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The Science Of Wealth | by Amasa Walker



In the preparation of the following work, it has been my hope, while furnishing a Manual of Political Economy, which should present clearly and intelligibly the leading principles of the science, to afford a full and thorough analysis and description of the different currencies used in the commerce of the world, especially to exhibit the nature and effects of the mixed-currency system of the United States.

TitleThe Science Of Wealth: A Manual Of Political Economy
AuthorAmasa Walker
PublisherJohn Wilson And Son
Year1866
Copyright1866, Amasa Walker

The Science Of Wealth:

A Manual Of Political Economy.

Embracing The Laws Of Trade, Currency, And Finance.

By Amasa Walker,

Lecturer On Public Economy In Amherst College.

Boston: Little, Brown, And Company.

1866.

Entered, according to let of Congress, in the year 1866, by AMASA WALKER,

In the Clerk's Office of the District Court of the District of Massachusetts.

Second Edition.

Cambridge: Stereotyped And Printed By John Wilson And Son.

-Preface
In the preparation of the following work, it has been my hope, while furnishing a Manual of Political Economy, which should present clearly and intelligibly ...
-Preface. Continued
But, while a knowledge of the laws of wealth is especially desirable and useful for particular classes and professions, it is obvious that the masses of the ...
-Chapter I. Character of The Science
Political Economy is the Science of Wealth, and professes to teach the laws by which the production, and consumption of wealth are governed. The term, ...
-Wants, Efforts, Satisfactions; or, Desires, Labor, Wealth
The wants of man, in which are all the springs of wealth, are various, and change their place and form with times and circumstances. But they arise from his ...
-Chapter II. Definition Of Wealth
Having now given the three great facts on which the science is founded, it becomes necessary to fix precisely the terms to be used in the further development ...
-Chapter III. Definition Of Value
What, then, is value? When does an article or commodity possess value? When it is an object of man's desire, and can be obtained only by man's efforts. Any ...
-Definition Of Value. Continued
The transaction relative to the diamond may be supposed to give rise to the following dialogue: ' Give me your diamond, sir.' ' With all my heart. Give me, in ...
-Chapter IV. Distinction Between Value And Utility
We have now gone over all the ground belonging to the theory of value: but we cannot leave it without dwelling a while on one part of it ; without clearly ...
-Chapter V. Definition Of Labor
We have defined value at great length and with various illustrations, with the result, to our minds, that it arises from the union of desire and labor; but we ...
-Chapter VI. Definition Of Capital
Labor enters into production, or the creation of values, in two ways: First, As the labor of the present. Second, As the labor of the past. We call the first ...
-Chapter VII. Relation Of Capital And Labor
But this union creates the competing interests of labor and capital, since they are generally found in different hands. An interest is, in scientific meaning, ...
-Chapter VIII. The General Divisions Of The Science
1st, It being admitted that man has wants which he can satisfy from the world around him, and which he desires to satisfy as fully and easily as possible, we ...
-Book II. Production. Chapter I. Forms Of Production By Transmutation
All, values are created by modifications of existing matter. Man cannot create one particle; but he can modify what he finds, or change its condition, in three ...
-Forms Of Production By Transformation.
Man modifies matter and exchanges its condition, By Transformation This is the business of the manufacturer and the mechanic. These create values by changing ...
-Forms Of Production By Transportation
But man modifies matter or changes its condition, By Transportation The merchant does not primarily create value in objects, but enhances that already existing ...
-Chapter II. Conditions Of The Highest Production
If labor, through some form, produces all wealth, we are led to inquire into the circumstances and conditions that increase or diminish the efficiency of this ...
-Chapter III. Division of Labor
In some countries, a man wishing for a chair goes into the forest, fells a tree, carries the timber to his workshop, forms the parts, and puts them together ...
-Chapter IV. The Advantages Of Division of Labor
1st, It gives increased dexterity. All common observation testifies how rapid and accurate our motions become, when confined to a single operation. The juggler ...
-The Advantages Of Division of Labor. Continued
In addition to this, the large manufacturer can afford to work for a smaller rate of profit. A single hatter, for example, who makes only $2,000 worth of hats, ...
