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diff --git a/41936-h/41936-h.htm b/41936-h/41936-h.htm index e293a24..72579da 100644 --- a/41936-h/41936-h.htm +++ b/41936-h/41936-h.htm @@ -1,7 +1,7 @@ <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> -<meta http-equiv="Content-Type" content="text/html; charset=ISO-8859-1" /> +<meta http-equiv="Content-Type" content="text/html; charset=UTF-8" /> <title>The Project Gutenberg eBook of Principles of Political Economy, by Arthur Latham Perry</title> <link rel="coverpage" href="images/cover-page.jpg"/> <style type="text/css"> @@ -219,26 +219,10 @@ h1.pg,h4.pg { line-height: 1; } </style> </head> <body> +<div>*** START OF THE PROJECT GUTENBERG EBOOK 41936 ***</div> <h1 class="pg">The Project Gutenberg eBook, Principles of Political Economy, by Arthur Latham Perry</h1> -<p>This eBook is for the use of anyone anywhere at no cost and with -almost no restrictions whatsoever. You may copy it, give it away or -re-use it under the terms of the Project Gutenberg License included -with this eBook or online at <a -href="http://www.gutenberg.org">www.gutenberg.org</a></p> -<p>Title: Principles of Political Economy</p> -<p>Author: Arthur Latham Perry</p> -<p>Release Date: January 28, 2013 [eBook #41936]</p> -<p>Language: English</p> -<p>Character set encoding: ISO-8859-1</p> -<p>***START OF THE PROJECT GUTENBERG EBOOK PRINCIPLES OF POLITICAL ECONOMY***</p> <p> </p> -<h4 class="pg">E-text prepared by Colin Bell, JoAnn Greenwood,<br /> - and the Online Distributed Proofreading Team<br /> - (<a href="http://www.pgdp.net">http://www.pgdp.net</a>)<br /> - from page images generously made available by<br /> - Internet Archive/American Libraries<br /> - (<a href="http://archive.org/details/americana">http://archive.org/details/americana</a>)</h4> <p> </p> <table border="0" style="background-color: #ccccff;margin: 0 auto;" cellpadding="10"> <tr> @@ -1140,7 +1124,7 @@ and selling in its inmost substance and essential forms be good and righteous and progressive, and suitable in all its ends and methods to illustrate and enforce ends and methods in the higher kingdom of spiritual and eternal Life;—then -these coördinate truths will logically and certainly +these coördinate truths will logically and certainly follow, (1) that Trade is natural and essential and beneficial to mankind; (2) that it constitutes in an important sense a realm of human thought and action by itself, separate @@ -1209,7 +1193,7 @@ occupied but a moment of time. It made no difference with the bargain as such, with the binding nature of it, with the terms of it, with the mutual gains of it, that each person represented a host of others, subordinates and subjects, -who would have to coöperate in the carrying of it +who would have to coöperate in the carrying of it out, because each king had the right to speak for his subjects as well as for himself, for commercial purposes each was an agent as well as a monarch, the word of each concluded @@ -3872,7 +3856,7 @@ gathers and deposits the honey exactly as bees and beavers did ages ago.</p> <p>In the strictest sense, accordingly, there is no such thing -as physical labor, because the mental must coöperate with +as physical labor, because the mental must coöperate with <span class="pagenum"><a name="Page_90" id="Page_90">[90]</a></span> the physical even in the lowest forms of human exertion; and in the same sense there can be no such thing as exclusively @@ -3973,7 +3957,7 @@ sand and gravel, are two crude forms of capital; free gravitation also brings the water through the log, and free gravity carries down the particles of gold to the bottom of the washing-pan, and many other agencies of free nature -coöperate in this very simple case of production; and +coöperate in this very simple case of production; and besides the log and the pan, there are doubtless some other forms of capital, at least the whittled plug to stop at need the flow of water through the log. The chief factor in @@ -3992,7 +3976,7 @@ derived from the Latin noun, <i lang="la" xml:lang="la">caput</i>, a head, a sou gives intimation in its etymology of its scientific meaning. The word, <i lang="la" xml:lang="la">caput</i>, is often used in classical Latin for a sum of money put out at interest, and its derivative, <i lang="la" xml:lang="la">capitale</i>, -is also used in the same sense, at least in mediæval Latin; +is also used in the same sense, at least in mediæval Latin; and from this form of the word have come into English not only <i>Capital</i>, but also by corruption <i>Cattle</i> and <i>Chattels</i>. Flocks and herds were at one time the principal @@ -4179,7 +4163,7 @@ bushels of wheat turned into flour through its aid as capital. So of all implements. So of all machinery. So of all means of transportation: ships, canals, railroads.