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 lead to some conclusions different from those
generally adopted。
It is admitted by those who contend most strenuously for the
claims of capital that all instruments and machines are the
produce of labour。 They add； however； that they are the produce
of previous labour； and are entitled to profit； on account of
having been saved or stored up。 But the manufacture of
instruments and tools is quite as uninterrupted as the
manufacture of food and clothing。 They are not all consumed or
used within a year； but they are brought into use as soon as
possible after they are made。 Nobody who manufactures them stores
them up； nor does he make them for this purpose。 As long as they
are merely the result of previous labour； and are not applied to
their respective uses by labourers； they do not repay the expense
of making them。 It is only when they are so applied that they
bring any profit。 They are made solely for the use of the
labourer； and directly they come into his hands they return or
repay the capitalist； the sum they cost him； and over and above
this the labourer must give him an additional sum corresponding
to the rate of profit in the country。 It is plainly not the
previous creation of these things which entitles them to profit；
for most of them diminish in value from being kept。 A man must
pay also as much profit for the use of an instrument in
proportion to the labour of making it； whether it be like sewing
needles； of which many are used and made in the course of a week；
or like a ship； or a steam engine； one of which lasts several
years。 Fixed capital does not derive its utility from previous；
but present labour； and does not bring its owner a profit because
it has been stored up； but because it is a means of obtaining a
command over labour。
The production of fixed capital cannot be attributed to
circulating capital； in the ordinary sense； but certainly those
who make instruments must be confident they will be able to
obtain food； or they would never think of making instruments。 The
smith； while he is making or mending the farmer's ploughshare；
trusts to the farmer to do his part in procuring a supply of
food； and the farmer； while he tills his fields； trusts to the
smith to prepare for him the necessary instruments。 These
instruments are not the produce of circulating capital and of
labour； but of labour alone； and of the labour of two or more
co…existing persons。 All fixed capital； not only in the first
instance； as is generally admitted； but in every stage of
society； at every period in the history of man； is the creation
of labour and of skill； of different species of labour and skill
certainly； but of nothing more than labour and skill。
After any instruments have been made； what do they effect？
Nothing。 On the contrary； they begin to rust or decay unless used
or applied by labour。 The most perfect instrument which the
cunning hand of man can make is not instinct with life； and it
constantly needs the directing hand of its creator； or of some
other labourer。 An artist may indeed make an automaton； or a
timepiece； which will move for a certain period without further
labour； but the motion he gives it is； in this case； the final
object and aim of labour； and the instruments are not called
fixed capital； because they are not used for further production。
The automaton may be exhibited by its owner for money； and the
timepiece； if employed to determine the longitude of a ship； may
be a portion of fixed capital； useful in that production which is
occasioned by commerce。 In this case； however； there is an
observer required； and it is by his labour and skill； he making
use of the timepiece； that the ship's place is ascertained。
Whether an instrument shall be regarded as productive capital or
not depends entirely on its being used； or not； by some
productive labourer。
The most perfect instruments ever made by labour require； as
in the case of a timepiece； a peculiar skill to render them
productive。 A ship； for example； is undou