-Chapter V. The Limitations To The Division Of Labor
But the great principle of division of labor, so very bene ficial in its operations, is yet limited by certain conditions, which it cannot disregard. 1st, When ...
-Chapter VI. The Disadvantages Of The Division of Labor
1st, It tends to enervate the laborer, because it does not, as a general fact, give full activity and development to all the functions of the body. We shall ...
-The Disadvantages Of The Division of Labor. Part 2
c. The laborer is not all workman. While his special occupation provides for his subsistence, and endows him with energy, industry, and concentrativeness of ...
-The Disadvantages Of The Division of Labor. Part 3
4th, The division of labor lessens the number of those who do business on their own account. This is a natural consequence of what has been shown. We have said ...
-Chapter VII. The Division Of Labor (concluded).
We have passed through the discussion of the advantages, the limitations, and the disadvantages of the division of labor. If, now, we inquire on which side the ...
-Chapter VIII. The Co-Operation Of Capital
This is the second grand condition, through which the productiveness of labor is increased. We have before spoken of capital: we now proceed to define it ...
-Chapter IX. The Co-Operation Of Capital. Part 2.
Is the distinction between productive and unproductive capital real? It has been urged by many writers at considerable length. It is susceptible of much ...
-Chapter X. The Co-Operation Of Capital. Part 3
Having considered the two great agents by which all wealth is created, viz. capital and labor, we come to speak of their union, and to inquire under what ...
-Chapter XI. The Co-Operation Of Capital. Part 4
Is it possible that there should be a surplus of capital? It is evident that there may become such a surplus, if we assume that production itself does not ...
-Chapter XI. The Co-Operation Of Capital. Part 5
2d, The union of capital and labor will be most effective, when each is sure of its just reward. If the rights of man as a holder of property are sacred, and ...
-Chapter XI. The Co-Operation Of Capital. Part 6
3d, The union of labor and capital is most effective when the latter is appropriately distributed. Capital creates no values by its own powers. It must be ...
-Chapter XII. Economic Culture
We shall best define the field of this agency by discussing one of the most severely contested questions of political economy, viz.: What is the distinction ...
-Economic Culture. Continued
Primary, where a direct part is taken, an active agency maintained, in the creation of values. Secondary, when an effect is produced, which, by modifying human ...
-Book III. Exchange. Part First. Trade. Chapter I. The Principles of Trade
Exchange has its origin from the division of labor; and the further that division is carried, the greater extension is given to exchange. If each man supplied ...
-The Principles of Trade. Continued
It will, of course, be remarked, that the amount of surplus, in particular countries, will vary with the character of their products. We can suppose an entire ...
-The Territorial Division of Labor
The Chinese raise tea and silk. This is their specialty, the form of industry to them most profitable. The Cubans produce sugar; and the Sicilians, oranges, ...
-Chapter II. Obstructions To Trade
These are of three kinds : First, physical, which are natural; second, social, which are incidental; third, legal, which are conventional. Looking at these in ...
-Obstructions To Trade. Continued
In the prodigious enterprises undertaken by science and labor for removing, in every direction, obstacles to uninterrupted communication, do we not find the ...
-Chapter III. Legal Trade Protection
Legal protection may be imposed from one or more of four general reasons: 1st, To raise a revenue. 2d, To encourage the protection of certain commodities at ...
-Legal Trade Protection. Part 2
Economically, it will ever remain true, that the govern ment is best which governs least. The wants of a people are the sole proper, the sole possible, motives ...
-Legal Trade Protection. Part 3
The importance of this element will be seen in the following remarks from Dr. Allen's excellent work on India, Ancient and Modern: India has valuable iron ...
-Legal Trade Protection. Part 4
2d, A great loss was caused to the general production of the country. Labor and capital were withdrawn from pursuits of ordinary profitableness, and invested ...
-Legal Trade Protection. Part 5
And the iron interest clamors loudly and successfully for more protection. Fifty per cent is not enough for the people to pay extra on iron. These are not ...
-Chapter IV. The Fallacies Of The Protective Trade Theory
We leave now the illustrations of the principles of protection, as exhibited in the manufacture of iron. We believe we have shown the unsoundness of all that ...
