book 2

chap. i.

The whole accumulated wealth of any community may be divided into three parts:

1. The fund appropriated to the immediate consumption of the proprietors of wealth.

2. The fixed capital of the community.

3. Its circulating capital.

The _fixed capital_ of the society consists,

1. Of all machines and instruments of labour;

2. Of all buildings and edifices erected for the purposes of industry;

3. Of every kind of agricultural improvement which can tend to render the soil more productive;

4. Of the talents and skill which certain members of the community have acquired by time and expense.

The _circulating capital_ of a community consists,

1. In the money in circulation;

2. In the stock of provisions in the hands both of the producers and of the merchants, and from the sale of which they expect to derive a profit;

3. In the materials of lodging, clothing, dress, and ornament, more or less manufactured, which are in the hands of those who are employed in rendering them fit for use and consumption;

4. In the goods more completely fit for consumption, and preserved in warehouses and shops, by merchants who propose to sell them with a profit--