which procure a revenue,
not only to their owner, but also to the person
who rents them, such as shops, warehouses,
farmhouses, factories, &c.;

(_c_) the improvements of land, and all that has been
laid out in clearing, draining, enclosing, manuring,
and reducing it into the condition most proper for
culture; and

(_d_) the acquired and useful abilities of all the inhabitants
or members of the society, for the acquisition
of such talents, by the maintenance of the
learner during his education or apprenticeship,
costs a real expense, which is a capital fixed in
his person.

The third and last of the three portions into which the general stock of
the society naturally divides itself is the circulating capital, which
affords a revenue only by changing masters. It includes

(_a_) all the money by means of which all the other three
are circulated and distributed to their proper consumers;

(_b_) all the stock of provisions which are in the possession
of the butcher, farmer, corn-merchant, &c.,
and from the sale of which they expect to derive
a profit;

(_c_) all the materials, whether altogether rude, or more
or less manufactured, for clothes, furniture and
building, which are not yet made up into any of
these shapes, but remain in the hands of the growers,
manufacturers and merchants; and

(_d_) all the work which is made up and completed, but
is not yet disposed of to the proper consumers.

The substitution of paper in the place of gold and silver money replaces
a very expensive instrument of commerce by one much less costly, and
sometimes equally convenient. Circulation comes to be carried on by a
new wheel, which it costs less both to erect and to maintain than the
old one. The effect of the issue of large quantities of bank-notes in
any country is to send abroad the gold, which is no longer needed at
home, in order that it may seek profitable employment. It is not sent
abroad for nothing, but is exchanged for foreign goods of various kinds
in such a way as to add to the revenue and profits of the country from
which it is sent; unless, indeed, it is spent abroad on such goods as
are likely to be consumed by idle people who produce nothing.

_III.--The Progress of Opulence in Different Nations_

The greatest commerce of every civilised society is that carried on
between the inhabitants of the town and those of the country. It
consists in the exchange