Mega Iv.8 PDF

KARL MARX
FRIEDRICH ENGELS
GESAMTAUSGABE
(MEGA)
VIERTE ABTEILUNG
EXZERPTE NOTIZEN MARGINALIEN
BAND 8
Herausgegeben vom Institut fr Marxismus-Leninismus
beim Zentralkomitee der
Kommunistischen Partei der Sowjetunion
und vom Institut fr Marxismus-Leninismus
beim Zentralkomitee der
Sozialistischen Einheitspartei Deutschlands

KARL MARX
EXZERPTE
U N D NOTIZEN
MRZ BIS JUNI 1851
TEXT
DIETZ VERLAG BERLIN
1986
Redaktionskommission der Gesamtausgabe:
Gnter Heyden und Anatoli Jegorow (Leiter),
Erich Kundel und Alexander Malysch (Sekretre),
Georgi Bagaturija, Rolf Dlubek, Heinrich Gemkow, Lew Golman,
Michail Mtschedlow, Richard Speri
Redaktionskommission der Vierten Abteilung:

Richard Speri (Leiter),
Georgi Bagaturija, Boris Rudjak, Nelly Rumjanzewa,
Artur Schnickmann, Gnter Wisotzki
Bearbeitung des Bandes:

Wolfgang Jahn (Leiter),
Klaus Fricke, Ehrenfried Galander, Sonja Hausmann, Wolfgang Mller,
Erika Sauermann, Otto Schattenberg und Klaus Stde
Gutachter: Artur Schnickmann, Ljudmila Wassina
und Witali Wygodski
Marx, Karl: Gesamtausgabe : (MEGA) / Karl Marx ; Friedrich Engels.

Hrsg. vom Inst, fr Marxismus-Leninismus beim ZK d. KPdSU u. vom Inst,
fr Marxismus-Leninismus beim ZK d. SED. - Berlin : Dietz Verl.
[Sammlung].
Abt. 4, Exzerpte, Notizen, Marginalien
Bd.8. Exzerpte und Notizen, Mrz bis Juni 1851 / Karl Marx
Text. - 1986. - 47, 756 S. : 17 Abb.
Apparat. - 1986. - S. 757-1118
IV. Abt. ISBN 3-320-00150-7

Bd. IV/8 ISBN 3-320-00158-2
Text und Apparat

Mit 17 Abbildungen
Dietz Verlag Berlin 1986
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Inhalt
Text Apparat
Einleitung 13*
Editorische Hinweise 43*
Verzeichnis der Abkrzungen, Siglen und Zeichen 763
Bullion. Das vollendete Geldsystem 3 767
Abschnitt I Adam Smith 3

Abschnitt II Jean-Baptiste Say 7
Abschnitt III Pellegrino Luigi Edoardo Rossi 8
Abschnitt IV John Francis Bray 9
Abschnitt V Robert Owen 10
Abschnitt VI G. Browning 10
Abschnitt VII Jean-Charles-Lonard Simonde de
Sismondi 14
Abschnitt Vili Joseph-Francis-Xavier Droz 15
Abschnitt IX Franois-Louis-Auguste Ferrier 15
Abschnitt X Alexandre-Louis-Joseph de Laborde 15
Abschnitt XI Henri Storch 16
Abschnitt XII David Ricardo 17
Abschnitt XIII James Mill 17
Abschnitt XIV Nassau William Senior 21
Abschnitt XV Jean-Charles-Lonard Simonde de
Sismondi 21
Abschnitt XVI William Atkinson 22
Abschnitt XVII John Wade 23
Abschnitt XVIII John Stuart Mill 23
Abschnitt XIX Thomas Cooper 23
Abschnitt XX James William Gilbart 24
Abschnitt XXI Thomas Rowe Edmonds 27
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Inhalt
Text Apparat
Abschnitt XXII William Cobbett 27
Abschnitt XXIII Gustav von Glich 28
Abschnitt XXIV Marie Augier 30
Abschnitt XXV Joseph Pecchio 31
Abschnitt XXVI John Ramsay MacCulloch 31
Abschnitt XXVII Charles Ganiih 32
Abschnitt XXVIII Adam Smith 32
Abschnitt XXIX Gustav von Glich 32
Abschnitt XXX Louis Say 36
Abschnitt XXXI James Maitland Lauderdale 36
Abschnitt XXXII William Petty 37
Abschnitt XXXIII [Edward Misseiden:] Free trade 37
Abschnitt XXXIV Pierre Boisguillebert 38
Abschnitt XXXV Thomas Paine 39
Abschnitt XXXVI London Encyclopaedia 40
Abschnitt XXXVII David Ricardo 40
Abschnitt XXXIX St. Simoniens 40
Abschnitt XL William Blake 41
Abschnitt XLI John Fullarton 45
Abschnitt XLII Thomas Tooke 47
Abschnitt James William Gilbart 47
Abschnitt LX Johann Georg Bsch 47
Abschnitt LXI Johann Georg Bsch 52
Abschnitt LXIl Johann Georg Bsch 53
Abschnitt LXIX Alfred 56
Abschnitt LXX Samuel Bailey 56
Abschnitt LXXI Thomas Joplin 59
Abschnitt LXXII Samuel Jones Loyd 59
Abschnitt LXXIII William Clay 60
Abschnitt LXXIV William Hampson Morrison 60
Abschnitt LXXV Thomas Joplin 60
Abschnitt LXXVI Samuel Jones Loyd 61
Abschnitt LXXVII David Salomons 61
Abschnitt LXXIX George Warde Norman 62
Abschnitt LXXX a Henry Charles Carey 62
Abschnitt LXXX b The Economist 1847 64
Abschnitt LXXXI The Economist 1844 69
Abschnitt LXXXII David Hume 72
Abschnitt LXXXIII John Locke 72
Heft mit Exzerpten und Notizen 77 848

Inhaltsverzeichnis von Friedrich Engels 77
Bullion. Das vollendete Geldsystem (Fortsetzung) 78
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Inhalt
Text Apparat
Abschnitt LXXXIV Henry Thornton 78
Abschnitt LXXXV Thomas Mortimer 81
Abschnitt LXXXVI Robert Hamilton 82
Abschnitt LXXXVII William Cobbett 82
Abschnitt LXXXVIII Thomas Joplin 82
Abschnitt LXXXIX John Gray 83
Abschnitt XC Patrick James Stirling 84
Notiz XCI Gavin Mason Bell 85
Exzerpte aus: The Economist. April bis Juni 1851 86

Exzerpte aus John Fullarton: On the regulation of curren-
cies 95
Berechnungen 114
Geschichte vom Mnnchen Wolfgang 115
Mit dem Land zusammenhngende Steuern 117
Problembersicht 118
L o n d o n e r Hefte 1 8 5 0 - 1 8 5 3 . Heft VIIX 119 874
Heft VII 121 874

Exzerpte aus James William Gilbart: An inquiry into the
causes of the pressure 121
Exzerpte aus Edward Thornton: Observations of the re-
port 127
Exzerpte aus Albert Gallatin: Considerations on the cur-
rency ... 130
Exzerpte aus James William Gilbart: The history of bank-
ing in America 135
Exzerpte aus James William Gilbart: The history of bank-
ing in Ireland 140
Exzerpte aus: A defence of joint stock banks 143
Exzerpte aus Condy Raguet: A treatise on currency and
banking 144
Exzerpte aus Travers Twiss: View of the progress of po-

litical economy 156
Exzerpte aus Condy Raguet: A treatise on currency and

banking (Fortsetzung) 159
7*
Inhalt
Text Apparat
Exzerpte aus: The currency theory reviewed 168
Exzerpte aus James Whatman Bosanquet: Metallic, pa-
per, and credit currency 177
Exzerpte aus: Report, together with minutes of evi-
d e n c e ... 1810 182
Exzerpte aus Charles Bosanquet: Practical observations 188
Exzerpte aus David Ricardo: The high price of bullion 191
Exzerpte aus David Ricardo: Reply to Mr. Bosanquet's
Practical observations 197
Exzerpte aus Thomas Tooke: An inquiry into the cur-
rency principle 199
Exzerpte aus Robert Torrens: On the operation of the
bank charter act 212
Exzerpte aus John Gellibrand Hubbard: The currency
and the country 216
Exzerpte aus William Leatham: Letters on the cur-

rency ... to Ch. Wood 222
Reflection 227
Exzerpte aus: Reports - Minutes of evidence ... 1810 235
Notiz: Report ... of the Lords' Committee of secrecy.
1797 246
Exzerpte aus: Reports from committees ... 1847-1848 247
Exzerpte zu Adam Smith' Lehre ber das Geld 272
Heft VIII 287 926
Exzerpte zu Adam Smith' Lehre ber das Geld (Fortset-
zung) 287
Exzerpte aus Geronimo de Uztariz: The theory and prac-
tice of commerce 289
Exzerpte aus: The Economist. Mrz bis Juni 1845 292
Exzerpte aus: The Economist. August bis Oktober 1846 302
Notiz zu James Steuart: An inquiry into the principles of
political economy 304
Exzerpte aus John Morton: On the nature and property
of soils 305
8*
Inhalt
Text Apparat
Exzerpte aus James Steuart: An inquiry into the princi-
ples of political economy 312
Exzerpte aus David Ricardo: On the principles of politi-
cal economy 326
ples of political economy (Fortsetzung) 332
cal economy (Fortsetzung) 350
Exzerpte aus Antonio Serra: Breve trattato 396