-Chapter V. Legal Trade Protection (concluded)
We have said that legal protection may be imposed from one or more of four general reasons. We have discussed the first two; viz., To raise a revenue. To ...
-The Fallacies Of The Protective Trade Theory. Part 2
The intercourse between the United States and Austria is but trifling. A little fire would kindle great strife between these two peoples. There would be no ...
-The Fallacies Of The Protective Trade Theory. Part 3
We infer, from all that has preceded, that protection is an unfortunate expression. To restrict industry, to put the bad on the level of the good, to remove ...
-Chapter VI. Balance Of Trade
What is meant by the balance of trade? An actual balance of trade is the difference between the amount of values exported and the amount of values imported.
-Part Second. Instruments Of Exchange. Chapter I. Barter And The Different Forms Of Currency
We have discussed the principles upon which exchanges are made. We now come to consider the instruments by which they are effected. These are of three kinds: ...
-Barter And The Different Forms Of Currency. Continued
Hence we must take that for a standard, which, on the whole and in the long-run, is subject to the least fluctuation. Of all objects of this kind, we shall see ...
-Chapter II. Money
Having examined the nature and functions of currency, we shall now speak of the actual money of commerce, or the universally accepted equivalent. In all ages ...
-Money. Continued
5th, They are of uniform quality. Gold and silver are always and everywhere the same. Found in California, Australia, or Russia, gold is everywhere gold. The ...
-Coinage
Having seen how admirably adapted the precious metals are for use as money, we pass to a consideration of those artificial arrangements by which they are still ...
-Chapter III. Credit Currency
This we have already stated to consist of the promises of government to pay money, which, by force of law or the necessities of the people, are received as ...
-Effect Of Credit Currency On Prices And Incomes
A general rise of prices follows the introduction of a credit currency, because it is always issued in excess of the natural volume of money; and consequently, ...
-Effect On Contracts
A credit currency, it may be safely assumed, is always redundant; and, as such, its effect on contracts is twofold. Obligations to pay money made with a specie ...
-Credit Currency A Forced Loan
When a government issues its notes as currency, and makes them a legal tender, or authorizes other parties to do so, it creates a forced loan. All creditors ...
-Credit Currency A Direct Tax
As soon as legal-tender credit notes begin to depreciate in value, or, in other words, as soon as commodities rise in consequence, each person who receives ...
-Chapter IV. Mixed Currency
Mixed currency is a modern invention, as yet known only to a small part of the human race, and but partially understood even in those countries into which it ...
-The Quality Of A Mixed Currency
This is by far the most important matter in relation to a mixed currency. What is the proportion of specie held for its conversion? To ascertain this, we must ...
-Liabilities Of A Mixed-Currency Bank
1. Capital Stock. This is the sum total of all the amount paid into the bank, to constitute its means of doing business. 2. Circulation. This consists of notes ...
-Resources Of A Mixed-Currency Bank
Loans. This item includes the sum total due the bank from its customers for discount and advances, and for which the banks hold notes or other obligations, ...
-Resources Of A Mixed-Currency Bank. Continued
We also see why it is that such banks must be constantly desirous of increasing their loans, by issuing their own credit in the shape of circulation and ...
-Chapter V. Analysis of Deposits
Our analysis of mixed currency will be far from complete, if we do not give a full description of the origin and character of deposits, as forming an element ...
-Are Bank Deposits Currency?
Lord Overstone, one of the best authorities, has maintained the negative; but most writers * in this country take the affirmative side of the question: indeed, ...
-Chapter VI. Mixed Currency. Fluctuations In Quantity And Quality
We have explained the organization of mixed-currency institutions, the character of their operations, the quality and form of their issues. We pass now to ...
-Mixed Currency. Fluctuations In Quantity And Quality. Continued
Secondly, Of contraction. We have seen the forces that raise the currency higher and higher. We have not seen that it is done for the public good, or in ...
-Chapter VII. Tables And Diagrams of Mixed-Currency Fluctuations
We have shown, from the reason of the case, that a mixed currency is not governed by the laws of value; and that therefore its variations are controlled by ...
