調書をとる／予約する Two, 一時期／支部s III-V

• III. Of the Accumulation of 資本／首都, or of 生産力のある and unproductive 労働
  
• IV. Of 在庫／株 lent at 利益／興味
  
• V. Of the different 雇用 of 資本／首都s

一時期／支部 III
Of the Accumulation of 資本／首都,
or of 生産力のある and Unproductive 労働

The 労働 of some of the most respectable orders in the society is, like that of menial servants, unproductive of any value, and does not 直す／買収する，八百長をする or realize itself in any 永久の 支配する; or vendible 商品／必需品, which 耐えるs after that 労働 is past, and for which an equal 量 of 労働 could afterwards be procured. The 君主, for example, with all the officers both of 司法（官） and war who serve under him, the whole army and 海軍, are unproductive labourers. They are the servants of the public, and are 持続するd by a part of the 年次の produce of the 産業 of other people. Their service, how honourable, how useful, or how necessary soever, produces nothing for which an equal 量 of service can afterwards be procured. The 保護, 安全, and defence of the 連邦／共和国, the 影響 of their 労働 this year will not 購入（する） its 保護, 安全, and defence for the year to come. In the same class must be 階級d, some both of the gravest and most important, and some of the most frivolous professions: churchmen, lawyers, 内科医s, men of letters of all 肉親，親類d; players, buffoons, musicians, オペラ-singers, オペラ-ダンサーs, etc. The 労働 of the meanest of these has a 確かな value, 規制するd by the very same 原則s which 規制する that of every other sort of 労働; and that of the n oblest and most useful, 50 produces nothing which could afterwards 購入（する） or procure an equal 量 of 労働. Like the declamation of the actor, the harangue of the orator, or the tune of the musician, the work of all of them 死なせる／死ぬs in the very instant of its 生産／産物.

Both 生産力のある and unproductive labourers, and those who do not 労働 at all, are all 平等に 持続するd by the 年次の produce of the land and 労働 of the country. This produce, how 広大な／多数の／重要な soever, can never be infinite, but must have 確かな 限界s. （許可，名誉などを）与えるing, therefore, as a smaller or greater 割合 of it is in any one year 雇うd in 持続するing unproductive 手渡すs, the more in the one 事例／患者 and the いっそう少なく in the other will remain for the 生産力のある, and the next year's produce will be greater or smaller accordingly; the whole 年次の produce, if we except the spontaneous 生産／産物s of the earth, 存在 the 影響 of 生産力のある 労働.

Though the whole 年次の produce of the land and 労働 of every country is, no 疑問, 最終的に 運命にあるd for 供給（する）ing the 消費 of its inhabitants, and for procuring a 歳入 to them, yet when it first comes either from the ground, or from the 手渡すs of the 生産力のある labourers, it 自然に divides itself into two parts. One of them, and frequently the largest, is, in the first place, 運命にあるd for 取って代わるing a 資本／首都, or for 新たにするing the 準備／条項s, 構成要素s, and finished work, which had been 孤立した from a 資本／首都; the other for 構成するing a 歳入 either to the owner of this 資本／首都, as the 利益（をあげる） of his 在庫／株, or to some other person, as the rent of his land. Thus, of the produce of land, one part 取って代わるs the 資本／首都 of the 農業者; the other 支払う／賃金s his 利益（をあげる） and the rent of the landlord; and thus 構成するs a 歳入 both to the owner of this 資本／首都, as the 利益（をあげる）s of his 在庫／株; and to some other person, as the rent of his land. Of the produce of a 広大な／多数の／重要な manufactory, in the same manner, one part, and that always the largest, 取って代わるs the 資本／首都 of the undertaker of the work; the other 支払う／賃金s his 利益（をあげる）, and thus 構成するs a 歳入 to the owner of this 資本／首都.

That part of the 年次の produce of the land and 労働 of any country which 取って代わるs a 資本／首都 never is すぐに 雇うd to 持続する any but 生産力のある 手渡すs. It 支払う／賃金s the 給料 of 生産力のある 労働 only. That which is すぐに 運命にあるd for 構成するing a 歳入, either as 利益（をあげる） or as rent, may 持続する indifferently either 生産力のある or unproductive 手渡すs.

Whatever part of his 在庫／株 a man 雇うs as a 資本／首都, he always 推定する／予想するs is to be 取って代わるd to him with a 利益（をあげる）. He 雇うs it, therefore, in 持続するing 生産力のある 禁止（する）d only; and after having served in the 機能（する）／行事 of a 資本／首都 to him, it 構成するs a 歳入 to them. Whenever he 雇うs any part of it in 持続するing unproductive 手渡すs of any 肉親，親類d, that part is, from that moment, 孤立した from his 資本／首都, and placed in his 在庫／株 reserved for 即座の 消費.

Unproductive labourers, and those who do not 労働 at all, are all 持続するd by 歳入; either, first, by that part of the 年次の produce which is 初めは 運命にあるd for 構成するing a 歳入 to some particular persons, either as the rent of land or as the 利益（をあげる）s of 在庫／株; or, secondly, by that part which, though 初めは 運命にあるd for 取って代わるing a 資本／首都 and for 持続するing 生産力のある labourers only, yet when it comes into their 手渡すs whatever part of it is over and above their necessary subsistence may be 雇うd in 持続するing indifferently either 生産力のある or unproductive 手渡すs. Thus, not only the 広大な／多数の／重要な landlord or the rich merchant, but even the ありふれた workman, if his 給料 are かなりの, may 持続する a menial servant; or he may いつかs go to a play or a puppetshow, and so 与える／捧げる his 株 に向かって 持続するing one 始める，決める of unproductive labourers; or he may 支払う／賃金 some 税金s, and thus help to 持続する another 始める，決める, more honourable and useful indeed, but 平等に unproductive. No part of the 年次の produce, however, which had been 初めは 運命にあるd to 取って代わる a 資本／首都, is ever directed に向かって 持続するing unproductive 手渡すs till after it has put into 動議 its 十分な complement of 生産力のある 労働, or all that it could put into 動議 in the way in which it was 雇うd. The workman must have earned his 給料 by work done before he can 雇う any part of them in this manner. That part, too, is 一般に but a small one. It is his spare 歳入 only, of which 生産力のある labourers have seldom a 広大な／多数の／重要な 取引，協定. They 一般に have some, however; and in the 支払い（額） of 税金s the greatness of their number may 補償する, in some 手段, the smallness of their 出資／貢献. The rent of land and the 利益（をあげる）s of 在庫／株 are everywhere, therefore, the 主要な／長／主犯 sources from which unproductive 手渡すs derive their subsistence. These are the two sorts of 歳入 of which the owners have 一般に most to spare. They might both 持続する indifferently either 生産力のある or unproductive 手渡すs. They seem, however, to hav e some predilection for the latter. The expense of a 広大な／多数の／重要な lord 料金d 一般に more idle than industrious people. The rich merchant, though with his 資本／首都 he 持続するs industrious people only, yet by his expense, that is, by the 雇用 of his 歳入, he 料金d 一般的に the very same sort as the 広大な／多数の／重要な lord.

The 割合, therefore, between the 生産力のある and unproductive 手渡すs, depends very much in every country upon the 割合 between that part of the 年次の produce, which, as soon as it comes either from the ground or from the 手渡すs of the 生産力のある labourers, is 運命にあるd for 取って代わるing a 資本／首都, and that which is 運命にあるd for 構成するing a 歳入, either as rent or as 利益（をあげる）. This 割合 is very different in rich from what it is in poor countries.

Thus, at 現在の, in the opulent countries of Europe, a very large, frequently the largest 部分 of the produce of the land is 運命にあるd for 取って代わるing the 資本／首都 of the rich and 独立した・無所属 農業者; the other for 支払う／賃金ing his 利益（をあげる）s and the rent of the landlord. But anciently, during the prevalency of the 封建的 政府, a very small 部分 of the produce was 十分な to 取って代わる the 資本／首都 雇うd in cultivation. It consisted 一般的に in a few wretched cattle, 持続するd altogether by the spontaneous produce of uncultivated land, and which might, therefore, be considered as a part of that spontaneous produce. It 一般に, too, belonged to the landlord, and was by him 前進するd to the occupiers of the land. All the 残り／休憩（する） of the produce 適切に belonged to him too, either as rent for his land, or as 利益（をあげる） upon this paltry 資本／首都. The occupiers of land were 一般に bondmen, whose persons and 影響s were 平等に his 所有物／資産／財産. Those who were not bondmen were tenants at will, and though the rent which they paid was often 名目上 little more than a やめる-rent, it really 量d to the whole produce of the land. Their lord could at all times 命令（する） their 労働 in peace and their service in war. Though they lived at a distance from his house, they were 平等に 扶養家族 upon him as his retainers who lived in it. But the whole produce of the land undoubtedly belongs to him who can 配置する／処分する／したい気持ちにさせる of the 労働 and service of all those whom it 持続するs. In the 現在の 明言する／公表する of Europe, the 株 of the landlord seldom 越えるs a third, いつかs not a fourth part of the whole produce of the land. The rent of land, however, in all the 改善するd parts of the country, has been ３倍になるd and quadrupled since those 古代の times; and this third or fourth part of the 年次の produce is, it seems, three or four times greater than the whole had been before. In the 進歩 of 改良, rent, though it 増加するs in 割合 to the extent, 減らすs in 割合 to the produce of the land.

In the opulent countries of Europe, 広大な／多数の／重要な 資本／首都s are at 現在の 雇うd in 貿易（する） and 製造（する）s. In the 古代の 明言する／公表する, the little 貿易（する） that was stirring, and the few homely and coarse 製造（する）s that were carried on, 要求するd but very small 資本／首都s. These, however, must have 産する／生じるd very large 利益（をあげる）s. The 率 of 利益／興味 was nowhere いっそう少なく than ten per cent, and their 利益（をあげる）s must have been 十分な to afford this 広大な／多数の／重要な 利益／興味. At 現在の the 率 of 利益／興味, in the 改善するd parts of Europe, is nowhere higher than six per cent, and in some of the most 改善するd it is so low as four, three, and two per cent. Though that part of the 歳入 of the inhabitants which is derived from the 利益（をあげる）s of 在庫／株 is always much greater in rich than in poor countries, it is because the 在庫／株 is much greater: in 割合 to the 在庫／株 the 利益（をあげる）s are 一般に much いっそう少なく.

That part of the 年次の produce, therefore, which, as soon as it comes either from the ground or from the 手渡すs of the 生産力のある labourers, is 運命にあるd for 取って代わるing a 資本／首都, is not only much greater in rich than in poor countries, but 耐えるs a much greater 割合 to that which is すぐに 運命にあるd for 構成するing a 歳入 either as rent or as 利益（をあげる）. The 基金s 運命にあるd for the 維持／整備 of 生産力のある 労働 are not only much greater in the former than in the latter, but 耐える a much greater 割合 to those which, though they may be 雇うd to 持続する either 生産力のある or unproductive 手渡すs, have 一般に a predilection for the latter.