Exzerpte aus: The Economist. April bis Mai 1845 426

Exzerpte aus Geminiano Montanari: Della moneta 446
Exzerpte aus Geminiano Montanari: Breve trattato 448
Exzerpte aus Robert Torrens: An essay on money and
paper currency 449
Exzerpte aus William M. Gouge: A short history of paper
money 453
Exzerpte aus William Cooke Taylor: The natural history
of society 460
Heft IX 471 966

Exzerpte aus William Alexander Mackinnon: History of
civilisation 471
9*
Inhalt
Text Apparat
Exzerpte aus John Debell Tuckett: A history of the past
and present state of the labouring population 473
Exzerpte aus John Barton: Observations on the circum-
stances 518
Exzerpte aus: The Westminster Review. 1826 522
Exzerpte aus David Buchanan: Observations on the sub-
jects treated of in Dr. Smith inquiry 524
Exzerpte aus Thomas Robert Malthus: The measure of
value 533
Exzerpte aus Robert Torrens: An essay on the produc-
tion of wealth 536
Notiz zu Matthew Cary: Essays on political economy 541
Exzerpte aus Piercy Ravenstone: Thoughts on the fund-
ing system and its effects 542
Exzerpte aus Thomas Hodgskin: Popular political econ-
omy 549
Exzerpte aus Richard Jones: An introductory lectures on
Exzerpte aus Thomas Robert Malthus: Definitions in po-
litical economy 568
Exzerpte aus Thomas Chalmers: On political economy 572
Exzerpte aus: The Edinburgh Review. 1837 590
Exzerpte aus George Poulett Scrope: Principle of polit-
ical economy 592
Exzerpte aus John Debell Tuckett: A history of the past
and present state of the labouring population (Fortset-
zung) 597
Exzerpte aus William Blake: Observations on the effect

produced 600
Exzerpte aus John Ramsay MacCulloch: The literature of
Exzerpte aus William Blake: Observations on the effect
produced (Fortsetzung) 610
Exzerpte aus: The Edinburgh Review. 1831 613
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Inhalt
Text Apparat
Exzerpte aus Richard Jones: An essay on the distribution
of wealth 615
Exzerpte aus: Outlines of social economy 641
Exzerpte aus Thomas Sharpe Smith: On the economy
of nations 642
Exzerpte aus George Ramsay: An essay on the distribu-

tion of wealth 643
Exzerpte aus Richard Whately: Introductory lectures on
politicai economy 648
tion of wealth (Fortsetzung) 650
Heft X 660 1019

tion of wealth (Fortsetzung) 660
Exzerpte aus Thomas de Quincey: The logic of political
economy 668
Exzerpte aus Henry Charles Carey: Essay on the rate of
wages 672
Exzerpte aus: London Magazin. 1824 682
Exzerpte aus Henry Charles Carey: Essay on the rate of
wages (Fortsetzung) 684
Exzerpte aus Henry Charles Carey: Principle of political
economy 688
Exzerpte aus Henry Charles Carey: The past, the pres-
ent, and the future 740
Exzerpte aus Thomas Robert Malthus: Principle of politi-
cal economy 753
REGISTER
Literaturregister 1049
I. Arbeiten von Engels 1049
II. Arbeiten anderer Autoren 1049
III. Periodica 1074
11*
Inhalt
Text Apparat
Namenregister 1075
Verzeichnis der Mnzen, Mae und Gewichte 1093
Sachregister 1099
Verzeichnis der Abbildungen
Bullion. Das vollendete Geldsystem. Seite 1 5

Problembersicht zu David Ricardo: Principles of political econ-
omy ... Heft mit Exzerpten und Notizen. 4. Umschlagseite 125
Exzerpte aus james William Gilbart: An inquiry into the causes of
the pressure ... Heft VII. Seite 1 126
Reflection. Heft VII. Seite 48 225
Exzerpte aus dem Economist" von 1845. Heft VIII. Seite 4 297
Exzerpte aus James Steuart: An inquiry into the principles of politi-
cal economy ... Heft VIII. Seite 27 345
Exzerpte aus John Debell Tuckett: A history of the past and pres-
ent state of the labouring population ... Heft IX. Seite 20 505
Exzerpte aus John Ramsay MacCulloch: The literature of political
economy ... Heft IX. Seite 69 607
Exzerpte aus George Ramsay: An essay on the distribution of
wealth. Heft IX. Seite 90 657
Exzerpte aus George Ramsay: An essay on the distribution of
wealth. Heft X. Seite 1 663
Henry Charles Carey: The past, the present, and the future. Phil-
adelphia 1848. Titelblatt 741
Inhaltsverzeichnis von Friedrich Engels. Heft rfiit Exzerpten und
Notizen. 1. Umschlagseite 849
Exzerpte aus James William Gilbart: An inquiry into the causes of
the pressure ... Heft VII. Seite 2 877
12*
Einleitung
Der v o r l i e g e n d e Band e n t h l t die b e r l i e f e r t e n Exzerpte u n d Notizen

von M a r x v o n M r z bis Juni 1851: d a s M a n u s k r i p t Bullion. Das vollen-
d e t e G e l d s y s t e m " , d a s m g l i c h e r w e i s e s c h o n i m F e b r u a r 1851 b e g o n -
n e n w u r d e ; ein Heft mit Exzerpten u n d Notizen", v o n d e m e i n i g e Ein-
t r a g u n g e n bis z u r J a h r e s w e n d e 1 8 5 1 / 1 8 5 2 r e i c h e n ; u n d die Hefte VIIX
d e r L o n d o n e r Hefte 1 8 5 0 - 1 8 5 3 " . Dabei h a n d e l t e s sich mit w e n i g e n
A u s n a h m e n u m Erstverffentlichungen.
Der Band IV/8 setzt die mit Band IV/7 e i n g e l e i t e t e D o k u m e n t a t i o n d e r
intensiven Studien fort, die M a r x n a c h 1850 v o r w i e g e n d im Lesesaal d e s
Britischen M u s e u m s mit d e m Ziel b e t r i e b , ein s c h o n v o r 1848 g e p l a n t e s
u m f a s s e n d e s W e r k z u r politischen k o n o m i e z u s c h r e i b e n . 1859
s c h r i e b er im V o r w o r t zu s e i n e r Schrift Zur Kritik d e r politischen k o -
n o m i e . Erstes Heft": Die H e r a u s g a b e d e r , N e u e n R h e i n i s c h e n Z e i t u n g '
1848 u n d 1849 u n d die s p t e r erfolgten Ereignisse u n t e r b r a c h e n m e i n e
k o n o m i s c h e n S t u d i e n , die erst im Jahr 1850 in London w i e d e r aufge-
n o m m e n w e r d e n k o n n t e n . Das u n g e h e u r e Material fr G e s c h i c h t e d e r
politischen O e k o n o m i e , d a s im British M u s e u m aufgehuft ist, d e r g n -
stige S t a n d p u n k t , d e n London fr die B e o b a c h t u n g d e r b r g e r l i c h e n
Gesellschaft g e w h r t , e n d l i c h d a s n e u e E n t w i c k l u n g s s t a d i u m , w o r i n
letztere mit d e r E n t d e c k u n g d e s kalifornischen u n d a u s t r a l i s c h e n G o l d e s
e i n z u t r e t e n s c h i e n , b e s t i m m t e n m i c h , g a n z v o n v o r n w i e d e r anzufan-
g e n u n d m i c h d u r c h d a s n e u e Material kritisch d u r c h z u a r b e i t e n . "
(MEGA II/2. S. 102.)
Bei d e r A u s w e r t u n g d e r E r g e b n i s s e d e r Revolution v o n 1 8 4 8 / 4 9 wa-
ren M a r x u n d Engels zu f o l g e n d e r Erkenntnis g e l a n g t : Bei d i e s e r allge-
m e i n e n Prosperitt, w o r i n die Produktivkrfte d e r b r g e r l i c h e n Gesell-
schaft sich s o p p i g e n t w i c k e l n w i e d i e s i n n e r h a l b d e r b r g e r l i c h e n
13*
KARL M A R X
EXZERPTE
UND NOTIZEN
M R Z BIS J U N I
1851
Bullion. Das vollendete Geldsystem
Iii Bullion. Das vollendete Geldsystem.
I. Adam Smith.
A u s d e r Theilung der Arbeit g e h t hervor, d a E i n e r v o n d e r W a a r e d e s

