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year of his occupancy； or till he can receive some return from
the land。 The annual expenses consist in the seed； in the wear
and tear of the instruments of husbandry； and in the annual
maintenance of the farmer's servants and cattle； and of his
family too； so far as any part of them can be considered as
servants employed in cultivation。 That part of the produce of the
land which remains to him after paying the rent ought to be
sufficient； first； to replace to him within a reasonable time； at
least during the term of his occupancy； the whole of his original
expenses； together with the ordinary profits of stock； and；
secondly； to replace to him annually the whole of his annual
expenses； together likewise with the ordering profits of stock。
Those two sorts of expenses are two capitals which the farmer
employs in cultivation； and unless they are regularly restored to
him； together with a reasonable profit； he cannot carry on his
employment upon a level with other employments； but； from a
regard to his own interest； must desert it as soon as possible
and seek some other。 That part of the produce of the land which
is thus necessary for enabling the farmer to continue his
business ought to be considered as a fund sacred to cultivation；
which； if the landlord violates； he necessarily reduces the
produce of his own land； and in a few years not only disables the
farmer from paying this racked rent； but from paying the
reasonable rent which he might otherwise have got for his land。
The rent which properly belongs to the landlord is no more than
the net produce which remains after paying in the completest
manner all the necessary expenses which must be previously laid
out in order to raise the gross or the whole produce。 It is
because the labour of the cultivators； over and above paying
completely all those necessary expenses； affords a net produce of
this kind that this class of people are in this system peculiarly
distinguished by the honourable appellation of the productive
class。 Their original and annual expenses are for the same reason
called； in this system； productive expenses； because； over and
above replacing their own value； they occasion the annual
reproduction of this net produce。
The ground expenses； as they are called； or what the
landlord lays out upon the improvement of his land； are in this
system； too； honoured with the appellation of productive
expenses。 Till the whole of those expenses； together with the
ordinary profits of stock； have been completely repaid to him by
the advanced rent which he gets from his land； that advanced rent
ought to be regarded as sacred and inviolable； both by the church
and by the king； ought to be subject neither to tithe nor to
taxation。 If it is otherwise； by discouraging the improvement of
land the church discourages the future increase of her own
tithes； and the king the future increase of his own taxes。 As in
a well…ordered state of things； therefore； those ground expenses；
over and above reproducing in the completest manner their own
value； occasion likewise after a certain time a reproduction of a
net produce； they are in this system considered as productive
expenses。
The ground expenses of the landlord； however； together with
the original and the annual expenses of the farmer； are the only
three sorts of expenses which in this system are considered as
productive。 All other expenses and all other orders of people；
even those who in the common apprehensions of men are regarded as
the most productive； are in this account of things represented as
altogether barren and unproductive。
Artificers and manufacturers in particular； whose industry；
in the common apprehensions of men； increases so much the value
of the rude produce of land； are in this system represented as a
class of people altogether barren and unproductive。 Their labour；
it is said； replaces only the stock which employs them； together
with its ordinary profits。 That stock consists in the materials；
tools； and wages advanced to them by their employer； and is the
fund destined for their employment and maintenance。 Its profits
are the fund destined for the maintenance of their employer。
Their employer； as he advances to them the stock of materials；
tools； and wages necessary for their employment； so he advances
to himself what is necessary for his own maintenance； and this
maintenance he generally proportions to the profit which he
expects to make by the price of their work。 Unless its price
repays to him the maintenance which he advances to himself； as
well as the materials； tools； and wages which he advances to his
workmen； it evidently does not repay to him the whole expense
which he lays out upon it。 The profits of manufacturing stock
therefore are not； like the rent of land； a net produce which
remains after completely repaying the whole expense which must be
laid out in order to obtain them。 The stock of the farmer yields
him a profit as well as that of the master manufacturer； and it
yields a rent likewise to another person； which that of the
master manufacturer does not。 The expense； therefore； laid out in
employing and maintaining artificers and manufacturers does no
more than continue； if one may say so； the existence of its own
value； and does not produce any new value。 It is therefore
altogether a barren and unproductive expense。 The expense； on the
contrary； laid out in employing farmers and country labourers；
over and above continuing the existence of its own value；
produces a new value； the rent of the landlord。 It is therefore a
productive expense。
Mercantile stock is equally barren and unproductive with
manufacturing stock。 It only continues the existence of its own
value； without producing any new value。 Its profits are only the
repayment of the maintenance which its employer advances to
himself during the time that he employs it； or till he receives
the returns of it。 They are only the repayment of a part of the
expense which must be laid out in employing it。
The labour of artificers and manufacturers never adds
anything to the value of the whole annual amount of the rude
produce of the land。 It adds； indeed； greatly to the value of
some particular parts of it。 But the consumption which in the
meantime it occasions of other parts is precisely equal to the
value which it adds to those parts； so that the value of the
whole amount is not； at any one moment of time； in the least
augmented by it。 The person who works the lace of a pair of fine
ruffles； for example； will sometimes raise the value of perhaps a
pennyworth of flax to thirty pounds sterling。 But though at first
sight he appears thereby to multiply the value of a part of the
rude produce about seven thousand and two hundred times； he in
reality adds nothing to the value of the whole annual amount of
the rude produce。 The working of that lace costs him perhaps two
years' labour。 The thirty pounds which he gets for it when it is
finished is no more than the repayment of the subsistence which
he advances to him