The 割合 between those different 基金s やむを得ず 決定するs in every country the general character of the inhabitants as to 産業 or idleness. We are more industrious than our forefathers; because in the 現在の times the 基金s 運命にあるd for the 維持／整備 of 産業 are much greater in 割合 to those which are likely to be 雇うd in the 維持／整備 of idleness than they were two or three centuries ago. Our ancestors were idle for want of a 十分な 激励 to 産業. It is better, says the proverb, to play for nothing than to work for nothing. In 商業の and 製造業の towns, where the inferior 階級s of people are 主として 持続するd by the 雇用 of 資本／首都, they are in general industrious, sober, and 栄えるing; as in many English, and in most Dutch towns. In those towns which are principally supported by the constant or 時折の 住居 of a 法廷，裁判所, and in which the inferior 階級s of people are 主として 持続するd by the spending of 歳入, they are in general idle, dissolute, and poor; as at Rome, Versailles, Compiegne, and Fontainebleu. If you except Rouen and Bordeaux, there is little 貿易（する） or 産業 in any of the 議会 towns of フラン; and the inferior 階級s of people, 存在 年輩の 持続するd by the expense of the members of the 法廷，裁判所s of 司法（官）, and of those who come to 嘆願d before them, are in general idle and poor. The 広大な／多数の／重要な 貿易（する） of Rouen and Bordeaux seems to be altogether the 影響 of their 状況／情勢. Rouen is やむを得ず the entrepot of almost all the goods which are brought either from foreign countries, or from the 海上の 州s of フラン, for the 消費 of the 広大な／多数の／重要な city of Paris. Bordeaux is in the same manner the entrepot of the ワインs which grow upon the banks of the Garonne, and of the rivers which run into it, one of the richest ワイン countries in the world, and which seems to produce the ワイン fittest for exportation, or best ふさわしい to the taste of foreign nations. Such advantageous 状況／情勢s やむを得ず attract a 広大な／多数の／重要な 資本／首都 by the 広大な／多数の／重要な 雇用 which they afford it; and the 雇用 of this 資本／首都 is the 原因（となる） of the 産業 of those two cities. In the other 議会 towns of フラン, very little more 資本／首都 seems to be 雇うd than what is necessary for 供給（する）ing their own 消費; that is, little more than the smallest 資本／首都 which can be 雇うd in them. The same thing may be said of Paris, Madrid, and Vienna. Of those three cities, Paris is by far the most industrious; but Paris itself is the 主要な／長／主犯 market of all the 製造（する）s 設立するd at Paris, and its own 消費 is the 主要な／長／主犯 反対する of all the 貿易（する） which it carries on. London, Lisbon, and Copenhagen, are, perhaps, the only three cities in Europe which are both the constant 住居 of a 法廷，裁判所, and can at the same time be considered as 貿易（する）ing cities, or as cities which 貿易（する） not only for their own 消費, but for that of other cities and countries. The 状況／情勢 of all the three is 極端に advantageous, and 自然に fits them to be the entrepots of a 広大な／多数の／重要な part of the goods 運命にあるd for the 消費 of distant places. In a city where a 広大な／多数の／重要な 歳入 is spent, to 雇う with advantage a 資本／首都 for any other 目的 than for 供給（する）ing the 消費 of that city is probably more difficult than in one in which the inferior 階級s of people have no other 維持／整備 but what they derive from the 雇用 of such a 資本／首都. The idleness of the greater part of the people who are 持続するd by the expense of 歳入 corrupts, it is probable, the 産業 of those who せねばならない be 持続するd by the 雇用 of 資本／首都, and （判決などを）下すs it いっそう少なく advantageous to 雇う a 資本／首都 there than in other places. There was little 貿易（する） or 産業 in Edinburgh before the union. When the Scotch 議会 was no longer to be 組み立てる／集結するd in it, when it 中止するd to be the necessary 住居 of the 主要な／長／主犯 nobility and gentry of Scotland, it became a city of some 貿易（する） and 産業. It still continues, however, to be the 住居 of the 主要な／長／主犯 法廷，裁判所s of 司法（官） in Scotland, of the Boards of Customs and Excise, etc. A かなりの 歳入, therefore, still continues to be spent in it. In 貿易（する） and 産業 it is much inferior to Glasgow, of which the inhabitants are 主として 持続するd by the 雇用 of 資本／首都. The inhabitants of a large village, it has いつかs been 観察するd, after having made かなりの 進歩 in 製造（する）s, have become idle and poor in consequence of a 広大な／多数の／重要な lord having taken up his 住居 in their neighbourhood.

The 割合 between 資本／首都 and 歳入, therefore, seems everywhere to 規制する the 割合 between 産業 and idleness. Wherever 資本／首都 predominates, 産業 勝つ／広く一帯に広がるs: wherever 歳入, idleness. Every 増加する or diminution of 資本／首都, therefore, 自然に tends to 増加する or 減らす the real 量 of 産業, the number of 生産力のある 手渡すs, and その結果 the exchangeable value of the 年次の produce of the land and 労働 of the country, the real wealth and 歳入 of all its inhabitants.

資本／首都s are 増加するd by parsimony, and 減らすd by prodigality and 不品行／姦通.

Whatever a person saves from his 歳入 he 追加するs to his 資本／首都, and either 雇うs it himself in 持続するing an 付加 number of 生産力のある 手渡すs, or enables some other person to do so, by lending it to him for an 利益／興味, that is, for a 株 of the 利益（をあげる）s. As the 資本／首都 of an individual can be 増加するd only by what he saves from his 年次の 歳入 or his 年次の 伸び（る）s, so the 資本／首都 of a society, which is the same with that of all the individuals who compose it, can be 増加するd only in the same manner.

Parsimony, and not 産業, is the 即座の 原因（となる） of the 増加する of 資本／首都. 産業, indeed, 供給するs the 支配する which parsimony 蓄積するs. But whatever 産業 might acquire, if parsimony did not save and 蓄える／店 up, the 資本／首都 would never be the greater.

Parsimony, by 増加するing the 基金 which is 運命にあるd for the 維持／整備 of 生産力のある 手渡すs, tends to 増加する the number of those 手渡すs whose 労働 追加するs to the value of the 支配する upon which it is bestowed. It tends, therefore, to 増加する the exchangeable value of the 年次の produce of the land and 労働 of the country. It puts into 動議 an 付加 量 of 産業, which gives an 付加 value to the 年次の produce.

What is 毎年 saved is as 定期的に 消費するd as what is 毎年 spent, and nearly in the same time too; but it is 消費するd by a different 始める，決める of people. That 部分 of his 歳入 which a rich man 毎年 spends is in most 事例／患者s 消費するd by idle guests and menial servants, who leave nothing behind them in return for their 消費. That 部分 which he 毎年 saves, as for the sake of the 利益（をあげる） it is すぐに 雇うd as a 資本／首都, is 消費するd in the same manner, and nearly in the same time too, but by a different 始める，決める of people, by labourers, 製造業者s, and artificers, who 再生する with a 利益（をあげる） the value of their 年次の 消費. His 歳入, we shall suppose, is paid him in money. Had he spent the whole, the food, 着せる／賦与するing, and 宿泊するing, which the whole could have 購入（する）d, would have been 分配するd の中で the former 始める，決める of people. By saving a part of it, as that part is for the sake of the 利益（をあげる） すぐに 雇うd as a 資本／首都 either by himself or by some other person, the food, 着せる／賦与するing, and 宿泊するing, which may be 購入（する）d with it, are やむを得ず reserved for the latter. The 消費 is the same, but the 消費者s are different.

By what a frugal man 毎年 saves, he not only affords 維持／整備 to an 付加 number of 生産力のある 手渡すs, for that or the 続いて起こるing year, but, like the 創立者 of a public workhouse, he 設立するs as it were a perpetual 基金 for the 維持／整備 of an equal number in all times to come. The perpetual allotment and 目的地 of this 基金, indeed, is not always guarded by any 肯定的な 法律, by any 信用-権利 or 行為 of mortmain. It is always guarded, however, by a very powerful 原則, the plain and evident 利益／興味 of every individual to whom any 株 of it shall ever belong. No part of it can ever afterwards be 雇うd to 持続する any but 生産力のある 手渡すs without an evident loss to the person who thus perverts it from its proper 目的地.

The prodigal perverts it in this manner. By not 限定するing his expense within his income, he encroaches upon his 資本／首都. Like him who perverts the 歳入s of some pious 創立／基礎 to profane 目的s, he 支払う／賃金s the 給料 of idleness with those 基金s which the frugality of his forefathers had, as it were, consecrated to the 維持／整備 of 産業. By 減らすing the 基金s 運命にあるd for the 雇用 of 生産力のある 労働, he やむを得ず 減らすs, so far as it depends upon him, the 量 of that 労働 which 追加するs a value to the 支配する upon which it is bestowed, and, その結果, the value of the 年次の produce of the land and 労働 of the whole country, the real wealth and 歳入 of its inhabitants. If the prodigality of some was not 補償するd by the frugality of others, the 行為／行う of every prodigal, by feeding the idle with the bread of the industrious, tends not only to beggar himself, but to impoverish his country.

Though the expense of the prodigal should be altogether in home-made, and no part of it in foreign 商品／必需品s, its 影響 upon the 生産力のある 基金s of the society would still be the same. Every year there would still be a 確かな 量 of food and 着せる／賦与するing, which せねばならない have 持続するd 生産力のある, 雇うd in 持続するing unproductive 手渡すs. Every year, therefore, there would still be some diminution in what would さもなければ have been the value of the 年次の produce of the land and 労働 of the country.

This expense, it may be said indeed, not 存在 in foreign goods, and not occasioning any exportation of gold and silver, the same 量 of money would remain in the country as before. But if the 量 of food and 着せる／賦与するing, which were thus 消費するd by unproductive, had been 分配するd の中で 生産力のある 手渡すs, they would have 再生するd, together with a 利益（をあげる）, the 十分な value of their 消費. The same 量 of money would in this 事例／患者 平等に have remained in the country, and there would besides have been a reproduction of an equal value of consumable goods. There would have been two values instead of one.

The same 量 of money, besides, cannot long remain in any country in which the value of the 年次の produce 減らすs. The 単独の use of money is to 循環させる consumable goods. By means of it, 準備／条項s, 構成要素s, and finished work, are bought and sold, and 分配するd to their proper 消費者s. The 量 of money, therefore, which can be 毎年 雇うd in any country must be 決定するd by the value of the consumable goods 毎年 循環させるd within it. These must consist either in the 即座の produce of the land and 労働 of the country itself, or in something which had been, 購入（する）d with some part of that produce. Their value, therefore, must 減らす as the value of that produce 減らすs, and along with it the 量 of money which can be 雇うd in 広まる them. But the money which by this 年次の diminution of produce is 毎年 thrown out of 国内の 循環／発行部数 will not be 許すd to 嘘（をつく） idle. The 利益／興味 of whoever 所有するs it 要求するs that it should be 雇うd. But having no 雇用 at home, it will, in spite of all 法律s and 禁止s, be sent abroad, and 雇うd in 購入（する）ing consumable goods which may be of some use at home. Its 年次の exportation will in this manner continue for some time to 追加する something to the 年次の 消費 of the country beyond the value of its own 年次の produce. What in the days of its 繁栄 had been saved from that 年次の produce, and 雇うd in 購入（する）ing gold and silver, will 与える／捧げる for some little time to support its 消費 in adversity. The exportation of gold and silver is, in this 事例／患者, not the 原因（となる）, but the 影響 of its declension, and may even, for some little time, 緩和する the 悲惨 of that declension.

The 量 of money, on the contrary, must in every country 自然に 増加する as the value of the 年次の produce 増加するs. The value of the consumable goods 毎年 循環させるd within the society 存在 greater will 要求する a greater 量 of money to 循環させる them. A part of the 増加するd produce, therefore, will 自然に be 雇うd in 購入（する）ing, wherever it is to be had, the 付加 量 of gold and silver necessary for 広まる the 残り／休憩（する）. The 増加する of those metals will in this 事例／患者 be the 影響, not the 原因（となる）, of the public 繁栄. Gold and silver are 購入（する）d everywhere in the same manner. The food, 着せる／賦与するing, and 宿泊するing, the 歳入 and 維持／整備 of all those whose 労働 or 在庫／株 is 雇うd in bringing them from the 地雷 to the market, is the price paid for them in Peru 同様に as in England. The country which has this price to 支払う／賃金 will never be long without the 量 of those metals which it has occasion for; and no country will ever long 保持する a 量 which it has no occasion for.

Whatever, therefore, we may imagine the real wealth and 歳入 of a country to consist in, whether in the value of the 年次の produce of its land and 労働, as plain 推論する／理由 seems to dictate; or in the 量 of the precious metals which 循環させる within it, as vulgar prejudices suppose; in either 見解（をとる） of the 事柄, every prodigal appears to be a public enemy, and every frugal man a public benefactor.

The 影響s of 不品行／姦通 are often the same as those of prodigality. Every injudicious and 不成功の 事業／計画（する） in 農業, 地雷s, 漁業s, 貿易（する）, or 製造（する）s, tends in the same manner to 減らす the 基金s 運命にあるd for the 維持／整備 of 生産力のある 労働. In every such 事業／計画（する）, though the 資本／首都 is 消費するd by 生産力のある 手渡すs only, yet, as by the injudicious manner in which they are 雇うd they do not 再生する the 十分な value of their 消費, there must always be some diminution in what would さもなければ have been the 生産力のある 基金s of the society.

