The second of the three portions into which the general stock of the society
divides itself, is the fixed capital ; of which the characteristic is, that
it affords a revenue or profit without circulating or changing masters. It
consists chiefly of the four following articles.

First, of all useful machines and instruments of trade, which facilitate and
abridge labour.

Secondly, of all those profitable buildings which are the means of procuring
a revenue, not only to the proprietor who lets them for a rent, but to the
person who possesses them, and pays that rent for them; such as shops,
warehouses, work-houses, farm-houses, with all their necessary buildings,
stables, granaries, etc. These are very different from mere dwelling-houses.
They are a sort of instruments of trade, and may be considered in the same
light.

Thirdly, of the improvements of land, of what has been profitably laid out
in clearing, draining, inclosing, manuring, and reducing it into the
condition most proper for tillage and culture. An improved farm may very
justly be regarded in the same light as those useful machines which
facilitate and abridge labour, and by means of which an equal circulating
capital can afford a much greater revenue to its employer. An improved farm
is equally advantageous and more durable than any of those machines,
frequently requiring no other repairs than the most profitable application
of the farmer's capital employed in cultivating it.

Fourthly, of the acquired and useful abilities of all the inhabitants and
members of the society. The acquisition of such talents, by the maintenance
of the acquirer during his education, study, or apprenticeship, always costs
a real expense, which is a capital fixed and realized, as it were, in his