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is not material capital。 By means of manufactures it first becomes
commercial capital by being warehoused； and then by being sold to
the manufacturers it is turned into manufacturing capital。 What may
be unutilised stock in the hand of the agriculturist； becomes
productive capital in the hand of the manufacturer； and vice vers狻�
Production renders consumption possible； and the desire to
consume incites to production。 The mere agricultural nation is in
its consumption dependent on foreign conditions； and if these are
not favourable to it； that production dies out which would have
arisen in consequence of the desire to consume。 But in that nation
which combines manufactures with agriculture in its territory； the
reciprocal inducement continually exists； and therefore； also；
there will be continuous increase of production and with it
augmentation of capital on both sides。
As the agricultural…manufacturing nation is （for the reasons
which we have already given） always incomparably richer in material
capital than the mere agricultural nation （which is evident at a
glance）； so in the former the rate of interest is always much
lower； and larger capital and more favourable conditions are at the
disposal of men of enterprise； than in the purely agricultural
nation。 It follows that the former can always victoriously compete
with the newly formed manufactories in the agricultural nation；
that the agricultural nation remains continually in debt to the
manufacturing nation； and that in the markets of the former
continual fluctuations in the prices of produce and manufactured
goods and in the value of money take place； whereby the
accumulation of material wealth in the purely agricultural nation
is no less endangered than its morality and its habits of economy。
The school distinguishes fixed capital from circulating
capital； and classes under the former in a most remarkable manner
a multitude of things which are in circulation without making any
practical application whatever of this distinction。 The only case
in which such a distinction can be of value； it passes by without
notice。 The material as well as the mental capital is （namely）
bound in a great measure to agriculture； to manufactures； to
commerce； or to special branches of either nay often； indeed； to
special localities。 Fruit trees； when cut down； are clearly not of
the same value to the manufacturer （if he uses them for woodwork）
as they are to the agriculturist （if he uses them for the
production of fruit）。 Sheep； if； as has already frequently happened
in Germany and North America； they have to be slaughtered in
masses； have evidently not the value which they would possess when
used for the production of wool。 Vineyards have （as such） a value
which； if used as arable fields； they would lose。 Ships； if used
for timber or for firewood； have a much lower value than when they
serve as means of transport。 What use can be made of manufacturing
buildings； water…power； and machinery if the spinning industry is
ruined？ In like manner individuals lose； as a rule； the greatest
part of their productive power； consisting in experience； habits；
and skill； when they are displaced。 The school gives to all these
objects and properties the general name of capital； and would
transplant them （by virtue of this terminology） at its pleasure
from one field of employment to another。 J。 B。 Say thus advises the
English to divert their manufacturing capital to agriculture。 How
this wonder is to be accomplished he has not informed us； and it
has probably remained a secret to English statesmen to the present
day。 Say has in this place evidently confounded private capital
with national capital。 A manufacturer or merchant can withdraw his
capital from manufactures or from commerce by selling his works or
his ships and buying landed property with the proceeds。 A whole
nation； however； could not effect this operation except by
sacrificing a large portion of its material and mental capital。 The
reason why the school so deliberately obscures things which are so
clear is apparent enough。 If things are called by their proper
names； it is easily comprehended that the transfer of the
productive powers of a nation from one field of employment to
another is subject to difficulties and hazards which do not always
speak in favour of 'free trade；' but very often in favour of
national protection。
NOTES：
1。 Wealth of Nations； book IV。 chap。 ii。
2。 Compare the following paragraph； which appeared in the Times
during 1883：
'MANUFACTURES AND AGRICULTURE。 The statistician of the
Agricultural Department of the United States has shown in a recent
report that the value of farm lands decreases in exact proportion
as the ratio of agriculture to other industries increases。 That is；
where all the labour is devoted to agriculture； the land is worth
less than where only half of the people are farm labourers； and
where only a quarter of them are so engaged the farms and their
products are still more valuable。 It is； in fact； proved by
statistics that diversified industries are of the greatest value to
a State； and that the presence of a manufactory near a farm
increases the value of the farm and its crops。 It is further
established that； dividing the United States into four sections or
classes； with reference to the ratio of agricultural workers to the
whole population； and putting those States having less than 30 per
cent of agricultural labourers in the first class； all having over
30 and less than 50 in the second； those between 50 and 70 in the
third； and those having 70 or more in the fourth； the value of
farms is in inverse ratio to the agricultural population； and that；
whereas in the purely agricultural section； the fourth class； the
value of the farms per acre is only 5 28c； in the next class it is
13 03c； in the third 22 21c； and in the manufacturing districts
40 91c。 This shows an enormous advantage for a mixed district。 Yet
not only is the land more valuable the production per acre is
greater； and the wages paid to farm hands larger。 Manufactures and
varied industries thus not only benefit the manufacturers； but are
of equal benefit and advantage to the farmers as well。 The latter
would； therefore； do well to abandon their prejudice against
factories； which really increase the value of their property
instead of depreciating it。' TR。
Chapter 20
The Manufacturing Power and the Agricultural Interest
If protective duties in favour of home manufactures proved
disadvantageous to the consumers of manufactured goods and served
only to enrich the manufacturer； this disadvantage would especially
be felt by the landed proprietor and the agriculturist； the most
numerous and important class of those consumers。 But it can be
proved that even this class derives far greater advantages from the
establishment of manufactures； than the manufacturers themselves
do； for by means of these manufactures a demand for greater variety
and for larger quantities of agricultural products is created； the
value in exchange of these products is raised； the agriculturist is
placed in a position to utilise his land and his powers of labour
more profitably。 Hence emanates an increase of rent； of profits；
and wages； and the augmentation of rents and capital is followed by
an increase in the selling value of land and in the wages of
labour。
The selling value of landed property is nothing else than
capitalised rent； it is dependent； on the one hand； on the amount
and the value of the rent； but； on the other hand； and chiefly； on
the quantities of mental and material capital existing in the
nation。
Every individual and social improvement； especially every
augmentation of productive power in the nation； but； most of all；
of the manufacturing power； raises the amount of rents； while at
the same time it lessens the proportion which rent bears to the
gross produce。 In an agricultural nation little developed and
scantily peopled； e。g。 in Poland； the proportion of rent amounts to
one…half or one third the gross produce。 in a well…developed；
populous； and wealthy nation； e。g。 England； it only amounts to
one…fourth or one…fifth part of that produce。 Nevertheless； the
actual worth of this smaller proportion is disproportionately
greater than the worth of that larger propo