It can seldom happen, indeed, that the circumstances of a 広大な／多数の／重要な nation can be much 影響する／感情d either by the prodigality or 不品行／姦通 of individuals; the profusion or imprudence of some 存在 always more than 補償するd by the frugality and good 行為／行う of others.

With regard to profusion, the 原則 which 誘発するs to expense is the passion for 現在の enjoyment; which, though いつかs violent and very difficult to be 抑制するd, is in general only momentary and 時折の. But the 原則 which 誘発するs to save is the 願望（する） of bettering our 条件, a 願望（する） which, though 一般に 静める and dispassionate, comes with us from the womb, and never leaves us till we go into the 墓／厳粛／彫る／重大な. In the whole interval which separates those two moments, there is 不十分な perhaps a 選び出す／独身 instant in which any man is so perfectly and 完全に 満足させるd with his 状況／情勢 as to be without any wish of alteration or 改良 of any 肉親，親類d. An augmentation of fortune is the means by which the greater part of men 提案する and wish to better their 条件. It is the means the most vulgar and the most obvious; and the most likely way of augmenting their fortune is to save and 蓄積する some part of what they acquire, either 定期的に and 毎年, or upon some 驚くべき／特命の／臨時の occasions. Though the 原則 of expense, therefore, 勝つ／広く一帯に広がるs in almost all men upon some occasions, and in some men upon almost all occasions, yet in the greater part of men, taking the whole course of their life at an 普通の／平均（する）, the 原則 of frugality seems not only to predominate, but to predominate very 大いに.

With regard to 不品行／姦通, the number of 慎重な and successful undertakings is everywhere much greater than that of injudicious and 不成功の ones. After all our （民事の）告訴s of the frequency of 破産s, the unhappy men who 落ちる into this misfortune make but a very small part of the whole number engaged in 貿易（する）, and all other sorts of 商売／仕事; not much more perhaps than one in a thousand. 破産 is perhaps the greatest and most humiliating calamity which can 生じる an innocent man. The greater part of men, therefore, are 十分に careful to 避ける it. Some, indeed, do not 避ける it; as some do not 避ける the gallows.

広大な／多数の／重要な nations are never 貧窮化した by 私的な, though they いつかs are by public prodigality and 不品行／姦通. The whole, or almost the whole public 歳入, is in most countries 雇うd in 持続するing unproductive 手渡すs. Such are the people who compose a 非常に／多数の and splendid 法廷，裁判所, a 広大な／多数の／重要な ecclesiastical 設立, 広大な／多数の／重要な (n)艦隊／(a)素早いs and armies, who in time of peace produce nothing, and in time of war acquire nothing which can 補償する the expense of 持続するing them, even while the war lasts. Such people, as they themselves produce nothing, are all 持続するd by the produce of other men's 労働. When multiplied, therefore, to an unnecessary number, they may in a particular year 消費する so 広大な／多数の／重要な a 株 of this produce, as not to leave a 十分なこと for 持続するing the 生産力のある labourers, who should 再生する it next year. The next year's produce, therefore, will be いっそう少なく than that of the foregoing, and if the same disorder should continue, that of the third year will be still いっそう少なく than that of the second. Those unproductive 手渡すs, who should be 持続するd by a part only of the spare 歳入 of the people, may 消費する so 広大な／多数の／重要な a 株 of their whole 歳入, and その為に 強いる so 広大な／多数の／重要な a number to encroach upon their 資本／首都s, upon the 基金s 運命にあるd for the 維持／整備 of 生産力のある 労働, that all the frugality and good 行為／行う of individuals may not be able to 補償する the waste and degradation of produce occasioned by this violent and 軍隊d encroachment.

This frugality and good 行為／行う, however, is upon most occasions, it appears from experience, 十分な to 補償する, not only the 私的な prodigality and 不品行／姦通 of individuals, but the public extravagance of 政府. The uniform, constant, and 連続する 成果／努力 of every man to better his 条件, the 原則 from which public and 国家の, 同様に as 私的な opulence is 初めは derived, is frequently powerful enough to 持続する the natural 進歩 of things に向かって 改良, in spite both of the extravagance of 政府 and of the greatest errors of 行政. Like the unknown 原則 of animal life, it frequently 回復するs health and vigour to the 憲法, in spite, not only of the 病気, but of the absurd prescriptions of the doctor.

The 年次の produce of the land and 労働 of any nation can be 増加するd in its value by no other means but by 増加するing either the number of its 生産力のある labourers, or the 生産力のある 力／強力にするs of those labourers who had before been 雇うd. The number of its 生産力のある labourers, it is evident, can never be much 増加するd, but in consequence of an 増加する of 資本／首都, or of the 基金s 運命にあるd for 持続するing them. The 生産力のある 力／強力にするs of the same number of labourers cannot be 増加するd, but in consequence either of some 新規加入 and 改良 to those machines and 器具s which 容易にする and abridge 労働; or of a more proper 分割 and 配当 of 雇用. In either 事例／患者 an 付加 資本／首都 is almost always 要求するd. It is by means of an 付加 資本／首都 only that the undertaker of any work can either 供給する his workmen with better 機械／機構 or make a more proper 配当 of 雇用 の中で them. When the work to be done consists of a number of parts, to keep every man 絶えず 雇うd in one way 要求するs a much greater 資本／首都 than where every man is occasionally 雇うd in every different part of the work. When we compare, therefore, the 明言する／公表する of a nation at two different periods, and find, that the 年次の produce of its land and 労働 is evidently greater at the latter than at the former, that its lands are better cultivated, its 製造（する）s more 非常に／多数の and more 繁栄するing, and its 貿易（する） more 広範囲にわたる, we may be 保証するd that its 資本／首都 must have 増加するd during the interval between those two periods, and that more must have been 追加するd to it by the good 行為／行う of some than had been taken from it either by the 私的な 不品行／姦通 of others or by the public extravagance of 政府. But we shall find this to have been the 事例／患者 of almost all nations, in all tolerably 静かな and peaceable times, even of those who have not enjoyed the most 慎重な and parsimonious 政府s. To form a 権利 judgment of it, indeed, we must compare the 明言する／公表する of the country at periods some what distant from one another. The 進歩 is frequently so 漸進的な that, at 近づく periods, the 改良 is not only not sensible, but from the declension either of 確かな 支店s of 産業, or of 確かな 地区s of the country, things which いつかs happen though the country in general be in 広大な／多数の／重要な 繁栄, there frequently arises a 疑惑 that the riches and 産業 of the whole are decaying.

The 年次の produce of the land and 労働 of England, for example, is certainly much greater than it was, a little more than a century ago, at the 復古／返還 of Charles II. Though, at 現在の, few people, I believe, 疑問 of this, yet during this period, five years have seldom passed away in which some 調書をとる／予約する or 小冊子 has not been published, written, too, with such abilities as to 伸び（る） some 当局 with the public, and pretending to 論証する that the wealth of the nation was 急速な／放蕩な 拒絶する／低下するing, that the country was depopulated, 農業 neglected, 製造（する）s decaying, and 貿易（する） undone. Nor have these 出版（物）s been all party 小冊子s, the wretched offspring of falsehood and venality. Many of them have been written by very candid and very intelligent people, who wrote nothing but what they believed, and for no other 推論する／理由 but because they believed it.

The 年次の produce of the land and 労働 of England, again, was certainly much greater at the 復古／返還, than we can suppose it to have been about an hundred years before, at the 即位 of Elizabeth. At this period, too, we have all 推論する／理由 to believe, the country was much more 前進するd in 改良 than it had been about a century before, に向かって the の近くに of the dissensions between the houses of York and Lancaster. Even then it was, probably, in a better 条件 than it had been at the Norman Conquest, and at the Norman Conquest than during the 混乱 of the Saxon Heptarchy. Even at this 早期に period, it was certainly a more 改善するd country than at the 侵略 of Julius Caesar, when its inhabitants were nearly in the same 明言する／公表する with the savages in North America.

In each of those periods, however, there was not only much 私的な and public profusion, many expensive and unnecessary wars, 広大な／多数の／重要な perversion of the 年次の produce from 持続するing 生産力のある to 持続する unproductive 手渡すs; but いつかs, in the 混乱 of civil discord, such 絶対の waste and 破壊 of 在庫／株, as might be supposed, not only to retard, as it certainly did, the natural accumulation of riches, but to have left the country, at the end of the period, poorer than at the beginning. Thus, in the happiest and most fortunate period of them all, that which has passed since the 復古／返還, how many disorders and misfortunes have occurred, which, could they have been foreseen, not only the impoverishment, but the total 廃虚 of the country would have been 推定する／予想するd from them? The 解雇する／砲火／射撃 and the 疫病／悩ます of London, the two Dutch wars, the disorders of the 革命, the war in Ireland, the four expensive French wars of 1688, 1702, 1742, and 1756, together with the two 反乱s of 1715 and 1745. In the course of the four French wars, the nation has 契約d more than a hundred and forty-five millions of 負債, over and above all the other 驚くべき／特命の／臨時の 年次の expense which they occasioned, so that the whole cannot be 計算するd at いっそう少なく than two hundred millions. So 広大な／多数の／重要な a 株 of the 年次の produce of the land and 労働 of the country has, since the 革命, been 雇うd upon different occasions in 持続するing an 驚くべき／特命の／臨時の number of unproductive 手渡すs. But had not those wars given this particular direction to so large a 資本／首都, the greater part of it would 自然に have been 雇うd in 持続するing 生産力のある 手渡すs, whose 労働 would have 取って代わるd, with a 利益（をあげる）, the whole value of their 消費. The value of the 年次の produce of the land and 労働 of the country would have been かなり 増加するd by it every year, and every year's 増加する would have augmented still more that of the に引き続いて year. More houses would have been built, more lands would have been 改善するd, and those which had been 改善するd before would have been better cultivated, more 製造（する）s would have been 設立するd. and those which had been 設立するd before would have been more 延長するd; and to what 高さ the real wealth and 歳入 of the country might, by this time, have been raised, it is not perhaps very 平易な even to imagine.

But though the profusion of 政府 must, undoubtedly, have retarded the natural 進歩 of England に向かって wealth and 改良, it has not been able to stop it. The 年次の produce of its land and 労働 is, undoubtedly, much greater at 現在の than it was either at the 復古／返還 or at the 革命. The 資本／首都, therefore, 毎年 雇うd in cultivating this land, and in 持続するing this 労働, must likewise be much greater. In the 中央 of all the exactions of 政府, this 資本／首都 has been silently and 徐々に 蓄積するd by the 私的な frugality and good 行為／行う of individuals, by their 全世界の／万国共通の, continual, and 連続する 成果／努力 to better their own 条件. It is this 成果／努力, 保護するd by 法律 and 許すd by liberty to 発揮する itself in the manner that is most advantageous, which has 持続するd the 進歩 of England に向かって opulence and 改良 in almost all former times, and which, it is to be hoped, will do so in all 未来 times. England, however, as it has never been blessed with a very parsimonious 政府, so parsimony has at no time been the characteristical virtue of its inhabitants. It is the highest impertinence and presumption, therefore, in kings and 大臣s, to pretend to watch over the economy of 私的な people, and to 抑制する their expense, either by sumptuary 法律s, or by 禁じるing the 輸入 of foreign 高級なs. They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look 井戸／弁護士席 after their own expense, and they may 安全に 信用 私的な people with theirs. If their own extravagance does not 廃虚 the 明言する／公表する, that of their 支配するs never will.

As frugality 増加するs and prodigality 減らすs the public 資本／首都, so the 行為／行う of those whose expense just equals their 歳入, without either 蓄積するing or encroaching, neither 増加するs nor 減らすs it. Some 方式s of expense, however, seem to 与える／捧げる more to the growth of public opulence than others.