-Chapter VIII. Mixed Currency As A Medium of Exchange
Having shown that a mixed currency is certain to expand and contract, without reference to the healthful and harmonious provisions of value, and to a degree ...
-Chapter IX. Mixed Currency As A Standard Of Value
2d, Does a mixed currency act justly as a standard of value? This function of money is of a very important character. It lies at the foundation of all credit ...
-Mixed Currency As A Standard Of Value. Continued
Neither is it an arbitrary act on the part of the government. It is purely a favor, an accommodation, provided at great cost, for the benefit of the public.
-Price Of Commodities
Currency performs the function of a standard of value, by fixing the price of commodities. In order to examine the subject intelligently, we shall be called ...
-Price Of Commodities. Part 2
Table V. Average Price of Ten Commodities in the New-York Market for Twenty-six Years* (1834-1859), with the Amount of Currency per capita. * Financial Report, ...
-Price Of Commodities. Part 3
To observe further the operation of mixed currency as a standard of value, and its effect, not on trade generally, but on ordinary production, let us take the ...
-Chapter X. Effects Of A Mixed Currency
We stated two principal questions in regard to mixed currency: 1st, Does it perform satisfactorily the functions of money? 2d, What, and how great, are its ...
-Effects Of A Mixed Currency. Part 2
It is not enough to evade this, by saying that such an event has never happened, though the banks have several times suspended. That is quite true; yet it does ...
-Effects Of A Mixed Currency. Part 3
What comes in consequence of all this? The nation is obliged to carry on its vast pecuniary operations with a broken-down currency. This, of course, involves ...
-Effects Of A Mixed Currency. Part 4
Suppose that a certain kind of broadcloth can be afforded by the foreign manufacturer, delivered at New York, for two dollars per yard; the same article might ...
-Effects Of A Mixed Currency. Part 5
The tariff of 1816 was the first ever laid for protection, and is estimated at twenty-four per cent. Four years afterwards, viz. in 1820, the tariff was ...
-Chapter XI. Effects Of A Mixed Currency (concluded)
V. A mixed currency causes unnatural and extreme fluctuations in the rate of interest. If a mixed currency is in its nature constantly fluctuating, at one time ...
-Effects Of A Mixed Currency (concluded). Part 2
The comparative fluctuations in the United States and England is shown by the following table of rates of interest from 1844, when Sir Robert Peel's act was ...
-Book III. The Currencies of Great Britain And The United States Compared
From 1844 to 1859, inclusive (sixteen years), the average circulation of all the banks English, Irish, and Scotch was thirty-seven millions sterling; average ...
-Effects Of Mixed Currency Upon American Agriculture
Unfavorable as the influence of mixed currency is upon all branches of industry, the agriculture of the United States is especially injured by it, because, as ...
-Chapter XII. Fallacies Regarding A Mixed Currency
Fallacy 1st. That, by means of mixed-currency banks, the capital of a country is greatly increased. Capital is the portion of wealth employed in reproduction.
-Fallacies Regarding A Mixed Currency. Part 2
Such were the estimates of the losses to the people and the government resulting from the use of a mixed currency up to 1841. There can be no doubt, in the ...
-Fallacies Regarding A Mixed Currency. Part 3
This is, doubtless, a very idle assumption, unworthy of discussion. Yet thousands are influenced by it. A coincidence is taken, by force, for a cause. The ...
-Fallacies Regarding A Mixed Currency. Part 4
Fallacy 5th. That mixed-currency banks are particularly favorable to those who have little capital, and must, of necessity, depend upon credit, since they ...
-Fallacies Regarding A Mixed Currency. Part 5
No well-informed man can be opposed to banking institutions conducted in a proper manner. It would be as reasonable to object to railroads. Banks, until a ...
-Fallacies Regarding A Mixed Currency. Part 6
Fallacy 9th. That, whatever the effect upon other classes, bank stockholders at least are made richer by an expansion of the currency. That this is not ...
-Chapter XIII. Mercantile Currency
We have thus far examined three different kinds of currency. 1st, Money, consisting of the precious metals: this we have found to be admirably adapted to the ...
-The First Substitute Currency Established
In the early part of the fourteenth century, the Bank of Genoa, or House of St. George, was established, especially for the management of the public debt. But, ...
-The First Substitute Currency Established. Part 2
The people of the United States, having a much larger proportion of the credit element in their currency, suffer still more. The remedy for all these evils is ...
