No More Learning

Opinion of M. Say on this subject, 544.
And of the Earl of Lauderdale, 545-547.
Observations thereon, 547, 548.


E.

_Economy_ in labour, reduces the relative value of commodities, 21.
Illustration of this principle, 22-42.

_Exchange_, no criterion of the increased value of money, 178.
To be ascertained by estimating the value of the currency in
the currency of another country, 181,
and also by comparing it with some standard common to both
countries, 181-184.
Effects of paper currency on exchange, 310-314.

_Exportation_ of corn, bounties on, lower its price to the foreign
consumer, 417-427.
Effects of, in raising the price of corn, illustrated, 428.
Bounties on the exportation of manufactures raise the market,
but not the natural, price of these, 436-438.


F.

_Farmers_ pay more poor-rate than the manufacturers, 359-362.

_Foreign Trade_, effects of an extension of, 146, 147.
Proofs that the profits of the favoured trade will speedily subside
to the general level, 148-154.

_Funded Property_, the price of, no steady criterion by which to
judge of the rate of interest, 413-415.


G.

_Gold_, and Silver, an insufficient medium for determining
the _variable_ value of commodities, 7, 8.
But, upon the whole, the least inconvenient standard
for money, 80, 81.
On whom a tax upon gold would ultimately fall, 249, 250.
The value of gold ultimately regulated by the comparative
facility or difficulty of producing it, 251.
Effects of a tax upon gold, 252-261.
Evils of prohibiting a free trade in the precious metals,
when the prices of commodities are raised, 309.
The value of gold and silver proportioned to the quantity
of labour necessary to produce them and bring them to
market, 499.
Remarks on the employment of these metals in currency, 516.
Their relative values at different periods, accounted for,
516-526.
Investigation of the comparative value of gold, corn,
and labour, in rich and in poor countries, 527-537.

_Gross Revenue_, advantages of, over-rated by Adam Smith, 491.
And by M. Say, 492, _note_.
Examination of this doctrine, 492-498.
A diminution of gross income, no diminution of net income, 579-583.


H.

_Holland_, low rate of interest in, accounted for, 400, note.

_Houses_, rents of, distinguished into two parts, 263.
Difference between rent of houses and that of land, 264.
Taxes on houses by whom ultimately borne, 266.


I.

_Importation_ of corn, effects of a prohibition of, considered,
437, 438.

_Interest_, low rate of, in Holland, accounted for, 400, _note_.
Effects of accumulation on profits and interest, 398-410.
Observations on the rates of interest, 412-416.
The interest for money is regulated by the rate of profits which
can be made by the employment of capital, 512, 513.


L.

_Labour_, the quantity of, requisite to obtain commodities,
the _principal_ source of their exchangeable value, 4, 5.
Effects of machinery on, considered, 9-11.
Economy in labour reduces the relative value of a commodity,
21, 22.
Illustrations of this principle, 22-42.
Adam Smith's theory of productive and unproductive labour,
considered, 64-66, _notes_.
Natural price of, explained, 90, 91.
Market price of, what, 92.
Its influence on the happiness of the labourer, 92, 93.
Investigation of the comparative value of labour, gold, and corn,
in rich and in poor countries, 527-537.

_Land_, the division of the whole produce of, between landlords,
capitalists, and labourers, is the criterion of rent, profits,
and wages, 44-48.
Its different productive qualities, a cause of rent, 54-58.
Effects of increasing its productive powers by agricultural
improvements, 70-76.

_Landlords_, tithes injurious to, 229, 230.
Benefit of a high price of corn to them, 474, 475.

_Land-Tax_, virtually a tax on rent, 232.
Effects of an equal land-tax, imposed indiscriminately on all land
cultivated, 234, 235.
Error of Dr. Adam Smith, on the inequality of land and all other
taxes, accounted for, 236-238.
Tax on land and its produce, no bar to cultivation, 238, 239.
Operation of the land-tax of Great Britain, considered, 239, 240.
Mistake of M. Say, corrected, 241, 242-246.

_Lauderdale_ (Earl of), opinion of, on the influence of demand and
supply on prices, 545-547.
Remarks thereon, 547, 548.

_Luxuries_, observations on the taxing of, 314.
Advantages and disadvantages of taxing them, considered, 327-329.