The 歳入 of an individual may be spent either in things which are 消費するd すぐに, and in which one day's expense can neither 緩和する nor support that of another, or it may be spent in things more 持続する, which can therefore be 蓄積するd, and in which every day's expense may, as he chooses, either 緩和する or support and 高くする，増す the 影響 of that of the に引き続いて day. A man of fortune, for example, may either spend his 歳入 in a profuse and sumptuous （米）棚上げする／（英）提議する, and in 持続するing a 広大な／多数の／重要な number of menial servants, and a multitude of dogs and horses; or contenting himself with a frugal （米）棚上げする／（英）提議する and few attendants, he may lay out the greater part of it in adorning his house or his country 郊外住宅, in useful or ornamental buildings, in useful or ornamental furniture, in collecting 調書をとる／予約するs, statues, pictures; or in things more frivolous, jewels, baubles, ingenious trinkets of different 肉親，親類d; or, what is most trifling of all, in amassing a 広大な／多数の／重要な wardrobe of 罰金 着せる／賦与するs, like the favourite and 大臣 of a 広大な／多数の／重要な prince who died a few years ago. Were two men of equal fortune to spend their 歳入, the one 主として in the one way, the other in the other, the magnificence of the person whose expense had been 主として in 持続する 商品／必需品s, would be continually 増加するing, every day's expense 与える／捧げるing something to support and 高くする，増す the 影響 of that of the に引き続いて day: that of the other, on the contrary, would be no greater at the end of the period than at the beginning. The former, too, would, at the end of the period, be the richer man of the two. He would have a 在庫／株 of goods of some 肉親，親類d or other, which, though it might not be 価値（がある） all that it cost, would always be 価値（がある） something. No trace or 痕跡 of the expense of the latter would remain, and the 影響s of ten or twenty years profusion would be as 完全に 絶滅するd as if they had never 存在するd.

As the one 方式 of expense is more favourable than the other to the opulence of an individual, so is it likewise to that of a nation. The houses, the furniture, the 着せる／賦与するing of the rich, in a little time, become useful to the inferior and middling 階級s of people. They are able to 購入（する） them when their superiors grow 疲れた／うんざりした of them, and the general accommodation of the whole people is thus 徐々に 改善するd, when this 方式 of expense becomes 全世界の／万国共通の の中で men of fortune. In countries which have long been rich, you will frequently find the inferior 階級s of people in 所有／入手 both of houses and furniture perfectly good and entire, but of which neither the one could have been built, nor the other have been made for their use. What was 以前は a seat of the family of Seymour is now an inn upon the Bath road. The marriage-bed of James the First of 広大な／多数の／重要な Britain, which his queen brought with her from Denmark as a 現在の fit for a 君主 to make to a 君主, was, a few years ago, the ornament of an alehouse at Dunfermline. In some 古代の cities, which either have been long 静止している, or have gone somewhat to decay, you will いつかs 不十分な find a 選び出す／独身 house which could have been built for its 現在の inhabitants. If you go into those houses too, you will frequently find many excellent, though 古風な pieces of furniture, which are still very fit for use, and which could as little have been made for them. Noble palaces, magnificent 郊外住宅s, 広大な／多数の／重要な collections of 調書をとる／予約するs, statues, pictures and other curiosities, are frequently both an ornament and an honour, not only to the neighbourhood, but to the whole country to which they belong. Versailles is an ornament and an honour to フラン, Stowe and Wilton to England. Italy still continues to 命令（する） some sort of veneration by the number of monuments of this 肉親，親類d which it 所有するs, though the wealth which produced them has decayed, and though the genius which planned them seems to be 消滅させるd, perhaps from not having the same 雇用.

The expense too, which is laid out in 持続する 商品／必需品s, is favourable, not only to accumulation, but to frugality. If a person should at any time 越える in it, he can easily 改革（する） without exposing himself to the 非難 of the public. To 減ずる very much the number of his servants, to 改革（する） his （米）棚上げする／（英）提議する from 広大な／多数の／重要な profusion to 広大な／多数の／重要な frugality, to lay 負かす／撃墜する his equipage after he has once 始める，決める it up, are changes which cannot escape the 観察 of his 隣人s, and which are supposed to 暗示する some acknowledgment of 先行する bad 行為／行う. Few, therefore, of those who have once been so unfortunate as to 開始する，打ち上げる out too far into this sort of expense, have afterwards the courage to 改革（する）, till 廃虚 and 破産 強いる them. But if a person has, at any time, been at too 広大な／多数の／重要な an expense in building, in furniture, in 調書をとる／予約するs or pictures, no imprudence can be inferred from his changing his 行為／行う. These are things in which その上の expense is frequently （判決などを）下すd unnecessary by former expense; and when a person stops short, he appears to do so, not because he has 越えるd his fortune, but because he has 満足させるd his fancy.

The expense, besides, that is laid out in 持続する 商品／必需品s gives 維持／整備, 一般的に, to a greater number of people than that which is 雇うd in the most profuse 歓待. Of two or three hundredweight of 準備／条項s, which may いつかs be served up at a 広大な／多数の／重要な festival, one half, perhaps, is thrown to the dunghill, and there is always a 広大な／多数の／重要な 取引，協定 wasted and 乱用d. But if the expense of this entertainment had been 雇うd in setting to work masons, carpenters, upholsterers, mechanics, etc., a 量 of 準備／条項s, of equal value, would have been 分配するd の中で a still greater number of people who would have bought them in pennyworths and 続けざまに猛撃する 負わせるs, and not have lost or thrown away a 選び出す／独身 ounce of them. In the one way, besides, this expense 持続するs 生産力のある, in the other unproductive 手渡すs. In the one way, therefore, it 増加するs, in the other, it does not 増加する, the exchangeable value of the 年次の produce of the land and 労働 of the country.

I would not, however, by all this be understood to mean that the one 種類 of expense always betokens a more 自由主義の or generous spirit than the other. When a man of fortune spends his 歳入 主として in 歓待, he 株 the greater part of it with his friends and companions; but when he 雇うs it in 購入（する）ing such 持続する 商品／必需品s, he often spends the whole upon his own person, and gives nothing to anybody without an 同等（の）. The latter 種類 of expense, therefore, 特に when directed に向かって frivolous 反対するs, the little ornaments of dress and furniture, jewels, trinkets, gewgaws, frequently 示すs, not only a trifling, but a base and selfish disposition. All that I mean is, that the one sort of expense, as it always occasions some accumulation of 価値のある 商品／必需品s, as it is more favourable to 私的な frugality, and, その結果, to the 増加する of the public 資本／首都, and as it 持続するs 生産力のある, rather than unproductive 手渡すs, conduces more than the other to the growth of public opulence.

一時期／支部 IV
Of 在庫／株 Lent at 利益／興味

The 在庫／株 which is lent at 利益／興味 is, no 疑問, occasionally 雇うd in both these ways, but in the former much more frequently than in the latter. The man who borrows ーするために spend will soon be 廃虚d, and he who lends to him will 一般に have occasion to repent of his folly. To borrow or to lend for such a 目的, therefore, is in all 事例／患者s, where 甚だしい／１２ダース usury is out of the question, contrary to the 利益／興味 of both parties; and though it no 疑問 happens いつかs that people do both the one and the other; yet, from the regard that all men have for their own 利益／興味, we may be 保証するd that it cannot happen so very frequently as we are いつかs apt to imagine. Ask any rich man of ありふれた prudence to which of the two sorts of people he has lent the greater part of his 在庫／株, to those who, he thinks, will 雇う it profitably, or to those who will spend it idly, and he will laugh at you for 提案するing the question. Even の中で borrowers, therefore, not the people in the world most famous for frugality, the number of the frugal and industrious より勝るs かなり that of the prodigal and idle.

The only people to whom 在庫／株 is 一般的に lent, without their 存在 推定する／予想するd to make any very profitable use of it, are country gentlemen who borrow upon mortgage. Even they 不十分な ever borrow 単に to spend. What they borrow, one may say, is 一般的に spent before they borrow it. They have 一般に 消費するd so 広大な／多数の／重要な a 量 of goods, 前進するd to them upon credit by shopkeepers and tradesmen, that they find it necessary to borrow at 利益／興味 ーするために 支払う／賃金 the 負債. The 資本／首都 borrowed 取って代わるs the 資本／首都s of those shopkeepers and tradesmen, which the country gentlemen could not have 取って代わるd from the rents of their 広い地所s. It is not 適切に borrowed ーするために be spent, but ーするために 取って代わる a 資本／首都 which had been spent before.

Almost all 貸付金s at 利益／興味 are made in money, either of paper, or of gold and silver. But what the borrower really wants, and what the 貸す人 really 供給（する）s him with, is not the money, but the money's 価値（がある）, or the goods which it can 購入（する）. If he wants it as a 在庫／株 for 即座の 消費, it is those goods only which he can place in that 在庫／株. If he wants it as a 資本／首都 for 雇うing 産業, it is from those goods only that the industrious can be furnished with the 道具s, 構成要素s, and 維持／整備 necessary for carrying on their work. By means of the 貸付金, the 貸す人, as it were, 割り当てるs to the borrower his 権利 to a 確かな 部分 of the 年次の produce of the land and 労働 of the country to be 雇うd as the borrower pleases.

The 量 of 在庫／株, therefore, or, as it is 一般的に 表明するd, of money which can be lent at 利益／興味 in any country, is not 規制するd by the value of the money, whether paper or coin, which serves as the 器具 of the different 貸付金s made in that country, but by the value of that part of the 年次の produce which, as soon as it comes either from the ground, or from the 手渡すs of the 生産力のある labourers, is 運命にあるd not only for 取って代わるing a 資本／首都, but such a 資本／首都 as the owner does not care to be at the trouble of 雇うing himself. As such 資本／首都s are 一般的に lent out and paid 支援する in money, they 構成する what is called the monied 利益／興味. It is 際立った, not only from the landed, but from the 貿易（する）ing and 製造業の 利益／興味s, as in these last the owners themselves 雇う their own 資本／首都s. Even in the monied 利益／興味, however, the money is, as it were, but the 行為 of assignment, which 伝えるs from one 手渡す to another those 資本／首都s which the owners do not care to 雇う themselves. Those 資本／首都s may be greater in almost any 割合 than the 量 of the money which serves as the 器具 of their conveyance; the same pieces of money successively serving for many different 貸付金s, 同様に as for many different 購入（する）s. A, for example, lends to W a thousand 続けざまに猛撃するs, with which W すぐに 購入（する）s of B a thousand 続けざまに猛撃するs' 価値（がある） of goods. B having no occasion for the money himself, lends the 同一の pieces to X, with which X すぐに 購入（する）s of C another thousand 続けざまに猛撃するs' 価値（がある） of goods. C in the same manner, and for the same 推論する／理由, lends them to Y, who again 購入（する）s goods with them of D. In this manner the same pieces, either of coin or paper, may in the course of a few days, serve as the 器具 of three different 貸付金s, and of three different 購入（する）s, each of which is, in value, equal to the whole 量 of those pieces. What the three monied men A, B, and C 割り当てる to the three borrowers, W, X, Y, is the 力／強力にする of making those 購入（する）s. In this 力／強力にする consist both the value and the use of the 貸付金s. The 在庫／株 lent by the three monied men is equal to the value of the goods which can be 購入（する）d with it, and is three times greater than that of the money with which the 購入（する）s are made. Those 貸付金s however, may be all perfectly 井戸／弁護士席 安全な・保証するd, the goods 購入（する）d by the different debtors 存在 so 雇うd as, in 予定 time, to bring 支援する, with a 利益（をあげる）, an equal value either of coin or of paper. And as the same pieces of money can thus serve as the 器具 of different 貸付金s to three, or for the same 推論する／理由, to thirty times their value, so they may likewise successively serve as the 器具 of 返済.

A 資本／首都 lent at 利益／興味 may, in this manner, be considered as an assignment from the 貸す人 to the borrowers of a 確かな かなりの 部分 of the 年次の produce; upon 条件 that the borrower in return shall, during the continuance of the 貸付金, 毎年 割り当てる to the 貸す人 a smaller 部分, called the 利益／興味; and at the end of it a 部分 平等に かなりの with that which had 初めは been 割り当てるd to him, called the 返済. Though money, either coin or paper, serves 一般に as the 行為 of assignment both to the smaller and to the more かなりの 部分, it is itself altogether different from what is 割り当てるd by it.