-The First Substitute Currency Established. Part 3
Much has been said, at different times, of the desirableness of free banking. Of the propriety and rightfulness of allowing any person who chooses to carry on ...
-Chapter XIV. The National Currency of The United States. Differences
Having given an extended analysis of mixed currency as it has heretofore existed in the United States, it seems proper that we should notice the important ...
-The National Currency of The United States. Resemblances
The new currency resembles that of the old State banks, in that it is a mixed currency, and in all essential respects as to its nature and effects, of the same ...
-The National Currency of The United States. Operations Of The New System
The national-bank system being in its infancy, but little can be said of its actual operations. We have, however, the first Report of the present Comptroller ...
-Chapter XV. Evidences of Debt
We have already spoken of two different modes of effecting exchanges; viz., (1) barter, and (2) a universal equivalent, money or currency. We now notice a ...
-Bills Of Exchange
Bills of exchange maybe divided into two kinds, domestic and foreign. Domestic bills are those drawn and payable within the same country, as between different ...
-Foreign Exchange
This consists of orders; that is, bills of exchange, drawn upon each other by the merchants and bankers of different countries. They differ little in form from ...
-The Natural Rate of Exchange
By the rate of exchange is meant merely the price or cost of transporting money from one point to another; say, from Cincinnati to New York. If the time, ...
-The Rate Of British Exchange
It is well known, that the ordinary rate of exchange between this country and England is from nine to ten and a half per cent against the United States; but ...
-Are Bills Of Exchange Currency?
It has often been maintained that bills of exchange are currency, as truly as bank-notes. Let us inqiure. 1st, The popular definition of currency is, that ...
-But How Is It With Bills Of Exchange And Notes?
Suppose the indebtedness of a country were one hundred millions, and its currency ten millions. Then, if fifty millions of the bills of exchange and notes of ...
-Chapter II. Wages
Since labor and capital join together in production, each may rightfully claim, and in the nature of things must receive, a share of whatever is produced. The ...
-Nominal And Real Wages
There is often a considerable difference between the nominal and real wages, or between the wages of the employe when received in money or when realized in ...
-Chapter III. Proportionate Rise And Pall of Wages
Although wages rise and fall with the general rise and fall of commodities, they do not in equal proportion. The fact is one of common observation; but the ...
-Chapter III. Proportionate Rise And Fall Of Wages
Although wages rise and fall with the general rise and fall of commodities, they do not in equal proportion. The fact is one of common observation; but the ...
-Difference Of Wages From Difference Of Employments
Occupations which manifestly involve a great amount of personal danger command higher wages than those regarded as perfectly safe. The risk of life must be ...
-The Education of The Laborer
Other things equal, the man who has received merely a common-school education will obtain higher wages in any employment than one who is entirely illiterate.
-Distinction Of Sex
Women receive less wages than men. This is doubtless true in all the so-called civilized countries. The difference may be stated at about fifty per cent to ...
-Another Classification Of Wages
There have now been presented most of the considerations we have room to offer in regard to the subject before us, and in somewhat the usual manner of ...
-Chapter IV. Labor Combinations
In connection with the subject of wages, it seems necessary to inquire somewhat in regard to the rights of the laborer, since upon these his compensation must ...
-Trade Unions
One of the forms in which these associations make their appearance is that of trades' unions. The principal object of these, generally, is the increase of ...
-Strikes
The foregoing argument covers the whole ground of right or wrong in regard to strikes. Members of a trade's union, believing that their wages are inadequate or ...
-Book IV. Co-Operative Associations
There is yet another mode in which those who depend upon wages may secure very great advantages to themselves; viz., by co-operative associations, formed for ...
-Co-Operative Associations. Continued
The co-operative principle, when applied to trade and manufactures, enables the laborer to support his industry with his own capital, and, in this manner, to ...
-Chapter V. Profits