A n d r e n a b h n g t , d. h. die Notwendigkeit des Austausche; j e d e r bedarf
5 ausser s e i n e m speziellen (besondern) P r o d u k t seiner eignen I n d u s t r i e eine
b e s t i m m t e Q u a n t i t t einer allgemein acceptirbaren W a a r e ; wogegen er wil-
lig d e n berflu seiner b e s o n d r e n Industrie austauscht. Verschiedne M a t e -
rien successiv h i e r z u angewandt, schlielich Silber und Gold, Anfangs als
Barren o h n e Stempel u n d Z e i c h e n , n a c h d e m Gewicht. Spter gestempelt,
1 g e m n z t . (A. S. p. 6)
Zu b e m e r k e n : 1) D a s G o l d u n d Silber als allgemeine Waare, a l s d a s
allgemeine Product j e d e r b e s o n d r e n I n d u s t r i e , die V e r k r p e r u n g , d e r Kr-
per der Austauschbarkeit des Products, s e i n e r T a u s c h f h i g k e i t . ( D a s G e l d
h i e r n u r a l s T a u s c h m i t t e l . ) V e r k r p e r t e r Tauschwerth d e s P r o d u c t s . E r -
15 ster P r o z e n a c h A. S.: Trennung des Goldes und Silbers, d e s G e l d e s a l s
des allgemeinen Products jeder Industrie von ihrem besondren Product.
A b e r G o l d u n d Silber h i e r n u r n o c h die F o r m d e s allgemeinen Aequiva-
lents, des a l l g e m e i n e n Pfandes, da es selbst Waare ist u n d e i n e v a l e u r in-
t r i n s i q u e b e s i z t . Gesellschaftliches Product.
20 2) A. S. e r k l r t die N o t h w e n d i g k e i t des G e l d e s a u s d e r N o t h w e n d i g k e i t
d e n Ueberschu d e s e i g n e n P r o d u c t s zu vertauschen. D i e vllige L s u n g
d e s P r o d u c e n t e n v o n d e r B e z i e h u n g auf die u n m i t t e l b a r e B r a u c h b a r k e i t
d e s P r o d u c t s fr i h n selbst a l s o n o c h n i c h t v o r a u s g e s e z t . Neben d e m b e -
s o n d r e n P r o d u c t d a s allgemeine.
25 A. S. f h r t fort: So wurde das G e l d bei allen civilisirten Vlkern das all-
3
gemeine Handelsinstrument u n d die W a a r e n aller Art verkaufen u n d kaufen

sich, o d e r v i e l m e h r tauschen sich aus, die e i n e gegen die a n d r e d u r c h s e i n e
Intervention. (p. 6.)
Zu b e m e r k e n : 1) D a s allgemeine Handelsinstrument. E i n e W a a r e , . B.
G o l d u n d Silber h a t h i e r d a s Prdicat allgemeines Handelsinstrument, 5
W e r k z e u g z u sein. A b e r d a s a l l g e m e i n e H a n d e l s i n s t r u m e n t als Subjekt
h a t n o c h keinen, von j e d e m wirklichen Product u n a b h n g i g e n Ausdruck.
D a s G o l d ist G e l d . A b e r d a s G e l d s e i n ist e i n e E i g e n s c h a f t d e s G o l d e s .
D a s G e l d fr sich b e s i z t k e i n v o n e i n e m b e s t i m m t e n N a t u r p r o d u k t u n -
a b h n g i g e s D a s e i n . 2 ) D a s G o l d u n d Silber i n s e i n e r E i g e n s c h a f t als 10
G e l d e r s c h e i n t h i e r als Vermittler. D e r A k t d e s Austausches verfllt in die
v o n e i n a n d e r u n a b h n g i g e n A k t e d e s Kaufs u n d Verkaufs. N a c h f r a g e
u n d Z u f u h r . N o t h w e n d i g e F o l g e d e s G e l d e s a l s o d a s Auseinanderfallen
d i e s e r b e i d e n A k t e , die sich z w a r s c h l i e l i c h a u s g l e i c h e n m s s e n , die
a b e r in j e d e m g e g e b n e n M o m e n t in Disharmonie, in Disproportion s e i n 15
k n n e n . M i t d e m Gelde also schon der G r u n d der Krisen gelegt. 3) Ob-
gleich hier der direkte T a u s c h h a n d e l von W a a r e gegen W a a r e verschwin-
d e t , s o findet d o c h i m m e r n o c h e i n e A r t v o n T a u s c h h a n d e l s t a t t , d e n n
G o l d u n d Silber h a b e n d e n s e l b e n prix n a t u r e l , wie d i e W a a r e n ; d e r e n
A u s t a u s c h sie v e r m i t t e l n . N u r s t a t t e i n e s T a u s c h h a n d e l s f i n d e n 2 s t a t t . 20
So lange ungeprgte Gold u n d Silberbarren gegen W a a r e n ausgetauscht
w e r d e n , e r s c h e i n t e s a u c h n o c h als r e i n e s P f a n d ; i m g e m n z t e n e d l e n
M e t a l l b l e i b t d e r r o h e T a u s c h h a n d e l ebenfalls, n u r a u f e i n e r h h e r n
Stufe. Es intervenirt i m m e r n o c h ein wirklicher Tauschwerth zwischen
den 2 andren. 25
Die Arbeit, f h r t A. S m i t h fort, ist das G e l d fr d e n u r s p r n g l i c h e n A n -
kauf aller D i n g e gezahlt. (p. 6, 7.) A b e r m a n vertauscht, vergleicht fter
W a a r e n m i t a n d r e n W a a r e n als m i t der Arbeit ... Sobald das G e l d das all-
g e m e i n e H a n d e l s i n s t r u m e n t geworden, j e d e W a a r e fter m i t G e l d ausge-
wechselt als m i t j e d e r a n d r e n W a a r e ... D i e Arbeit der Real, das G e l d der 30
Nominalwerth der Waaren. (p.7) Zu derselben Zeit u n d d e m s e l b e n Ort R e a l
u n d N o m i n a l p r e i der W a a r e n identisch. I n d i e s e m Falle also das G e l d
das exakte Maa des Tauschwerths aller Waaren. (p. 8) Gold u n d Silber
wechseln wie j e d e a n d r e W a a r e bestndig i h r e n Werth. p . 7 D i e M n z e n
e n t h a l t e n bald m e h r bald weniger reines Metall, (p. 8) 35
O b e n h a t t e n wir v o n G e l d n u r die B e s t i m m u n g d e s allgemeinen
Tauschinstruments, h i e r d e s allgemeinen Werthmessers der Waaren.
A b e r als M n z e v o n w e c h s e l n d e m M e t a l l g e h a l t u n d a l s M e t a l l v o n
w e c h s e l n d e m W e r t h . D i e s e r W e r t h m e s s e r b e d a r f a l s o s e l b s t ||2| w i e d e r
e i n e s M a a s s e s . W i e d u r c h die T r e n n u n g i n K a u f u n d Verkauf, s o d u r c h 4 0
die wandelbare N a t u r des M a a s s e s eine Unsicherheit in d e n T a u s c h her-
4
Bullion. Das vollendete Geldsystem. Seite 1
II. J.-. Say
eingebracht u n d Contraete, Kufe, Verkufe etc einer M a s s e unbere-

chenbarer Conjuncturen unterworfen.
D a s G e l d ist so wohl capital fixe als capital circulant ... Erstens der
Stock des g e m n z t e n G e l d e s kostspielig z u formiren u n d z u u n t e r h a l t e n . . .
5 D a s G e l d als R a d der Circulation v e r s c h i e d e n v o n d e n S a c h e n die es circu-
liren m a c h t ... Derselbe T h a l e r zahlt successiv die v e r s c h i e d e n s t e n W a a -
ren. D a s G e s a m m t e i n k o m m e n b e s t e h t also i n d e n Sachen, welche m a n die
e i n e n a c h der a n d r e n m i t G e l d s t c k e n circuliren m a c h t , n a c h d e m M a a ,
d a sie von einer H a n d i n die a n d r e circuliren . . . J e d e Ersparung i n d e m
10 Z u s a m m e n h u f e n u n d U n t e r h a l t e n des G e l d e s ist e i n e Verbesserung in
d e m revenu n e t einer n a t i o n ... D i e E r s e t z u n g des G o l d u n d Silbergelds er-
sezt ein sehr theures H a n d e l s i n s t r u m e n t d u r c h e i n sehr wohlfeiles.
(p.12,13.)
A . S . b e t r a c h t e t d a s P a p i e r g e l d h i e r n u r v o m G e s i c h t s p u n k t d e r Wohl-
15 feilheit: d e r E r s p a r n i . K e i n spezifischer U n t e r s c h i e d .
Geld als Circulationsrad. (Wechsel im W e r t h des Geldes: 1) Die M n z e

w e c h s e l n d i n i h r e m M e t a l l g e h a l t . 2 ) G o l d u n d Silber w e c h s e l n d i m
Werthverhltni zu einander. 3) Der Werth wechselnd im Verhltni
20 ihrer Q u a n t i t t zur Nachfrage. 4) Im Verhltni zu ihren Productionsko-
sten.)
71. / . B. Say.
1) La valeur estime en m o n n a i e est le prix des choses. ( p . 1)