In 割合 as that 株 of the 年次の produce which, as soon as it comes either from the ground, or from the 手渡すs of the 生産力のある labourers, is 運命にあるd for 取って代わるing a 資本／首都, 増加するs in any country, what is called the monied 利益／興味 自然に 増加するs with it. The 増加する of those particular 資本／首都s from which the owners wish to derive a 歳入, without 存在 at the trouble of 雇うing them themselves, 自然に …を伴ってs the general 増加する of 資本／首都s; or, in other words, as 在庫／株 増加するs, the 量 of 在庫／株 to be lent at 利益／興味 grows 徐々に greater and greater.

As the 量 of 在庫／株 to be lent at 利益／興味 増加するs, the 利益／興味, or the price which must be paid for the use of that 在庫／株, やむを得ず 減らすs, not only from those general 原因（となる）s which make the market price of things 一般的に 減らす as their 量 増加するs, but from other 原因（となる）s which are peculiar to this particular 事例／患者. As 資本／首都s 増加する in any country, the 利益（をあげる）s which can be made by 雇うing them やむを得ず 減らす. It becomes 徐々に more and more difficult to find within the country a profitable method of 雇うing any new 資本／首都. There arises in consequence a 競争 between different 資本／首都s, the owner of one endeavouring to get 所有／入手 of that 雇用 which is 占領するd by another. But upon most occasions he can hope to jostle that other out of this 雇用 by no other means but by 取引，協定ing upon more reasonable 条件. He must not only sell what he 取引，協定s in somewhat cheaper, but ーするために get it to sell, he must いつかs, too, buy it dearer. The 需要・要求する for 生産力のある 労働, by the 増加する of the 基金s which are 運命にあるd for 持続するing it, grows every day greater and greater. Labourers easily find 雇用, but the owners of 資本／首都s find it difficult to get labourers to 雇う. Their 競争 raises the 給料 of 労働 and 沈むs the 利益（をあげる）s of 在庫／株. But when the 利益（をあげる）s which can be made by the use of a 資本／首都 are in this manner 減らすd, as it were, at both ends, the price which can be paid for the use of it, that is, the 率 of 利益／興味, must やむを得ず be 減らすd with them.

Mr. Locke, Mr. 法律, and Mr. Montesquieu, 同様に as many other writers, seem to have imagined that the 増加する of the 量 of gold and silver, in consequence of the 発見 of the Spanish West Indies, was the real 原因（となる） of the lowering of the 率 of 利益／興味 through the greater part of Europe. Those metals, they say, having become of いっそう少なく value themselves, the use of any particular 部分 of them やむを得ず became of いっそう少なく value too, and その結果 the price which could be paid for it. This notion, which at first sight seems plausible, has been so fully exposed by Mr. Hume that it is, perhaps, unnecessary to say anything more about it. The に引き続いて very short and plain argument, however, may serve to explain more distinctly the fallacy which seems to have misled those gentlemen.

Before the 発見 of the Spanish West Indies, ten per cent seems to have been the ありふれた 率 of 利益／興味 through the greater part of Europe. It has since that time in different countries sunk to six, five, four, and three per cent. Let us suppose that in every particular country the value of silver has sunk 正確に in the same 割合 as the 率 of 利益／興味; and that in those countries, for example, where 利益／興味 has been 減ずるd from ten to five per cent, the same 量 of silver can now 購入（する） just half the 量 of goods which it could have 購入（する）d before. This supposition will not, I believe, be 設立する anywhere agreeable to the truth, but it is the most favourable to the opinion which we are going to 診察する; and even upon this supposition it is utterly impossible that the lowering of the value of silver could have the smallest 傾向 to lower the 率 of 利益／興味. If a hundred 続けざまに猛撃するs are in those countries now of no more value than fifty 続けざまに猛撃するs were then, ten 続けざまに猛撃するs must now be of no more value than five 続けざまに猛撃するs were then. Whatever were the 原因（となる）s which lowered the value of the 資本／首都, the same must やむを得ず have lowered that of the 利益／興味, and 正確に／まさに in the same 割合. The 割合 between the value of the 資本／首都 and that of the 利益／興味 must have remained the same, though the 率 had been altered. By altering the 率, on the contrary, the 割合 between those two values is やむを得ず altered. If a hundred 続けざまに猛撃するs now are 価値（がある） no more than fifty were then, five 続けざまに猛撃するs now can be 価値（がある） no more than two 続けざまに猛撃するs ten shillings were then. By 減ずるing the 率 of 利益／興味, therefore, from ten to five per cent, we give for the use of a 資本／首都, which is supposed to be equal to one half of its former value, an 利益／興味 which is equal to one fourth only of the value of the former 利益／興味.

Any 増加する in the 量 of silver, while that of the 商品／必需品s 循環させるd by means of it remained the same, could have no other 影響 than to 減らす the value of that metal. The 名目上の value of all sorts of goods would be greater, but their real value would be 正確に the same as before. They would be 交流d for a greater number of pieces of silver; but the 量 of 労働 which they could 命令（する）, the number of people whom they could 持続する and 雇う, would be 正確に the same. The 資本／首都 of the country would be the same, though a greater number of pieces might be requisite for 伝えるing any equal 部分 of it from one 手渡す to another. The 行為s of assignment, like the conveyances of a verbose 弁護士／代理人／検事, would be more cumbersome, but the thing 割り当てるd would be 正確に the same as before, and could produce only the same 影響s. The 基金s for 持続するing 生産力のある 労働 存在 the same, the 需要・要求する for it would be the same. Its price or 給料, therefore, though 名目上 greater, would really be the same. They would be paid in a greater number of pieces of silver; but they would 購入（する） only the same 量 of goods. The 利益（をあげる）s of 在庫／株 would be the same both 名目上 and really. The 給料 of 労働 are 一般的に 計算するd by the 量 of silver which is paid to the labourer. When that is 増加するd, therefore, his 給料 appear to be 増加するd, though they may いつかs be no greater than before. But the 利益（をあげる）s of 在庫／株 are not 計算するd by the number of pieces of silver with which they are paid, but by the 割合 which those pieces 耐える to the whole 資本／首都 雇うd. Thus in a particular country five shillings a week are said to be the ありふれた 給料 of 労働, and ten per cent the ありふれた 利益（をあげる）s of 在庫／株. But the whole 資本／首都 of the country 存在 the same as before, the 競争 between the different 資本／首都s of individuals into which it was divided would likewise be the same. They would all 貿易（する） with the same advantages and disadvantages. The ありふれた 割合 between c apital and 利益（をあげる）, therefore, would be the same, and その結果 the ありふれた 利益／興味 of money; what can 一般的に be given for the use of money 存在 やむを得ず 規制するd by what can 一般的に be made by the use of it.

Any 増加する in the 量 of 商品／必需品s 毎年 循環させるd within the country, while that of the money which 循環させるd them remained the same, would, on the contrary, produce many other important 影響s, besides that of raising the value of the money. The 資本／首都 of the country, though it might 名目上 be the same, would really be augmented. It might continue to be 表明するd by the same 量 of money, but it would 命令（する） a greater 量 of 労働. The 量 of 生産力のある 労働 which it could 持続する and 雇う would be 増加するd, and その結果 the 需要・要求する for that 労働. Its 給料 would 自然に rise with the 需要・要求する, and yet might appear to 沈む. They might be paid with a smaller 量 of money, but that smaller 量 might 購入（する） a greater 量 of goods than a greater had done before. The 利益（をあげる）s of 在庫／株 would be 減らすd both really and in 外見. The whole 資本／首都 of the country 存在 augmented, the 競争 between the different 資本／首都s of which it was composed would 自然に be augmented along with it. The owners of those particular 資本／首都s would be 強いるd to content themselves with a smaller 割合 of the produce of that 労働 which their 各々の 資本／首都s 雇うd. The 利益／興味 of money, keeping pace always with the 利益（をあげる）s of 在庫／株, might, in this manner, be 大いに 減らすd, though the value of money, or the 量 of goods which any particular sum could 購入（する）, was 大いに augmented.

In some countries the 利益／興味 of money has been 禁じるd by 法律. But as something can everywhere be made by the use of money, something ought everywhere to be paid for the use of it. This 規則, instead of 妨げるing, has been 設立する from experience to 増加する the evil of usury; the debtor 存在 強いるd to 支払う／賃金, not only for the use of the money, but for the 危険 which his creditor runs by 受託するing a 補償（金） for that use. He is 強いるd, if one may say so, to insure his creditor from the 刑罰，罰則s of usury.

In countries where 利益／興味 is permitted, the 法律, ーするために 妨げる the ゆすり，強要 of usury, 一般に 直す／買収する，八百長をするs the highest 率 which can be taken without incurring a 刑罰，罰則. This 率 ought always to be somewhat above the lowest market price, or the price which is 一般的に paid for the use of money by those who can give the most undoubted 安全. If this 合法的な 率 should be 直す／買収する，八百長をするd below the lowest market 率, the 影響s of this fixation must be nearly the same as those of a total 禁止 of 利益／興味. The creditor will not lend his money for いっそう少なく than the use of it is 価値（がある）, and the debtor must 支払う／賃金 him for the 危険 which he runs by 受託するing the 十分な value of that use. If it is 直す／買収する，八百長をするd 正確に at the lowest market price, it 廃虚s with honest people, who 尊敬（する）・点 the 法律s of their country, the credit of all those who cannot give the very best 安全, and 強いるs them to have 頼みの綱 to exorbitant usurers. In a country, such as 広大な／多数の／重要な Britain, where money is lent to 政府 at three per cent and to 私的な people upon a good 安全 at four and four and a half, the 現在の 合法的な 率, five per cent, is perhaps as proper as any.

The 合法的な 率, it is to be 観察するd, though it せねばならない be somewhat above, ought not to be much above the lowest market 率. If the 合法的な 率 of 利益／興味 in 広大な／多数の／重要な Britain, for example, was 直す／買収する，八百長をするd so high as eight or ten per cent, the greater part of the money which was to be lent would be lent to prodigals and projectors, who alone would be willing to give this high 利益／興味. Sober people, who will give for the use of money no more than a part of what they are likely to make by the use of it, would not 投機・賭ける into the 競争. A 広大な／多数の／重要な part of the 資本／首都 of the country would thus be kept out of the 手渡すs which were most likely to make a profitable and advantageous use of it, and thrown into those which were most likely to waste and destroy it. Where the 合法的な 率 of 利益／興味, on the contrary, is 直す／買収する，八百長をするd but a very little above the lowest market 率, sober people are universally preferred, as borrowers, to prodigals and projectors. The person who lends money gets nearly as much 利益／興味 from the former as he dares to take from the latter, and his money is much safer in the 手渡すs of the one 始める，決める of people than in those of the other. A 広大な／多数の／重要な part of the 資本／首都 of the country is thus thrown into the 手渡すs in which it is most likely to be 雇うd with advantage.

No 法律 can 減ずる the ありふれた 率 of 利益／興味 below the lowest ordinary market 率 at the time when that 法律 is made. Notwithstanding the edict of 1766, by which the French king 試みる／企てるd to 減ずる the 率 of 利益／興味 from five to four per cent, money continued to be lent in フラン at five per cent, the 法律 存在 避けるd in several different ways.

The ordinary market price of land, it is to be 観察するd, depends everywhere upon the ordinary market 率 of 利益／興味. The person who has a 資本／首都 from which he wishes to derive a 歳入, without taking the trouble to 雇う it himself, 審議する／熟考するs whether he should buy land with it or lend it out at 利益／興味. The superior 安全 of land, together with some other advantages which almost everywhere …に出席する upon this 種類 of 所有物／資産／財産, will 一般に 配置する／処分する／したい気持ちにさせる him to content himself with a smaller 歳入 from land than what he might have by lending out his money at 利益／興味. These advantages are 十分な to 補償する a 確かな difference of 歳入; but they will 補償する a 確かな difference only; and if the rent of land should 落ちる short of the 利益／興味 of money by a greater difference, nobody would buy land, which would soon 減ずる its ordinary price. On the contrary, if the advantages should much more than 補償する the difference, everybody would buy land, which again would soon raise its ordinary price. When 利益／興味 was at ten per cent, land was 一般的に sold for ten and twelve years' 購入（する）. As 利益／興味 sunk to six, five, and four per cent, the price of land rose to twenty, five-and-twenty, and thirty years' 購入（する）. The market 率 of 利益／興味 is higher in フラン than in England; and the ありふれた price of land is lower. In England it 一般的に sells at thirty, in フラン at twenty years' 購入（する）.

