it　can　be　fit　for　use　and　consumption；　it　either　would　never　be
  produced；　because　there　could　be　no　demand　for　it；　or　if　it　was
  produced　spontaneously；　it　would　be　of　no　value　in　exchange；　and
  could　add　nothing　to　the　wealth　of　the　society。
  Unless　a　capital　was　employed　in　transporting　either　the
  rude　or　manufactured　produce　from　the　places　where　it　abounds　to
  those　where　it　is　wanted；　no　more　of　either　could　be　produced
  than　was　necessary　for　the　consumption　of　the　neighbourhood。　The
  capital　of　the　merchant　exchanges　the　surplus　produce　of　one
  place　for　that　of　another；　and　thus　encourages　the　industry　and
  increases　the　enjoyments　of　both。
  Unless　a　capital　was　employed　in　breaking　and　dividing
  certain　portions　either　of　the　rude　or　manufactured　produce　into
  such　small　parcels　as　suit　the　occasional　demands　of　those　who
  want　them；　every　man　would　be　obliged　to　purchase　a　greater
  quantity　of　the　goods　he　wanted　than　his　immediate　occasions
  required。　If　there　was　no　such　trade　as　a　butcher；　for　example；
  every　man　would　be　obliged　to　purchase　a　whole　ox　or　a　whole
  sheep　at　a　time。　This　would　generally　be　inconvenient　to　the
  rich；　and　much　more　so　to　the　poor。　If　a　poor　workman　was　obliged
  to　purchase　a　month's　or　six　months'　provisions　at　a　time；　a
  great　part　of　the　stock　which　he　employs　as　a　capital　in　the
  instruments　of　his　trade；　or　in　the　furniture　of　his　shop；　and
  which　yields　him　a　revenue。　he　would　be　forced　to　place　in　that
  part　of　his　stock　which　is　reserved　for　immediate　consumption；
  and　which　yields　him　no　revenue。　Nothing　can　be　more　convenient
  for　such　a　person　than　to　be　able　to　purchase　his　subsistence
  from　day　to　day；　or　even　from　hour　to　hour；　as　he　wants　it。　He　is
  thereby　enabled　to　employ　almost　his　whole　stock　as　a　capital。　He
  is　thus　enabled　to　furnish　work　to　a　greater　value；　and　the
  profit；　which　he　makes　by　it　in　this　way；　much　more　than
  compensates　the　additional　price　which　the　profit　of　the　retailer
  imposes　upon　the　goods。　The　prejudices　of　some　political　writers
  against　shopkeepers　and　tradesmen　are　altogether　without
  foundation。　So　far　is　it　from　being　necessary　either　to　tax　them
  or　to　restrict　their　numbers　that　they　can　never　be　multiplied　so
  as　to　hurt　the　public；　though　they　may　so　as　to　hurt　one　another。
  The　quantity　of　grocery　goods；　for　example；　which　can　be　sold　in
  a　particular　town　is　limited　by　the　demand　of　that　town　and　its
  neighbourhood。　The　capital；　therefore；　which　can　be　employed　in
  the　grocery　trade　cannot　exceed　what　is　sufficient　to　purchase
  that　quantity。　If　this　capital　is　divided　between　two　different
  grocers；　their　competition　will　tend　to　make　both　of　them　sell
  cheaper　than　if　it　were　in　the　hands　of　one　only；　and　if　it　were
  divided　among　twenty；　their　competition　would　be　just　so　much　the
  greater；　and　the　chance　of　their　combining　together；　in　order　to
  raise　the　price；　just　so　much　the　less。　Their　competition　might
  perhaps　ruin　some　of　themselves；　but　to　take　care　of　this　is　the
  business　of　the　parties　concerned；　and　it　may　safely　be　trusted
  to　their　discretion。　It　can　never　hurt　either　the　consumer　or　the
  producer；　on　the　contrary；　it　must　tend　to　make　the　retailers
  both　sell　cheaper　and　buy　dearer　than　if　the　whole　trade　was
  monopolized　by　one　or　two　persons。　Some　of　them；　perhaps；　may
  sometimes　decoy　a　weak　customer　to　buy　what　he　has　no　occasion
  for。　This　evil；　however；　is　of　too　little　importance　to　deserve
  the　public　attention；　nor　would　it　necessarily　be　prevented　by
  restricting　their　numbers。　It　is　not　the　multitude　of　ale…houses；
  to　give　the　most　suspicious　example；　that　occasions　a　general
  disposition　to　drunkenness　among　the　common　people；　but　that
  disposition　arising　from　other　causes　necessarily　gives
  employment　to　a　multitude　of　ale…houses。
  The　persons　whose　capitals　are　employed　in　any　of　those　four
  ways　are　themselves　productive　labourers。　Their　labour；　when
  properly　directed；　fixes　and　realizes　itself　in　the　subject　or
  vendible　commodity　upon　which　it　is　bestowed；　and　generally　adds
  to　its　price　the　value　at　least　of　their　own　maintenance　and
  consumption。　The　profits　of　the　farmer；　of　the　manufacturer；　of
  the　merchant；　and　retailer；　are　all　drawn　from　the　price　of　the
  goods　which　the　two　first　produce；　and　the　two　last　buy　and　sell。
  Equal　capitals；　however；　employed　in　each　of　those　four　different
  ways；　will　immediately　put　into　motion　very　different　quantities
  of　productive　labour；　and　augment；　too；　in　very　different
  proportions　the　value　of　the　annual　produce　of　the　land　and
  labour　of　the　society　to　which　they　belong。
  The　capital　of　the　retailer　replaces；　together　with　its
  profits；　that　of　the　merchant　of　whom　he　purchases　goods；　and
  thereby　enables　him　to　continue　his　business。　The　retailer
  himself　is　the　only　productive　labourer　whom　it　immediately
  employs。　In　his　profits　consists　the　whole　value　which　its
  employment　adds　to　the　annual　produce　of　the　land　and　labour　of
  the　society。
  The　capital　of　the　wholesale　merchant　replaces；　together
  with　their　profits；　the　capitals　of　the　farmers　and　manufacturers
  of　whom　he　purchases　the　rude　and　manufactured　produce　which　he
  deals　in；　and　thereby　enables　them　to　continue　their　respective
  trades。　It　is　by　this　service　chiefly　that　he　contributes
  indirectly　to　support　the　productive　labour　of　the　society；　and
  to　increase　the　value　of　its　annual　produce。　His　capital　employs；
  too；　the　sailors　and　carriers　who　transport　his　goods　from　one
  place　to　another；　and　it　augments　the　price　of　those　goods　by　the
  value；　not　only　of　his　profits；　but　of　their　wages。　This　is　all
  the　productive　labour　which　it　immediately　puts　into　motion；　and
  all　the　value　which　it　immediately　adds　to　the　annual　produce。
  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　qua