M i t d e m G e l d e a l s o d i e E n t s t e h u n g d e s Preisses.
25 2) les m o n n a i e s ... capital productif t o u t e s les fois qu'elles servent a u x
changes sans lesquels la p r o d u c t i o n ne p o u r r a i t avoir lieu. (p. 2.)
A. S. betrachtet das Geld nur vom Gesichtspunkt des Austausches und
d e r V e r t h e i l u n g . A l s Handelsinstrument. S a y h i e r als Productionsinstru-
ment, als produktives Capital, als Agent d e r Production.
30 3) Verschlechtert sich d a s Geld, so sucht m a n es d u r c h alle M i t t e l a u s -
z u t a u s c h e n , es los zu werden. D a h e r die w u n d e r b a r e Circulation w h r e n d
des progressiven Discredits der Assignaten, (p. 5.)
Geld u n d Circulation.
4) Um so m e h r G e l d n o t h w e n d i g , je civilisirter das L a n d , je weiter die
35 T h e i l u n g der Arbeit getrieben, (p. 6)
5) D a s G e l d ist weder ein Z e i c h e n n o c h ein M a a ... wirklicher
W e r t h ... Sein eigner W e r t h b e s t i m m t wie der j e d e r a n d r e n W a a r e i m di-
r e k t e n V e r h l t n i z u m Bedrfni d a n a c h u n d i m i n d i r e k t e n z u seiner
Quantitt, (p.7)
7
6) W a s geliehn wird ist nicht Geld, sondern ein Werth, T h e i l des W e r t h s

des b r a u c h b a r e n Capitals der Gesellschaft u n d der Procentsatz h n g t ab
v o m Verhltni des a n g e b o t n e n u n d nachgefragten Capitals e m p r u n t e r ,
o h n e V e r h l t n i m a a auf die N a t u r des Geldes, dessen m a n sich b e d i e n t
um die geliehne W a a r e zu transmittiren. (p. 11.) Z i n s f u u n d G e l d . 5
7) D a s argent m o n n a y ist eine W a a r e , i m m e r in der Circulation, i m m e r
b e s t i m m t ausgetauscht z u werden, p . 1 7 D a s G e l d a l s W a a r e .
8) D i e G e l d s t c k e d i e n e n als solche n i c h t in Folge ihrer physischen
Qualitten, sondern ihrer moralischen Qualitt. D a h e r k n n e n sie als Geld
d u r c h j e d e a n d r e W a a r e ersezt werden. D a h e r P a p i e r g e l d . D a s Papiergeld 10
ist kein Z e i c h e n , d e n n es zieht nicht die Verpflichtung des R e m b o u r s e -
m e n t n a c h sich. Da es n i c h t empfangen wird der C o n s u m t i o n wegen, k a n n
es d u r c h ein Zeichen ersezt werden, (billets etc.) p. 19. |
| 3 | III. Rossi.
Es giebt k e i n e n Werthmesser. Die W e r t h e m e s s e n sich wechselseitig. D a s - 15

selbe gilt v o m G e l d ... W e c h s e l n d e r W e r t h des G e l d e s wird gesucht, G o l d
u n d Silber als metallische W e r t h e u n d als Geld. U e b e r g a n g der b e i d e n Be-
s t i m m u n g e n in e i n a n d e r ... Grres oder Geringres Bedrfni n a c h Geld,
n a c h M a a s t a b der m o y e n s d'change supplmentaires ... Socialer u n d p o -
litischer Z u s t a n d des Landes, U n s i c h e r h e i t etc ... Bei d e n A l t e n d u r c h die 20
b r u s q u e rtraite von e i n e m Ort z u m A n d r e n heftige Oscillationen im Geld-
werth ... Im Mittelalter e b e n so wenig Gleichgewicht des G e l d e s in d e n
verschiednen M r k t e n , d a h e r sein W e r t h ebenfalls sehr afficirt von pltzli-
c h e n Oscillationen ... E i n f l u d e r E n t d e c k u n g A m e r i c a s , (p.20,21) K e n n t
m a n das Q u a n t u m , w o r u m sich das Gold u n d Silber vermehrt, n u n zu u n - 25
t e r s u c h e n ob seine V e r m e h r u n g n i c h t vermehrte Nachfrage hervorgebracht
d u r c h vermehrte Bevlkerung, Industrie, H a n d e l etc ... E i n f l u d e s G o l d -
p r e i s s e s i m 16' u n d 1 7 ' J h . auf R e n t e , Profit, A r b e i t s l o h n , (p.21)
A l s o A l l e s i n A l l e m : G o l d ist k e i n a b s o l u t e r W e r t h m e s s e r . D i e Bedrf-
nisse n a c h d e m edlen Metall wechseln aus sehr verschiednen Grnden. 30
S e i n e P r o d u c t i o n s k o s t e n , die Z u f u h r also w e c h s e l n . E n d l i c h k a n n s e i n e
v e r m e h r t e Z u f u h r d u r c h v e r m e h r t e Bedrfnisse d a n a c h a u f g e w o g e n wer-
den. U n d k a n n nicht mit der Vermehrung der Tauschmittel der Aus-
t a u s c h selbst v e r m e h r t w e r d e n ? L e z t r e s u n t e r s u c h t R o s s i n i c h t .
IV. J. F. Bray
IV. J. F. Bray.
1) G o l d u n d Silber ursprnglich n i c h t Reprsentativa; diese Idee k o m m t

