JB_017_334.xml

Title: [16 March 1804 Institute Polit. Economy]

Description: 16 March 1804

Institute Polit. Economy

Ch.2. Leading Features

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{ Example 2d: - allowances in money given for the encouragement of certain

fortunes. Object the same as in the former case. Mode of encouragement, being

not, as in this case, indirect, but direct, viz: by allowances given in money at

the expence of national wealth, and thence of national enjoyment, the question

is whether without this encouragement, the trade would be beneficial enough to

be carried on, or not. Let the answer be in the negative, the quantity of the

matter of wealth thus bestowed is so much taken from enjoyment, and given to

defence: and thence if not necessary to defence, thrown away. Let the answer be

in the affirmative, the result of the measure is - besides the transfer of so

much of the matter of wealth from the account of enjoyment to the account of

defence, a neat addition to the quantity of the whole. But it is only in the

supposed necessity of it for the purpose of defence, that such sacrifice of

national enjoyment can receive its justification. Take away the necessity, there

remains wealth purchased at the expense of justice: enjoyment given to one man,

at the expence of enjoyment taken from another. A case conceivable, and perhaps

realized is - that the allowance falls as to part, under one of the above

suppositions, as to other part under the other.}

JB_017_247.xml

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

Description: nd [wm 1800]

Ch. 2. Leading Features.

'.2.I. Wealth. 2. Agenda

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5. From the catalogue of Agenda, having for their object the encrease of the

National stock of the matter of wealth, in all its three shapes together - must

be distinguished in any such measures, the aim of which is confined to the

encreasing of it in any one of those shapes, at the expence of either of the two

others. Measures of this tendency, will, so far as they are justifiable, find

their justification in the same considerations, which prescribe the application

of the matter of wealth to its several uses, as mentioned in No. 1.

6. In this way a sacrifice is made of the matter of wealth, in the most agreable

of its shapes, to the same matter in one or other of the two necessary ones: of

the matter of enjoyment to the matter of subsistence, or the matter of defence.

Suppose the assumed necessity real, the transformation belongs, by the

supposition to the catalogue of Agenda.

7. I. Sacrifice of enjoyment to subsistence: - If, in any nation, for the use of

the whole, or any part of such nation, government were to establish, in the

character of Security-funds, Magazines of the matter of subsistence - such

modifications of course, as are cheapest & least perishable - Grain for

example - not to be drawn upon but in times of extraordinary scarcity; an

institution of this sort would hardly be thought of, much less be regarded as

beneficial and desirable, under the notion of its producing a clear addition to

the aggregate mass of the National stock of the matter of wealth in all its

shapes taken together. In the catalogue of Agenda it would not be placed, in any

other character than that in which it is above described.

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

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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. }