24 Aug. 1801

Polit. Economy

Method

III. Non Agenda

1 Money

2

6

{divides itself as between the hoarded mass /portion/ and the mass /portion/ in

circulation in the same proportion as the pre-existing mass is so divided, it

follows that for every ,100 added thus to capital, and producing issues or

creates and to the employer of it in a commercial way or to the employer

borrowing it and the creator lending it between them, a perpetual tax of ,300 a

year is imposed upon the class on whom the burthen of the tax falls, viz: the

class of possessors of fixed income, deducting only /subject to a deduction from

this ,300 a year, to the amount of/ ,15 being the equivalent in money for the

fresh goods produced by the employment of the ,100 of fresh capital, where the

money is employ'd in a commercial way, and but without any deduction, where it

is employ'd in a non-commercial way.

When the addition made to money is made by metallic money, no such addition to

real wealth no such deduction from the amount of the indirect income tax takes

place. If imported, being imported by commercial hands, it is employ'd in a

certain proportion in the shape of capital: but if instead of the ,100 of money

or the materials of money property to the same value had been imported in the

shape of vendible commodities, those commodities would on being sold put into

the hands of the seller ,100 in the shape of money, to be employ'd by him as

capital, as much as if the value had been imported in that shape: the only

difference is that in the one case the money employ'd by him as capital is money

belonging to th old stock, in the other case money added to the old stock.}