auf bei der Erfindung des Papiergeldes, u r s p r n g l i c h geschaffen als Substi-
t u t von G o l d u n d S i l b e r m n z e , (p. 16)
5 2) G e l d - G e m n z t e s Metall u n d P a p i e r - M i t t e l d e n Besitz zu zer-
s c h n e i d e n ( H a u s u n d andres Capital) i n u n z h l i g e F r a g m e n t e u n d Stck
von Stck d u r c h d e n A u s t a u s c h verzehren, ( p . 16) Z e r s t r e n d e , Aufl-
sende Wirkung des Geldes also. O h n e Geld eine M a s s e u n a u s t a u s c h b a -
rer, a l s o n i c h t z u e n t f r e m d e n d e r G e g e n s t n d e . D e r r e i n e T a u s c h h a n d e l
10 c o n s e r v a t i v fr d i e s e n T h e i l d e s R e i c h t h u m s .
3) G e l d au fond n u r R e p r s e n t a n t von Capital. So Gold. Gemnzt d i e n t
es n u r als R e p r s e n t a n t von reellem Capital. Da B a n k n o t e n G o l d reprsen-
tiren, w a r u m n i c h t auf e i n m a l das Capital o h n e die I n t e r v e n t i o n des G o l -
des? ( p . 16)
15 4) D i e v o r h a n d n e M a s s e des G e l d s steht n i c h t im V e r h l t n i zu d e m
Capital, d a s es reprsentiren soll. So in B r i t a n n i e n 5000 M i l l i o n e n Pf. St.
Capital. Diese e n o r m e M a s s e von Capital h a t k e i n e n R e p r s e n t a n t e n . So in
E n g l a n d h c h s t e n s 60 M i l l i o n e n Pf. St. D e r T a u s c h w e r t h so oft n i c h t d u r c h
die P r o d u c t i o n s k o s t e n regulirt, s o n d e r n regulirt d u r c h d e n grren oder ge-
20 r i n g e r n W e r t h von G e l d in Circulation. D e p r e c i a t i o n der H u s e r . B. bei
e i n e m pltzlichen V e r k a u f einer Masse derselben. F r P a p i e r d a h e r , wel-
c h e s d a s g a n z e C a p i t a l fixe r e p r s e n t i r t . ( p . 16)
5 ) D e r w i r k l i c h e R e i c h t h u m giebt G o l d , Silber, B a n k n o t e n , b e r h a u p t
d e m G e l d s e i n e n W e r t h u n d n i c h t die M e n g e d e n W e r t h d e m d u r c h Ar-
25 b e i t g e s c h a f f n e n P r o d u c t . I m j e t z i g e n S y s t e m s t e h n b e i d e i m verkehrten
V e r h l t n i . (p. 17)
6) W e n n die V e r m e h r u n g von G o l d u n d Silber n u r V e r m e h r u n g der Re-
prsentanten des vorhandnen Reichthums sind die eigne Schpfung v o n G e l d
u n d Papiergeld gleich n u t z l o s . W e n n aber i m h e u t i g e n Z u s t a n d der Gesell-
30 schaft J e d e r m e h r e r e 100 in der Tasche u n g e h e u r e r S t i m u l u s fr die Pro-
d u c t i o n , Kauf, Verkauf, B e n u t z u n g der v o r h a n d n e n W a a r e n , Rohstoffe
u n d A r b e i t s i n s t r u m e n t e . Reprsentant so des zu schaffenden Reichthums. Be-
drfni ist da, Arbeitskrfte, L e b e n s m i t t e l w h r e n d des Aktes der P r o d u c -
tion, h i n r e i c h e n d e s reelles Capital. Leztres aber in O p e r a t i o n gebracht u n d
35 wirksam reprsentirt d u r c h p a p e r m e d i u m . Also ein b e s t i m m t e s W a c h s -
t h u m des circulirenden M e d i u m s u n t e r b e s t i m m t e n U m s t n d e n w r d e d e n
R e i c h t h u m sehr w a c h s e n m a c h e n u n d allgemein ausgiessen die Vortheile
solcher Production, (p. 17)
7) Plnderung der Gesellschaft durch jezt Geldfabrizirende Stnde,
9
B a n q u i e r s e t c . (p. 17.) M o n o p o l d e s G e l d m a c h e n s . K r i t i k d e s j e t z i g e n
G e l d s y s t e m s , (p. 17,18.) Barbarei u n d Ungerechtigkeit in der P r o d u c t i o n
von G o l d u n d Silber. H u m b u g i m A u s t a u s c h v o n P a p i e r g e l d g e g e n
W a a r e , i n d e r P r o d u c t i o n v o n P a p i e r g e l d , (p. 17) H a n d e l m i t G e l d . (p. 18)
Benefit d e r G e l d m a c h e r . U e b e l u n d U n r e c h t u n z e r t r e n n b a r von der Exi- 5
Stenz des Gelds, so lange es geschaffen u n d b e n u z t ist von partikularen
Klassen m i t A u s s c h l u andrer Klassen, p. 19. So a u c h sein G e l d s y -
s t e m . ||4| D a s P a p i e r g e l d soll n a c h i h m t r a g e n 2 B e n e n n u n g e n v o n
a m o u n t o f l a b o u r u n d a m o u n t o f sterling, p . 2 1 . Will d i e G e l d als M i t t e l
d e s A n k a u f s d e s C a p i t a l s v o n d e n C a p i t a l i s t e n an die Arbeiter, (p. 21) 10
8) D a s G e l d ist n u r e i n e Anweisung auf P r o d u c t e der Arbeit oder auf
knftige Arbeit. W r e also der b o n des Capitalisten besser als der b o n des
Arbeiters? (p. 22) E x p r o p r i a t i o n der K a p i t a l i s t e n d u r c h d a s A r b e i t g e l d .
I.e.
V. Oyten. 15
D i e Bevlkerung aller G e g e n d e n elend weil sie d e m Schatten nachluft,

d e m G e l d e , statt sich die Substanz zu sichern, die i h n berflssig m a c h e n
wrde, (p. 52)
VI. Browning.
1) Wie das Gold aus der B a n k u n d aus d e m Land geht bei d e m depreci- 20
i r t e n P a p i e r g e l d , (p. 21,22.)
2) B. giebt zu, d a die grosse supply von n o m i n e l l e m Capital, das statt
der metallic currency diente, whrend der Zeit der Bankrestriktion, sehr
vortheilhaft war. Da die Bank leicht u n d zu n i e d r i g e m Zinsfu auslieh, so
produktive Kraft in Bewegung gesezt, wie sonst nicht. Zweitens j e d e r M a n - 25
gel des circulirenden M e d i u m s , das sonst nthig war in J a h r e n der defi-
ciency wie 1 8 0 0 - 1 8 0 1 verhindert, ( p . 2 1 , 2 2 . )
3) Vortheile des Banksystems: a) Centralisation kleiner unaktiver S u m -
m e n fr die P r o d u c t i o n . So Capitalbildung. ) V e r m e h r u n g der M n z e ,
also der Mittel Waaren zu circuliren. Die Activit des H a n d e l s h n g t grossen- 30
theils ab von d e m in Circulation befindlichen Geldbetrag. 3) O e k o n o m i s i -
r u n g des G e b r a u c h s der e d l e n Metalle, (p. 22.)
4) Unterstelle, es sei vortheilhaft G o l d ins A u s l a n d zu schicken, wh-
r e n d die funds fallen. E i n large capitalist oder mercantile stock holder, des-
sen einziges Vaterland, hhres Interesse, b r a u c h t das P r m i u m , das der Ex- 35
port von Gold, hier kuflich zu 3 /. 17 sh. 10% d. per oz., auf d e m C o n t i n e n t
10
VI. G. Browning
bringt. Verkauft seinen stock fr Gold, transmittirt die n a c h Paris, H a m -

burg oder A m s t e r d a m ; kauft dort bills auf E n g l a n d , w o m i t er seine N a c h -
frage fr G o l d erneuert? ... So wird er j e d e n souverain der B a n k e n t z i e h n .
(P.22)
5 H i e r die F r a g e v o n d e m fixed S t a n d a r d . D e r E c o n o m i s t v o m 1 4 S e p t .
1850 p. 1010 sqq. s a g t h i e r b e i :
Die B a n k h a t die Verpflichtung fr alles u n g e m n z t e G o l d per U n z e zu
z a h l e n 3 /. 17 sh. 9 p., was sie ausgiebt fr 3 /. 17 sh. 10 d., being allowed
for the trouble of getting it coined at the M i n t , a n d for the loss of interest
10 during the t i m e required. Soll n u n die B a n k g e b u n d e n sein i m m e r densel-
b e n Prei zu zahlen, w e n n der Geldwerth sinkt, wie etwa d u r c h die E n t d e k -
kung von Californien! K a n n die B a n k e i n e n Verlust erleiden von der pres-
e n t Obligation to p u r c h a s e at t h e price fixed by t h e A c t of 1844? F r j e d e s
Pfund G o l d m u die B a n k geben 46 I. 13 s B a n k n o t e n u n d fr j e d e 100 Pf.
15 G o l d 4665 /. ... W o r a u f beluft sich die ganze Transaction? Einfach auf
e i n e n A u s t a u s c h von 1200 U n z e n u n g e p r g t e m G o l d fr 1200 U n z e n ge-
m n z t e s G o l d . Die Bank empfngt das Bullion, zahlt N o t e n fr 4665 /. (fr
100 Pf. Gold) u n d erhlt von der M i n t M n z e z u m Betrag von 4672 /. 10 sh.
to r e d e e m their notes, w e n n sie fr Z a h l u n g prsentirt werden. ( i y d . d e r 2
20 Unterschied des M n z u n d des Bankgeldes. U n d die zugleich der U n -