M.

_Machinery_, effects of, in fixing the relative values of commodities,
34-41.

_Malthus_ (Mr. ), examination of the opinions of, on rent, 549-566.
The real cost of production regulates the price of commodities, 567,
568, 572, 573.
Increase of population no cause of the rise of rent, 569;
nor agricultural improvements, 570, 571.
His supposition, that net income is diminished, in proportion to a
diminution of gross income, disproved, 579-583.
Loss of rent, the effect of a low price of corn, 587, 588.

_Manufactures_, improvement of, in any country, tends to alter the
distribution of the precious metals among the nations of the world,
157-170.
Manufacturers pay less poor rate than farmers, 359-362.
The market price of manufactures, but not their natural price,
raised by bounties on their exportation, 436-438.

_Mines_, distinguished by their fertility or barrenness, 77-79.
Effect of discovering the rich mines of America on the price of the
precious metals, 80.
Observations on the rent of mines, 462-467.

_Money_, effects of the rise of, in value, on the price
of commodities, 43, 44.
The rate of profit not affected by variations in the value of
money, 46-48.
Different value of money in different countries, accounted for,
170-173.
The value of money, _generally_, diminished by improvements in
the facility of working the mines of the precious metals, 178.
The demand for, regulated by its value, and its value by its
quantity, 250, 251.
Low value of, in Spain, prejudicial to the commerce and manufactures
of that country, 307.
Observations on the rates of interest for money, 412-416, 512, 513.
The value of, though partially degraded by a bounty on corn, yet not
permanently degraded, 432-434.
The quantity of, employed in a country, dependant upon its value,
500.
Effects of the state charging a seignorage on coining money, 501,
524, 525.

_Monopoly-price_, observations on, 340-345.


N.

_National Debt_, observations on, 340.

_Net Revenue_, advantages of, unduly estimated by Adam Smith, 491,
and by M. Say, 492, _note_.
Examination of their doctrines, 492-498.
Is not diminished by a proportionate diminution of gross revenue,
579-583.


P.

_Paper Currency_, circulation of, explained, 501.
Paper-money not necessarily payable in specie, to secure its value,
502.
But the quantity issued must be regulated according to the value
of the standard metal, _ibid. _ 503.
The Bank of England, why liable to be drained of specie for its
paper currency, 504-506.
Compelling the issuers of paper money to pay their notes either
in gold coin or bullion, is the only control upon their abusing
their power of issuing such money, 507.
Provided there were perfect security against such abuse, it is
immaterial by whom paper money is issued, 509.
Illustration of this point, 510-516.

_Poor-Laws_, pernicious tendency of, as they now exist, 111, 112, 115.
Remedies for, 113, 114.

_Poor-Rates_, nature of, 355.
How levied, 356-358.
More falls on the farmer than on the manufacturer, in proportion
to their respective profits, 359-362.

_Population_, increase of, no cause of the rise of rent, 569.

_Price_ (real), of things, distinguished, 4.
Natural and market prices distinguished, and how governed, 82-89.
The prices of commodities not necessarily raised by a rise in the
price of labour, 109, 110.
Rise of price on raw produce, the only means by which the cultivator
can pay the tax imposed thereon, 195.
The market, but not the natural price of manufactures, raised by
bounties on their exportation, 436-438.
The influence of demand and supply on prices, considered, 542-548,
567, 568, 572, 573.
Alteration in the market price of corn encourages its production,
574, 575.

_Produce_ of land, and labour of the country, must be divided between
capitalists, landlords, and labourers, to afford a criterion of
rent, profits, and wages, 44-48.
Effect of taxes on raw produce, 194.
Tax on raw produce raises the price of wages, 199.
Objections against taxing the produce of land, considered, 201-224.
Remarks on the inconveniences supposed to result from the payment
of taxes by the producer, 538-541.

_Production_, difficulty of, benefits the landlord, 76.
The cost of production, the regulator of the price of commodities,
542, 567, 568, 572, 573.

