1820 Dec. 7

Paper money for Spain 5

§. 3. Uses as additament 2

By rise of prices is here meant – not a rise in the price of this or that

particle in the list of things possessing a value in the way of use: but a

universal rise of all such articles in comparison /as compared/ with those

articles viz money of both sorts to which no value is given but that which is

given to them in the way of exchange.

Of rise of prices the mischief consists in this: that into the pockets of one

class of men money (i.e. a mass more or less considerable of the matter of

wealth in all shapes) is put at the expence of another class of men: always

understood that in them there would be no mischief were it not for the truth of

the axiom thus expressible[?] Quantity of money in question and all other

inflaming circumstances the same the suffering from loss not consented to is

always greater than the enjoyment from loss.

The effect will be most readily conceived from the case of fixed-incomists –

persons possessed of fixt incomes. Double prices you tax all fixed incomists

fifty per cent: Their income being in name the same as it was, is in effect but

half what it was.