1 Nov r 1800

Superseded?

Paper Mischief

Ch. IV Mischief

1. Rise of Prices

1

1. First as to the rise of prices. In an aggregate view the alledged evil may appear an imaginary one. + But an aggregate view is an indeterminate view /one/: and an indeterminate view is liable to be a false one. It would be found particularly so here in the present instance.

Vendible commodities since the rise requires now an additional quantity of money to pay for them: true - this would indeed be a misfortune /an evil/, if the additional quantity of money did not exist. But it does exist it existed even /already/ before the rise: for it are the sole cause of the rise: then where is the mischief? The remedy instead of treading tardily as usual upon the steps of the disease, precedes it: or rather precedes the result which otherwise would be a disease, and prevents it from becoming so.

First then comes the encrease of wealth – for is not money wealth? It is not indeed the only species of wealth: a man can neither be fed, cloathed, lodged, convey’d nor warmed by it. But it is not the less a species of wealth: were it not, it would not be received, as it is, in exchange for every other. An encrease of wealth is upon the whole therefore not only a necessary concomitant but the very cause of the supposed alleged evil. Admitt it to be attended with diminution of wealth in the instance of individuals, still, being attended with encrease of wealth upon the whole,

the loss is more than covered by the profit, and any conclusion that should be formed, by dwelling upon particular instances of loss would be no otherwise than erroneous /a wrong one/.

+ N.B. This, being a false view, should not precede the true one