JB_017_152.xml

Title: [29 Oct. 1800 Polit. Economy]

Description: 29 Oct. 1800

Polit. Economy

10

If the effect of a portion of pecuniary wealth thus added to the mass of

pecuniary wealth of a community be to bring into existence a portion of

non-pecuniary wealth that would not have existed /been brought into existence/

in the community otherwise by any other means, in so far, and to the amount of

such new produced portion of non-pecuniary wealth, the degrading operation of

the portion of pecuniary wealth is taken off.

The quantity added and the suddenness is excessive and made[?] is only for

illustration. No great or sudden addition is ever made in gold, but has in

paper.

Application without addition is competent to the making an addition to capital

and wealth every year adequate to the addition or capacity for labour in that

year

This leaves no room for an extra addition by addition to money[?] and without

such extra[?]-addition, no addition to money can produce any other effect than

rise of prices

Rise of prices is a proof /an index/ of the extra addition to money and a

measure of the quantity of it.

That the rise of corn has not been in proportion to rise of other prices seems

to be an indication of advance of good husbandry.

JB_003_085.xml

Title: [[Rudiments sheet] 30 Oct. 1800]

Description: [Rudiments sheet]

30 Oct. 1800

Paper Mischief

Contents

1

Apologetica.

Time wanting for perfection –

The imperfections, by affording encouragement to opponents may help to elicit truth

and draw attention on the part of others to the subject – p.1

[…?] which cannot be applied at the time draw attention

from the time.

2

Paper money as a subject is brought into action by the losses of the days rise of prices. p.2

3

It will be found one of the most prominent causes of that mischief. p.2

4

No contempt can be attached to the opposite opinion by me – by whom it was

entertained till lately. p.2.

5.

Nor moral blame to the authors of the alledged mischief. p.2.

6

General charges –

By the amount of paper issued a tax is imposed on the classes least able to bear

taxation: viz: orphans widows – aged and infirm. p.3.

7

The fabrication of it is a species of […?] – being attended with greater {profit}

/mischief/ - greater profit – greater security – but no blame. p.3.

8

Rise of prices is owing to a variety of causes

1 Temporary X habitual

2. Common to all vendible commodities X peculiar to some. p.4

9

Among vendible commodities, it affects provisions in particular – and among

provisions bread-corn. p.4

10

The causes applying peculiarly to breadcorn belong not to the present enquiry p.4.

But only those which apply to vendible articles in general

1. Occasional – bad seasons

2. Habitual – deficiency of land employd in growing corn. p.4.

11

Monopoly &c are but secondary causes of that particular branch of the

mischief. p.5

12

Charges already brought against Country Bankers on this

ground.

1. Supporting Fortunes in not selling

2. Dealers, no buying up. p.5.

Polit. Economy

1

On this ground every thing is apt to appear nugatory or erroneous. p. p.1

2

The terms being in every body’s mouth (and yet too ample

for import and bearings to be embraced by every body thinks himself master of the

science. p.1

3

These are facts apparently inconsistent relative to wealth and money. p.2.

4

The wealth of the community is the sum of the wealth of individuals. p.2.

5

The year’s encrease of wealth is the difference between the

comings-in and outgoings. p.2

6.

So – of money – p.3.

Polit. Economy

7

Every addition to the individuals money, is the same to his

wealth. p3

Unless imported in which case it is so much added to the say money not wealth of the community. p.

8

No addition to the money of the community is an addition to

its wealth. p.4

For all the money much[?] or little[?], can not be worth more or less than all the

goods bought with it.

- Unless the money is exported: - but then[?] is taking from the money and adding to

the goods. p.4

10

Reason of the difference. The addition to the individual’s

money does not add to the community’s, unless imported –

p.5.

It varies not the proportion between money & wealth. p.5.

Polit. Economy

11

The sum of the prices of /given for/ vendibles in the year

– is the sum of the several sums given or engaged to be given in the year for all the

vendibles. p.5.

12 1

When double the number of pounds of gold is given for the same quantity of vendibles,

the value of each pound is but half of what it was. p.6.

13

Solution of the paradox – doubling the individuals money doubles his wealth because

it does not vary the proportion as between the money of the community and its wealth:

doubling the money of the country does. p.7.

Polit. Economy

14

Addition to individuals money by importation will make his wealth after the addition

be to his wealth before the addition as the amount of the addition minus the ratio of the imported

money to the existing stock of the community. p.8.

15 2

Hence every addition to the money of a community produces a proportionable

degradation in the value – and rise of prices – p.9

16.

Unless if in so far as the addition to money produces, by

labour or exchange, an addition to wealth. p.10

JB_017_149.xml

Title: [29 Oct. 1800 Polit. Economy]

Description: 29 Oct. 1800

Polit. Economy

7

Here then lies the difference between the {pecuniary} wealth of the individual,

and the {pecuniary} wealth of the community - between additions made to the

pecuniary wealth of a single individual or small number of individuals {or any

number of individuals less than the whole number} taken separately, and

additions made to the pecuniary wealth of the whole number of individuals of

which the community is composed. To the pecuniary wealth of any single

individual or inferior number of individuals an addition may be made to any

amount without any addition made to the pecuniary wealth of the whole community

taken together: viz: by its being taken from some part of the mass possessed by

others and it is in this supposition and this supposition only that an addition

can be made to the pecuniary wealth of an individual without lessening its value

as compared with the mass of non-pecuniary wealth, as above. On this supposition

the quantity of pecuniary wealth in the community is no greater after the

addition than it was before. On the other /opposite/ supposition - on the

supposition that the addition made to the {mass of} pecuniary wealth of the one

individual or set of individuals is made to it without being taken away any part

of it from the pecuniary wealth of any other individual or individuals, the

addition to the pecuniary wealth of the individual or particular set of

individuals is made to the wealth of the whole community or aggregate /total/

number of individuals: - and the proportionable loss of value, to each particle

of the thus encreased mass of wealth, takes place.