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Updated: June 21, 2025
The annual produce of its land and labour, however, would be the same, or very nearly the same as usual; because the same, or very nearly the same consumable capital would be employed in maintaining it. And though goods do not always draw money so readily as money draws goods, in the long-run they draw it more necessarily than even it draws them.
It is the process of buying materials fairly and, with the smallest possible addition of cost, transforming those materials into a consumable product and distributing it to the consumer. Gambling, speculating, and sharp dealing tend only to clog this progression. We must have production, but it is the spirit behind it that counts most.
This is a system under which a man is free to acquire by any method of production or exchange within the limits of the law whatever he can of land, consumable goods, or capital; to dispose of it at his own will and pleasure for his own purposes, to destroy it if he likes, to give it away or sell it as it suits him, and at death to bequeath it to whomsoever he will.
The more the community as a whole saves now, the less in the near future will be the aggregate consumable income of the whole community: but not of the remainder of the community, exclusive of the savers. It is the saver who must wait, whose consumption must be postponed to perhaps a distant future; but at no time does his saving result in a smaller income of consumable goods for other people.
The character of the sacred paraphernalia is somewhat different in this respect in those cults where the habits of life imputed to the divinity more nearly approach those of an earthly patriarchal potentate where he is conceived to make use of these consumable goods in person.
Consumable goods, and even productive goods, generally show the two elements in combination, as constituents of their utility; although, in a general way, the element of waste tends to predominate in articles of consumption, while the contrary is true of articles designed for productive use.
So far as it falls upon the inhabitants, it is one of those taxes which fall, not upon one only, but indifferently upon all the three different sources of revenue; and is, in every respect, of the same nature as a tax upon any other sort of consumable commodities.
Decency nowhere requires that any man should eat butcher's meat, as it in most places requires that he should wear a linen shirt or a pair of leather shoes. Consumable commodities, whether necessaries or luxuries, may be taxed in two different ways.
It is the process of buying materials fairly and, with the smallest possible addition of cost, transforming those materials into a consumable product and giving it to the consumer. Gambling, speculating, and sharp dealing, tend only to clog this progression. How all of this arose, how it has worked out, and how it applies generally are the subjects of these chapters.
All the money in the Bank of England will not make a single four-pound loaf. Capital, as represented by consumable commodities, is the product of labor applied to land, or the natural fruits of the land itself. The land does not become either more or less productive by reason of the transfer from one person to another; it is the withdrawal of labor that affects its productiveness.
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