date

1820 June 10 Emancipation Spanish
1820 June 10

Emancipation Spanish

Ult r

'.7. Rulers gainers

From the consideration of the first circumstance results the following rule

1. Pecuniary circumstances equal, suffering, from the loss of a given sum is greater than enjoyment from the corresponding loss.

Thus, suppose two men whose wants are the same possessed of ,100 each: ,50 suppose is taken from the one and given to the other. I say the suffering to /experienced by/ the loser is more than equivalent to the enjoyment received /experienced/ by the gainer. For, while the property of the loser is diminished by and reduced to one half, the property of the gainer is augmented by no more than one third.

This is one reason why /cause to which/ upon the balance, the practice of gaining is so pernicious /indebted for the preponderant mischievousness of its effects/

2. The lower /the level in which/ a mans circumstances /Other circumstances equal/ stand in the scale of wealth, the greater the enjoyment /suffering/ is, which is produced by teh gain /requisition/ of a given sum, and the greater the suffering produced by the loss of it: and conversely the higher the less the enjoyment and the suffering.

,50 acquired by the man who has but ,100 may make him intensely unhappy: ,50 taken from him /left by him/, still more intensely miserable. ,50 gained or lost by a man who has ,1,000,000 will scarce produce a sensation in either cases.
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  • Title: [Polit Econ. Method & Leading Features]
    Description: Polit Econ. Method & Leading Features

    6

    Note continued

    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 addition 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 ,100 of the

    ,432,000,000 will be worth but ,50 of the ,216,000,000: that is the income of

    each fixed-incomist will, by that time, 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 a loser, by the change. Not so in point of

    comfort. For, by so much as he is against 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.-

    End of Note

    II. Narrow Measures.

    V. Particular Encouragements to particular sources of wealth.

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

    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)
  • Title: [1820 June 10 Emancipation Spanish]
    Description: 1820 June 10

    Emancipation Spanish

    '.7. Rulers gainers

    Abstractedly considered, the gain to the ruling portion of the community whether from the source in question or from any other, the gain /profit/ to the ruling portion, as to any other portion, of the community, is as far as it extends /by the whole amount /extent//, profit to the whole. If it /the effect/ be loss to the whole, it can only be in so far as loss to others, loss more than equivalent to the profit, is among the results of the operation by which the profit is produced.

    In forming an estimate of the balance

    The position the truth of which is to be enquired into is /are/ - that, while to the subject many the dominion in question is not productive of any profit in any shape, but on the contrary of great loss /to a great /vast/ amount/, to the ruling few on the contrary it is productive of great profit /to a great amount/: and that, of course, in that smaller profit they /you/ may see the undoubted /unquestionable/ cause of that greater and more equivalent loss.

    In any /every/ estimate taken on the occasion of this account two circumstances require to be taken into consideration 1. The one is where, without equivalent regarded by him as such, money is by one many for less use, taken from another, both standing upon the same level in the scale of wealth, the difference between the enjoyment produced by the profit, and the suffering produced by the loss.

    2. The other is the difference in the effect produced by the same sum, whether on the receiver /party receiving it/ in respect of profit, and enjoyment or the fairly deprived of it in respect of loss and suffering according to the level in which they repectively stand on the scale of wealth.
  • 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.}