JB_162_016.xml

Title: [[clxii. 16] 1820 Aug. 19 Emancipation]

Description: [clxii. 16]

1820 Aug. 19

Emancipation Spanish

Summary

' 2 Creoles willing

Note (a)

(a)

Mine rents - meaning taxes on the produce of the mines as it comes out of the mine. I can not, in any account of the "revenue received in America" find any mention made of any such rent or tax. In Townsend's Journey through Spain (of which presently) II. 413 2 d edition mention is indeed incidentally made of "the tribute in gold and silver": and, on that occasion, the rate of the import is mentioned, as it varied from period to period: Before the year 1776, but from what time is not mentioned it had been one fifth: rate the same on silver and on gold. In that year it is spoken of as being reduced to one tenth upon silver and one twentieth upon gold.

In the general account, which will be seen presently, of this same "revenue received in America", no mention appears of any sum, received at the mines from the proprietors as such: "duties on gold and silver expected" is the name given to the only item in which any mention is made of these precious metals. Is it that instead of being paid at the mine what is paid is not paid but on exportation? If so, then so much as is expended is hoarded by the proprietors and those who are employed by them - in a word what soever is not known to be exported - stands exempted from the tax.

JB_162_003.xml

Title: [[clxii. 3] 1820 July 24 Emancipation]

Description: [clxii. 3]

1820 July 24

Emancipation Spanish

Summary

I Creoles willing

The only sources from which any such supply can be looked for are - taxation at large, Mine-rents or Mine-taxes - duties and restraints on production and trade.

1. To Taxation at large, for such a purpose, voluntary submission could not long, on any tolerably assured grounds, be expected. It was by the opposite determination that the yoke of England was cast off by the American United States.

2. Payment of money to Spain by the occupiers of mines in Spanish America, whether under the name of rents or taxes would be considered as submission to taxation: if levied at all the contributions thus levied uopon the fruits of the land and labour of the people in Spanish America ought to be applied (they would think) in easement of the taxes borne by the people of the province or state in which the mines are situated, and not to the enrichment of strangers at so vast a distance. (a)

3. By restraints in production and trade imposed on the subject many by the ruling few, no net advntage in a pecuniary shape is derivable by any body: by those by whom, or those for the sake of whom, they are imposed. In so far as taxes on trade are imposed, correspondent restraints upon trade are indeed among the inseperable consequences: but from this net advantage is received or is now so expected, beyond the mere produce of the tax. (b)

4. Money which by Spaniards sent from Spain might be received in the shape of official emolument attached to official situations in Spanish America. From this source no relief in respect diminution of taxes would be experienced by the subject many in Spain: the benefit would be engrossed by the ruling few in that country.

Note (a) According to Townsend Journey through Spain II 413. 2d.

Edition King's utmost-exigible mine rent, on silver no more than 10 per cent; on gold, than 5 per Cent.

Note (b) In England this has of late been publickly recognized by persons of all descriptions. Merchants, Ministers, Members of the House of Lords Members of the House of Commons - not a dissenting voice. In Debates of both Houses in July 1820.

JB_003_162.xml

Title: [[Summaries] 17 Oct 1801 Alarm]

Description: [Summaries]

17 Oct 1801

Alarm

Remedies

Ballance 2 do

Contents

Keep in

Go on trading { to a loss

{ without profit

1

Points to be distinguished -

1 Expediency, and fact. p. 1, 2.

The current language never speaks to fact, without speaking to expediency.

To Ch VIII. 26

2

2

2 Distinction between the favourable ballance of trade, and the profit of trade in the plain sense of the words in the instance of every person engaged in trade. p. 3, 4, 5.

3

Use of thus noting this distinction - Shewing that those who have confounded it, have lost themselves, and talked down right nonsense. p. 6, 7.

4

The opinion as to expediency is referable now to a determinate text - ( Irving - Lords’ Report - Rose - an advantage wanting to Adam Smith. p. 3, 4.

5

I. Expediency.

As to this point Irving’s opinions are as follows.

1. Gold and Silver have no transcendent value over and above their value in use or in exchange. p. 5.

6

2 The value of all other things is in comparison as nothing. p. 6

Expediency

7

3 Wealth is therefore to be estimated solely by gold and silver. p. 6

8

4 In particular, on the occasion of its importation. p. 6

9

5 The value of other wealth is equal to 0 or more probably is negative p. 7

By keeping on gold and silver to the amount.