</p> -<p>There was a strange prejudice in ancient and mediæval +<p>There was a strange prejudice in ancient and mediæval times against this natural increase of capital out of its own bowels, as it were, owing probably to this dictum of Aristotle: "<i>For usury is most reasonably detested, as the @@ -4316,7 +4300,7 @@ together, as it were by instinct, into society; and, thus associating themselves together, it is soon discovered, not only that there are various desires in the different members of the community, which are now readily met by -coöperation and mutual exchange, but also that there are +coöperation and mutual exchange, but also that there are very different powers in the different individuals in relation to those obstacles which are to be surmounted. The tastes and aptitudes of different men are very diverse. @@ -4428,7 +4412,7 @@ variety.</p> in a brief account of the series of Inventions made in Great Britain during the last third of the eighteenth century, in consequence of which the Cotton Industry was -established in that country in such preëminence as has to +established in that country in such preëminence as has to this day baffled the attempts of all other countries even to approximate it.</p> @@ -4464,7 +4448,7 @@ then rudely printed on blocks in London, Manchester, and elsewhere; but the prohibition of Parliament against wearing printed calicoes was first repealed in 1736. Fifteen years later the United Kingdom imported only 2,976,610 -lbs. of raw cotton, and exported only £45,986 of +lbs. of raw cotton, and exported only £45,986 of cotton goods; in one century the import of cotton became 500 times larger than that, and the export of cottons 1300 times larger than that; and this prodigious result was due @@ -5142,7 +5126,7 @@ number and the importance of those commodities which were thus assigned over to patentees. Currants, salt, iron, powder, cards, calf-skins, felts, pouldavies, ox-skin-bones, train oil, lists of cloth, potashes, anise-seeds, vinegar, seacoals, -steel, aquavitæ, brushes, pots, bottles, saltpetre, lead, accidences, +steel, aquavitæ, brushes, pots, bottles, saltpetre, lead, accidences, oil, calamine stone, oil of blubber, glasses, paper, starch, tin, sulphur, new drapery, dried pilchards, transportation of iron ordnance, of beer, of horn, of leather, importation @@ -5206,7 +5190,7 @@ savory than you have done, every man shall have salt as good and cheap as he can buy it or make, freely without danger of that patent which shall be presently revoked. The same benefit shall they have which have cold stomachs, both -for aqua vitæ and aqua composita and the like. And they +for aqua vitæ and aqua composita and the like. And they that have weak stomachs, for their satisfaction, shall have vinegar and alegar, and the like, set at liberty. Train oil shall go the same way; oil of blubber shall march in equal @@ -6299,7 +6283,7 @@ and under the action of the law requiring the equal partition of every man's landed estate among all his children, France has had for the most part the small holding tilled by the owner's own hands, instead of the great estates -of the old <i>régime</i>, the average being about 14 acres to each +of the old <i>régime</i>, the average being about 14 acres to each owner, and nearly one fourth of the entire population being proprietors of land either in town or country; in the United States the plough is guided almost wholly by the @@ -6826,9 +6810,9 @@ capital long ago created.</p> <p>A competent authority estimated in 1881, that the land-parcels of the United Kingdom of Great Britain were -worth £3,000,000,000; and there were at the same time +worth £3,000,000,000; and there were at the same time 6,000,000 of inhabited houses, excluding factories and -business premises and tenements renting for £20 and +business premises and tenements renting for £20 and under. Most of these lands and houses are rented by their owners to the actual occupiers on the just principle explained above, inasmuch as the lease-system is the prevailing @@ -7563,7 +7547,7 @@ is large.</p> <p>(2) The Demand for Skilled Laborers is steadier and stronger than for Common, because in general the desire for these is not for immediate gratification, but for an ultimate -satisfaction to arise from the commercial coöperation +satisfaction to arise from the commercial coöperation of these laborers with their employers, who are capitalists, in connection with accumulations of capital, the end in view being the production of commodities for sale at a @@ -7750,7 +7734,7 @@ are a blessing to the whole community. They have no need and no will to ask to be bolstered up in their business by unjust taxes enforced upon a whole people.