By the term profits, we mean that share of wealth which, in the general distribution, falls to those who effect an advantageous union between labor and capital.
-Profits. Continued
With this perfect equality, each will certainly obtain the share that belongs to him. Laws in regard to this, as all other property relations, are not needed ...
-Rate Of Profits
There is a constant tendency, in the progress of society, to a decline in the rate of profits; i.e., as has just been said, of profits upon business done. 1st, ...
-Rapidity Of Exchange
The necessary rate of profit depends greatly on the rapidity of sales, as compared with the capital employed and the expense of conducting business. This may ...
-Effects On Profits Of A Temporary Rise Of Wages
The effect of a temporary rise of wages upon profits may be illustrated as follows: A manufacturer of kerseymeres is able to produce an article for one dollar ...
-Chapter VI. Interest
What is paid for the use of money, or any other form of loanable capital, is called interest. Hence the term usury. It is all the reward that capital receives, ...
-Interest. Continued
But for usury laws, the current rate of interest would be as well known as the price of stocks or corn or wool, and would, like them, be determined by the laws ...
-Chapter VII. Rent
Rent is paid for the use of land and its appendages, which together are called real estate. The question of the rent of land is of much less practical ...
-The First Element Of Rent
Location. This grows out of the social condition of man, to which we have alluded. If men lived as isolate beings, and there were land enough for all, and the ...
-The Second Element of Rent
Difference of Fertility. We will suppose four different tiers of land, of unequal fertility. The first will yield forty bushels of corn; the second, with the ...
-The Third Element of Rent
We will further suppose, that, from the increase of population, more corn is wanted than can be raised; and, consequently, importations are made at an ...
-Fourth Element of Rent
Application of Capital to Land. This is done in various ways, by the use of fertilizing materials, drainage, deep ploughing, c. For every such appliance, ...
-Land Appendages
We have, thus far, noticed only the rent of land, without reference to what may be placed upon it for other purposes than direct production. We now come to ...
-Chapter VIII. Wages, Rent, Interest, And Profits, As Relatively Affected By Currency Inflation
It is an important fact, not to be overlooked in our examination of incomes derived from wages, rent, interest, and profits, that all of these are not only ...
-Chapter IX. Taxation. Principles Of Taxation
Since government, or social organization, is among the wants of man, as truly as food or clothing, we must recognize it in the science of political economy, ...
-Principles Of Taxation. Continued
Idiots, lunatics, cripples? Yes, if they have revenues. Many such persons have large estates, which should contribute to the public treasury. It is not the ...
-Forms Of American Taxation
Preliminary to an examination of the different modes of taxation, it may be proper to say, that there are, in the United States, two general systems; viz., by ...
-Chapter X. National Taxation. I. Customs
These are taxes upon importations, and collected through the custom-houses. Government establishes a tariff; that is, a list of duties upon such articles as it ...
-Customs An Expensive Mode of Taxation
But, setting aside all consideration of the additional burden of taxation occasioned by protection, as just illustrated, we find this system is entirely at ...
-Bounties
At this point, it may be most proper to speak of the effect of bounties. If a home product is to be encouraged by government, it is desirable that it should be ...
-Excise
Excise are the opposite of custom-house duties, being laid wholly upon articles of domestic production, and paid first by the producer; and, after the articles ...
-Taxes On Disadvantageous Consumption
The principle has everywhere been acted upon by governments, that heavy taxes are to be laid on commodities the consumption of which is especially prejudicial ...
-Stamps
There is still another mode of supplying the treasury; viz., by the sale of stamps. This is an important branch of the public revenue in all highly taxed ...
-Chapter XI. National Taxation (Continued). Income Tax
It is unnecessary to say that this tax is in perfect accordance with the first maxim laid down by Adam Smith, that every man should be taxed according to the ...
-Taxation Upon Exports
Whenever a people produce more of any commodity than is required for their own consumption, the surplus must find a foreign market, or the production will not ...
-Taxation Of Cotton
Many persons are of the opinion, that an export duty, or its equivalent in the form of excise, might be laid upon cotton without any detriment to the general ...
-Chapter XII. State Taxation