一時期／支部 V
Of the Different 雇用 of 資本／首都s

A 資本／首都 may be 雇うd in four different ways: either, first, in procuring the rude produce 毎年 要求するd for the use and 消費 of the society; or, secondly, in 製造業の and 準備するing that rude produce for 即座の use and 消費; or, thirdly, in 輸送（する）ing either the rude or 製造（する）d produce from the places where they abound to those where they are 手配中の，お尋ね者; or, lastly, in dividing particular 部分s of either into such small 小包s as 控訴 the 時折の 需要・要求するs of those who want them. In the first way are 雇うd the 資本／首都s of all those who 請け負う the 改良 or cultivation of lands, 地雷s, or 漁業s; in the second, those of all master 製造業者s; in the third, those of all 卸売 merchants; and in the fourth, those of all retailers. It is difficult to conceive that a 資本／首都 should be 雇うd in any way which may not be classed under some one or other of those four.

Each of these four methods of 雇うing a 資本／首都 is essentially necessary either to the 存在 or 拡張 of the other three, or to the general conveniency of the society.

Unless a 資本／首都 was 雇うd in furnishing rude produce to a 確かな degree of 豊富, neither 製造（する）s nor 貿易（する） of any 肉親，親類d could 存在する.

Unless a 資本／首都 was 雇うd in 製造業の that part of the rude produce which 要求するs a good 取引，協定 of 準備 before it can be fit for use and 消費, it either would never be produced, because there could be no 需要・要求する for it; or if it was produced spontaneously, it would be of no value in 交流, and could 追加する nothing to the wealth of the society.

Unless a 資本／首都 was 雇うd in 輸送（する）ing either the rude or 製造（する）d produce from the places where it abounds to those where it is 手配中の，お尋ね者, no more of either could be produced than was necessary for the 消費 of the neighbourhood. The 資本／首都 of the merchant 交流s the 黒字／過剰 produce of one place for that of another, and thus encourages the 産業 and 増加するs the enjoyments of both.

Unless a 資本／首都 was 雇うd in breaking and dividing 確かな 部分s either of the rude or 製造（する）d produce into such small 小包s as 控訴 the 時折の 需要・要求するs of those who want them, every man would be 強いるd to 購入（する） a greater 量 of the goods he 手配中の，お尋ね者 than his 即座の occasions 要求するd. If there was no such 貿易（する） as a butcher, for example, every man would be 強いるd to 購入（する） a whole ox or a whole sheep at a time. This would 一般に be inconvenient to the rich, and much more so to the poor. If a poor workman was 強いるd to 購入（する） a month's or six months' 準備／条項s at a time, a 広大な／多数の／重要な part of the 在庫／株 which he 雇うs as a 資本／首都 in the 器具s of his 貿易（する）, or in the furniture of his shop, and which 産する／生じるs him a 歳入. he would be 軍隊d to place in that part of his 在庫／株 which is reserved for 即座の 消費, and which 産する／生じるs him no 歳入. Nothing can be more convenient for such a person than to be able to 購入（する） his subsistence from day to day, or even from hour to hour, as he wants it. He is その為に enabled to 雇う almost his whole 在庫／株 as a 資本／首都. He is thus enabled to furnish work to a greater value, and the 利益（をあげる）, which he makes by it in this way, much more than 補償するs the 付加 price which the 利益（をあげる） of the retailer 課すs upon the goods. The prejudices of some political writers against shopkeepers and tradesmen are altogether without 創立／基礎. So far is it from 存在 necessary either to 税金 them or to 制限する their numbers that they can never be multiplied so as to 傷つける the public, though they may so as to 傷つける one another. The 量 of grocery goods, for example, which can be sold in a particular town is 限られた／立憲的な by the 需要・要求する of that town and its neighbourhood. The 資本／首都, therefore, which can be 雇うd in the grocery 貿易（する） cannot 越える what is 十分な to 購入（する） that 量. If this 資本／首都 is divided between two different grocers, their 競争 will tend to make both of them sell cheaper than if it were in the 手渡すs of one only; and if it were divided の中で twenty, their 競争 would be just so much the greater, and the chance of their 連合させるing together, ーするために raise the price, just so much the いっそう少なく. Their 競争 might perhaps 廃虚 some of themselves; but to take care of this is the 商売／仕事 of the parties 関心d, and it may 安全に be 信用d to their discretion. It can never 傷つける either the 消費者 or the 生産者; on the contrary, it must tend to make the retailers both sell cheaper and buy dearer than if the whole 貿易（する） was 独占するd by one or two persons. Some of them, perhaps, may いつかs おとり a weak 顧客 to buy what he has no occasion for. This evil, however, is of too little importance to deserve the public attention, nor would it やむを得ず be 妨げるd by 制限するing their numbers. It is not the multitude of ale-houses, to give the most 怪しげな example, that occasions a general disposition to drunkenness の中で the ありふれた people; but that disposition arising from other 原因（となる）s やむを得ず gives 雇用 to a multitude of ale-houses.

The persons whose 資本／首都s are 雇うd in any of those four ways are themselves 生産力のある labourers. Their 労働, when 適切に directed, 直す／買収する，八百長をするs and realizes itself in the 支配する or vendible 商品／必需品 upon which it is bestowed, and 一般に 追加するs to its price the value at least of their own 維持／整備 and 消費. The 利益（をあげる）s of the 農業者, of the 製造業者, of the merchant, and retailer, are all drawn from the price of the goods which the two first produce, and the two last buy and sell. Equal 資本／首都s, however, 雇うd in each of those four different ways, will すぐに put into 動議 very different 量s of 生産力のある 労働, and augment, too, in very different 割合s the value of the 年次の produce of the land and 労働 of the society to which they belong.

The 資本／首都 of the retailer 取って代わるs, together with its 利益（をあげる）s, that of the merchant of whom he 購入（する）s goods, and その為に enables him to continue his 商売／仕事. The retailer himself is the only 生産力のある labourer whom it すぐに 雇うs. In his 利益（をあげる）s consists the whole value which its 雇用 追加するs to the 年次の produce of the land and 労働 of the society.

The 資本／首都 of the 卸売 merchant 取って代わるs, together with their 利益（をあげる）s, the 資本／首都s of the 農業者s and 製造業者s of whom he 購入（する）s the rude and 製造（する）d produce which he 取引，協定s in, and その為に enables them to continue their 各々の 貿易（する）s. It is by this service 主として that he 与える／捧げるs 間接に to support the 生産力のある 労働 of the society, and to 増加する the value of its 年次の produce. His 資本／首都 雇うs, too, the sailors and 運送／保菌者s who 輸送（する） his goods from one place to another, and it augments the price of those goods by the value, not only of his 利益（をあげる）s, but of their 給料. This is all the 生産力のある 労働 which it すぐに puts into 動議, and all the value which it すぐに 追加するs to the 年次の produce. Its 操作／手術 in both these 尊敬（する）・点s is a good 取引，協定 superior to that of the 資本／首都 of the retailer.

Part of the 資本／首都 of the master 製造業者 is 雇うd as a 直す／買収する，八百長をするd 資本／首都 in the 器具s of his 貿易（する）, and 取って代わるs, together with its 利益（をあげる）s, that of some other artificer of whom he 購入（する）s them. Part of his 広まる 資本／首都 is 雇うd in 購入（する）ing 構成要素s, and 取って代わるs, with their 利益（をあげる）s, the 資本／首都s of the 農業者s and 鉱夫s of whom he 購入（する）s them. But a 広大な／多数の／重要な part of it is always, either 毎年, or in a much shorter period, 分配するd の中で the different workmen whom he 雇うs. It augments the value of those 構成要素s by their 給料, and by their 事柄s' 利益（をあげる）s upon the whole 在庫／株 of 給料, 構成要素s, and 器具s of 貿易（する） 雇うd in the 商売／仕事. It puts すぐに into 動議, therefore, a much greater 量 of 生産力のある 労働, and 追加するs a much greater value to the 年次の produce of the land and 労働 of the society than an equal 資本／首都 in the 手渡すs of any 卸売 merchant.

No equal 資本／首都 puts into 動議 a greater 量 of 生産力のある 労働 than that of the 農業者. Not only his 労働ing servants, but his 労働ing cattle, are 生産力のある labourers. In 農業, too, nature 労働s along with man; and though her 労働 costs no expense, its produce has its value, 同様に as that of the most expensive workmen. The most important 操作／手術s of 農業 seem ーするつもりであるd not so much to 増加する, though they do that too, as to direct the fertility of nature に向かって the 生産／産物 of the 工場／植物s most profitable to man. A field overgrown with briars and brambles may frequently produce as 広大な／多数の／重要な a 量 of vegetables as the best cultivated vineyard or corn field. 工場／植物ing and tillage frequently 規制する more than they animate the active fertility of nature; and after all their 労働, a 広大な／多数の／重要な part of the work always remains to be done by her. The labourers and 労働ing cattle, therefore, 雇うd in 農業, not only occasion, like the workmen in 製造（する）s, the reproduction of a value equal to their own 消費, or to the 資本／首都 which 雇うs them, together with its owners' 利益（をあげる）s; but of a much greater value. Over and above the 資本／首都 of the 農業者 and all its 利益（をあげる）s, they 定期的に occasion the reproduction of the rent of the landlord. This rent may be considered as the produce of those 力／強力にするs of nature, the use of which the landlord lends to the 農業者. It is greater or smaller によれば the supposed extent of those 力／強力にするs, or in other words, によれば the supposed natural or 改善するd fertility of the land. It is the work of nature which remains after deducting or 補償するing everything which can be regarded as the work of man. It is seldom いっそう少なく than a fourth, and frequently more than a third of the whole produce. No equal 量 of 生産力のある 労働 雇うd in 製造（する）s can ever occasion so 広大な／多数の／重要な a reproduction. In them nature does nothing; man does all; and the reproduction must always be in 割合 to the strength of the スパイ／執行官s that occasion i t. The 資本／首都 雇うd in 農業, therefore, not only puts into 動議 a greater 量 of 生産力のある 労働 than any equal 資本／首都 雇うd in 製造（する）s, but in 割合, too, to the 量 of 生産力のある 労働 which it 雇うs, it 追加するs a much greater value to the 年次の produce of the land and 労働 of the country, to the real wealth and 歳入 of its inhabitants. Of all the ways in which a 資本／首都 can be 雇うd, it is by far the most advantageous to the society.

The 資本／首都s 雇うd in the 農業 and in the 小売 貿易（する） of any society must always reside within that society. Their 雇用 is 限定するd almost to a 正確な 位置／汚点／見つけ出す, to the farm and to the shop of the retailer. They must 一般に, too, though there are some exceptions to this, belong to 居住（者） members of the society.

The 資本／首都 of a 卸売 merchant, on the contrary, seems to have no 直す／買収する，八百長をするd or necessary 住居 anywhere, but may wander about from place to place, （許可，名誉などを）与えるing as it can either buy cheap or sell dear.

The 資本／首都 of the 製造業者 must no 疑問 reside where the 製造（する） is carried on; but where this shall be is not always やむを得ず 決定するd. It may frequently be at a 広大な／多数の／重要な distance both from the place where the 構成要素s grow, and from that where the 完全にする 製造（する） is 消費するd. Lyons is very distant both from the places which afford the 構成要素s of its 製造（する）s, and from those which 消費する them. The people of fashion in Sicily are 着せる／賦与するd in silks made in other countries, from the 構成要素s which their own produces. Part of the wool of Spain is 製造（する）d in 広大な／多数の／重要な Britain, and some part of that cloth is afterwards sent 支援する to Spain.