</p> -<p>Such men sometimes have sons or <i lang="fr" xml:lang="fr">protégés</i>, who possess +<p>Such men sometimes have sons or <i lang="fr" xml:lang="fr">protégés</i>, who possess similar capacities and similar integrity, and these by experience become able to carry on the business to similar successful issues. This is happy, but it is unusual. More @@ -7861,10 +7845,10 @@ A few months before these statements of Chadwick were made, Sir Richard Temple reported to his section of the British Association, "<i>That the average earnings per head in the United Kingdom, taking the whole population without -division into classes, is £35, 4s., and exceeds the average of -the United States, which is £27, 4s., and of Canada, which -is £26, 18s., and of the Continent, which is £18, 1s.; while it -falls below that of Australia, which is £43, 4s. per head.</i>"</p> +division into classes, is £35, 4s., and exceeds the average of +the United States, which is £27, 4s., and of Canada, which +is £26, 18s., and of the Continent, which is £18, 1s.; while it +falls below that of Australia, which is £43, 4s. per head.</i>"</p> <p>According to this, the average earnings in Great Britain per head of the population are 30% higher than in the @@ -8817,7 +8801,7 @@ which they choose to tax, to the simple and safe action of Supply and Demand.</p> <p>(h) <i>Voluntary Associations</i> for that avowed purpose -were a mediæval, and have come to be again a modern, +were a mediæval, and have come to be again a modern, agency in adjusting the Supply of laborers to their respective markets, and in regulating the wages of various classes of them. The Guilds of the Middle Ages, and particularly @@ -8852,7 +8836,7 @@ those of prelates and kings."<a name="FNanchor_6_6" id="FNanchor_6_6"></a><a hre <p>The Trades-Unions and Brotherhoods of the present day cannot plead the provocations and justifications of -their mediæval predecessors. It cannot be denied, however, +their mediæval predecessors. It cannot be denied, however, that they have some provocations and justifications in the bad example set before them by the various combinations (implied or explicit) of the Wages-payers as a @@ -9575,7 +9559,7 @@ for that period of time, but also the vigorous attention of his mind to that service and to the general interests of his employer so far as these come under his own eye and supervision. Nor is this all: he virtually pledges himself -to B to coöperate with the least possible friction in all +to B to coöperate with the least possible friction in all plans for betterment in his division of the work, and to cordially coalesce with all other employees for the general ends of the business without too much of self-assertion and @@ -9972,15 +9956,15 @@ should be entirely turned over to Government, either local,</i> <span class="pagenum"><a name="Page_252" id="Page_252">[252]</a></span> <i>state, or federal, according to the nature of the undertaking.</i>" He begins his book by attempting to hammer in the -"lesson" that as Civilization improves, coöperation takes +"lesson" that as Civilization improves, coöperation takes the place of individualism. The golden age of individualism, he says, is among the wild tribes of Australia. -They never coöperate with each other in their economic +They never coöperate with each other in their economic efforts, or in anything else. No one expects anything from his neighbor, and every one does unto others as he thinks they would do to him. The life there is one prolonged scene of selfishness and fear. But as civilization -comes in, he says, individualism goes out, and coöperation +comes in, he says, individualism goes out, and coöperation takes its place. The fine old Bentham principle of <i lang="fr" xml:lang="fr">laissez faire</i>, which most English thinkers for a century past have regarded as established forever in the nature of man and @@ -10213,7 +10197,7 @@ proposed, but also for a long time brought into practical action, is Labor-Unions in their various forms and with their manifold methods of operation upon employers. It is important to note here and to remember, that the Guilds -of the mediæval times, from which the modern Trades-Unions +of the mediæval times, from which the modern Trades-Unions have borrowed something of form and much of nomenclature, were in substance extremely different from their modern imitators. Those were combinations of Masters @@ -10253,7 +10237,7 @@ arms of the craft-guild may often be seen blazoned in cathedrals side by side with those of prelates and kings." This radical difference between the two must always be borne in mind in all arguments and inferences drawn over -from the mediæval "unions" to those of the present day.</p> +from the mediæval "unions" to those of the present day.</p> <p>Two points may be freely conceded to these labor-organizations before we pass to the economic objections to them. @@ -11508,7 +11492,7 @@ due to him, in both which cases they are extinguished as an instrument of Credit.