_Profits_ of stock difficult to ascertain, 410.
The quantity of labour necessary to obtain the produce of land,
is the criterion by which to estimate the rate of profit, wages,
and rent, 44-48.
A rise in the price of corn, productive of a diminution in the
money value of the farmer's profits, 117-122.
A rise in the price of raw produce, if accompanied by a rise of
wages, lowers the agricultural and manufacturing profits, 125-130.
Proofs, that profits depend on the quantity of labour requisite to
provide necessaries for labourers, on that land, or with that
capital which yields no rent, 131-144.
Effects of an extension of foreign trade on profits, 146, 147.
Proofs, that the profits of the favoured trade will speedily
subside to the general level, 148-154.
And so with respect to home trade, 155-157.
Further proofs that profits depend on real wages, 173-175.
Tax on necessaries virtually a tax on profits, 269, 270.
Effects of a taxation of profits, considered, 270-284.
The profits of stock diminished by a tax on wages, 285.
Effects of accumulation on profits and interest, 398-416.

_Prohibition_ of importation of corn, effects of, considered, 437,
438.

_Provisions_, causes of the high prices of, 203.
First, a deficient supply, _ibid. _--204.
Secondly, a gradually increasing demand, ultimately attended with
an increased cost of production, 205.
Thirdly, a fall in the value of money, 209.
Fourthly, a tax on necessaries, 210.


R.

_Rent_, nature of, 49, 50, 52, 362, _note_.
Adam Smith's doctrine of rents, considered, 50, 51.
The different productive qualities of land and increase of
population, the cause of rents, 54-58.
Rise of, the _effect_ of the increasing wealth of a country,
65, 66.
Influence of the prices of corn on rent, 67-69.
Effects of agricultural improvements on rent, 70-76.
Observations on the rent of mines, 77-81.
Tax on rent falls wholly on the landlords, 220-224.
Corn-rents materially affected by tithes, 227.
Examination of Dr. Adam Smith's doctrine concerning the rent of
land, 458-475.
And of Mr. Malthus's opinions on rent, 549-566.
Increase of population is no cause of the rise of rent, 569.
Neither are agricultural improvements, 570, 571.
Loss of rent, the effect of low price of corn, 587, 588.

_Riches_, defined, 377.
Difference between value and riches, 377-386.
Means of increasing the riches of a country, 386-388.
Erroneous views of M. Say on this subject considered, 388-397.


S.

_Say_ (M. ), erroneous views of, concerning the principles of the
land-tax in Great Britain, corrected, 241-244.
Examination of some of his principles of taxation, 319-324, 330,
331, _notes_.
Remarks on his mistaken view of value and riches, 388-397.
Examination of his doctrine concerning bounties on exportation,
443-448.
And on gross and net revenue, 492-498.
Danger resulting from his recommendation respecting the charging
of seignorage for coining money, 525, 526, _notes_.
Observations on his statement of the inconveniences resulting
from payment of taxes by the producer, 538-540.
His opinion on the influence of demand and supply on prices,
considered, 544, 545.

_Scarcity_, a source of exchangeable value, 2.

_Seignorage_, effects of, on the value of money, 501, 524, 525.

_Simonde_ (M. ), remarks on the opinion of, concerning the
inconveniences resulting from the payment of taxes by the producer,
540, 541.

_Silver. _ See _Gold_ and _Silver_.

_Sinking fund_, in England, merely nominal, 340.
How conducted, 510.

_Smith_ (Dr. Adam), on the meaning of the term value, 1.
His doctrine that corn is a proper medium for fixing the varying
value of other things, examined, 7-9.
Strictures on his doctrine relative to labour being the _sole_
ultimate standard of the exchangeable value of commodities, 10,
11, 575, 576.
And on his definitions of rent, 49, 50.
His theory of productive and unproductive labour considered,
64-66, _notes_.
Correction of his erroneous view of the inequality of taxes on
land, and all other taxes, 236-238.
His opinion on the taxes upon the wages of labour, 286.
Examination thereof by Mr. Buchanan, 287-292.
Observations thereon by the author of this work, 293-306.
Correction of his mistaken view of taxes upon luxuries, 314-319.
Remarks on his doctrine concerning bounties on exportation,
420, 422-439.
Examination of his doctrine concerning the rent of land, 458-475.
And on gross and net revenue, 492-498.
Strictures on his principles of paper-currency, 503-508.
His statement respecting the advantages of the Scottish mode of
affording accommodation to trade, disproved, 515, 516-523.
Remarks on his doctrine relative to the comparative value of
gold, corn, and labour, in rich and in poor countries, 529-537.

