date

31[?] Polit. Economy. Analysis 29 Aug 1801
31[?] Polit. Economy. Analysis 29 Aug 1801

[Col. 2]

56.

Labour {encreasing

{diminishing

All other circumstances given the quantity of wealth produced within a given time will be as the quantity of labour {performed within that time.}

57.

But taking each branch of industry separately, the quantity of wealth produced by labour within a given time being given the quantity of wealth produced in the whole community in that time, will naturally be inversely as the quantity of labour exerted in that branch: becasue the less labour is bestwoed in any particular branch or say the greater the quantity of labour withdrawn from any particular branch The quantity of wealth produced in it not being thereby diminished—the more is left free to be employd in other branches.

[col. 3]

57.

This gives the solution of what otherwise might seem a paradox: viz that wealth is encreased, as well by /diminishing/diminution of/ labour as by the encrease of it.

[Col. 4]

58.

Labour(Quantity

(Efficiency

In every instance where an encrease in the quantity of wealth has been produced, an encrease in the quantity of labour bestowed has been {an eff} contributory to that encrease—or say an efficient cause of it or not: if not if the encrease has not been in the quantity of labour so bestowed, it has been in /the effect/the efficiency/ of the quantity of labour so bestowed.

The division is therefore an exhaustive one.

[Col. 5]

59.

Large Scale

Ways in which the concentration of a large mass of capital in one set of hands—that is under one management—is favourable to the encrease of wealth.

N o 15

1. Division of Labour. thence encrease of skill in regard to each operation. A. Sm

N o 16. II. 4

2. Division of Labour—thence saving goings and comings—expence of conveyance in minute distances. A. Sm. A. Sm II. 5

3. Introduction of machinery—thence substitution of agents less expensive than man in the character prime movers (sources of motion) and guides.

N o 0

4. Saving in respect of receptacles: the ratio of containing matter to contained space being less and less in proportion as the recptacle is greater and greater.

[Col. 6]

59.

5. Saving in respect of fragments of labour on the part of the managing hands, and other hands whose whole time is constantly paid for. If there In a small establishment if there is more work than can be done by two, three must be retained, although there be not /half/a quarter/ enough work to fill up the time of the third.

N o 0

6. Like saving in respect of cattle and dead instruments (tools or machines) which are but occasionally in use.

N o 0

7. Saving in respect of the employment of refuse articles: articles which if disposed in several establishments and situations would be hardly worth collecting but which possess a value worth regarding when ready collected in one.

[Col. 7]

59.

Large Scale

N o 23

8. Saving by purchases made at wholesale price. Not only the profit of the intermediate class or classes of dealers is thus saved, but the expence of conveyance from one to the other.

N o 16

9. Employment of cheaply paid hands. By means of the division of labour, employment may be found for hands of imperfect ability for whom employment could not have been otherwise found to advantage. Hence the labour of these hands may be obtained at a cheap rate with reference to the expence of the particular master, and perhaps even for nothing with reference to the expence of the community taken together: for the labourer thus maintained /out of/by/ the pay for which he [...?] pays in labour might otherwise have been to be kept for nothing.

[Col. 8]

59.

Large Scale

Apply this not to large manufactories only but to large Farms.

N o 0

10. Applying to each work the hands best adapted to that work. The faculty of doing this will be as the choice of hands, and that as the number of hands.

11. In Agriculture the faculty of making improvements rising one above another indefinitely in respect of the mass of capital required: ex gr: Manuring, draining, making Roads and other Communications.

So in regard to mining:

[Col. 9]

60.

Ways in which and means whereby the expence (real expence) attending the /extraction[?]/production/ of any article at the place where it is wanted to be employd may be reduced.

[Col. 10]

Preservation is

1.—for consumption as in cases of articles that are of use no otherwise than as consumed—as food drink &c.

2.—against consumption or say deperition as in cases of Houses furniture, cloaths &c.
Similar Items
  • Title: [Polit. Econ. Analysis 20 June 1801]
    Description: Polit. Econ. Analysis

    20 June 1801

    [Col 1]

    According to these topics the same articles be ranged in different orders.

