14 March 1804

Institute

Ch.1. Method

3

copied p 1:

{ Note (d) to p.2.

(d) It is in consequence of the interconvertibility above mentioned, that wealth

in any one shape is wealth in any other: that every instrument of mere enjoyment

is a pledge of security: and that national power, so far as depends upon wealth,

is in proportion, not to absolute, but only to relative, opulence: not to the

absolute quantity of the matter of wealth in a nation, but to its ratio to the

mass of population. For, of the aggregate value of the aggregate mass of the

matter of wealth in a nation, the part dedicated to enjoyment is the only

disposeable part: the only part applicable to the purpose of defence. What is

necessary to subsistence. What is necessary to subsistence must be applied to

subsistence, or the man must starve. Hence the reason why France, so much

superior to Britain, not only in population, but in absolute wealth, is yet

inferior in power, except with relation to countries so near adjacent, that the

expence of invading them may be more or less defrayed, by the contributions

raised in them.}