</p> <p>The Bank of England keeps out in circulation on the -average £25,000,000 in bank bills. It has been computed, +average £25,000,000 in bank bills. It has been computed, that the average length of life of a Bank of England bill between its issue and redemption is about three days; and no bill once redeemed or received back over the counters @@ -11516,13 +11500,13 @@ no bill once redeemed or received back over the counters of the Bank is ever issued again. It is then placed on file for record only. The joint-stock and private banks of England and Wales circulate on the average rather more -than £4,000,000 of bank bills of their own; and no bank +than £4,000,000 of bank bills of their own; and no bank bill of any kind is legal in England and Wales of a less -denomination than £5. The ten Scotch banks and their -branches keep out in bills about £5,000,000; six out of +denomination than £5. The ten Scotch banks and their +branches keep out in bills about £5,000,000; six out of the nine Irish banks and their branches issue on the -average not far from £10,000,000; but both the Scotch and -Irish banks are allowed to put out £1 bills.</p> +average not far from £10,000,000; but both the Scotch and +Irish banks are allowed to put out £1 bills.</p> <p>Bank bills, as a form of paper credit not on interest, but ostensibly redeemable in coin on demand of the holder, @@ -11676,10 +11660,10 @@ where they were managed.</p> incorporation of those persons willing to subscribe to a public loan in time of stress, as "The Governer and Company of the Bank of England." The subscribers to a loan -of £1,200,000 became an association, or bank, on the condition +of £1,200,000 became an association, or bank, on the condition that the Government should pay interest to the lenders -at 8% annually, and also £4000 a year in addition for the -management of the bank, that is, of this debt of £1,200,000 +at 8% annually, and also £4000 a year in addition for the +management of the bank, that is, of this debt of £1,200,000 which was the sole capital stock of the new Company, which was authorized to issue an equivalent amount of bank bills to circulate as money. The capital stock was @@ -11791,8 +11775,8 @@ and in many cases, as in the present national banks of this country, are required by law to own such stocks, and this gives them a kind of credit and public standing scarcely to be reached by the ownership of ordinary property. -Thus the Bank of England held at the outset £1,200,000, -and now holds £15,000,000 of securities, mostly of the +Thus the Bank of England held at the outset £1,200,000, +and now holds £15,000,000 of securities, mostly of the public debt of England. As merchants begin by laying in stocks of goods of the kinds they purpose to deal in and offering them for sale, so bankers begin by bringing @@ -11923,15 +11907,15 @@ borrow money on them.</p> the leading commercial nations of the world. The average public and private deposits of the Bank of England, on which no current interest is paid by the Bank, amounts to -about £40,000,000 all the time. The ten joint-stock banks -of London carry about £80,000,000 in private deposits, of +about £40,000,000 all the time. The ten joint-stock banks +of London carry about £80,000,000 in private deposits, of which those to remain some time <i>draw</i> an interest, but those lodged on current accounts and on call <i>draw</i> none. Scotland has carried deposit-banking further and to greater advantage than any other country in the world. There are now no private banks in Scotland, but the ten joint-stock banks with their numerous branches scattered to every village -in the land hold constantly about £70,000,000 as +in the land hold constantly about £70,000,000 as individual deposits, on which current interest is allowed, and so the habit of keeping one's account with a banker has become universal with the people. No one thinks of @@ -12230,11 +12214,11 @@ debts, buy and transmit these bills. <span class="pagenum"><a name="Page_307" id="Page_307">[307]</a></span></p> <p>Let us take a sample instance. Pierre & Co. of Paris -send a cargo of wine worth £1000 in English money to +send a cargo of wine worth £1000 in English money to John Barclay of London. Barclay thus becomes indebted to the Paris firm to that amount, and Pierre & Co. draw at once, so soon as the cargo is despatched, a bill in -francs to the equivalent of £1000. If they themselves +francs to the equivalent of £1000. If they themselves have no debt to pay in London, they will sell this bill immediately to a Paris banker or broker (if the exchange be then at par) for its full face <i>minus</i> interest for the time @@ -12269,8 +12253,8 @@ then the natural competition of the sellers in Paris of the bills on London will lower their price somewhat in that market (Paris), in order, as usual, that the Supply and Demand may be equalized there. In this case the par -of exchange is disturbed, a bill on London for £100 in -francs may not sell for over £99, and the exchange is then +of exchange is disturbed, a bill on London for £100 in +francs may not sell for over £99, and the exchange is then said to be 1% <i>against</i> London, or, which is the same thing, 1% <i>in favor</i> of Paris.