Whether the merchant whose 資本／首都 輸出（する）s the 黒字／過剰 produce of any society be a native or a foreigner is of very little importance. If he is a foreigner, the number of their 生産力のある labourers is やむを得ず いっそう少なく than if he had been a native by one man only, and the value of their 年次の produce by the 利益（をあげる）s of that one man. The sailors or 運送／保菌者s whom he 雇うs may still belong indifferently either to his country or to their country, or to some third country, in the same manner as if he had been a native. The 資本／首都 of a foreigner gives a value to their 黒字／過剰 produce 平等に with that of a native by 交流ing it for something for which there is a 需要・要求する at home. It as effectually 取って代わるs the 資本／首都 of the person who produces that 黒字／過剰, and as effectually enables him to continue his 商売／仕事; the service by which the 資本／首都 of a 卸売 merchant 主として 与える／捧げるs to support the 生産力のある 労働, and to augment the value of the 年次の produce of the society to which he belongs.

It is of more consequence that the 資本／首都 of the 製造業者 should reside within the country. It やむを得ず puts into 動議 a greater 量 of 生産力のある 労働, and 追加するs a greater value to the 年次の produce of the land and 労働 of the society. It may, however, be very useful to the country, though it should not reside within it. The 資本／首都s of the British 製造業者s who work up the flax and hemp 毎年 輸入するd from the coasts of the Baltic are surely very useful to the countries which produce them. Those 構成要素s are a part of the 黒字／過剰 produce of those countries which, unless it was 毎年 交流d for something which is in 需要・要求する there, would be of no value, and would soon 中止する to be produced. The merchants who 輸出（する） it 取って代わる the 資本／首都s of the people who produce it, and その為に encourage them to continue the 生産／産物; and the British 製造業者s 取って代わる the 資本／首都s of those merchants.

A particular country, in the same manner as a particular person, may frequently not have 資本／首都 十分な both to 改善する and cultivate all its lands, to 製造（する） and 準備する their whole rude produce for 即座の use and 消費, and to 輸送（する） the 黒字／過剰 part either of the rude or 製造（する）d produce to those distant markets where it can be 交流d for something for which there is a 需要・要求する at home. The inhabitants of many different parts of 広大な／多数の／重要な Britain have not 資本／首都 十分な to 改善する and cultivate all their lands. The wool of the southern 郡s of Scotland is, a 広大な／多数の／重要な part of it, after a long land carriage through very bad roads, 製造（する）d in Yorkshire, for want of 資本／首都 to 製造（する） it at home. There are many little 製造業の towns in 広大な／多数の／重要な Britain, of which the inhabitants have not 資本／首都 十分な to 輸送（する） the produce of their own 産業 to those distant markets where there is 需要・要求する and 消費 for it. If there are any merchants の中で them, they are 適切に only the スパイ／執行官s of wealthier merchants who reside in some of the greater 商業の cities.

When the 資本／首都 of any country is not 十分な for all those three 目的s, in 割合 as a greater 株 of it is 雇うd in 農業, the greater will be the 量 of 生産力のある 労働 which it puts into 動議 within the country; as will likewise be the value which its 雇用 追加するs to the 年次の produce of the land and 労働 of the society. After 農業, the 資本／首都 雇うd in 製造（する）s puts into 動議 the greatest 量 of 生産力のある 労働, and 追加するs the greatest value to the 年次の produce. That which is 雇うd in the 貿易（する） of exportation has the least 影響 of any of the three.

The country, indeed, which has not 資本／首都 十分な for all those three 目的s has not arrived at that degree of opulence for which it seems 自然に 運命にあるd. To 試みる／企てる, however, 未熟に and with an insufficient 資本／首都 to do all the three is certainly not the shortest way for a society, no more than it would be for an individual, to acquire a 十分な one. The 資本／首都 of all the individuals of a nation has its 限界s in the same manner as that of a 選び出す／独身 individual, and is 有能な of 遂行する／発効させるing only 確かな 目的s. The 資本／首都 of all the individuals of a nation is 増加するd in the same manner as that of a 選び出す／独身 individual by their continually 蓄積するing and 追加するing to it whatever they save out of their 歳入. It is likely to 増加する the fastest, therefore, when it is 雇うd in the way that affords the greatest 歳入 to all the inhabitants of the country, as they will thus be enabled to make the greatest 貯金. But the 歳入 of all the inhabitants of the country is やむを得ず in 割合 to the value of the 年次の produce of their land and 労働.

It has been the 主要な／長／主犯 原因（となる） of the 早い 進歩 of our American 植民地s に向かって wealth and greatness that almost their whole 資本／首都s have hitherto been 雇うd in 農業. They have no 製造（する）s, those 世帯 and courser 製造（する）s excepted which やむを得ず …を伴って the 進歩 of 農業, and which are the work of the women and children in every 私的な family. The greater part both of the exportation and coasting 貿易（する） of America is carried on by the 資本／首都s of merchants who reside in 広大な／多数の／重要な Britain. Even the 蓄える／店s and 倉庫／問屋s from which goods are 小売d in some 州s, 特に in Virginia and Maryland, belong many of them to merchants who reside in the mother country, and afford one of the few instances of the 小売 貿易（する） of a society 存在 carried on by the 資本／首都s of those who are not 居住（者） members of it. Were the Americans, either by combination or by any other sort of 暴力／激しさ, to stop the 輸入 of European 製造（する）s, and, by thus giving a monopoly to such of their own countrymen as could 製造（する） the like goods, コースを変える any かなりの part of their 資本／首都 into this 雇用, they would retard instead of 加速するing the その上の 増加する in the value of their 年次の produce, and would 妨害する instead of 促進するing the 進歩 of their country に向かって real wealth and greatness. This would be still more the 事例／患者 were they to 試みる／企てる, in the same manner, to 独占する to themselves their whole exportation 貿易（する）.

The course of human 繁栄, indeed, seems 不十分な ever to have been of so long continuance as to enable any 広大な／多数の／重要な country to acquire 資本／首都 十分な for all those three 目的s; unless perhaps, we give credit to the wonderful accounts of the wealth and cultivation of 中国, of those of 古代の Egypt, and of the 古代の 明言する／公表する of Indostan. Even those three countries, the wealthiest, によれば all accounts, that ever were in the world, are 主として renowned for their 優越 in 農業 and 製造（する）s. They do not appear to have been 著名な for foreign 貿易（する）. The 古代の Egyptians had a superstitious 反感 to the sea; a superstition nearly of the same 肉親，親類d 勝つ／広く一帯に広がるs の中で the Indians; and the Chinese have never excelled in foreign 商業. The greater part of the 黒字／過剰 produce of all those three countries seems to have been always 輸出（する）d by foreigners, who gave in 交流 for it something else for which they 設立する a 需要・要求する there, frequently gold and silver.

It is thus that the same 資本／首都 will in any country put into 動議 a greater or smaller 量 of 生産力のある 労働, and 追加する a greater or smaller value to the 年次の produce of its land and 労働, によれば the different 割合s in which it is 雇うd in 農業, 製造（する）s, and 卸売 貿易（する）. The difference, too, is very 広大な／多数の／重要な, によれば the different sorts of 卸売 貿易（する） in which any part of it is 雇うd.

All 卸売 貿易（する）, all buying ーするために sell again by 卸売, may be 減ずるd to three different sorts. The home 貿易（する）, the foreign 貿易（する） of 消費, and the carrying 貿易（する）. The home 貿易（する） is 雇うd in 購入（する）ing in one part of the same country, and selling in another, the produce of the 産業 of that country. It comprehends both the inland and the coasting 貿易（する）. The foreign 貿易（する） of 消費 is 雇うd in 購入（する）ing foreign goods for home 消費. The carrying 貿易（する） is 雇うd in transacting the 商業 of foreign countries, or in carrying the 黒字／過剰 produce of one to another.

The 資本／首都 which is 雇うd in 購入（する）ing in one part of the country ーするために sell in another the produce of the 産業 of that country, 一般に 取って代わるs by every such 操作／手術 two 際立った 資本／首都s that had both been 雇うd in the 農業 or 製造（する）s of that country, and その為に enables them to continue that 雇用. When it sends out from the 住居 of the merchant a 確かな value of 商品／必需品s, it 一般に brings 支援する in return at least an equal value of other 商品／必需品s. When both are the produce of 国内の 産業, it やむを得ず 取って代わるs by every such 操作／手術 two 際立った 資本／首都s which had both been 雇うd in supporting 生産力のある 労働, and その為に enables them to continue that support. The 資本／首都 which sends Scotch 製造（する）s to London, and brings 支援する English corn and 製造（する）s to Edinburgh, やむを得ず 取って代わるs by every such 操作／手術, two British 資本／首都s which had both been 雇うd in the 農業 or 製造（する）s of 広大な／多数の／重要な Britain.

The 資本／首都 雇うd in 購入（する）ing foreign goods for home 消費, when this 購入（する） is made with the produce of 国内の 産業, 取って代わるs too, by every such 操作／手術, two 際立った 資本／首都s; but one of them only is 雇うd in supporting 国内の 産業. The 資本／首都 which sends British goods to Portugal, and brings 支援する Portuguese goods to 広大な／多数の／重要な Britain, 取って代わるs by every such 操作／手術 only one British 資本／首都. The other is a Portuguese one. Though the returns, therefore, of the foreign 貿易（する） of 消費 should be as quick as those of the home 貿易（する）, the 資本／首都 雇うd in it will give but one half the 激励 to the 産業 or 生産力のある 労働 of the country.

But the returns of the foreign 貿易（する） of 消費 are very seldom so quick as those of the home 貿易（する）. The returns of the home 貿易（する） 一般に come in before the end of the year, and いつかs three or four times in the year. The returns of the foreign 貿易（する） of 消費 seldom come in before the end of the year, and いつかs not till after two or three years. A 資本／首都, therefore, 雇うd in the home 貿易（する） will いつかs make twelve 操作／手術s, or be sent out and returned twelve times, before a 資本／首都 雇うd in the foreign 貿易（する） of 消費 has made one. If the 資本／首都s are equal, therefore, the one will give four-and-twenty times more 激励 and support to the 産業 of the country than the other.

The foreign goods for home 消費 may いつかs be 購入（する）d, not with the produce of 国内の 産業, but with some other foreign goods. These last, however, must have been 購入（する）d either すぐに with the produce of 国内の 産業, or with something else that had been 購入（する）d with it; for, the 事例／患者 of war and conquest excepted, foreign goods can ever be acquired but in 交流 for something that had been produced at home, either すぐに, or after two or more different 交流s. The 影響s, therefore, of a 資本／首都 雇うd in such a roundabout foreign 貿易（する） of 消費, are, in every 尊敬（する）・点, the same as those of one 雇うd in the most direct 貿易（する） of the same 肉親，親類d, except that the final returns are likely to be still more distant, as they must depend upon the returns of two or three 際立った foreign 貿易（する）s. If the flax and hemp of Riga are 購入（する）d with the タバコ of Virginia, which had been 購入（する）d with British 製造（する）s, the merchant must wait for the returns of two 際立った foreign 貿易（する）s before he can 雇う the same 資本／首都 in re-購入（する）ing a like 量 of British 製造（する）s. If the タバコ of Virginia had been 購入（する）d, not with British 製造（する）s, but with the sugar and rum of Jamaica which had been 購入（する）d with those 製造（する）s, he must wait for the returns of three. If those two or three 際立った foreign 貿易（する）s should happen to be carried on by two or three 際立った merchants, of whom the second buys the goods 輸入するd by the first, and the third buys those 輸入するd by the second, ーするために 輸出（する） them again, each merchant indeed will in this 事例／患者 receive the returns of his own 資本／首都 more quickly; but the final returns of the whole 資本／首都 雇うd in the 貿易（する） will be just as slow as ever. Whether the whole 資本／首都 雇うd in such a 一連の会議、交渉／完成する-about 貿易（する） belong to one merchant or to three can make no difference with regard to the country, though it may with regard to the particular merchants. Three times a greater 資本／首都 must in both 事例／患者s be 雇うd ーするために 交流 a 確かな value of British 製造（する）s for a 確かな 量 of flax and hemp than would have been necessary had the 製造（する）s and the flax and hemp been 直接／まっすぐに 交流d for one another. The whole 資本／首都 雇うd, therefore, in such a 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費 will 一般に give いっそう少なく 激励 and support to the 生産力のある 労働 of the country than an equal 資本／首都 雇うd in a more direct 貿易（する） of the same 肉親，親類d.