t e r s c h i e d , wofr sie B u l l i o n k a u f t u n d d e m , wofr sie e s verkauft. Stieg
d e r B a n k p r e i b e r d e n M n z p r e i h h e r , s o w r d e j e d e r selbst s e i n
B u l l i o n auf die M n z e t r a g e n . D e n Profit m a c h t die B a n k b e i m A n k a u f
d e s B u l l i o n , weil sie d a s B u l l i o n als s o l c h e s als R e s e r v e h a l t e n k a n n u n d
25 v o r r t h i g e M n z e g e n u g h a t , u m d a m i t z u z a h l e n . ) E s wird n u n nichts a n
dieser T r a n s a k t i o n gendert, welcher W e c h s e l a u c h i m i n n r e n W e r t h des
G o l d e s eintrete. Gleichgltig ob das G o l d rar oder berflssig ist, ob eine
U n z e G o l d an W e r t h = 1 Quarter oder 1 Bschel W e i z e n , einer T o n n e
oder e i n e m cwt of Eisen. ||5| D i e B a n k u n t e r n i m m t nichts, als z u r c k z a h -
30 len coin fr Bullion, Gewicht fr Gewicht of standard quality of t h e s a m e
m e t a l . Die Vernachlssigung dieses einfachen F a c t u m s leitet zu der Klage
gegen a fixed price" for Gold.
D e r F a l l , wie i h n d e r E c o n o m i s t u n t e r s t e l l t ist d e r v o n G o l d u n d i n
Gold convertiblem Papiergeld.
35 So l a n g e P a p i e r g e g e n G o l d convertibel ist, sind sie i d e n t i s c h . D e r
W e r t h des P a p i e r s steigt u n d fllt m i t d e m W e r t h d e s G o l d e s , g e g e n d a s
e s a u s t a u s c h b a r ist u n d d a s e s r e p r s e n t i r t . E s h a t k e i n e B e w e g u n g fr
sich. A l s o bliebe die F r a g e v o m fixen S t a n d a r d b e s c h r n k t a u f d a s
V e r h l t n i z w i s c h e n B u l l i o n u n d G o l d m n z e , d e n n e s ist d a s s e l b e o b J e -
40 m a n d B u l l i o n auf d e r B a n k a u s t a u s c h t g e g e n B a n k n o t e n u n d d i e B a n k
das Bullion auf der M n z e austauscht gegen sovereigns oder ob er direkt
11
d a s B u l l i o n z u d e m fixen s t a n d a r d g e g e n s o v e r e i g n s auf d e r B a n k a u s -
t a u s c h t . 3 . / . 1 7 sh. 1 0 p . sind n u r ein a n d r e r N a m e fr E i n e U n z e G o l d .
F l l t d e r W e r t h d e s G o l d e s g e g e n a n d r e W a a r e n , so fllt d e r d e r 3 l.
1 7 s h . 1 0 p . u n d steigt er, s o u m g e k e h r t . B e i d i e s e m A u s t a u s c h v o n G o l d -
b u l l i o n g e g e n G o l d m n z e v o n d e m s e l b e n M e t a l l g e h a l t wird n u r e i n e 5
F o r m d e s s e l b e n g e g e n die a n d r e a u s g e t a u s c h t . D i e B a n k giebt n i e m e h r
a l s sie e r h l t u n d sie e r h l t n i c h t m e h r als sie giebt. D e r T a u s c h w e r t h
d e s G o l d e s , e r m a g s t e i g e n o d e r fallen, s o fllt e r i n b e i d e n F o r m e n
g l e i c h m s s i g . W i e sollte a l s o d e r W e c h s e l d i e s e s W e r t h s a u f d i e s e T r a n s -
a c t i o n i r g e n d w i e e i n w i r k e n ? D e r fixed S t a n d a r d ist ja n u r die I d e n t i t t 10
zwischen Gold in Bullion u n d Gold in Mnze.
S o wie h i e r b e i m E c o n o m i s t d a r g e s t e l l t ist die F r a g e selbst a b g e -
s c h m a c k t . Allein:
Erstens. D i e U n z e G o l d = 3 / . 1 7 sh. 10 d. H i e r ist s c h o n n i c h t einfa-
cher Austausch von Goldbullion gegen Goldmnze, sondern auch von 15
G o l d g e g e n Silber. Silber ebenfalls c i r c u l i r e n d e s M e d i u m u n d b i s z u
e i n e m g e w i s s e n G r a d g e s e t z l i c h e s Z a h l u n g s m i t t e l fr gewisse S u m m e n .
N u n ist d a s V e r h l t n i v o n G o l d u n d Silber a b e r e b e n s o w e c h s e l n d , wie
d a s v o n G o l d g e g e n G e t r e i d e . D a m i t a l s o s c h o n die E i n f a c h h e i t d e r
F r a g e , wie b e i m E c o n o m i s t , a u f g e h o b e n u n d a n d r e B e z i e h u n g h e r e i n g e - 20
b r a c h t , a l s die z w i s c h e n d e n zwei F o r m e n d e s G o l d e s a l s B u l l i o n u n d als
Mnze.
Zweitens. D e r E c o n o m i s t giebt m i t a l l e m U e b r i g e n z u , d a w e n n d a s
P a p i e r d e p r e c i i r t ist, w o b e i n a t r l i c h die C o n v e r t i b i l i t t realiter, w e n n
a u c h n i c h t legaliter a u f g e h r t h a b e n m u , die B a n k wirklich v e r l i e r e n 25
u n d d a s G o l d a u s d e m L a n d g e t r i e b e n w e r d e n k a n n . W e n n 3 / . 1 7 sh.
10 p. o d e r e i n e U n z e G o l d in sovereigns = 5 Pf. in P a p i e r , a n d r e n s e i t s
g e s e t z l i c h k e i n U n t e r s c h i e d e r l a u b t ist, s o wird d a s G o l d a u s g e f h r t wer-
den, um damit Wechsel auf England zu kaufen oder gehoarded werden.
A n d r e r s e i t s wird die B a n k selbst z u h h r e m P r e i i h r G o l d u n d Silber 30
e i n k a u f e n m s s e n als n a c h d e m fixed s t a n d a r d .
Drittens. K a n n d e r W e r t h d e s G o l d e s i n e i n e m L a n d e h h e r s t e h n als
i m A n d r e n ? J a . Theils i n F o l g e d e s W e c h s e l k u r s e s , d e s A n l e i n m a r k t s ,
d e s V e r h l t n i s s e s d e s v o r h a n d n e n G o l d e s u n d Silbers e t c . A l s o 2 F l l e .
D a s G o l d s t e h t h h e r auf d e m C o n t i n e n t als i n E n g l a n d . D e r a n d r e F a l l 3 5
e s s t e h t niedriger. D a s G o l d s t e h e h h e r auf d e m C o n t i n e n t a l s i n E n g -
l a n d . I n d i e s e m F a l l e t r a g e i c h B a n k n o t e n a u f die B a n k u n d t a u s c h e sie
z u d e m fixed s t a n d a r d u m fr 3 / . 1 7 sh. 10 d . G o l d . D i e s e s G o l d
s c h i c k e i c h n a c h d e m C o n t i n e n t u n d k a u f e d a s e l b s t W e c h s e l auf E n g -
l a n d , wofr i c h w i e d e r G o l d d e r B a n k e n t z i e h e . S o k a n n die B a n k d e s 4 0
G o l d e s e n t b l s t w e r d e n u n d i h r g a n z e s convertibility S y s t e m g e f h r d e t .
12
VI. G. Browning
A u f d i e s e W e i s e h r t a u c h d a s e i n f a c h e V e r h l t n i des r e i n e n A u s t a u -
s c h e s v o n G o l d b u l l i o n g e g e n G o l d m n z e auf. W e i l die U n z e G o l d m e h r
w e r t h ist a u f d e m C o n t i n e n t als i n E n g l a n d wird z w a r k e i n e s w e g s d a s
V e r h l t n i z w i s c h e n G o l d i n B u l l i o n u n d G o l d i n M n z e i n E n g l a n d al-
5 terirt. W o h l a b e r d a s V e r h l t n i v o n P f u n d e n i n P a p i e r u n d P f u n d e n i n
G o l d . D e r fixed s t a n d a r d u n t e r s t e l l t e i n e G l e i c h g l t i g k e i t des P a p i e r s
u n d d e s G o l d e s , die i n B e z u g auf d a s A u s l a n d n i c h t existirt. A e n d e r t e
