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_176.xml

Title: [22 June 1801 Polit. Economy]

Description: 22 June 1801

Polit. Economy

Analysis

5

In the case of all articles of intrinsic use, the quantity of use capable of

being made of a given mass of any sort of article, encreases with and in

proportion to the quantity Thrice[?] the quantity of corn administered in the

way of food. twice[?] the quantity, quality being alike will keep alive for a

given time, twice the number of human creatures /people/ or other animals: and

excepting the same may be said even of articles of subservient use.

But of money this can not be said. The only use it is applicable to - the only

it is of is in the way of exchange The value of it does not always encrease in

proportion to its quantity. In a certain sense /certain cer/ it might with more

propriety even be said to be inversely as its quantity: that is /for/ the value

of any part of the mass is inversely as the quantity of the whole. The value of

the quantity of money given in exchange for other things in the compass of a

year is always equal to that of the quantity of those things given in exchange

for money in the compass of the same year. If in each of two years the quantity

of things given in exchange for money has been the same, while in the latter of

the two the quantity of money given in exchange for the things has been twice as

great as in the former, half or any other part of the mass of money has in the

latter been worth but half as much as the same part was worth in the former.