nt part of the produce of his toil. The land belongs to the
state, and should only be subject to taxes, either by personal service,
such as serving in the militia or yeomanry, or by money payments to the
state.

Land does not represent CAPITAL, but the improvements upon it do. A man
does not purchase land. He buys the right of possession. In any transfer
of land there is no locking up of capital, because one man receives
exactly the amount the other expends. The individual may lock up
his funds, but the nation does not. Capital is not money. I quote a
definition from a previous work of mine, "The Case of Ireland," p. 176:

"Capital stock properly signifies the means of subsistence for man, and
for the animals subservient to his use while engaged in the process of
production. The jurisconsults of former times expressed the idea by the
words RES FUNGIBILES, by which they meant consumable commodities, or
those things which are consumed in their use for the supply of man's
animal wants, as contradistinguished from unconsumable commodities,
which latter writers, by an extension of the term, in a figurative
sense, have called FIXED capital."

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.

WAGES are a portion of the value of the products of a joint combination
of employer and employed. The former advances from time to time as wages
to the latter, the estimated portion of the increase arising from their
combined operations to which he may be entitled. This may be either in
food or in money. The food of the world for one year is the yield at
harvest; it is the CAPITAL STOCK upon which mankind exist while engaged
in the operations for producing food, clothing, and other requisites
for the use of mankind, until nature again replenishes this store. Money
cannot produce food; it is useful in measuring the distribution of that
which already exists.

The grants of the Crown were a fee or reward for service rendered; the
donee became tenant-in-fee; being a reward, it was restricted to a man
and his heirs-male or his heirs-general; in default of heirs-male or
heirs-general, the land reverted to the C