s i c h d e r S t a n d a r d d a g e g e n i n d e m W e r t h d e s G o l d e s auf d e m C o n t i n e n t ,
d . h . g b e die B a n k k e i n e G a n z e U n z e G o l d i n M n z e fr die U n z e G o l d
10 in B u l l i o n o d e r w a s d a s s e l b e ist k e i n e U n z e B u l l i o n fr 3 /. 17 s h . 10y p. 2
i n P a p i e r , s o h r t e d e r V o r t h e i l auf G o l d a u s s e r L a n d e s z u s c h i c k e n . E s
w r d e a u c h k e i n B u l l i o n fort g e s c h i c k t w e r d e n , d e n n e s w r e d e r s e l b e
Profit d a s B u l l i o n auf die M n z e zu s c h i c k e n . |
|6| G e s e z t n u n d a s G o l d s t n d e n i e d r i g e r a u f d e m C o n t i n e n t als i n
15 England. Verschiedne Flle. W e n n auf d e m Continent dasselbe Banksy-
s t e m h e r r s c h t wie i n E n g l a n d , s o findet d e r u m g e k e h r t e P r o z e s t a t t .
D a s G o l d wird n a c h E n g l a n d e x p o r t i r t u n d die P a p i e r c u r r e n c y g e f h r d e t .
H e r r s c h t a b e r auf d e m C o n t i n e n t d a s m e t a l l i s c h e G e l d s y s t e m vor, s o
1) in England kein A n l a Gold n a c h d e m Continent zu schicken, also
20 die C o n v e r t i b i l i t t d e s P a p i e r s n i c h t g e f h r d e t , a l s o v o n d i e s e r Seite d a s
V e r h l t n i i n s e i n e r E i n f a c h h e i t . 2 ) A l l e r d i n g s A n l a auf d e m C o n t i n e n t
G o l d n a c h E n g l a n d z u s c h i c k e n , w a s d e n W e r t h d e s G o l d e s fallen m a -
c h e n wird, a b e r w i e d e r d a s V e r h l t n i v o n B u l l i o n , P a p i e r u n d G o l d -
mnze nicht ndert.
25 A l s o s c h e i n t n u r i n d e m e i n e n F a l l d e r fixe S t a n d a r d e i n e n E i n f l u h a -
b e n z u k n n e n , w e n n d e r G o l d p r e i steigt i m A u s l a n d g e g e n E n g l a n d .
A l l e i n h i e r ist es e i g e n t l i c h n o c h n i c h t d e r fixe s t a n d a r d sondern die Con-
vertibilit, welche die Gefahr der inconvertibilit h e r b e i f h r t . D i e converti-
bilit u n t e r s t e l l t , d a G o l d u n d N o t e n gleichgltig sind. Sie s i n d e s i n
30 d i e s e m F a l l e i n d e m E i n e n L a n d i n B e z u g a u f sich selbst, a b e r n i c h t i n
B e z u g auf a n d r e L n d e r . U m d i e s e m z u v o r z u k o m m e n , d e n S t a n d a r d n -
d e r n , d . h . n i c h t s a l s d i e s e l b e R e v e n u e auf d a s G o l d g e l d g e g e n d a s P a -
p i e r g e l d s e t z e n , die i m A u s l a n d a u f d a s e n g l i s c h e G o l d existirt. D u r c h
den Unterschied in Gold und Papier wrde das Gold im Lande gehalten.
35 W r d e die U n z e G o l d b u l l i o n b e z a h l t n i c h t m i t 3 /. 17 sh. 10% d. s o n d e r n
m i t 5 sovereigns v o n d e m s e l b e n M e t a l l g e h a l t , so w r e n u r d e r Name,
n i c h t die S a c h e g e n d e r t u n d e s bliebe e b e n s o v o r t h e i l h a f t 5 B a n k n o t e n
g e g e n 5 sovereigns a u s z u t a u s c h e n u n d d i e s e n a c h d e m A u s l a n d z u schik-
k e n , als f r h e r die 3 e t c . M i t d e r g l e i c h z e i t i g e n V e r n d e r u n g d e r G o l d -
40 m n z e u n d d e r N o t e g e g e n d a s B u l l i o n wird n i c h t s a m V e r h l t n i g e n -
dert. Bleibt a b e r n a c h wie vor d a s V e r h l t n i v o n B u l l i o n u n d M n z e
13
u n v e r n d e r t , s o h a n d e l t e s sich n i c h t m e h r u m d e n fixed S t a n d a r d s o n -
d e r n u m die A e n d e r u n g d e s V e r h l t n i s s e s v o n P a p i e r p f u n d e n u n d
G o l d p f u n d e n , n i c h t u m die V e r n d e r u n g d e s V e r h l t n i s s e s v o n
G o l d p f u n d e n u n d B u l l i o n g o l d g e w i c h t . E s h a n d e l t sich a l s o u m e i n e d e -
preciation des Papiergeldes. Abgesehen von d e m sonderbaren Mittel, der 5
D e p r e c i a t i o n d e s P a p i e r s d a d u r c h z u v o r z u k o m m e n , d a m a n sie a p r i o r i
d e k r e t i r t , ist a u c h h i e r m i t n i c h t s g e n d e r t . W e n n 5 P a p i e r p f u n d e = 3 /.
1 7 sh. 10 p . i n G o l d , i c h also m i t d e n e i n e n s o viel k a u f e n k a n n , wie m i t
den andren, wenn anderseits das Gold m e h r Werth h a t auf d e m Conti-
n e n t als i n E n g l a n d , w e n n b e i d e i n d i e s e m V e r h l t n i g e g e n e i n a n d e r 1 0
a u s t a u s c h b a r sind, k a n n i c h n i c h t s verlieren u n d n i c h t s g e w i n n e n d u r c h
d i e s e n w e c h s e l s e i t i g e n A u s t a u s c h i n E n g l a n d selbst. E s bleibt a b e r i m -
m e r d e r F a l l , d a e s vortheilhaft bleibt d a s G o l d n a c h A u s s e n z u
schicken.
In d e m v o n B r o w n i n g a n g e g e b n e n F a l l , ist es a l s o n i c h t d e r fixe s t a n - 15
d a r d s o n d e r n die C o n v e r t i b i l i t t die d a s G o l d n a c h d e m A u s l a n d t r e i b t
u n d sie i m I n l a n d g e f h r d e t .
D e r fixe S t a n d a r d k a n n n u r e i n e n E i n f l u h a b e n , w e n n d a s V e r h l t n i
v o n G o l d u n d Silber fixirt ist u n d ein legaler W e r t h a n die Stelle i h r e s
m e r c a n t i l e n W e r t h v e r h l t n i s s e s gesezt. 20
5) S c h n e i d e r e i d e s e n g l i s c h e n Volks d u r c h die B a n k ... Sie taxirte das
Volk for the loan of their own property, (p. 22,23.)
VII. Sismondi. (Nouveaux principes etc.)
1) Das G e l d ist Zeichen aller andern, ihr Pfand u n d ihr Maa. Bankbillets
etc sind signes o h n e gages zu sein, ( p . 2 1 ) 25
2) G l e i c h e R e i c h t h m e r w e n d e n n i c h t gleiche Masse v o n G e l d an. Die
Hufigkeit der changes hngt m e h r von der Natur der R e i c h t h m e r als
v o n i h r e m Werth ab u n d der Grundreichthum erheischt am wenigsten G e l d
fr seine Circulation ... W i e die Circulation hier m i t weniger G e l d erfllt,
so langsamer ... D i e changes commercieux h a b e n z u m G e g e n s t a n d die T o - 30
talitt des c o m m e r c i e l l e n Capitals u n d erneuern sich u n a u f h r l i c h u n d die
changes exigent du n u m r a i r e , (p. 21)
3) E i n gewisses Verhltni nthig zwischen d e m W e r t h des Capitals u n d
des G e l d e s , das es circuliren m a c h t . (I.e.) ||7| D e r Geldzins h n g t ab von der
C o n c u r r e n z der Capitalien, der kleinere oder grssere Ueberflu des Gel- 35
des h a t k e i n e n Einflu auf den Zinsfu. 1. c.
8) M a n schafft k e i n e n Vortheil en multipliant le signe (das Geld) sans
multiplier les choses. (1. c.)
14
Vili. J.-F.-X. Droz IX. F.-L.-A. Ferrier . A.-L.-J. de Laborde
9 ) D e r Credit k a n n n u r e i n e n T h e i l des v o r h a n d n e n R e i c h t h u m s frukti-

