JB_017_148.xml

Title: [29 Oct. 1800 Polit. Economy]

Description: 29 Oct. 1800

Polit. Economy

6

This equality of exchangeable worth and value as between mass and mass - mass of

pecuniary wealth and mass of wealth not-pecuniary is at all times the same

whatever in quantity be at different the difference between the respective

masses. When by passing each particle of it upon an average three times in the

course of the year the single million weight of gold in circulation bought the

whole of the mass of non-pecuniary wealth in that year, it was worth the while

of that mass of non-pecuniary wealth: it gave to its several successive

possessors taken together the command of that whole mass. When by taking the

same course the two millions weight of gold gave to its successive possessors as

above the command of that same mass of non-pecuniary wealth (the latter mass by

the supposition not having received any encrease) the two millions weight of

gold was of the same worth and value in respect /as compared/ of non-pecuniary

wealth - gave to its successive possessors at the several successive periods the

command of the same quantity of non-pecuniary wealth, neither more nor less, as

the single million did before: this double mass being composed of two millions

weight, each million's weight was consequently at this second period worth but

half as much as the single millions weight was at the first period.

JB_017_146.xml

Title: [29 Oct. 1800 Polit. Economy]

Description: 29 Oct. 1800

Polit. Economy

4

Thus far the nugatory - now comes the paradoxical - which in the minds /to the

eyes/ of the great bulk of men and even reading and thinking men, is the same

thing with the untrue.

The first of the two days in question the quantity of coined gold possessed by

the whole community taken together is a million of pounds weight, and no more.

The second day, it is two millions. What follows? - On The second day instead of

being as rich again in wealth not-pecuniary as, we have seen, the individual

was, as on the first, it is no richer than it was before: instead of having

twice the quantity that it had of non-pecuniary wealth non pecuniary at command

that it had, it has no more at command than it had before.

True it is, that by exporting into other communities, this suddenly acquired

mass of a /the second/ million of pounds weight of gold or any given part of it

may obtain in exchange the possession of an addition to a certain amount to its

mass of non-pecuniary wealth: but in proportion as such exchange obtains, the

case last supposed is altered. The community in question Great Britain ceases to

possess the additional million of gold: whereas in the case of the individual

whatever proportion of gold he parted with, in order to obtain a correspondent

portion of non-pecuniary wealth, the quantity of wealth remaining in the

community (Great Britain) remained undiminished.

JB_017_197.xml

Title: [24 Aug. 1801 Polit. Economy]

Description: 24 Aug. 1801

Polit. Economy

Method

III. Non Agenda

1 Money

2

6

{individuals, each to double his money in the same time: neither the aggregate of

real wealth, nor any man's share in it would thereby receive any encrease. Every

encrease of money by paper money, produces a correspondent depretiation in the

value of the pre-existing mass of money, and operates thereby as an indirect tax

upon pecuniary income; a tax the benefit of which is reaped by the issuer, and

the burthen borne by the possessors of what is called fixed income. If in

issuing it, he employs it in a non-commercial way, i:e: pays it away as a man

not in trade pays away the money by the spending of which he is said to spend

his income -ploy'd in expenditure of pecuniary income, the profit is all his

own, and it adds nothing to the mass of real wealth: if in issuing it, he

employs it in a commercial way,: viz. as money is employ'd in the shape of

capital, i:e: in making those purchases of things and labour of which real

productive capital is composed, the profit in this case too is all his own, he

adds to the national stock of present wealth (real wealth) to the amount of that

capital, and to growing wealth to the amount of the current rate of gross profit

upon stock or capital: if in issuing it he lends it to another who employs it

/by whom it is employ'd/ in the shape of capital as above, the borrower gets

profit upon stock deducting interest, and the lender interest, and the addition

to real wealth is as before.

In Britain the whole mass of pecuniary income may be about three times the mass

of money in existence, of which a part only, though the greater part, by passing

in the course of the year through a number of hands, greater by some number, but

not a great number, than those, constitutes the above mass of pecuniary income.

If then each added mass}