1 Nov r 1800

Paper Mischief

Ch. I.V. Mischief proved

11

First then an encrease in the quantity of wealth to any amount may be made at any time without any encrease in /addition to/ the quantity of money.

Quere?

This, when applied to the whole commercial world taken together will be understood or at least assented to more readily than if confined in its application to any one country in particular.

In the case of each individual article Wealth is produced by Labour - labour by money. But the quantity of wealth produced - the quantity of labour bestowed has no assured[?] nor necessary nor fixed dependence on the quantity of money given for it. Now in 1800 a day’s labour is hardly likely to be had for as much silver as is contained in 1 s-6 d /1-6/: 650 years ago it was to be had for 2 d. + Upon quantity of provisions and other necessaries it does depend in this sort, viz. that without provisions &c sufficient to keep a man for a whole year /throughout the year/, the labour of a man for a year is not /never/ to be obtained. But the same quantity of provisions for which a given sum of money has been to be paid at one /a later/ time /period/, has been to be had for less than a tenth part of the money at another /an earlier/.

A given quantity of labour and thence of wealth is produced at all times by any quantity of money, however great or small for which the quantity of recompense in provisions which the labouring hand finds himself enabled to require happens at that time to be exchanged.

+ See Table of prices by Sir George Shuckburgh Evelyn - reprinted in Nicholson’s Journal for Sept 1798 from Philosoph. Transactions for 1798. p.176.