10

Example. Corn &c p. 7.

11

6 There is no quantity of gold and silver, beyond which its superiority in value over corn and other things ceases or lessens. p. 7, 8.

12

7 The largest quantity of corn &c ought not to be refused to be given to get this smallest quantity of gold and silver that can not be got without it. p. 8

Expediency

13

8 Much less ought any gold and silver be sent out to get corn &c in any emergency p. 8.

14

9 Every thing that on being exported, does not send home gold and silver in return, is so much loss: - all corn imported as {evidence of} so much loss. p. 9.

15

10 Corn &c imported gratis may however be cleared[?] gain, not having been taken in lieu of gold and silver; nor therefore being evidence of so much loss. p. 9

Expediency

14

The above positions, though not consistent with the truth of things are tolerably consistent with one another /the system/. p. 10

15

A proposition of Irving’s, consistent with truth, but not with the system is - that fish imported are not an evidence /a cause/ of a corresponding loss /of so much loss/, in respect of so much gold and silver kept out. This is inconsistent, because the catching them prevents the employment of so much labour in the production of things for which the expected gold and silver might have been imported in return, prevents the import of so much gold and silver as much as if it had been employd in producing goods exported for a return in fish. p. 10, 11

Fact

16 1?

All these positions are virtually included in the expressions favourable and unfavourable ballance of trade. By favourable is meant the excess of exports above imports. p. 12.

Unfavourable = losing trade

17

It is concluded that gold and silver to the amount of this deficiency must have been imported: apparently because otherwise importers would have been giving their goods for nothing. p. 13

Fact.

18

Assumptions included in this inference. p. 13

1. Accounts perfectly correct - Negative. They state more gold & silver received than could be received

20

2 /3/. No returns in goods left in arrear, by encreased length of credit. Neg: ve p. 14.

21

3 /4/. No gold and silver re-exported. Neg: ve p. 15

22

4 /5/. Neither gold and silver nor goods exported without return. Neg. ve Witness - for War-expenses. p. 15. See 26

19

5. /6/ In gold and silver imported no more than £1000 received for goods that cost the exporters £1000. p. 14.

19

* Neither gold and silver nor goods imported without return.

Neg: e in addition to Purchases by Foreigners on English Funds.

Fact.

23

All these assumptions are erroneous: and these errors form the basis of Irving’s estimate of imports in gold and silver amounting to

1. For 4 years ending 1795 £6,500,000

2. For 4 years end g 1798 £14, 800,000 p. 15, 16

24

This gives for 3 years ending 1793 £17,566,666 p 16.

25

And adding the omitted 15 per Cent for profit of trade as above For 3 years ending 1798 £20,201,665

{ 26

In the current expression, the question of fact and the question of expediency are inextricably interwoven and confounded. You cannot speak to either without speaking to the other. p. 18, 19 }

{ 27

The matter of fact - the encrease of gold and silver - would to the amount of the encrease proved, have proved the proposition of expediency, that being involved in the encrease of wealth in all shapes: for encrease of gold & silver, though not a cause, is not effect, and thence an indication of encrease of all other wealth. p. 20, 21. }

26 1

3. Assumption 3 Neither gold & silver nor goods exported without return.

Neg e. Witness War expences p. 1, 2, 3.

Inadvertence of this assumption enough to destroy Irving’s credit. }

27 2

All base assumptions being false, hence so many constant sources of error by means of which the ballance may /will/ appear by the rule to be on the side opposite to that which it is on in reality. p. 4, 5, 6

28 3

All these instances of export without return are noticed by Irving and the Lords, without prejudice to the rule though repugnant to the rule. p. 6

29 4

The quantity of gold and silver added since 1697 according to this rule makes the total quantity existing in this country more than < > times the probable amount. p. 7, 8, 9, 10

30 5

It makes the quantity imported into the country a great deal more than the whole probable produce of the mines, as distributed among all the countries in Europe. p. 11, 12

As per Necker, III. 73

30* 5

* Irving’s Ballances make the total of the neat addition to gold and silver in the 7 years including 1798 £90,505,000

31 6

No such quantity can have been imported, because no proportionally acquainted quantity of gold has been coined - (& silver.) p. 15, 16, 17.

32. 7

No credit is due to Irving’s calculations Instead of particular he gives self-commending professions, and general remarks. p. 18, 19, 20 21, 22, 23, 24, 25