29 Oct. 1801

Polit. Economy

Non Facienda

2 Encreasing Money

4

6

{2. If the fresh money on the occasion of the first employment or expenditure

made of it is employ'd in purchases the inordinate effect of which is not to

make any immediate addition to the mass of really productive capital, it then

makes no addition to the growing mass of real wealth.

In this case there is the usurious interest as in the former - the interest of

300 per Cent - but no profit made by it. but the profit altogether wanting. The

3 million a year income-tax stands pure and neat: the ,150,000 deduction has no

place here.}

{From the amount of this depretiation and this interest is to be deducted on a

strict reckoning the sum[?] equivalent for the goods produced in each year by

the addition thus made to the mass of real capital: say 15 per Cent for ever

upon the million so employ'd. But this deduction is so small as in large[?]

sums[?] to be scarce worth bringing to account. From /Upon/ the 3 million a year

it amounts to but ,150,000.}