A general valuation of all real and personal property is made by the authority of the State, according to which all State taxes are apportioned to each county, ...
-State Taxation. Continued
Suppose each of these farmers derives a net income of ten per cent on his capital, over all outlays and repairs; and that his labor is worth to him four ...
-Taxation Of Credits
It has sometimes been maintained that credits ought not to be taxed, but all assessments be made upon values, or property, personal and real. Taxes, it has ...
-Taxation of Government Bonds
The question of taxing credits assumes great practical importance, when regarded in relation to the national debt of the United States. We will assume that ...
-Consolidation Of The National Debt
While this work is passing through the press, a proposition is made in Congress to consolidate the debt of the United States into a uniform five per cent stock, ...
-Chapter XIII. Foreign Indebtedness. I. Economy Of Foreign Indebtedness
Pecuniary obligations, between different nations, may be of four different kinds : 1st, Individual Indebtedness. This can only be of limited and temporary ...
-II. The Exportation Of Public Stocks
Whether the sale of such stocks abroad is desirable or not, will depend entirely upon the character of the commodities sent in return for them, whether these ...
-Fallacies Respecting Foreign Indebtedness
No sentiment or opinion is more common, perhaps, among the people, than that it is very undesirable, or dangerous even, to have the national debt held abroad.
-Fallacies Respecting A National Debt
1st, That a national debt is public wealth. The funded debt of the United States is, in effect, the addition of three thousand millions to the realized wealth ...
-Fallacies Respecting A National Debt. Part 2
France has a large national debt; yet her government has been revolutionized time and again, without any reference to that fact, and without at all disturbing ...
-Fallacies Respecting A National Debt. Part 3
In these illustrations, we see the folly of the assumption that a public debt gives security to government. Of all who are directly or indirectly owners of the ...
-Chapter XIV. Rise And Growth Of The Modern Financial System
No large national debt has ever been paid, or in any way discharged, except by repudiation. The debt of the old French monarchy was wiped out with the ...
-Funding, Banking, And Indirect Taxation
The immediate, as well as ultimate, results of the new system are alike remarkable and worthy our attention. 1st, The credit of the government was now firmly ...
-Results Of This Financial System
1st, An immense extension of the war system. Prior to the introduction of this policy, standing armies and armaments were exceedingly limited. Now all ...
-Chapter XV. On The Laws Of Inheritance And Bequest
Men die, and the property they have acquired or held during their lives must pass into the possession of others. May the person who is about to leave the world ...
-The Laws Of Primogeniture And Entail
1st, Of the rightfulness of such laws. In the order of nature, no man brings with him into the world a store of wealth for his subsistence and support through ...
-Book V. Consumption. Chapter I. Divisions Of The Subject
There is a production, and there is a destruction, of wealth; but the latter is not the subject of scientific inquiry. Its phenomena may, at times, be ...
-Chapter II. Mistaken Consumption
What shall we do with that large class of industrial actions which bring no reward to those who perform them? We find labor and capital applied with the ...
-Chapter III. Luxurious Consumption
Luxury, what is it, and what are its effects, economically considered? Noah Webster defines it as a free or extravagant indulgence in the pleasures of the ...
-Luxurious Consumption. Continued
But there is more to come. We said, take the same money. What money? Whose money? Now, in arguments for govermental luxury, it is always assumed that the money ...
-Chapter IV. On The Degree Of Luxurious Consumption
We mistake, if we attribute luxuries to the rich alone. It is estimated, on the best authority, that of the taxes paid by the laboring poor of England, out of ...
-On The Degree Of Luxurious Consumption. Continued
The poodle of the Empress Livia seems to have been neglected. If the authorities may be accepted, it enjoyed the entire services of only one man. Gibbon, ch.
-Of Learning And Art
These, in the economic view, may have value, and so may be produced, exchanged, distributed, and consumed. The reward they receive, the price they bring, is in ...
-Sumptuary Laws
No subject stands so peculiarly related to scientific inquiry as this. There is no scheme of governmental action which can present a more clear and convincing ...
-Chapter V. III. Public Consumption