</p> @@ -12343,7 +12327,7 @@ became conspicuously a "protected" country a quarter of a century ago, it has been at rare intervals and for short periods that bills drawn here on London have been at par. They have been usually much below par. The equivalent -of £1 sterling in United States money is $4.8665; and +of £1 sterling in United States money is $4.8665; and when bills on London sell for less per pound sterling than $4.86, they are at a discount in New York or Boston; and exporters here are direct losers to the extent of the discount.</p> @@ -12672,9 +12656,9 @@ not very long ago joined the New York Clearing-house, while the practical details of the Clearing are simpler and better in New York than in London. The average clearings in the London house (and there are besides many -other clearing-houses in the United Kingdom) were £5,218,000,000 +other clearing-houses in the United Kingdom) were £5,218,000,000 a year for 1875-80, and the amounts cleared frequently -rose to £20,000,000 a day; which, if paid in gold +rose to £20,000,000 a day; which, if paid in gold coin, would weigh about 157 tons and require about 80 horses to carry it; and if paid in silver coin would weigh more than 2500 tons and require 1275 horses. This is @@ -12889,7 +12873,7 @@ peculiar to England, so we have now to look to Scotland only for an exemplification of a form of Credit hitherto confined to that country. It is a national characteristic of the Scotch to be "canny," that is, they <i>can</i>, a word from -the old Teutonic <i>können, to be able</i>; and, as a consequence, +the old Teutonic <i>können, to be able</i>; and, as a consequence, Scotch Banking has long been famous the world over; and the one peculiarity of it, with which we are now concerned, goes back certainly to 1729, as we happen to know from a @@ -12900,7 +12884,7 @@ English Parliament of the Bank of England, and under substantially the same title as that, namely, "The Governor and Company of the Bank of Scotland." It began to establish branches in different towns of the realm in 1696, -and began to issue bank notes for £1 (a privilege denied +and began to issue bank notes for £1 (a privilege denied to the Bank of England) in 1704; and it began also at a very early period to exhibit the two main peculiarities of Scotch banking, namely, (1) to receive deposits <i>on interest</i> @@ -12927,14 +12911,14 @@ being charged only upon such part as he draws out.</p> <p>David Hume in his Essay of the Balance of Trade, published in 1752, makes this nice point in favor of Cash -Credits: "If a man borrows £5000 from a private hand, +Credits: "If a man borrows £5000 from a private hand, besides that it is not always to be found when required, he pays interest for it whether he be using it or not. On the other hand, his Cash Credit costs him nothing, except during the moment it is of service to him; and this circumstance is of equal advantage as if he had borrowed money at a much lower rate of interest." The Cash Credit is -always for a limited sum, seldom under £100, given upon +always for a limited sum, seldom under £100, given upon the customer's own security, and that in addition of two or three individuals approved by the bank, who become sureties for its payment. Of course, only those banks can @@ -12984,7 +12968,7 @@ advantageous and secure, it is necessary that their Cash Credits should be operated upon, that they refuse to continue them unless this implied condition be fulfilled. The total amount of their Cash Credits is stated by one witness -to be £5,000,000, of which the average amount advanced +to be £5,000,000, of which the average amount advanced by the banks may be one-third."</p> <p>There are only ten Banks doing business in Scotland, @@ -13026,7 +13010,7 @@ used when he returns from his trip.