date

29 Oct. 1800 Polit. Economy
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.
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  • 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.
  • Title: [29 Oct. 1800 Polit. Economy]
    Description: 29 Oct. 1800

    Polit. Economy

    5

    Lastly, to do away the seeming inconsistency - to reconcile the paradox with

    truth. - When my individual found his quantity of gold money doubled the value

    of it was not - any part of it lessened - the quantity of non-pecuniary wealth

    which it gave him the command of was not as to any part of this mass of gold

    lessened by the addition so made to the whole: - for though in the coffers of

    the individual there was as much again the second day - in the whole community

    in Great Britain taken together there was any greater quantity on the second day

    than on the first.

    The whole mass of non-pecuniary wealth or vendible commodities sold within the

    year, is worth the whole mass of pecuniary wealth or money that has been given

    or undertaken to be given in exchange for it within the year: the actual

    quantity of money being multiplied by the number of times it has been given in

    exchange: the one mass is worth the other for by the supposition it has been

    given in exchange for it: and this and no other is on this occasion the meaning

    of the word worth. - of such words as worth and value.
  • Title: [29 Oct. 1800 Polit. Economy]
    Description: 29 Oct. 1800

    Polit. Economy

    3

    3. What is thus true of the several masses of wealth of all sorts put together,

    is true of the several masses of each sort in particular: of money of all sorts

    consequently among the rest. The addition made to the national mass of money in

    each year is the difference between the sum of the masses either produced or

    imported in the course of the year, and that of the masses either expended

    /consumed/ or lost by destruction or otherwise or exported in the course of the

    same year.

    4. In the case of the individual - in the case of each and every individual the

    mass of general wealth possessed by him is the greater, the greater the mass

    (i.e. the mass of wealth of all sorts besides /except/ money) is the greater,

    the greater the mass of money he possesses. If on the first of two days he

    possesses or what comes to the same thing has it in his power to possess at any

    time and keep for what length of time he pleases a thousand pounds weight of

    gold - coined into guineas, he possesses 48,500 guineas: in pounds sterling,

    ,50,925 pounds. if on the next day he possesses as above two thousand pounds

    weight of the same valuable commodity /article/, he is truly and exactly twice

    as rich as he was the day before. He has it in his power to command twice the

    quantity of general wealth - of wealth non-pecuniary - of wealth of all kinds,

    other than money on condition of parting with all the money: or of money and

    non-pecuniary wealth together, on condition of parting with the requisite

    proportion of his money.