    I. Subject matter of operation.

    Original—Land

    1. Uncovered with water.

    2. Covered with water.(All Sea, [...?], Rivers and Lakes.

    II. Operator or Agent

    Principal/Orignal—Man—by Labour

    2. Subordinate

    1. Animate—Cattle

    2. Inanimate—Machines

    Topics

    Ends in view or Uses to which encrease of wealth is subservient.

    1 Subsistence

    2. Enjoyment

    3. Security or defence.

    *II. Subject Matters

    I. Natural state

    1. Mineral

    2. Vegetable

    3. Animal

    II. Improved state

    1. Unmixt, as above.

    2. Compunded or mixt without alteration.

    3. Modified by fabrication.

    ______________________

    III. Principal Operations

    1. Discovery

    2. Extraction[?]

    3. Production or Naturalization[?]

    4. Improvement

    5. Preservation

    6. Employment or Use

    7. Land conveyance

    8. Exchange

    IIII. Agents

    1. Individuals

    2. Government

    V. Means of action or influence on the part of Government

    1. Encouragement

    2. Discouragement

    1. Unoptional—prohibition

    2. Optional—Taxation To Col V

    [Col 5]

    Topics continued from Col I

    VI. Taxation

    an operation not formative/conducive to but obstructive of encrease of wealth, yet every where employ’d through necessity for the purpose of defence.

    Will/inclination[?]/ to the encrease of wealth can not be wanting on the part of any individual: tho’ in some instances it is overpowered by the will to spend it, yet in the most unfrugal community the spendthrifts are in but small proportion.

    But in the struggle for encreasing wealth each to his utmost it will happen that one man shall give encrease to his wealth in such manner as shall occasion a more than equivalent decrease on the part of others:—here then comes the demand for the interposition of the law.

    [Col. 2]

    Quantity of wealth is absolute or relative—Relative involves population, of which separately.

    Wealth is the produce of /labour and/ land and labour—of labour operating upon land itself or the produce of it.

    Note.

    Encreasing the quantity of land will not encrease the quantity of wealth, unless it encreases either the quantity of labour or the effect of it.

    ______________

    Every means employed for the encrease of wealth may therefore be resolved into encrease of 1. the quantity of labour. 2. the effect of it.

    ______________

    Wealth itself is of no value but as an instrument of either 1. Subsistence. 2. Security or defence. 3. Enjoyment. The value of a given mass of wealth to be measured must be measured with reference to these several objects.

    [Col. 3]

    Subsistence affords an exact measure of the value of a mass of wealth—With reference to Subsistence, the value of a mass of the means of subsistence, is as the number of individuals it will subsist for a certain time.

    With reference to Security, the value of a mass of wealth adapted to that purpose does not admitt of any such measure—It is still, however, the joint ratio of the quantity of the labour employ’d in the production of it—and the effect of it.

    All instruments of Subsistence are instruments of enjoyment: but there are instruments of enjoyment which are not instruments of subsistence.

    [Col. 4]

    Enjoyments distinguished according to their Seat or Inlet are

    1. Sensual

    2. Mental

    3. Mixt

    Sensual enjoyments, by the principle of association are rendered mental also, and by that means mixt.

    The enjoyment derived from objects in any degree sensual depends upon—

    1.The state of the sense or organ to which the object is applied.

    2. The nature of the object or instrument by which, when applied to the organ, the enjoyment is produced.

    On the part of the object—the mass of enjoyments is encreased by every addition to the variety of the collection of instruments of enjoyment taken together—by novelty on the part of any one.

    [Col. 6]

    Materials of wealth considered as employd for the purpose of encreasing the quantity or value of a mass of wealth are called Capital.

    The national wealth is the aggregate of the wealth of individuals.

    Wealth and Capital is real or pecuniary.

    Pecuniary capital is money employd in the way of exchange in purchasing the labour, [...?] materials or land of which real capital is composed.

    Capital or wealth acts no otherwise than as far as it acts on labour.

    It encreases wealth no otherwise than as far as it encreases either the quantity or the effect of labour.

    [Col. 7]

    II. Subject Matters

    —with reference to the mode of their subserviency to use.

