitalist

sells

the

commodities

at

cost-price

Never

mind!

Say

declares

that,

in

consequence

of

increased

productivity,

every

one

now

receives

in

return

for

a

given

equivalent

two

pairs

of

stockings

instead

of

one

as

before.

The

result

he

arrives

at,

is

precisely

that

proposition

of

Ricardo

that

he

aimed

at

disproving.

After

this

mighty

effort

of

thought,

he

triumphantly

apostrophises

Malthus

in

the

words:

\"Telle

est,

monsieur,

la

doctrine

bien

liée,

sans

laquelle

il

est

impossible,

je

le

déclare,d'expliquer

les

plus

grandes

difficultés

de

l'économie

politique,et

notamment,

comment

il

se

peut

qu'une

nation

soit

plus

riche

lorsque

ses

produits

diminuent

de

valeur,

quoique

la

richesse

soit

de

la

valeur.\"

[This,

Sir,

is

the

well-founded

doctrine

without

which

it

is

impossible,

I

say,

to

explain

the

greatest

difficulties

in

political

economy,

and,

in

particular,

to

explain

why

it

is

that

a

nation

can

be

richer

when

its

products

fall

in

value,

even

though

wealth

is

value]

(l.

c.,

p.

170.)

An

English

economist

remarks

upon

the

conjuring

tricks

of

the

same

nature

that

appear

in

Say's

\"Lettres\":

\"Those

affected

ways

of

talking

make

up

in

general

that

which

M.

Say

is

pleased

to

call

his

doctrine

and

which

he

earnestly

urges

Malthus

to

teach

at

Hertford,

as

it

is

already

taught

'dans

plusieurs

parties

de

l'Europe.'

He

says,

'Si

vous

trouvez

une

physionomie

de

paradoxe

à

toutes

ces

propositions,

voyez

les

choses

qu'elles

expriment,

et

j'ose

croire

qu'elles

vous

paratront

fort

simples

et

fort

raisonnables.'

[in

numerous

parts

of

Europe

...

If

all

those

propositions

appear

paradoxical

to

you,

look

at

the

things

they

express,

and

I

venture

to

believe

that

they

will

then

appear

very

simple

and

very

rational]

Doubtless,

and

in

consequence

of

the

same

process,

they

will

appear

everything

else,

except

original.\"

(\"An

Inquiry

into

those

Principles

Respecting

the

Nature

of

Demand,

&c.,\"

pp.

116,

110.)

48MacCulloch

took

out

a

patent

for

\"wages

of

past

labour,\"long

before

Senior

did

for

\"wages

of

abstinence.\"

49Compare

among

others,

Jeremy

Bentham:

\"Théorie

des

Peines

et

des

Récompenses,\"

traduct.

d'Et.

Dumont,

3ème

édit.Paris,

1826,

t.

II,

L.

IV.,

ch.

II.

50Bentham

is

a

purely

English

phenomenon.

Not

even

excepting

our

philosopher,

Christian

Wolff,

in

no

time

and

in

no

country

has

the

most

homespun

commonplace

ever

strutted

about

in

so

self-satisfied

a

way.

The

principle

of

utility

was

no

discovery

of

Bentham.

He

simply

reproduced

in

his

dull

way

what

Helvétius

and

other

Frenchmen

had

said

with

esprit

in

the

18th

century.

To

know

what

is

useful

for

a

dog,

one

must

study

dog-nature.

This

nature

itself

is

not

to

be

deduced

from

the

principle

of

utility.

Applying

this

to

man,

he

that

would

criticise

all

human

acts,

movements,

relations,

etc.,by

the

principle

of

utility,

must

first

deal

with

human

nature

in

general,

and

then

with

human

nature

as

modified

in

each

historical

epoch.

Bentham

makes

short

work

of

it.

With

the

driest

naiveté

he

takes

the

modern

shopkeeper,

especially

the

English

shopkeeper,

as

the

normal

man.

