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with fixed capital。 But equal quantities or equal values of both
these species of capital bring their owner precisely the same
amount of profit。 We may； from this single circumstance； be quite
sure that the share claimed by the capitalist for the use of
fixed capital is not derived from the instruments increasing the
efficiency of labour； or from the utility of these instruments；
and profit is derived in both cases from the power which the
capitalist has over the labourer who consumes the circulating；
and who uses the fixed； capital。 How he obtained this power I
shall not now inquire； further than to state that it is derived
from the whole surface of the country； having been at one period
monopolised by a few persons； and the consequent state of slavery
in which the labourer formerly existed in this country； as well
as throughout Europe。 As the profits of the capitalist on fixed
capital are not derived from the utility of these instruments； it
is useless to inquire what share ought to belong to the owner of
the wood and iron； and what share ought to belong to the person
who uses them。 He who makes the instruments is entitled； in the
eye of justice； and in proportion to the labour he employs； to as
great a reward as he who uses them； but he is not entitled to a
greater； and he who neither makes nor uses them has no just claim
to any portion of the produce。
Betwixt him who produces food and him who produces clothing；
betwixt him who makes instruments and him who uses them； in steps
the capitalist； who neither makes nor uses them； and appropriates
to himself the produce of both。 With as niggard a hand as
possible he transfers to each a part of the produce of the other；
keeping to himself the large share。 Gradually and successively
has he insinuated himself betwixt them； expanding in bulk as he
has been nourished by their increasingly productive labours； and
separating them so widely from each other that neither can see
whence that supply is drawn which each receives through the
capitalist。 While he despoils both； so completely does he exclude
one from the view of the other that both believe they are
indebted him for subsistence。 He is the middleman of all
labourers； and when we compare what the skilled labour of England
produces； with the produce of the untutored labour of the Irish
peasantry； the middlemen of England cannot be considered as
inferior in their exactions to the middlemen of Ireland。 They
have been more fortunate； however； and while the latter are
stigmatised as oppressors； the former are honoured as
benefactors。 Not only do they appropriate the produce of the
labourer； but they have succeeded in persuading him that they are
his benefactors and employers。 At least such are the doctrines of
political economy； and capitalist may well be pleased with a
science which both justifies their claims and holds them up to
our admiration； as the great means of civilising and improving
the world。
To show the labourer the effects which bestowing this
abundant reward on the supposed productive powers of food；
clothing and instruments have on his poverty or wealth； I must
observe that all political economists agree in saying that all
savings in society are usually made by capitalists。 The labourer
cannot save； the landlord is not disposed to save； whatever is
saved is saved from profits and becomes the property of the
capitalists。 Now let us suppose that a capitalist possesses； when
profit is at ten per cent per annum； 100 quarters of wheat and
100 steam engines； he must at the end of a year be paid for
allowing the labourer to eat this wheat and use these steam
engines with 110 quarters of wheat and 110 steam engines； all in
the same excellent condition as the 100 steam engines were at the
beginning。 It being an admitted principle that； after a portion
of fixed capital is prepared； it must be paid for at a rate
sufficient to pay the ordinary rate of interest； and provide for
the repairs or the remaking of the instrument。 Let us suppose
that 5 quarters of wheat and 5 steam engines； or the value of
this quantity； suffices for the owner's consumption； and that the
other 5 of his profit being added to this capital he has the next
year 105 quarters of wheat and 105 steam engines； which he allows
labourers to eat or use； for these the labourer must produce for
him； the following year； supposing the rate of profit to continue
the same； a sufficient sum to replace the whole of this capital；
with the interest； or 115 quarters 4 bushels of wheat and 155 ？
steam engines。 Supposing that the value of the 5 quarters and of
5 steam engines suffices for the consumption of the capitalist；
he will have the next year 110 quarters 4 bushels； and 110 ？
steam engines； for the use of which he must be paid at the same
rate； or the labourer must produce and give him； the third year；
121 quarters and 1/20th of a quarter； and 121 steam engines and
1/20th of a steam engine。 It is of no use calculating all these
fractions； or carrying the series further； it is enough to
observe that every atom of the capitalist's revenue； which he
puts out to use； or； as it is called； saves； which means given or
lent to labourers； goes on increasing at compound interest。 Dr
Price has calculated that the sum of one penny put out to
compound interest at our Saviour's birth； at 5 per cent； would in
the year 1791 amount to a sum greater than could be contained in
three hundred millions of globes like this earth； all solid gold。
Perhaps I can make the evil effects of capital more apparent
by another sort of example。 The real price of a coat or a pair
of shoes or a loaf of bread； all which nature demands from man in
order that he may have either of these very useful articles； is a
certain quantity of labour； how much it is almost impossible to
say； from the manufacture of a coat； a pair of shoes or a loaf of
bread being completed by many persons。 But for the labourer to
have either of these articles he must give over and above the
quantity of labour nature demands from him； a still large
quantity to the capitalist。 Before he can have a coat； he must
pay interest for the farmer's sheep； interest on the wool after
it has got into the hands of the wool merchant； interest for this
same wool as raw material； after it is in the hands of the
manufacturer； interest on all buildings and tools he uses； and
interest on all the wages he pays his men。 Moreover； he must pay
interest or profit on the tailor's stock； both fixed and
circulating； and this rate of interest is increased in all these
instances by something more being always necessary to pay the
rent of all these different capitalists。 In the same manner
before a labourer can have a loaf of bread he must give a
quantity of labour more than the loaf costs； by all that quantity
which pays the profit of the farmer； the corn dealer； the miller
and the baker； with profit on all the buildings they use； and he
must； moreover； pay with the produce of his labour the rent of
the landlord。 How much more labour a labourer must give to have a
loaf of bread than that loaf costs； it is impossible for me to
say。 I should probably underrate it were I to state it at six
times； or were I to say that the real cost of that loaf； for
which the labourer must give sixpence； is one penny。 Of this；
however； I am quite certain； that the Corn Laws； execrable as
they are in principle； and mischievous as they are to the whole
community； do not impose anything like so heavy a tax on the
labourer as capital。 Indeed； however injurious they may be to the
capitalist； it may be doubted whether they are so to the
labourer。 They diminish the rate of profit； but they do not in
the end lower the wages of labour。 Whether there are Corn Laws or
not； the capitalist must allow the labourer to subsist； and as
long as his claims are granted and acted on he will never allow
him to do more。 In other words； the labourer will always have to
give much about the same quantity of labour to the capitalist for
a loaf； whether that loaf be the produce of one hour's or one
day's labour。 Knowing the vast influence capitalists have in
society； one is not surprised at the anathemas which have of late
been hurled against the Corn Laws； nor at the silence which has
been preserved with respect to their more mighty and； to the
labourer； more mischievous exactions。
What the capitalist really puts out to interest； however； is
not gold or money； but food； clothing and instruments； and his
demand is always to have more food； clothing and instruments
produced than he puts out。 No productive power can answer this
demand； and both the capitalists and political economists find
fault with the wisdom of Nature； because she refuses to minister
to the avarice of the former； and does not exactly square in her
proceedings with the wishes of the latter。
Of course the ultimate term to which compound interest tends
can never be reached。 Its progress is gradually but perpetually
checked； and it is obliged to stop far short of the desired goal。
Accordingly； in most books on Political Economy； one or the other
of two causes is assigned for the constant falling o