</p> separate mention, since it has come of late years into quite general use, namely, "Circular Notes," as they are called. These are sight bills of exchange, each drawn for a relatively -small amount, say £10, and multiplied in number to +small amount, say £10, and multiplied in number to the requirements of the buyer, and drawn by one domestic banking-house, say Kountze Brothers of New York, on one foreign banking-house, say Union Bank of London, the @@ -13121,7 +13105,7 @@ neighborhood of Hillah, a few miles from Babylon, were discovered many clay tablets inscribed with records relating to banking, and, what is more, to banking as carried on for generations by a single family or firm, which the -cuneiform archæologists have translated as "Egibi & Co." +cuneiform archæologists have translated as "Egibi & Co." These tablets are now deposited in the British Museum. Those who can read them say, that the founder of this banking-house, Egibi, probably lived in the reign of Sennacherib, @@ -14297,7 +14281,7 @@ enough covers both kinds of Dollars, the Commodity-Dollar and the Credit-Dollar. In other words, Money is of two kinds, and only two kinds, either a Piece of valuable metal stamped as to weight and fineness by the image and -inscription of Cæsar,—a Commodity; or a Promise to pay +inscription of Cæsar,—a Commodity; or a Promise to pay to somebody some of these pieces,—a Credit. This unique peculiarity of Money, by which, always a Valuable, it may appear and does appear in two out of three possible predicaments @@ -14309,7 +14293,7 @@ formulating its scientific propositions.</p> yet a slight one still, is found in the fact that the choices and the legislations of men have more to do in shaping the propositions of Money than in most other economical -propositions. It is true, that Nature and men coöperate +propositions. It is true, that Nature and men coöperate in the determination of every case of Value whatsoever; while there is a difference in the cases, though perhaps not a distinction, in respect to the fixedness and universality @@ -15272,13 +15256,13 @@ pound weight of silver. No coin of that weight was ever struck; but the pound of silver was cut into 240 coins called pence. Twelve of these pence were called a <i>solidus</i> or shilling. Thus, as applied to silver, the symbols lb. and -£ denoted equivalent weights, the former of uncoined +£ denoted equivalent weights, the former of uncoined metal, the latter of metal coined. But in course of time, more "pence" than 240, and at last in Elizabeth's reign 744 "pence were coined out of a lb. of silver." Yet all the -while 240 of these pence were called a £. £ and lb., both +while 240 of these pence were called a £. £ and lb., both a contraction of the Latin <i lang="la" xml:lang="la">libra</i>, were no longer equivalent. -The lb. of weight continued stable; the £ of money had +The lb. of weight continued stable; the £ of money had dwindled to less than one-third. Yet the <i>name</i> pound continued to attach to 240 pence, although the pence embodied a less and less quantity of silver. Each actual @@ -15408,7 +15392,7 @@ silver as subsidiary to that; in Greece, when Philip's victories established a double standard there, gold was reckoned relatively to silver as 1:12½; in the Roman world, where silver had been the standard after 217 <span class="smcap">B.C.</span>, Augustus -Cæsar legalized gold as a co-standard in the ratio of 1:12; +Cæsar legalized gold as a co-standard in the ratio of 1:12; in 1717 a double standard was established in Great Britain, <span class="pagenum"><a name="Page_393" id="Page_393">[393]</a></span> gold being rated in the coinage as 1:15<sup><big>1</big></sup>⁄<sub><big>5</big></sub> of silver, but in @@ -15472,7 +15456,7 @@ out of circulation. As these are never legal-tender except to very small amounts in domestic trade, there are no serious objections to their use in limited quantities. The English can pay debts in their silver to the amount of -£2, and we in ours to the extent of $5. Coins of copper +£2, and we in ours to the extent of $5. Coins of copper and of other inferior metals are also <i>subsidiary</i> in principle and motive. Our 5-cent and 3-cent nickel pieces are 75 parts copper and 25 parts nickel, and the 1-cent piece is @@ -15535,9 +15519,9 @@ is worth within a very trifle as much as an ounce of coined money.</p> <p>For example, by the law of the Bank of England an -ounce of standard gold (<sup><big>11</big></sup>⁄<sub><big>12</big></sub> fine) is coined into £3 17s. +ounce of standard gold (<sup><big>11</big></sup>⁄<sub><big>12</big></sub> fine) is coined into £3 17s. 10½d., and the Bank is obliged to buy all bullion and foreign -coins of the standard fineness offered to it at £3 17s. 9d. +coins of the standard fineness offered to it at £3 17s. 9d. per ounce,—a difference of only three half-pennies. Now, gold and silver are so indispensable in the form of money, so beautiful in the form of ornaments, so well adapted to @@ -16175,7 +16159,7 @@ form, the device covering the whole piece, the milled and fluted edges, the patriotic emblem, whatever it be, the religious or other legend, and their bright color, are all elements in their beauty. The educating power over the -young of a good coinage well kept up, æsthetically, historically, +young of a good coinage well kept up, æsthetically, historically, and commercially, is a matter of consequence to any country. A whole people handling constantly such money