The enquirer. [volume] (Richmond, Va.) 1804-1815, 1804-08-01

made Its hrlt appearance yetterday.
Reader be not deferred by the fcientifc
form of the following Eifay, from giving it fome
portion of your attention. When the ftrange
words flock and capital'' Grit falute your eye,
do not paufe and throw the paper down in def
pair or with diiguft, as if the fubje9 lay beyond
the reach of your comprehension, or as if the
advantage of understanding it, would not iuflici-
entity reward the labour of your re!earches. If
there be any part of political fcience, which is
peculiarly interelting and curious, that branch is
political economy: and if there ever was a
man who wrote with the pelfpicuity OF intuiti-
on, certainly that author was Adam Smith.
OF THE DIVISION OF STOCK.
WHEN the flock which man poflefes is no more
than efficient maintain him for few DAYS or a
few weeks he fedom thinks, of deriving any revenue
from it. He continues it as fparngly he can, and
endeavours by his labour to acquire lornehng which
may upply its place before it be continued altogether
His revenue is in this cafe, derived from his labour
only This Is the fate of the greater part of the Ia
bouring poor III all countries.
Bur when he poleiies flock fuffcient to maintain
HIM for months or years, he naturally endeavours to
derive from the greater part oft rerery-
ing only 10 much for his immediate confumption as
may maintain him till this revenue begins to come in
His whole itock, therefore, is dininguiihed into two
parts. That part which, he expects, is to afford him
this revenue is called his capital The other is that
which iupplies his immediate conlumpton and which
sonfiits ether frlt i'll that portion of his whole flock
which originally relerved for this rurpofe or f-
condly in his revenue from whatever fource derived
as 1t gradually comes in or, thirdly, in iuch things
had been purchaied by either OF thefe in former
years, and which are yet entirely confirmed fuch
as itock of cloaths, houiehola furniture, and the like
In other, all of thefe three articles conGits
the tock which men commonly reierve for their own
Immediate confunlPtion
THERE are two different why's in which a capital
may be employed 10 to yield a revenue or profit
TO its employer
FIRST, it may be employed in rafting, n,anufatau-
Tin~ or purchaiiug goods, and telling them again
W. profit. The capital employed in this manner
yields revenue or profit its employer while it
either remainsin his ponefion, continues in the
fame iape. The goods of the merchant yield him no
revenue profit till he fells them for money, and
the money yields him as little till it is again exchang-
ed for goods. His capital is continually going from
him in fiape, and returning to him in another
and it IS only by means ofluch circulation or fccef-
five exchanges, that it can yield him any profit Such
rapitas, therefore, may very properly be called cir
sulating capitals
SECONDLY, it may be employed in the improve
ment of land in the purchaie Of uieful machines and
nitrunents ofuade, or in fuch-ke things as yield
revenue profit without changing matters, or circu-
hting any further Such capitals, therefore NAV We
ry properly be called fixed capitals
DIFFERENT occupations require different proper
lions between the Fixed and circulating capitals en-
Ployedin them.
The capital of a merchant, for example, is alto
gether circulating capital He has location for no
machines iEllruments of trade, unels his hop. or
Tarehouie, he coniidered as iuch.
SOME part OF the capital of every matter articer or
manufacturer mutt be fixed in the inRruments of his
trade. This part, however, is very fmall in fonle,
and very great in Others mater taylor requires
no other ntruments OF trade but parcel of needles
Thole of the matter ihocnaker are little thouob
but very little, expenlve. Thofe of the wea-
yer ri!e a good deal above thofe of the fhoemaker
The tar greater part 81 the capital of all luch matter ar
fihcers, however is circulated either in the yapes of
their workmen, in the price of their materials, and
repaid with profit by the price ofthe work
IN other works much greater fixed capital is re-
9nTed. In great homework, for example, the fur
mace for melting the ore, the forge, the iitt-m are
intruments of trade which be erected with
out very great expence. In coal-works and mines
OF every kind, the machinery neoeary both for draw
ING out the water end for other purpoes is frequently
fill more evrrrrfve
That part of the capital Of the farmer which i,
employed in the inTuments of agriculture is fixed
that which is employed in the wages and maintenance
Of his aoourng lervants, is circulating capital He
makes profit Of the one by keeping il IN his own
Pofeiion, and Of the other by parting with IT, The
price or value Of his labouring cattle is fixed capital
IN the lame manner as that OIL the nltrunents OF huff
bardry Their maintenance is a CIRCULATING caral in
the fame manner as that OF the labouring fervants
The farmer makes his profit by keeping the
hbouring cattle, and By parting with their nairten-
aDce Both the price and the maintenance Of the cat
SIC which are bought in aud fat,ned not for labour
but for iale, are circulating capital. The farmer
makes his profit by parting with them. a flock OF
ineeP or herd OF cattle that, ina breeding country
sbooght in, neither for labour, nor for fac, but IN
order to make profit by their wool, by their milI
and by their increaie, is fixed capital The profit i.
made by keeping them. Their maintenance is a cir
euiatng capital. The profit is made by parting with
IT and il comes back with both It, own profit, and
the profit upon 'he whole price of the catle in til,
price Of the wool, the milk and the increarr. Tn,
whole value of the feed too is properlya fixed capI
Though It goes backwards and forwards between "a,
ground aud the granary, never changes matters an,
therefore does not properly circulate. The farms
makes his profit, not by sfalc, bat by its increafe