_Spain_, commerce and manufactures of, injured by the low value of
money there, 307.

_Stamp-duty_, weight of, a bar to the transfer of landed property,
267, 268.


T.

_Taxes_, nature of, explained, 186.
Impolicy of taxes on capital, 190.
Taxes upon the transfer of property, 191.
On whom the several kinds of taxes principally fall, 192.
Objections to taxes on the transference of property, 192, 193.
Effect of taxes on raw produce, 194.
A rise of price in raw produce the only means by which
the cultivator can pay the tax, 195.
Such tax in fact paid by the consumer, 196-198.
Tax on raw produce and on the necessaries of the labourer,
raises the price of wages, 199.
Objections against the taxation of the produce of land,
considered and refuted, 201-224.
Tithes, an equal tax, 225.
Difference between them and a tax on raw produce, 226.
Objections to them, 227-231.
Tax on land, virtually a tax on rent, 232.
They ought to be clear and certain, 233, 234.
Effects of taxes on gold, considered, 247-261.
Ground rents, not a fair subject of taxation, 267. Taxes
on houses by whom ultimately borne, 266.
Taxes on necessaries, virtually a tax on profits, 269, 270.
Effects of taxation of profits considered, 270-284.
Taxes upon luxuries, 314.
Advantages and disadvantages of, 327-329.
Supposed absurdities in taxation, explained and obviated,
315-317.
Proper objects of taxation, 326.
Observations on the taxation of other commodities than raw
produce, 330.
Effect of taxes to defray the interest of loans, 332-334.
Remarks on the tax upon malt, and every other tax on raw
produce, 346-353.
Nature and operation of the poor-rate, 355-362.
Examination of the inconveniences supposed to be sustained
by the payment of taxes by the producer, 538-541.

_Tithes_, nature of, 225.
Are an equal tax, _ibid. _
Difference between tithes and a tax on raw produce, 226.
Tithes materially affect corn-rents, 227.
They act as a bounty on importation, and therefore are
injurious to landlords, 229, 230.
Do not discourage cultivation, 237, 238.

_Trade_, general causes of sudden changes in the channels of, 363-365.
More particularly the commencement of war after a long peace,
or vice versa, 365-368.
The effects of such revulsions on agriculture, considered, 369-376.
Observations on the carrying trade, 407.
See _Foreign Trade_.


U.

_Utility_, essential to exchangeable value, 2.


V.

_Value_, definition of, 1.
The distinctive properties of value and riches considered, 377-397.
See _Labour_.
Utility essential to exchangeable value, 2.
Scarcity, one source of such value, _ibid. _
The quantity of labour required to obtain commodities, the principal
source of their exchangeable value, 3-15.
The effects of accumulation of capital on relative value, 16-42.
Effects of a rise in wages, on relative value, 43, 44.
Effects of payment of rent, on value, 45, 46. Variations in
the value of money make no difference in the _rate_ of profits,
46, 47.
The value of gold and silver is in proportion to the labour
necessary to produce and bring them to market, 499, 500.
Investigation of the comparative value of gold, corn, and labour,
in rich and in poor countries, 527-537.


W.

_Wages_, effects of a rise in, on relative value, 27-33, 43, 44, 48.
Natural and market prices of labour, 90-93.
Increase of capital in quantity and value, increases the natural
price of wages, 94, 95.
Increase of capital, but not in value, augments the market price
of wages, _ibid. _
Proofs that the increasing difficulty of providing an additional
quantity of food with the same proportional quantity of labour,
will raise wages, 97-104.
A rise in wages not necessarily productive of comfort to
the labourer, 105-108.
A rise of wages not _necessarily_ productive of a rise in the prices
of commodities, 109, 110, 286-289.
Wages will be raised by a tax on necessaries, 269-270.
And by a tax on wages, 285.
Effects of a tax upon wages, considered, 297-306.

_Wealth_, causes of the increase of, 66.


J. M^{c}Creery, Printer,
Black-Horse-court, London.


_Albemarle-street, London,
May, 1817. _


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