JB_017_157.xml

Title: [nd [wm 1800] Ch. 2. Leading Features]

Description: nd [wm 1800]

Ch. 2. Leading Features.

'.2. Wealth. 2. Non Agenda

5

3

to be borne by the Mother Country. The Capital employed in the cultivation of the

Colonies by the Mother Country is so much sent out of it without adequate

return. Bryan Edwards, even in magnifying the utility of Colonies, makes the

rate of profit upon capital so employed but 7 per cent: the common calculation

gives, for the profit on capital employed within the Mother Country, 15 per

cent. Whatever capital is bestowed upon this employment, is so much taken from

other more lucrative ones.(d)

II. Narrow or Particular Measures: applying to particular sources of wealth.

1. Wealth being the produce of Capital, (which is no more than labour, employed

through the intervention of money (pecuniary capital) or otherwise) and capital

being limited (for labour at least is limited) whatever is given to any one such

branch, is so much taken from the rest.(e)

2. If the encouragement be by donation of Capital - (of money to be employed in

the shape of capital) - it belongs to the first head of Non Agenda, Forced

Frugality.

3 An encouragement which is indefensible with reference to encrease of general

wealth, may be eligible with reference to Subsistence (instance expence of

Magazines for Corn):- or to National Defence:- (Instance - Measures for keeping

up an extra-supply of Ships and Mariners.)

(d) Notes. p.4.

(e) Notes p.4. }

JB_017_164.xml

Title: [30 Oct 1801 A Political Economy]

Description: 30 Oct 1801

A

Political Economy

Method

3

{Non-Agenda - I. Broad Measures. I Narrow Measures

I. Broad Measures- applying to all sources of wealth without distinction

I. Forced Frugality: Adding to National Capital (real capital) by money raised

on purpose: which must be by taxes. Of all ineligible measures, this is the

least ineligible, and most effective. The objection is that it is a defalcation

from individual property, without necessity.

When National Debt is paid off, it produces this effect, without the objection.

The money produced by taxes (imposed principally on income) is, in the buying in

or paying off of the Government Annuities, in which the debt consists, put into

the hands of the expelled Annuitants, who, to make it afford them an income as

before must employ it themselves in the shape of capital, or lend it to others

who will employ it in that shape.

II. Encreasing money: an indirect Income tax. Labour not money is the real

source of wealth All hands, being employ'd and employ'd in the most advantageous

manner, wealth could admitt of no further encrease: but money could be

encreasable ad infinitum.[Marginal note:] ? on Fixed-incomists. III

Reducing interest: viz: the lawful rate of interest on money borrowed by

individuals of individuals. A direct and (to the state) unproductive income-tax,

on those whose source of income arises out of a mass of money lent out at

interest. In Ireland, Ao 1788 or thereabouts this was proposed in the House of

Commons as a means of encreasing wealth, but rejected after a great struggle.

IV. Encreasing Land: viz: by Colonization: eligible when there is a prospect of

a deficiency of land with reference to population: ineligible in every other

point of view. The taxes borne by the Mother Country are not diminished by it,

but encreased. In the British Empire at least it is a principle that all

expences - establishments civil military, naval - and occasional wars - are to

be borne by the Mother Country. The capital employ'd in the cultivation of the

Colonies by the Mother Country, is so much sent out of it without adequate

return. Bryan Edwards, even in magnifying the utility of colonies, makes the

rati of profit upon capital so employ'd but 7 per Cent: the common calculation

gives for profit on capital employ'd within the Mother Country, 15 per Cent.

Whatever capital is bestowed upon this employment is so much taken from other

more lucrative ones.

JB_017_269.xml

Title: [24 Aug. 1801 {C2} Section 9.]

Description: 24 Aug. 1801

{C2} Section 9.

Polit. Economy

Method D

Non Agenda.

II Narrow Measures

4 Particulars

v. Encouragement

70

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{2.} 5. Giving birth or encrease to this or that particular branch of {wealth

or} productive industry {industry /labour/ productive of wealth} under the

notion of giving an encrease thereby to the aggregate of the national mass of

wealth.

The aggregate mass of money employ'd in the shape of productive capital will in

all branches of industry taken together be productive of /were[?]/ so much per

Cent upon the amount of it say 15 per Cent, or more or less, according to the

average rate of profit upon stock in the country in question, which is in[?] the

inverse ratio of that portion of the mass of money in circulation, which is

employ'd within the year in the shape of productive capital to that portion of

it which is employ'd as money is employ'd by a man who is said to spend his

income, {Note. each being multiplied by the number of times it has been employ'd

within the year in making purchases constitutive of ultimate prices. /the

purchases of which ultimate prices are composed./

If in one of those branches the rate of profit is greater than in others in the

one 16 for example in the others but 15, the greater the portion of capital

employ'd in this most productive branch in preference to others less productive,

the greater the annual addition to the aggregate mass of natural wealth. But, so

long as they do but know which of all the branches open to them is most