Sec. 6] SUMMARY OF PART III 315 
We may suppose a man’s capital to be divided into 
three classes: first, money-paying investments; second, 
money; third, enjoyable articles purchased by money. 
We may juxtapose these elements, as in Figure 27. 
Enjoyable Capital 
piper] Sed 
Money 
rr rr 
Investments 
  
  
Fig. 27. 
Here, whenever an investment pays money, & tooth 
is produced in the first curve and a transection 
takes place between the categories “ investments and 
“money.” By each such transaction the investments are 
reduced in value by the amount of coupons detached, and 
the stock of money is increased by the same amount. In 
like manner, every time money is spent, a transaction takes 
place between the belt representing money and that repre- 
senting enjoyable capital. By such transaction the money 
stock is depleted, and the value of the enjoyable capital 
increased by the same amount. These operations are