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In those unfortunate countries, indeed, where men are continually afraid of the violence of their fuperiors, they frequently bury and conceal a great part of their ftock, in order to have it always at hand to carry with them to fome place of safety, in case of their being threatened with any of those difafters to which they confider themfelves as at all times expofed. This is faid to be a common practice in Turkey, in Indoftan, and, I believe, in most other governments of Afia. It seems to have been a common practice among our ancestors during the violence of the feudal government. Treafure-trove was in thofe times confidered as no contemptible part of the revenue of the greatest fovereigns in Europe. It confifted in fuch treasure as was found concealed in the earth, and to which no particular perfon could prove any right. This was regarded in thofe times as fo important an object, that it was always confidered as belonging to the fovereign, and neither to the finder nor to the proprietor of the land, unless the right to it had been conveyed to the latter by an exprefs claufe in his charter. It was put upon the fame footing with gold and filver mines, which, without a special clause in the charter, were never fuppofed to be comprehended in the general grant of the lands, though mines of lead, copper, tin, and coal were, as things of smaller confequence.



Of Money confidered as a particular Branch of the general Stock of the Society, or of the Expence of maintaining the National Capital.


T has been fhewn in the first Book, that the CHA P. price of the greater part of commodities refolves itself into three parts, of which one pays the wages of the labour, another the profits of the ftock, and a third the rent of the land which had been employed in producing and bringing them to market: that there are, indeed, some commodities of which the price is made up of two of those parts only, the wages of labour, and the profits of stock: and a very few in which it confifts altogether in one, the wages of labour: but that the price of every commodity neceffarily refolves itself into fome one, or other, or all of these three parts; every part of it which goes neither to rent nor to wages, being neceffarily profit to fomebody.

SINCE this is the cafe, it has been obferved, with regard to every particular commodity, taken feparately; it must be fo with regard to all the commodities which compofe the whole annual produce of the land and labour of every country, taken complexly. The whole price or exchangeable value of that annual produce, must refolve itself into the fame three parts, and be parcelled out among the different inhabitants of

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BOOK the country, either as the wages of their labour,


the profits of their stock, or the rent of their land.

BUT though the whole value of the annual produce of the land and labour of every country is thus divided among and conftitutes a revenue to its different inhabitants; yet as in the rent of a private estate we diftinguish between the grofs rent and the neat rent, fo may we likewife in the revenue of all the inhabitants of a great country.

THE grofs rent of a private estate comprehends whatever is paid by the farmer; the neat rent, what remains free to the landlord, after deducting the expence of management, of repairs, and all other neceffary charges; or what, without hurting his eftate, he can afford to place in his stock referved for immediate confumption, or to spend upon his table, equipage, the ornaments of his houfe and furniture, his private enjoyments and amusements. His real wealth is in proportion, not to his grofs, but to his neat


THE grofs revenue of all the inhabitants of a great country, comprehends the whole annual produce of their land and labour; the neat revenue, what remains free to them after deducting the expence of maintaining; first, their fixed; and, fecondly, their circulating capital; or what, without encroaching upon their capital, they can place in their stock referved for immediate confumption, or spend upon their fubfiftence, conveniencies, and amusements. Their real wealth


too is in proportion, not to their grofs, but to CHAP, their neat revenue.

THE whole expence of maintaining the fixed capital, must evidently be excluded from the neat revenue of the fociety. Neither the materials neceffary for fupporting their useful machines and inftruments of trade, their profitable buildings, &c. nor the produce of the labour neceffary for fashioning those materials into the proper form, can ever make any part of it. The price of that labour may indeed make a part of it; as the workmen fo employed may place the whole value of their wages in their stock reserved for immediate confumption. But in other forts of labour, both the price and the produce go to this stock, the price to that of the workmen, the produce to that of other people, whofe fubfiftence, conveniencies, and amusements, are augmented by the labour of those workmen.

THE intention of the fixed capital is to increase the productive powers of labour, or to enable the fame number of labourers to perform a much greater quantity of work. In a farm where all the neceffary buildings, fences, drains, communications, &c, are in the most perfect good order, the fame number of labourers and labouring cattle will raise a much greater produce, than in one of equal extent and equally good ground, but not furnished with equal conveniencies. In manufactures the fame number of hands, affifted with the beft machinery, will work up a much greater quantity of goods than with more imperfect inftruments of trade. The



BOOK expence which is properly laid out upon a fixed
II. capital of any kind, is always repaid with great

profit, and increases the annual produce by a
much greater value than that of the support
which fuch improvements require.
require. This sup-
port, however, ftill requires a certain portion of
that produce. A certain quantity of materials,
and the labour of a certain number of workmen,
both of which might have been immediately
employed to augment the food, clothing and
lodging, the fubfiftence and conveniencies of the
fociety, are thus diverted to another employ-
ment, highly advantageous indeed, but ftill dif-
ferent from this one. It is upon this account
that all fuch improvements in mechanics, as
enable the fame number of workmen to perform
an equal quantity of work with cheaper and
fimpler machinery than had been ufual before,
are always regarded as advantageous to every
fociety. A certain quantity of materials, and
the labour of a certain number of workmen,
which had before been employed in supporting
a more complex and expenfive machinery, can
afterwards be applied to augment the quantity
of work which that or any other machinery is
ufeful only for performing. The undertaker of
fome great manufactory who employs a thoufand
a-year in the maintenance of his machinery, if he
can reduce this expence to five hundred, will na-
turally employ the other five hundred in pur-
chafing an additional quantity of materials to be
wrought up by an additional number of work-
men. The quantity of that work, therefore,

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