cannot fail to receive a wholesome development @@ -16842,8 +16826,8 @@ accepted as such. Debtors, having tendered bank notes, which the creditor refused, had certain privileges before the law which other debtors had not. The notes therefore had a <i>quasi</i> legalization, but not a forced circulation. The -bank was also authorized at this time to issue £5, £2, and -£1 notes. Cautiously issued at first, bank paper continued +bank was also authorized at this time to issue £5, £2, and +£1 notes. Cautiously issued at first, bank paper continued at par for several years after the suspension, which proves <span class="pagenum"><a name="Page_432" id="Page_432">[432]</a></span> that when government possesses the monopoly of issuing @@ -16933,7 +16917,7 @@ and horses, for which they took mainly sugar, molasses, rum, and silver. "<i>They would have brought more silver and less rum and other merchandise, had the first been in greater request at home.</i>" (Bronson.) John Hull, the mint-master -took out 15 pence out of every £ for his own pay, +took out 15 pence out of every £ for his own pay, and grew rich by the process. That was over 6%. In 1662, a twopenny piece was added to the series, and the mint existed (sometimes idle) for over 30 years, but all @@ -17018,9 +17002,9 @@ color to the false theory that paper money <i>represents</i> commodities of some sort, and may be issued to an amount equal to the value of these. "<i>Any goods that have the qualities necessary in money may be made money equal to -their value. Five ounces of gold is equal in value to £20, +their value. Five ounces of gold is equal in value to £20, and may be made money to that value; an acre of land is -equal to £20, and may be made money equal to that value, +equal to £20, and may be made money equal to that value, for it has all the qualities necessary in money.</i>" The fallacy in these words of Law is patent enough to any one who will stop to think a moment about the <i>nature of @@ -17139,7 +17123,7 @@ a government lien on land and buildings, and by the direct credit of the Government as well; just as the national bank bills are secured by the bonds of the nation held in reserve for that purpose, and also by the direct image and -superscription of Cæsar upon every bill. People holding +superscription of Cæsar upon every bill. People holding mortgaged real estate could accept a non-interest bearing government lien instead of a 6% or 8% private mortgage, that is, could pay off their mortgages with the legal tenders @@ -17221,7 +17205,7 @@ accompaniment of such issues. When the stuff dropped out altogether in the spring of 1781, the country found no more lack of silver for Money than Massachusetts had found in 1749, when and after she redeemed her outstanding -bills of credit at 11 for 1 in sterling silver, £138,649 +bills of credit at 11 for 1 in sterling silver, £138,649 of which, the share falling to her from the capture of Louisburg, was shipped to the Colony in coin, and she became for the next 25 years the "Silver Colony." Assuming @@ -18269,7 +18253,7 @@ nations is established a fixed monetary "par" as between them. Thus the dollar of the United States contains 23.22 grains of pure gold, and the English pound sterling contains 113.001 grains of the same; consequently, there are -$4.8665 to the £ sterling, and this is and has been since +$4.8665 to the £ sterling, and this is and has been since 1834 the monetary "par" between the United States and Great Britain. Similarly, the par between France and the United States is $1 to 5 fr. 18 centimes, since the franc is @@ -18821,11 +18805,11 @@ Chiccory, Chocolate, Cocoa, Coffee, Fruit, Malt, Pickles, Plate, Spirits, Spruce, Tea, Tobacco, Vinegar, and Wine. Of these, Spruce yielded no revenue in 1880; Cards, Malt, Pickles, and Vinegar, yielded in the aggregate that year -only £1.491; leaving the other eleven items to furnish +only £1.491; leaving the other eleven items to furnish practically all the customs revenue; but of these Coffee and its three substitutes with Beer and Plate, furnished -only £337.258, so that, the remaining five articles yielded -£18.915.489, or 98% of the whole income in 1880. In +only £337.258, so that, the remaining five articles yielded +£18.915.489, or 98% of the whole income in 1880. In other words, Fruit, Spirits, Tea, Tobacco, and Wine, brought in all but 2% of the customs-taxes of Great Britain in 1880. In 1890, the duties on certain Wines @@ -19548,7 +19532,7 @@ market.