    1. Ground.

    2. Materials to be improved.

    3. Instruments

    4. Receptacles

    5. Productions in a state for use.

    __________

    Receptacles

    1. Stationary, viz: Buildings.

    2. Moveable or /Ambulatory/occasional. viz:

    1. Carriages

    2. Navigable vessels.

    Receptacles are

    1. Particular; such as such as vessels, chests, boxes &c.

    2. General—or buildings in which the particular vessels are contained.

    __________

    Proportional-quantity-stocking principle

    Example

    Guns in one shop

    Shot in another

    Powder in a third.

    [Col. 8]

    Means of encrease, their Comparative Importance.

    1. articles of Subsistence

    2. Defence—the denand for which varies with the danger.

    3. Enjoyment, not contributing to subsistence.

    __________

    Productive Capital is composed of

    1. Land with its improvements.

    2. The aggregate mass of articles of subservient use )( immediate use.

    __________

    Opulence degree of (relative) is as the sum of labourer’s incomes to d o of all incomes

    as between nation and nation, the real value of labourer’s wages being supposed the same in each.

    Ceteris paribus a populous country will be the cheaper by a saving on the aggregate expence of conveyance.

    [Col. 9]

    Materials

    Rude Produce, Application of Labour thereto

    I. Extraction

    1. Separation from the natural source—Land or Water.

    1. Minerals—Discovery, digging, [...?], extracting, smelting.

    2. Vegetables

    1. Discovery

    1. Felling Timber

    2. Cutting herbs

    3. Gathering fruits

    3. Animals Housing[?]

    Water

    4. Fishing

    1. catching

    2. Curing.

    II. Conveyance.

    __________

    Finance

    Where a tax acts purely as a prohibition, that prohibition or diminution of consumption is only relative: so much as it takers from the consumption of the article tax[ed], so much it adds to the consumption of other articles: except so far as the aggregate of taxes takes from the aggregate of consumption of articles of enjoyment, to add to that of the articles of defence for which the [...?] is raised.

    [Col. 10]

    Unproductive taxes

    I. Indirect income tax by encrease of money.

    II. All measures encreasing the quantity of unprofitable labour; and thence diminishing the effect of profitable labour. viz.

    1. Prohibition of export of money, thence unprofitable labour to collect the money by stealth, [...?] and find means to evade the tax.

    2. Prohibition or [...?] direct trade between country and country: thence unprofitable labour &c. attendant on circuitous trade.

    Finance

    In proportion to the disadvantageousness of the terms on which money is borrowed it adds to [...?] though at the expence of intermediate comfort.
  • Title: [1 Sept. 1801 Polit. Economy]
    Description: 1 Sept. 1801

    Polit. Economy

    A6

    Method D

    Features

    I. Sponte Acta

    Encrease Card[?]

    4

    {4}

    29

    {employ'd in the manufacture: twice the amount may be no exaggerated difference.

    If then {to supersede /produce with/ the thousand hands out of the two thousand

    employ'd in the manufacture} to produce by one thousand manufacturing hands the

    quantity of work that before employ'd two thousand such hands is required the

    constant employment of a hundred hands employ'd /engaged in different ways/ in

    the production of the materials and workmanship of the machinery and these

    hundred handicraft hands have double the wages of the manufacturing hands the

    quantity of pecuniary capital employ'd not being encreased, the consequence is

    that two hundred manufacturing hands must be put out of employ, and but one

    hundred fresh hands brought into employ in the shape /capacity/ of handicraft

    /mechanical/ hands.}

    If the hands employ'd on the Machinery should be paid at a higher rate than the

    hands employed in the Maffacture[?], his capital being the same after the

    improvement as before the number of manufacturing hands would be still further

    decreased on this account.

    Conclusion /Hence it follows/ Encrease of wealth by saving of labour is not quite

    so great as do by encrease of quantity of labour.

    Opposition to machinery is well grounded, if no care be taken to produce

    immediate employment for the discharged hands.