Whatever be the foreign 商品／必需品 with which the foreign goods for home 消費 are 購入（する）d, it can occasion no 必須の difference either in the nature of the 貿易（する）, or in the 激励 and support which it can give to the 生産力のある 労働 of the country from which it is carried on. If they are 購入（する）d with the gold of Brazil, for example, or with the silver of Peru, this gold and silver, like the タバコ of Virginia, must have been 購入（する）d with something that either was the produce of the 産業 of the country, or that had been 購入（する）d with something else that was so. So far, therefore, as the 生産力のある 労働 of the country is 関心d, the foreign 貿易（する） of 消費 which is carried on by means of gold and silver has all the advantages and all the inconveniences of any other 平等に 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費, and will 取って代わる just as 急速な／放蕩な or just as slow the 資本／首都 which is すぐに 雇うd in supporting that 生産力のある 労働. It seems even to have one advantage over any other 平等に roundabout foreign 貿易（する）. The transportation of those metals from one place to another, on account of their small 本体，大部分／ばら積みの and 広大な／多数の／重要な value, is いっそう少なく expensive than that of almost any other foreign goods of equal value. Their freight is much いっそう少なく, and their 保険 not greater; and no goods, besides, are いっそう少なく liable to 苦しむ by the carriage. An equal 量 of foreign goods, therefore, may frequently be 購入（する）d with a smaller 量 of the produce of 国内の 産業, by the 介入 of gold and silver, than by that of any other foreign goods. The 需要・要求する of the country may frequently, in this manner, be 供給（する）d more 完全に and at a smaller expense than in any other. Whether, by the continual exportation of those metals, a 貿易（する） of this 肉親，親類d is likely to impoverish the country from which it is carried on, in any other way, I shall have occasion to 診察する at 広大な／多数の／重要な length hereafter.

That part of the 資本／首都 of any country which is 雇うd in the carrying 貿易（する） is altogether 孤立した from supporting the 生産力のある 労働 of that particular country, to support that of some foreign countries. Though it may 取って代わる by every 操作／手術 two 際立った 資本／首都s, yet neither of them belongs to that particular country. The 資本／首都 of the Dutch merchant, which carries the corn of Poland to Portugal, and brings 支援する the fruits and ワインs of Portugal to Poland, 取って代わるs by every such 操作／手術 two 資本／首都s, neither of which had been 雇うd in supporting the 生産力のある 労働 of Holland; but one of them in supporting that of Poland, and the other that of Portugal. The 利益（をあげる）s only return 定期的に to Holland, and 構成する the whole 新規加入 which this 貿易（する） やむを得ず makes to the 年次の produce of the land and 労働 of that country. When, indeed, the carrying 貿易（する） of any particular country is carried on with the ships and sailors of that country, that part of the 資本／首都 雇うd in it which 支払う／賃金s the freight is 分配するd の中で, and puts into 動議, a 確かな number of 生産力のある labourers of that country. Almost all nations that have had any かなりの 株 of the carrying 貿易（する） have, in fact, carried it on in this manner. The 貿易（する） itself has probably derived its 指名する from it, the people of such countries 存在 the 運送／保菌者s to other countries. It does not, however, seem 必須の to the nature of the 貿易（する） that it should be so. A Dutch merchant may, for example, 雇う his 資本／首都 in transacting the 商業 of Poland and Portugal, by carrying part of the 黒字／過剰 produce of the one to the other, not in Dutch, but in British 底（に届く）s. It may be 推定するd that he 現実に does so upon some particular occasions. It is upon this account, however, that the carrying 貿易（する） has been supposed peculiarly advantageous to such a country as 広大な／多数の／重要な Britain, of which the defence and 安全 depend upon the number of its sailors and shipping. But the same 資本／首都 may 雇う as many sailors and shipping, eith er in the foreign 貿易（する） of 消費, or even in the home 貿易（する）, when carried on by coasting 大型船s, as it could in the carrying 貿易（する）. The number of sailors and shipping which any particular 資本／首都 can 雇う does not depend upon the nature of the 貿易（する）, but partly upon the 本体，大部分／ばら積みの of the goods in 割合 to their value, and partly upon the distance of the ports between which they are to be carried; 主として upon the former of those two circumstances. The coal 貿易（する） from Newcastle to London, for example, 雇うs more shipping than all the carrying 貿易（する） of England, though the ports are at no 広大な／多数の／重要な distance. To 軍隊, therefore, by 驚くべき／特命の／臨時の 激励s, a larger 株 of the 資本／首都 of any country into the carrying 貿易（する） than what would 自然に go to it will not always やむを得ず 増加する the shipping of that country.

The 資本／首都, therefore, 雇うd in the home 貿易（する） of any country will 一般に give 激励 and support to a greater 量 of 生産力のある 労働 in that country, and 増加する the value of its 年次の produce more than an equal 資本／首都 雇うd in the foreign 貿易（する） of 消費: and the 資本／首都 雇うd in this latter 貿易（する） has in both these 尊敬（する）・点s a still greater advantage over an equal 資本／首都 雇うd in the carrying 貿易（する）. The riches, and so far as 力／強力にする depends upon riches, the 力／強力にする of every country must always be in 割合 to the value of its 年次の produce, the 基金 from which all 税金s must 最終的に be paid. But the 広大な／多数の／重要な 反対する of the political economy of every country is to 増加する the riches and 力／強力にする of that country. It ought, therefore, to give no preference nor superior 激励 to the foreign 貿易（する） of 消費 above the home 貿易（する）, nor to the carrying 貿易（する） above either of the other two. It ought neither to 軍隊 nor to allure into either of those two channels a greater 株 of the 資本／首都 of the country than what would 自然に flow into them of its own （許可，名誉などを）与える.

When the produce of any particular 支店 of 産業 越えるs what the 需要・要求する of the country 要求するs, the 黒字／過剰 must be sent abroad and 交流d for something for which there is a 需要・要求する at home. Without such exportation a part of the 生産力のある 労働 of the country must 中止する, and the value of its 年次の produce 減らす. The land and 労働 of 広大な／多数の／重要な Britain produce 一般に more corn, woollens, and 金物類／武器類 than the 需要・要求する of the home market 要求するs. The 黒字／過剰 part of them, therefore, must be sent abroad, and 交流d for something for which there is a 需要・要求する at home. It is only by means of such exportation that this 黒字／過剰 can acquire a value 十分な to 補償する the 労働 and expense of producing it. The neighbourhood of the sea-coast, and the banks of all navigable rivers, are advantageous 状況／情勢s for 産業, only because they 容易にする the exportation and 交流 of such 黒字／過剰 produce for something else which is more in 需要・要求する there.

When the foreign goods which are thus 購入（する）d with the 黒字／過剰 produce of 国内の 産業 越える the 需要・要求する of the home market, the 黒字／過剰 part of them must be sent abroad again and 交流d for something more in 需要・要求する at home. About ninety-six thousand hogsheads of タバコ are 毎年 購入（する）d in Virginia and Maryland with a part of the 黒字／過剰 produce of British 産業. But the 需要・要求する of 広大な／多数の／重要な Britain does not 要求する, perhaps, more than fourteen thousand. If the remaining eighty-two thousand, therefore, could not be sent abroad and 交流d for something more in 需要・要求する at home, the 輸入 of them must 中止する すぐに, and with it the 生産力のある 労働 of all those inhabitants of 広大な／多数の／重要な Britain, who are at 現在の 雇うd in 準備するing the goods with which these eighty-two thousand hogsheads are 毎年 購入（する）d. Those goods, which are part of the produce of the land and 労働 of 広大な／多数の／重要な Britain, having no market at home, and 存在 奪うd of that which they had abroad, must 中止する to be produced. The most 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費, therefore may, upon some occasions, be as necessary for supporting the 生産力のある 労働 of the country, and the value of its 年次の produce, as the most direct.

When the 資本／首都 在庫／株 of any country is 増加するd to such a degree that it cannot be all 雇うd in 供給（する）ing the 消費 and supporting the 生産力のある 労働 of that particular country, the 黒字／過剰 part of it 自然に disgorges itself into the carrying 貿易（する）, and is 雇うd in 成し遂げるing the same offices to other countries. The carrying 貿易（する） is the natural 影響 and symptom of 広大な／多数の／重要な 国家の wealth; but it does not seem to be the natural 原因（となる） of it. Those statesmen who have been 性質の／したい気がして to favour it with particular 激励s seem to have mistaken the 影響 and symptom for the 原因（となる）. Holland, in 割合 to the extent of the land and the number of its inhabitants, by far the richest country in Europe, has, accordingly, the greatest 株 of the carrying 貿易（する） of Europe. England, perhaps the second richest country of Europe, is likewise supposed to have a かなりの 株 of it; though what 一般的に passes for the carrying 貿易（する） of England will frequently, perhaps, be 設立する to be no more than a 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費. Such are, in a 広大な／多数の／重要な 手段, the 貿易（する）s which carry the goods of the East and West Indies, and of America, to different European markets. Those goods are 一般に 購入（する）d either すぐに with the produce of British 産業, or with something else which had been 購入（する）d with that produce, and the final returns of those 貿易（する）s are 一般に used or 消費するd in 広大な／多数の／重要な Britain. The 貿易（する） which is carried on in British 底（に届く）s between the different ports of the Mediterranean, and some 貿易（する） of the same 肉親，親類d carried on by British merchants between the different ports of India, make, perhaps, the 主要な／長／主犯 支店s of what is 適切に the carrying 貿易（する） of 広大な／多数の／重要な Britain.

The extent of the home 貿易（する） and of the 資本／首都 which can be 雇うd in it, is やむを得ず 限られた／立憲的な by the value of the 黒字／過剰 produce of all those distant places within the country which have occasion to 交流 their 各々の 生産／産物s with another: that of the foreign 貿易（する） of 消費, by the value of the 黒字／過剰 produce of the whole country and of what can be 購入（する）d with it: that of the carrying 貿易（する） by the value of the 黒字／過剰 produce of all the different countries in the world. Its possible extent, therefore, is in a manner infinite in comparison of that of the other two, and is 有能な of 吸収するing the greatest 資本／首都s.

The consideration of his own 私的な 利益（をあげる） is the 単独の 動機 which 決定するs the owner of any 資本／首都 to 雇う it either in 農業, in 製造（する）s, or in some particular 支店 of the 卸売 or 小売 貿易（する）. The different 量s of 生産力のある 労働 which it may put into 動議, and the different values which it may 追加する to the 年次の, produce of the land and 労働 of the society, （許可，名誉などを）与えるing as it is 雇うd in one or other of those different ways, never enter into his thoughts. In countries, therefore, where 農業 is the most profitable of all 雇用s, and farming and 改善するing the most direct roads to a splendid fortune, the 資本／首都s of individuals will 自然に be 雇うd in the manner most advantageous to the whole society. The 利益（をあげる）s of 農業, however, seem to have no 優越 over those of other 雇用s in any part of Europe. Projectors, indeed, in every corner of it, have within these few years amused the public with most magnificent accounts of the 利益（をあげる）s to be made by the cultivation and 改良 of land. Without entering into any particular discussion of their 計算／見積りs, a very simple 観察 may 満足させる us that the result of them must be 誤った. We see every day the most splendid fortunes that have been acquired in the course of a 選び出す／独身 life by 貿易（する） and 製造業者s, frequently from a very small 資本／首都, いつかs from no 資本／首都. A 選び出す／独身 instance of such a fortune acquired by 農業 in the same time, and from such a 資本／首都, has not, perhaps, occurred in Europe during the course of the 現在の century. In all the 広大な／多数の／重要な countries of Europe, however, much good land still remains uncultivated, and the greater part of what is cultivated is far from 存在 改善するd to the degree of which it is 有能な. 農業, therefore, is almost everywhere 有能な of 吸収するing a much greater 資本／首都 than has ever yet been 雇うd in it. What circumstances in the 政策 of Europe have given the 貿易（する）s which are carried on in towns so 広大な／多数の／重要な an advantage ov er that which is carried on in the country that 私的な persons frequently find it more for their advantage to 雇う their 資本／首都s in the most distant carrying 貿易（する）s of Asia and America than in the 改良 and cultivation of the most fertile fields in their own neighbourhood, I shall endeavour to explain at 十分な length in the two に引き続いて 調書をとる／予約するs.