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48 manufactured. The purchasing funds truly support a number of people in making This; but (probably) leave unsupported an equal number who are making, or could have made That. The manufacturers of small watches thrive at Geneva;—it is well;—but where would the money spent on small watches have gone, had there been no small watches to buy? 50. If the so frequently uttered aphorism of mercantile economy—"Labour is limited by capital," were true, this question would be a definite one. But it is untrue; and that widely. Out of a given quantity of funds for wages, more or less labour is to be had, according to the quantity of will with which we can inspire the workman; and the true limit of labour is only in the limit of this moral stimulus of the will, and of the bodily power. In an ultimate, but entirely unpractical sense, labour is limited by capital, as it is by matter—that is to say, where there is no material, there can be no work,—but in the practical sense, labour is limited only by the great original capital of head, heart, and hand. Even in the most artificial relations