JB_017_328.xml

Title: [16 March 1804 Polit. Economy]

Description: 16 March 1804

Polit. Economy

Ch.2. Leading Features

'. 2.6 Wealth. 2. Non Agenda

4

2

{ 3. Measures which present themselves in the character of Non Agenda, may be

distinguished into Broad Measures, and Narrow Measures: broad measures, having

for their object or their effect the augmentation of wealth in all its shapes,

without distinction, by the encrease of profit-seeking industry in all its

branches without destruction: narrow measures, which have for their object the

augmentation of wealth, by the encrease of profit-seeking industry in this or

that particular branch, in preference to others, under the notion of its

producing more wealth in that than in others.

4. Examples of Broad Measures -

1. Forced Frugality: - Natural Opulence promoted or endeavoured to be promoted

at the expence of justice. National wealth, without regard to the particular

shape, encreased or endeavoured to be encreased, by the application of money in

the shape of capital, that money raised (as of course it must be) by taxes: -

taxes imposed on property or expenditure, as the case may be. Necessity, viz:

for the application, of the wealth thus produced, to the purpose either of

subsistence or defence, is here out of the question: for necessity, in either of

those its branches, constitutes a distinct grounds mentioned further on.+ -

Injustice the first - forcing a man to labour, though it were for his own

benefit, where he wishes to enjoy. Injustice the second - forcing one man to

labour for the sake of encreasing the enjoyments of another man, or rather, of

encreasing the stock of the instruments of enjoyment in his hands: for all that

government can do in behalf of enjoyment, otherwise than by security, is - to

encrease the quantity of the matter /mass[?] of instruments/ of enjoyment:

application of these instruments in such manner as to produce actual enjoyment,

depends altogether upon the individual, and is an effect altogether out of the

reach of government.(a)

[+] See Agenda.

(a) Note p.1.

Take a fresh Price[?] for the next.

JB_017_156.xml

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

Description: nd [wm 1800]

Ch. 2. Leading Features.

'.2. Wealth. 2. Non Agenda

4

2

Non Agenda may be distinguished into - I. Broad Measures - II. 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. The addition /collation/ how great soever

the ratio of it to the defalcation /ablation/ is not compatible with justice:

the defalcation is from the property of Paul; the addition is to the property of

Peter.(a)

II. Encreasing Money: an indirect Income Tax on fixed-incomists. Labour, not

money, is the real source of wealth. All hands being employed, and employed in

the most advantageous manner, wealth could admitt of no further encrease: but

money would be encreasable ad infinitum.(b)

III. reducing Interest: viz. the lawful rate of Interest of money, borrowed by

individuals of individuals: - a direct and (to the state) unproductive

Income-Tax, on those whose Income arises out of a mass of money lent out at

Interest. In Ireland, in 1788 or thereabouts, this was proposed as a means of

increasing wealth, but rejected after a {great} /hard/ struggle.(c) +

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

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 increased. In the British Empire at least, it is a principle - that all

expences - in establishments civil, military, and naval, and occasional wars,

are

(a) Notes p.1

(b) Notes p.2.

(c) Notes. p.3

+ To Dumont. The defence of navy[?], which I sat over at the time contributed to

throw out the measure: as Parnel[?] their Chancr of the Exchequer, very good

[...?] to acknowledged [...?].

[Marginal note:] Interest is the price for the use of capital. As capital abounds

becomes more abundant (in [...?] of [...?]) the price of it, as any other

commodity lessens. By [...?] the price while [...?] should be permitted to }

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.