    At first the temporary distress will outweigh the temporary enjoyment. But so

    far as depends on encrease of wealth the encrease of enjoyment is perpetual.
  • Title: [[Rudiments sheet] 22 Mar. 1800]
    Description: [Rudiments sheet]

    22 Mar. 1800

    Annuity Notes

    Effects

    Contents I

    Period I

    Addenda

    Longer credits will be given in Bills.

    Issuing paper money payable to bearer, being a species of money should be

    confined to the Sovereign.

    Quantity of paper money circulable depends not on the […?] quantity of coin (as

    per St. Sim[?]) but on the smallness of the paper

    What occasions the coin to be expelled is that the encreases of wealth occasion

    an encrease of imports more than they have exports for goods; and when the paper

    will not be taken, they must send the coin

    Goods can not be manufactured, so fast as the paper can be coined.

    Effects Miscell.

    Title of the Chapter containing the subject-matters of the Effects.

    Effects Period I

    1

    Three periods to be distinguished.

    1. From the opening of Stocks at par

    II. From Stocks at par to conversion of the last Stock into Notes.

    III. From Do to conversion of last Paper of 1st issue into do of 2d issue. p. 1.

    Period I

    I. Rate of Progress

    2

    Quickest rate of progress possible would bring Stocks up to par within a year. p.

    1

    3

    The probable rate of progress is uncertain in the extreme. p. 2

    4

    The duration of this 1st Period will be inversely as the quickness of the

    progress. p. 3

    { Postpone

    5

    The period will be the longer, the more Years & months of war it

    contains. p. 4 }

    Effects Period I

    II Encrease of Money.

    6

    The quantum of money in circulation will be encreased by the amount of the cash

    paid for Annuity Notes by the Hoarders of cash on a small scale. p. 5.

    7

    The addition made to the currency by Annuity Notes, will be as the whole amount

    of the issue of Annuity Notes minus the Bank and Bankers paper expelled by it.

    p. 6

    8

    How Bank paper will be expelled if not received by government in purchase of

    Annuity Notes. p. 7

    9.

    Whether & How, if received? p.

    10

    The Silver Annuity Notes will not contribute to the expulsion of Bank Notes. p. 8

    Effects Period I.

    Effects Period I

    II. Money - Encrease

    11

    How Bankers paper will be expelled. p. 9.

    12

    Annuity Notes under £5 will not interfere with /contribute to/ the[?] expulsion

    of Banker’s Notes, p. 10.

    { III. Wealth - Encrease

    13

    Whatever clear addition is made to the currency by Annuity Notes will, with

    respect to the addition made to National Wealth by calling forth labour, be the

    same as if made by so much cash. p. 11 }

    14

    Greatest possible addition that can be made to National wealth in the course of a

    year by any the greatest quantity of cash. p. 12.

    Effects Period I

    III. Wealth - Encrease

    14

    It is not exactly true, that the quantity of wealth is in proportion to {the}

    briskness of the circulation. p. 12.±

    1. Gamesters

    2. Sales among Renters.

    15

    Ways in which encrease of money encreases general wealth.

    1. Employing unemployed hands.

    2. Employing incompleatly employd hands.

    3. Employing hands to more advantage. See No 5.

    4. Encreasing kind[?] in culture - the most advantageous subject matter of

    employment.

    5. Promoting the introduction of labour-saving machinery. p. 13

    6. Lessening expence of conveyance by Roads, Canals &c.

    7. By drawing labourers from abroad. p. 14

    8. By augmenting the Number of children reared and trained to labour.

    9. By promoting marriage, the remote source of labourers

    10. By replacing profits of Stock & interest of money borrowed to be

    employd in trade. p. 15

    15(a)

    Marriage and procreation diminish relative wealth before they encrease either

    relative or absolute.

    Referring[?] wealth to happiness adult labourers should be imported, &

    marriage discouraged - as Cato Major sold off old Slaves[?].

    Effects Period I

    III. Wealth - Encrease.

    16

    Ways in which encrease of money operates {in} towards keeping down the encrease

    of national wealth. p. 16.

    1. Raising rents of Land.

    2. Raising wages of labour.

    17

    The encrease of money will raise the money price of goods and labour of all

    sorts. p. 17.