the produce of his own labour。 This conviction arises； in the
first instance； without any reflection from habit。 As we expect
that the sun will rise tomorrow； so we also expect that men in
all time to come will be actuated by the same motives as they
have been in times past。 If we push our inquiries still further；
all that we can learn is； that there are other men in existence
who are preparing those things we need； while we are preparing
those which they need。 The conviction may； perhaps； ultimately be
traced them to our knowledge that other men exist and labour； but
never to any conviction or knowledge that there is a stored…up
stock of commodities。 It is labour which produces all things as
they are wanted； and the only thing which can be said to be
stored up or previously prepared is the skill of the labourer。 If
the skill of the baker； butcher； grazier； tailor； weaver； etc。；
was not previously created and stored up； the commodities which
each of them purchases could not be obtained； but where that
skill exists； these commodities may always be procured when
wanted。
We may suppose that the operation of cotton…spinning is
completed； and the produce brought to market； so as to be
exchanged or sold within a year； but there are many operations
which are not completed within this period； and if it be true； as
I have endeavoured to show； that there is not stock of food and
clothing prepared； even for those labourers whose operations are
completed within the period of two successive harvests； how much
more evident must this truth be of those operations which are not
completed within a year？ All the labourers engaged in them have
to rely on the baker； miller； butcher； etc。； completing their
part of the social task； and they must rely on the farmer； and
that he will till his ground； and sow it； and reap the harvest of
the following year。 Mr Mill says and says justly； 〃what is
annually produced is annually consumed。〃 So that； in fact； to
enable men to carry on all those operations which extend beyond a
year there cannot be any stock of commodities stored up。 Those
who undertake them must rely； therefore； not on any commodities
already created； but that other men will labour and produce what
they are to subsist on till their own products are completed。
Thus should the labourer admit that some accumulation of
circulating capital is necessary for operations terminated within
the year and I have show how very limited that admission ought
to be； if made at all it is plain that in all operations which
extend beyond a year the labourer does not； and he cannot； rely
on accumulated capital。
The operations not terminated within the year are neither
few nor unimportant。 The time necessary to acquire a knowledge of
any species of skilled labour； so as to practise it to advantage；
which includes almost every art； whether it create wealth or
merely contribute to amusement the time necessary to perform
all distant voyages； and construct most of the canals； roads；
harbours； docks； large steam…engines and ships； all of which are
afterward to be such powerful instruments in the hands of the
labourer； is considerably more than a year； and is； in many
cases； several years。 All those who set about such undertakings
have a practical conviction； though it is seldom expressed； that
while they are teaching the rising generation skilled labour； and
instructing their children in the useful arts； while they are
making canals； roads； docks； ships； steam…engines； etc。； that the
farmer will continue to grow corn and the miller to grind it；
that the baker will make it into bread； the grazier will fatten
his cattle and the butcher slaughter them as they are needed；
that the cotton and woollen manufacturers will go on preparing
cloth and the tailor be always ready to make it up for them into
clothes whenever it is ordered。 Beyond this conviction they have
nothing； they possess no stock of circulating capital themselves；
nor do the persons who are afterwards to supply food and clothing
during the whole time such undertakings are in progress possess
any such stock at the moment when they are commenced。
Of all the important operations which require more than a
year to complete them and that they all are important； as far
as the production of wealth is concerned； does not require to be
asserted by far the most important is the rearing of youth and
teaching them skilled labour； or some wealth…creating art。 I am
particularly desirous of directing the reader's attention to this
productive operation； because； if the observations I have already
made be correct； all the effects usually attributed to
accumulation of circulating capital are derived from the
accumulation and storing up of skilled labour； and because this
most important operation is performed； as far as the great mass
of the labourers is concerned； without any circulating capital
whatever。 The labour of the parents produces and purchases； with
what they receive as wages； all the food and the clothing which
the rising generation of labourers use while they are learning
those arts by means of which they will hereafter produce all the
wealth of society。 For the rearing and educating all future
labourers （of course I do not mean book education； which is the
smallest and least useful part of all which they have to learn）
their parents have no stock stored up beyond their own practical
skill。 Under the strong influence of natural affection and
parental love； they prepare by their toils； continued day after
day； and year after year； through all the long period of the
infancy and childhood of their offspring； those future labourers
who are to succeed to their toils and their hard fare； but who
will inherit their productive power； and be what they now are；
the main pillars of the social edifice。
If we duly consider the number and importance of those
wealth…producing operations which are not completed within the
year； and the numberless products of daily labour； necessary to
subsistence； which are consumed as soon as produced； we shall； I
think； be sensible that the success and productive power of every
different species of labour is at all times more dependent on the
co…existing productive labour of other men than on any
accumulation of circulating capital。 The labourer； having no
stock of commodities； undertakes to bring up his children； and
teach them a useful art； always relying on his own labour； and
various classes of persons undertake tasks the produce of which
is not completed for a long period； relying on the labour of
other men to procure them； in the meantime； what they require for
subsistence。 All classes of men carry on their daily toils in the
full confidence that while each is engaged in his particular
occupation some others will prepare whatever he requires； both
for his immediate and future consumption and use。 I have already
explained that this confidence arises from that law of our nature
by which we securely expect the sun will rise tomorrow； and that
our fellow men will labour on the morrow and during the next year
as they have laboured during the year and the day which have
passed。 I hope I have also satisfied the reader that there is no
knowledge of any produce of previous labour stored up for use；
that the effects usually attributed to a stock of commodities are
caused by co…existing labour； and that it is by the command the
capitalist possesses over the labour of some men； not by his
possessing a stock of commodities； that he is enabled to support
and consequently employ other labourers。
I come now to examine； secondly； the nature and effects of
fixed capital。 Fixed capital consists of the tools and
instruments the labourer works with； the machinery he makes and
guides； and the buildings he uses either to facilitate his
exertions or to protect their produce。 Unquestionably by using
these instruments man adds wonderfully to his power。 Without a
hand saw； a portion of fixed capital； he could not cut a tree
into planks； with such an instrument he could； though it would
cost him many hours or days； but with a sawmill he could do it in
a few minutes。 Every man must admit that by means of instruments
and machines the labourer can execute tasks he could not possibly
perform without them； that he can perform a greater quantity of
work in a given time； and that he can perform the work with
greater nicety and accuracy than he could possibly do had he no
instruments and machines。 But the question then occurs； what
produces instruments and machines； and in what degree do they aid
production independent of the labourer； so that the owners of
them are entitled to by far the greater part of the whole produce
of the country？ Are they； or are they not； the produce of labour？
Do they； or do they not； constitute an efficient means of
production； separate from labour？ Are they； or are they not； so
much inert decaying and dead matter； of no utility whatever；
possessing no productive power whatever； but as they are guided；
directed and applied by skilful hands？ The reader will be able
instantly to answer these questions； and I only add my answers
because they