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There are two different ways in which a capital may be employed

so as to yield a revenue or profit to its employer.

First, it may be employed in raising, manufacturing, or

purchasing goods, and selling them again with a profit. The

capital employed in this manner yields no revenue or profit to

its employer, while it either remains in his possession, or

continues in the same shape. The goods of the merchant yield him

no revenue or profit till he sells them for money, and the money

yields him as little till it is again exchanged for goods. His

capital is continually going from him in one shape, and returning

to him in another; and it is only by means of such circulation,

or successive changes, that it can yield him any profit. Such

capitals, therefore, may very properly be called circulating

capitals.