Its operation in both these respects is a good deal superior to that of the capital of the retailer.
Part of the capital of the master manufacturer is employed as a fixed capital in the instruments of his trade, and replaces, together with its profits, that of some other artificer of whom he purchases them.Part of his circulating capital is employed in purchasing materials, and replaces, with their profits, the capitals of the farmers and miners of whom he purchases them.But a great part of it is always, either annually, or in a much shorter period, distributed among the different workmen whom he employs.It augments the value of those materials by their wages, and by their matters' profits upon the whole stock of wages, materials, and instruments of trade employed in the business.It puts immediately into motion, therefore, a much greater quantity of productive labour, and adds a much greater value to the annual produce of the land and labour of the society than an equal capital in the hands of any wholesale merchant.
No equal capital puts into motion a greater quantity of productive labour than that of the farmer.Not only his labouring servants, but his labouring cattle, are productive labourers.In agriculture, too, nature labours along with man; and though her labour costs no expense, its produce has its value, as well as that of the most expensive workmen.The most important operations of agriculture seem intended not so much to increase, though they do that too, as to direct the fertility of nature towards the production of the plants most profitable to man.A field overgrown with briars and brambles may frequently produce as great a quantity of vegetables as the best cultivated vineyard or corn field.Planting and tillage frequently regulate more than they animate the active fertility of nature; and after all their labour, a great part of the work always remains to be done by her.The labourers and labouring cattle, therefore, employed in agriculture, not only occasion, like the workmen in manufactures, the reproduction of a value equal to their own consumption, or to the capital which employs them, together with its owners'
profits; but of a much greater value.Over and above the capital of the farmer and all its profits, they regularly occasion the reproduction of the rent of the landlord.This rent may be considered as the produce of those powers of nature, the use of which the landlord lends to the farmer.It is greater or smaller according to the supposed extent of those powers, or in other words, according to the supposed natural or improved fertility of the land.It is the work of nature which remains after deducting or compensating everything which can be regarded as the work of man.It is seldom less than a fourth, and frequently more than a third of the whole produce.No equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction.In them nature does nothing; man does all; and the reproduction must always be in proportion to the strength of the agents that occasion it.The capital employed in agriculture, therefore, not only puts into motion a greater quantity of productive labour than any equal capital employed in manufactures, but in proportion, too, to the quantity of productive labour which it employs, it adds a much greater value to the annual produce of the land and labour of the country, to the real wealth and revenue of its inhabitants.Of all the ways in which a capital can be employed, it is by far the most advantageous to the society.
The capitals employed in the agriculture and in the retail trade of any society must always reside within that society.
Their employment is confined almost to a precise spot, to the farm and to the shop of the retailer.They must generally, too, though there are some exceptions to this, belong to resident members of the society.
The capital of a wholesale merchant, on the contrary, seems to have no fixed or necessary residence anywhere, but may wander about from place to place, according as it can either buy cheap or sell dear.
The capital of the manufacturer must no doubt reside where the manufacture is carried on; but where this shall be is not always necessarily determined.It may frequently be at a great distance both from the place where the materials grow, and from that where the complete manufacture is consumed.Lyons is very distant both from the places which afford the materials of its manufactures, and from those which consume them.The people of fashion in Sicily are clothed in silks made in other countries, from the materials which their own produces.Part of the wool of Spain is manufactured in Great Britain, and some part of that cloth is afterwards sent back to Spain.
Whether the merchant whose capital exports the surplus produce of any society be a native or a foreigner is of very little importance.If he is a foreigner, the number of their productive labourers is necessarily less than if he had been a native by one man only, and the value of their annual produce by the profits of that one man.The sailors or carriers whom he employs may still belong indifferently either to his country or to their country, or to some third country, in the same manner as if he had been a native.The capital of a foreigner gives a value to their surplus produce equally with that of a native by exchanging it for something for which there is a demand at home.
It as effectually replaces the capital of the person who produces that surplus, and as effectually enables him to continue his business; the service by which the capital of a wholesale merchant chiefly contributes to support the productive labour, and to augment the value of the annual produce of the society to which he belongs.