“Capital is that part of the wealth of a country which is employed in production, and consists of food, clothing, tools, raw materials, machinery, etc., necessary to give effect to labor.”—_Principles of Political Economy, Chapter V._ This definition, it will be seen, is very different from that of Adam Smith, as it excludes many of the things which he includes—as acquired talents, articles of mere taste or luxury in the possession of producers or dealers; and includes some things he excludes—such as food, clothing, etc., in the possession of the consumer. McCulloch’s definition is: “The capital of a nation really comprises all those portions of the produce of industry existing in it that _may be_ directly employed either to support human existence or to facilitate production.”—_Notes on Wealth of Nations, Book II, Chap. I._ This definition follows the line of Ricardo’s, but is wider. While it excludes everything that is not capable of aiding production, it includes everything that is so capable, without reference to actual use or necessity for use—the horse drawing a pleasure carriage being, according to McCulloch’s view, as he expressly states, as much capital as the horse drawing a plow, because he may, if need arises, be used to draw a plow. John Stuart Mill, following the same general line as Ricardo and McCulloch, makes neither the use nor the capability of use, but the determination to use, the test of capital. He says: “Whatever things are destined to supply productive labor with the shelter, protection, tools and materials which the work requires, and to feed and otherwise maintain the laborer during the process, are capital.”—_Principles of Political Economy, Book I, Chap. IV._ These quotations sufficiently illustrate the divergence of the masters. Among minor authors the variance is still greater, as a few examples will suffice to show. Professor Wayland, whose “Elements of Political Economy” has long been a favorite text-book in American educational institutions, where there has been any pretense of teaching political economy, gives this lucid definition: “The word capital is used in two senses. In relation to product it means any substance on which industry is to be exerted. In relation to industry, the material on which industry is about to confer value, that on which it has conferred value; the instruments which are used for the conferring of value, as well as the means of sustenance by which the being is supported while he is engaged in performing the operation.”—_Elements of Political Economy, Book I, Chap. I._