JB_017_165.xml

Title: [31 Oct. 1801 + A Polit. Economy]

Description: 31 Oct. 1801

+ A

Polit. Economy

Method

Indication of the Indirect Income-Tax resulting from Encrease of Money.

In Britain. money is about ,72,000,000, mean (Ao 1801) about ,216 000 000

(72:216::1:3.) Each million added to money, adds therefore three million for

ever to pecuniary income and this (setting aside the 15 per Cent for ever

(,150,000) for profit on the million, if employ'd in the shape of capital)

without addition to real income. If every year ,2,000,000 be added to money,

plus ,300 000 for an equivalent to the addition made as above to real wealth, in

36 years (Ao 1837) the nominal or pecuniary amount of a mass of real income

equal to the amount of 1801 will be doubled i:e: become ,432,000,000: to which

will be added ,10 800 000 for an equivalent to the intermediate additions to

real wealth (,300,000 x 36) But the ,432 000 000 of 1837 being worth no more

than the ,216 000 000 of 1801, each ,10 of the ,432 000 000 will be worth but

,50 of the ,216 000 000: that is the income of each fixed-incomist will have

been subjected to an indirect income-tax of 50 per Cent: the King's ,900,000

will be reduced to ,450,000. He whose pecuniary income in 1837 is double what it

is in 1801 will in point of wealth be neither a gainer, nor loser, by the

change. Not so in point of comfort. For, by so much as he is a gainer in wealth

in the one way, by so much he is a loser in the other: and by the nature and

constitution of the human frame, sum for sum, enjoyment from gain is never equal

to suffering from loss.}

JB_017_166.xml

Title: [30 Oct. 1801 A + Political]

Description: 30 Oct. 1801

A +

Political Economy

Method

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

Wealth being the produce of capital (which is no more than labour employ'd

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

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

branch is so much taken from the rest.

If the encouragement be by donations of capital (of money to be employ'd in the

shape of capital) it belongs to the first head of Non-Agenda forced-frugality.

An Encouragement which is indefensible with reference to encrease of general

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

Magazines for Corn) and to National Defence: Instance measures for keeping up an

extra supply of Ships and Mariners.}

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. }