1 Nov r 1800

Paper Mischief

Ch. IV. Mischief Proved

10

labour (to any amount worth considering for the present purpose) but what is produced by money: what is more - the more money a man has the more labour he commands. What argument to appearance /at first view/ more conclusive, prove that the quantity of wealth existing in any community at any given time will be in proportion to the quantity of money that has been employed in the production of it? All this is true: yet after all it will be no less so, that the quantity of labour produced is not unless by accident in proportion to - does not depend upon the quantity of money employd in producing it.

Any quantity of wealth may be produced without any addition to the quantity of money.

Any addition may be made to the quantity of money in a country without making any addition to the quantity of other wealth.

In that one of two countries /periods/ which has most money true it is that in general there will be most wealth: and so as between time /place/ country/ and time / place/ country/ in the same country /period/ /time/ and that independently of any mines of the pretious metals contained in either. But in this case it is not the encrease in the quantity of money that is the cause of the encrease in the quantity of other wealth; but it is the encrease in the quantity of other wealth that is the cause of the encrease in the quantity of money. As a country without mines encreases its wealth, it encreases the amount of those masses of wealth which being collected each into[?] a single hand affords the owner a surplus by which /[…?/] he is enabled to procure foreign commodities, together masses of foreign money where with to procure more.