Whatever

is

useful

to

this

queer

normal

man,

and

to

his

world,

is

absolutely

useful.

This

yard-measure,

then,

he

applies

to

past,

present,and

future.

The

Christian

religion,

e.g.,

is

\"useful,\"

\"because

it

forbids

in

the

name

of

religion

the

same

faults

that

the

penal

code

condemns

in

the

name

of

the

law.\"

Artistic

criticism

is

\"harmful,\"

because

it

disturbs

worthy

people

in

their

enjoyment

of

Martin

Tupper,

etc.

With

such

rubbish

has

the

brave

fellow,

with

his

motto,

\"nuila

dies

sine

line!,\"

piled

up

mountains

of

books.

Had

I

the

courage

of

my

friend,

Heinrich

Heine,

I

should

call

Mr.

Jeremy

a

genius

in

the

way

of

bourgeois

stupidity.

51\"Political

economists

are

too

apt

to

consider

a

certain

quantity

of

capital

and

a

certain

number

of

labourers

as

productive

instruments

of

uniform

power,

or

operating

with

a

certain

uniform

intensity....

Those...

who

maintain

...

that

commodities

are

the

sole

agents

of

production

...

prove

that

production

could

never

be

enlarged,

for

it

requires

as

an

indispensable

condition

to

such

an

enlargement

that

food,raw

materials,

and

tools

should

be

previously

augmented;which

is

in

fact

maintaining

that

no

increase

of

production

can

take

place

without

a

previous

increase,

or,

in

other

words,that

an

increase

is

impossible.\"

(S.

Bailey:

\"Money

and

its

Vicissitudes,\"

pp.

58

and

70.)

Bailey

criticises

the

dogma

mainly

from

the

point

of

view

of

the

process

of

circulation.

52John

Stuart

Mill,

in

his

\"Principles

of

Political

Economy,\"says:

\"The

really

exhausting

and

the

really

repulsive

labours

instead

of

being

better

paid

than

others,

are

almost

invariably

paid

the

worst

of

all....

The

more

revolting

the

occupation,

the

more

certain

it

is

to

receive

the

minimum

of

remuneration....The

hardships

and

the

earnings,

instead

of

being

directly

proportional,

as

in

any

just

arrangements

of

society

they

would

be,

are

generally

in

an

inverse

ratio

to

one

another.\"

To

avoid

misunderstanding,

let

me

say

that

although

men

like

John

Stuart

Mill

are

to

blame

for

the

contradiction

between

their

traditional

economic

dogmas

and

their

modern

tendencies,

it

would

be

very

wrong

to

class

them

with

the

herd

of

vulgar

economic

apologists.

53H.

Fawcett,

Professor

of

Political

Economy

at

Cambridge.\"The

Economic

position

of

the

British

labourer.\"

London,1865,

p.

120.

54I

must

here

remind

the

reader

that

the

categories,\"variable

and

constant

capital,\"

were

first

used

by

me.

Political

Economy

since

the

time

of

Adam

Smith

has

confusedly

mixed

up

the

essential

distinctions

involved

in

these

categories,with

the

mere

formal

differences,

arising

out

of

the

process

of

circulation,

of

fixed

and

circulating

capital.

For

further

details

on

this

point,

see

Book

II.,

Part

II.

55Fawcett,

l.

c.,

pp.

122,

123.

56It

might

be

said

that

not

only

capital,

but

also

labourers,in

the

shape

of

emigrants,

are

annually

exported

from

England.In

the

text,

however,

there

is

no

question

of

the

peculium

of

the

emigrants,

who

are

in

great

part

not

labourers.

The

sons

of

farmers

make

up

a

great

part

of

them.

The

additional

capital

annually

transported

abroad

to

be

put

out

at

interest

is

in

much

greater

proportion

to

the

annual

accumulation

than

the

yearly

emigration

is

to

the

yearly

increase

of

population.