</i></p> discredit utterly the fallacy in hand. When France and Germany a few years ago gave back to our protectionists a dose of their own medicine, and prohibited American pork-products, -ostensibly because they feared the trichinæ but +ostensibly because they feared the trichinæ but really to cajole their own farmers under the plea of protectionism, their brethren in the faith have made up all sorts of faces ever since, have wound up the respective diplomatic @@ -21382,13 +21366,13 @@ interesting but also astonishing. For instance, taking the whole population of the United Kingdom (England, Scotland, and Ireland), without division into classes, he demonstrates that the average of yearly earnings per head of the -population is £35 4<i>s.</i>, or $171.28. This exceeds the average -earnings in the United States by 30%, £27 4<i>s.</i>:£35 4<i>s.</i> +population is £35 4<i>s.</i>, or $171.28. This exceeds the average +earnings in the United States by 30%, £27 4<i>s.</i>:£35 4<i>s.</i> It exceeds also the average on the Continent of Europe by -95%, £18 1<i>s.</i>:£35 4<i>s.</i> It falls below that of Australia -only, £43 4<i>s.</i>:£35 4<i>s.</i>, or 19% less. Canada's average +95%, £18 1<i>s.</i>:£35 4<i>s.</i> It falls below that of Australia +only, £43 4<i>s.</i>:£35 4<i>s.</i>, or 19% less. Canada's average earnings <i>per capita</i> are $126.80, or 5% less than those in -the United States, £27 4<i>s.</i>:£26 18<i>s.</i> According to the +the United States, £27 4<i>s.</i>:£26 18<i>s.</i> According to the same unimpeachable authority in the same paper, the annual income from investments is in Great Britain and the United States as nearly as possible one-seventh of the @@ -21559,10 +21543,10 @@ and results separately from the others. <span class="pagenum"><a name="Page_549" id="Page_549">[549]</a></span></p> <p>Great Britain derives its national revenues almost wholly -from five sources; namely, (1) Excises, say £27,000,000 -annually; (2) Customs, say £20,000,000; (3) Incomes, say -£12,000,000; (4) Stamps, say £12,000,000; (5) Postals, say -£9,000,000. The remaining, say £10,000,000, come from +from five sources; namely, (1) Excises, say £27,000,000 +annually; (2) Customs, say £20,000,000; (3) Incomes, say +£12,000,000; (4) Stamps, say £12,000,000; (5) Postals, say +£9,000,000. The remaining, say £10,000,000, come from miscellaneous sources. One feature of the English Income-tax is, that it is varied from time to time according to prevailing national needs, the rate having been lifted from 2<i>d.</i> @@ -21662,10 +21646,10 @@ the powers of the other, each is fond of the pelf and patronage and officialism connected with the gathering of the taxes, and each would be disinclined to yield anything to the other; but the fact remains, that, as it is of acknowledged -moment to have the single Cæsar's image and inscription +moment to have the single Cæsar's image and inscription on every piece of the national Money, so it is of almost equal moment in point of cheapness and clearness -and simplicity to have the hand of Cæsar seen but once in +and simplicity to have the hand of Cæsar seen but once in taking in the Taxes.<span class="pagenum"><a name="Page_552" id="Page_552">[552]</a></span></p> <p>Objection has been often raised to any form of Income-tax @@ -23003,7 +22987,7 @@ at all?<span class="pagenum"><a name="Page_586" id="Page_586">[586]</a></span></ <li>Astor, J. J., <a href="#Page_180">180</a>.</li> <li>Astronomy, <a href="#Page_63">63</a>.</li> <li>Auction, <a href="#Page_57">57</a>.</li> -<li>Augustus Cæsar, <a href="#Page_392">392</a>, <a href="#Page_580">580</a>.</li> +<li>Augustus Cæsar, <a href="#Page_392">392</a>, <a href="#Page_580">580</a>.</li> <li>Australia, <a href="#Page_252">252</a>, <a href="#Page_399">399</a>.</li> <li>Axe, <a href="#Page_90">90</a>.</li> <li>Axioms, <a href="#Page_69">69</a>.</li> @@ -24341,7 +24325,7 @@ other numbers a few days before he was shot.</p></div> <div class="transnote"><p class="center">Transcriber's Note:</p> <p>Obvious typographical errors were corrected. Unusual spelling (for example: estop, Shakspeare), grammatical usage, and hyphenation variants present -in the original (including co-operate and coöperate) have been +in the original (including co-operate and coöperate) have been retained.</p> <p>Alphanumerical paragraph labels and their formats were inconsistent in @@ -24357,360 +24341,6 @@ for 1877.</p> <p> </p> <p> </p> -<hr class="full" /> -<p>***END OF THE PROJECT GUTENBERG EBOOK PRINCIPLES OF POLITICAL ECONOMY***</p> -<p>******* This file should be named 41936-h.txt or 41936-h.zip *******</p> -<p>This and all associated files of various formats will be found in:<br /> -<a href="http://www.gutenberg.org/dirs/4/1/9/3/41936">http://www.gutenberg.org/4/1/9/3/41936</a></p> -<p> -Updated editions will replace the previous one--the old editions -will be renamed.</p> - -<p> -Creating the works from public domain print editions means that no -one owns a United States copyright in these works, so the Foundation -(and you!) can copy and distribute it in the United States without -permission and without paying copyright royalties. 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