There is an economical reason for government. Without the strong arm of the public force, men could not work unmolested, or retain the results of their labor.
-Does Public Consumption Encourage Industry?
We shall get the principles of such a discussion, in their bare form, by taking the extreme actual cases of this mode of consumption. There have been instances ...
-Does Public Consumption Encourage Industry? Continued
(c) But these occasions for government to enter the field of industry are few and definite. They cannot be exceeded without loss of wealth and demoralization ...
-Chapter VI. Charity And Poor-Laws
In its broadest sense, half the world exists on charity; and the amount of wealth so distributed, exceeds calculation. Man comes into the world a helpless ...
-Charity And Poor-Laws. Part 2
But should government provide nothing for those who, having wantonly wasted their means and gifts of labor, find themselves, and those dependent on them, ...
-Charity And Poor-Laws. Part 3
We said, in the mere relief of poverty. But government charity has to do with other classes with which the rule of assistance is directly opposite. Hospitals ...
-Charity And Poor-Laws. Part 4
(1) Such charity must not be administered in connection with stated pauperism, or in public institutions. (2) This is the best field for individual benevolence, ...
-Chapter VII. The Finance of War
The finance of war is greatly perplexed to the popular mind by one fallacy, which is, that a vastly greater amount of money is needed in time of war than of ...
-Chapter VIII. Economy Of The War System
War is the greatest fact that presents itself in this part of our general subject. Its consumption, its expenditures, are wholly for unproductive purposes, and ...
-Economy Of The War System. Part 2
The following is a statement of the national debt of each of the nations mentioned: The following table, which we take from the Financial Reformer (British), ...
-Economy Of The War System. Part 3
These considerations have most important economic bearings; but their political significance is still greater. In the first place, they destroyed the vast ...
-Folly Of Rival Armaments
Each nation, as we have seen, has its standing army, its navy, fortifications, dockyards, arsenals, c, c.; and, consequently, each is endangered by the ...
-Influences Adverse To War
A third consideration which leads us to expect that the present war system will be superseded by a general confederation for the preservation of peace, is, ...
-A Congress of Nations Probable
But our fourth reason for expecting that the great object of disarmament will be accomplished, arises from the consideration that public sentiment has been ...
-Chapter IX. On The Economy Of Public Education
It is difficult for Americans to sympathize in the least with the objection which is made in England, even by those distinguished for liberal sentiments, that ...
-Chapter X. Reproductive Consumption. Its Character And Origin
Reproductive consumption is the use of wealth as capital. Only a portion of the wealth of the world is applied to the office of creating new wealth. That ...
-Character And Origin of Reproductive Consumption. Part 2
To all industry there is an entrance fee. Not only must the child be supported through years of helplessness until he becomes an able-bodied laborer; but even ...
-Character And Origin of Reproductive Consumption. Part 3
It cannot be denied that these are vital questions, and that as they are answered will the economical character of each people be taken on. But we here enter ...
-Chapter XI. Population
The question of population has been invested, by the treatment of British writers, with a great mystery and terror. The glut, famine, and death theories of ...
-Population. Part 2
Indeed, contemplating certain positive unquestionable facts in history, great instances of depopulation, ages of decline, the slow advances of reviving ...
-Population. Part 3
In England, bad laws, passed by class legislation; oppressive institutions, the relics of feudalism; onerous taxation, incurred by the senseless war system; ...
-Population. Part 4
Luxury commences when trade and arts have been carried to a considerable degree of perfection. It is even a stronger check on population than destitution, ...
-Population. Part 5
(2) The foreign population is engaged somewhat less than the native at in-door and sedentary employments, and in so far are likely to be more vigorous. (3) But ...
-Chapter XII. Importance Of A Right Consumption
This has been already shown by the light of our definition of consumption. It has all the importance which belongs to the science itself. Consumption makes use ...
-What Is The Economic Good?
It is that application of the industrial faculties to the agencies of matter which will bring out, easiest and fullest, the satisfaction of those desires which ...









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