ficiren, er deplacirt ihn, schafft k e i n e n n e u e n , ( p . 22)
10) D i e B a n k leiht an o h n e Z i n s u n d verleiht zu Z i n s e n . (1. c.)
11) S i s m o n d i s P o l e m i k g e g e n d a s P a p i e r g e l d . I . e .
5 12) D e r Werth aller Dinge, getheilt d u r c h die Anzahl der marchs deren
G e g e n s t a n d sie w a r e n von d e m P r o d u c t e u r bis z u m C o n s u m e n t e n = d e m
W e r t h der ecus angewandt u m sie z u kaufen, getheilt d u r c h d e n n o m b r e d e
fois d a diese Thaler o n t t t r a n s m i s d a n s le m m e espace de t e m p s . (1. c.)
VIII. Droz.
10 O h n e G e l d die Bildung der Capitalien u n m g l i c h . ( p . 34)
IX. Ferrier.
1) D i e bisherigen O e k o n o m e n l u g n e n , d a die V e r m e h r u n g des G o l d u n d

Silbergeldes eine N a t i o n bereichre, weil sie n u r s e i n e n Werth als M e t a l l b e -
trachten, n i c h t seine Eigenschaft als Geld die Circulation aktiver zu m a -
15 c h e n u n d folglich die P r o d u c t e der Arbeit zu v e r m e h r e n , (p. 1)
2) Bei d e n M i n e n b e s i t z e n d e n N a t i o n e n ist d a s Silber eine W a a r e . . . Es
h r t auf W a a r e zu sein, sobald es G e l d wird, d a n n 2) wird es u n e n t b e h r l i -
cher Vermittler zwischen der P r o d u c t i o n u n d C o n s u m t i o n u n d 3) befrie-
digt es u n m i t t e l b a r kein Bedrfni m e h r . ( p . 2)
20 3) D a s argent m a c h t die P r o d u c t e circuliren, d a r u m schafft es sie . . .
M a n produzirt nur um auszutauschen. W e n n m a n nicht mehr oder nur
sehr schwer a u s t a u s c h e n k a n n , w r d e m a n n i c h t m e h r p r o d u c i r e n . Also
schafft das argent die valeurs, weil sie o h n e es n i c h t existiren w r d e n . . .
W i r wren z u r c k g e s c h o b e n z u r ersten o d e r 2 ' Periode des H a n d e l s . O h n e
25 die Milliard en n u m r a i r e k n n e n die 30 milliards en v a l e u r n i c h t geschaf-
fen werden, ( p . 2)
X. de Laborde.
1) D e r Credit schafft ein systme merveilleux d'anticipation, d . h . d i e K u n s t

d e m Z e i c h e n eines P r o d u c t s assez de prix zu geben, d a m i t es parvenir
30 k a n n zu schaffen dieses P r o d u c t , so zu v e r m e h r e n die valeurs acquises par
la confiance d a n s la possibilit de les acqurir, ( p . 14) valeurs relles cres
par les c a p i t a u x fictifs. 1. c.
15
2) D i e Wichtigkeit des Metallgeldes n i m m t tglich ab ... D e r H a n d e l

selbst ist n u r ein u n v o l l k o m m n e s systme d'anticipation oder de credit
( d u r c h die W e c h s e l z i e h e r e i ) worin das G e l d n u r eine s e k u n d r e Rolle
spielt u n d n u r erscheint dans le dtail et l'absolue ncessit, (p. 14) Er-
scheint als reine W a a r e im H a n d e l z . B . mit China, p. 15
XL Henry Storch.
1) W a a r e n im A u s t a u s c h sich wechselseitig Maa ... A b e r dieses Verfahren

wrde so viele Vergleichspunkte erheischen als es W a a r e n in Circulation
giebt, wre eine W a a r e n u r ausgetauscht gegen eine, n i c h t gegen 2 W a a r e n ,
so k n n t e sie n i c h t d i e n e n als Vergleichungsterm ... alle H a n d e l s n a t i o n e n
fhlten die N o t h w e n d i g k e i t eines terme commun de comparaison fr alle
W e r t h e ... dieser T e r m k a n n rein ideal sein ... Gold u n d Silber zugleich
W a a r e n m e s s e r , weil die Waare selbst W e r t h h a t . . . In der K i n d h e i t der G e -
sellschaft W a a r e n leihen gegen gage oder Equivalent... spter dient G o l d
u n d Silber als gage universel der Gesellschaft u n d wird so m a r c h a n d i s e ba-
nale, leiht sich n i c h t m e h r , sondern tauscht sich aus, heissen d a n n num-
raire. D i e B e s t i m m u n g des Maasses die ursprngliche, wichtiger als die des
gage. I m H a n d e l zwischen C h i n a u n d R u l a n d dient das Silber alle W a a -
r e n zu evaluiren, d e n n o c h m a c h t sich dieser c o m m e r c e d u r c h trocs, (p.23) |
|8| 2) D a s n u m r a i r e wird n i e objet de c o n s o m m a t i o n , bleibt i m m e r m a r -
chandise, wird n i e denre ... direkten W e r t h h a t es n u r fr die Gesell-
schaft, changeable fr j e d e s I n d i v i d u u m ... seine Materie m u d a h e r di-
rekt W e r t h h a b e n , aber gegrndet auf ein besoin factice, darf n i c h t
u n e n t b e h r l i c h zur Existenz der M e n s c h e n sein; d e n n die ganze Q u a n t i t t
davon, die als n u m r a i r e angewandt ist, k a n n n i c h t individuell angewandt
werden, sie m u i m m e r circuliren. (p. 44)
3) Das Geld tient lieu de tout. Es gab d e m dsir der Accumulation ein
m c h t i g e s Mittel, e b e n weil es den allgemeinen R e i c h t h u m vertritt u n d
zweitens weil es das prt l'intrt schuf, (p. 44)
4) Silber H a u p t b a n d z w i s c h e n A s i e n u n d E u r o p a . (1. c.)
5) Wird gesetzlich ein Verhltni zwischen G o l d u n d Silber fixirt, so
wird a) die N a t i o n d a d u r c h gezwungen, sich fast ausschlielich des als
M n z e zu h o c h geschzten Metalls zu b e d i e n e n ; 2) Interesse geboten, das
zu niedrig geschzte Metall ins A u s l a n d zu exportiren oder in lingot zu
verwandeln, (p. 44, 45)
6) Gilt g e m n z t e s Silber (Gold) m e h r als u n g e m n z t e s , wie eine sil-
b e r n e K a n n e m e h r gilt als Silberlingot? Im W e l t h a n d e l gilt n u r die m a t i r e
m t a l l i q u e , die im H a n d e l sucht das niveau des allgemeinen zu gewinnen.
16
XII. D.Ricardo XIII. J. Mill
D i e faon des Geldes giebt i h m n u r t e m p o r r e n W e r t h (d. h. lokal[en)J u n d

h a t k e i n e n individuellen, weil n i c h t n t z l i c h e r d e m , der es besizt als d e m
der die zu k a u f e n d e n W a a r e n besizt. (p. 45)
7) In L o n d o n zahlt jedes Pf. j h r l i c h 132 /. in W a a r e n . 1. c.
5 8) Da das G e l d n u r im A u s t a u s c h angewandt, sein Q u a n t u m n i c h t im
Verhltni z u m W e r t h der j h r l i c h e n P r o d u c t i o n des L a n d e s , s o n d e r n n u r
z u m W e r t h des Theils des j h r l i c h e n Products das in die Circulation ein-
geht u n d G e g e n s t a n d der changes wird. Die r m e r e n N a t i o n e n b r a u c h e n
daher weniger Geld, weil weniger division de travail, also weniger c h a n -
10 ges ... In R u l a n d Ortschaften wo das Geld n u r der impts wegen nthig.
(p.45)
9) D e r Wechselkurs zwischen 2 L n d e r n n i c h t b e s t i m m t d u r c h die G e -
s a m m t m a s s e ihrer wechselseitigen S c h u l d e n u n d Schuldforderungen, son-
dern d u r c h die u n m i t t e l b a r exigirbaren S c h u l d e n oder d u r c h die actuelle-
15 m e n t r e m b o u r s a b l e n crances. So k a n n ein L a n d d e n Wechselkurs fr sich
h a b e n gegen ein L a n d , d e m es schuldet. So R u l a n d gegen H o l l a n d , p. 49.
10) Existirte der Credit nicht, so wrde die E x t e n s i o n j e d e r Industrie
bornirt sein, n i c h t n u r d u r c h das Capital, welches sie g e h n m a c h t , s o n d e r n
a u c h die c a p i t a u x q u i font aller toutes les autres industries, wovon die erste
20 abhngt, (p. 50)
XII. Ricardo. (Principes de l'conomie politique.)
1) la d e m a n d e de n u m r a i r e n'est rgle q u e par sa valeur et sa valeur d-

p e n d de sa q u a n t i t e . (p. 9)
2) D a s G e l d in Circulation k a n n n i e m a l s so berflssig sein um d e n
25 Markt zu b e r s c h w e m m e n , (p. 16)
3) Um e i n e m Papiergeld W e r t h zu geben b r a u c h t es n i c h t payable vue
z u sein: h i n r e i c h e n d seine Q u a n t i t t z u regeln n a c h d e m W e r t h des M e -
talls, das als allgemeines M a a a n e r k a n n t ist. (1. c.) U n t e r s c h i e d ob eine
B a n k oder eine Regierung das Geld ausgiebt. (1. c.)
30 XIII. J.Mill.
1) Mills Beweis, d a d e r W e r t h des G e l d e s = d e r P r o p o r t i o n , w o n a c h

m a n es austauscht gegen einen Artikel oder = dem Q u a n t u m Waaren,
d a s m a n i m A u s t a u s c h g e g e n eine b e s t i m m t e Q u a n t i t t S a c h e n giebt,
d e r Werth des Geldes von seiner Quantitt im Verhltni zu den auszutau-
35 sehenden Sachen abhngt o d e r ( u m g e k e h r t d a d e r G e l d p r e i e i n e r Sa-
17
c h e d u r c h die M a s s e d e s c i r c u l i r e n d e n M e d i u m s b e s t i m m t ist.) ( p . 2 3 , 2 4 )
D i e in d e r V o r a u s s e t z u n g , d a die Masse der Waaren und die Bewegung
der Circulation dieselbe bleiben.
U n t e r d i e s e r V o r a u s s e t z u n g beweist M i l l s e i n e n S a t z wie folgt:
A u f der e i n e n Seite alle W a a r e n eines L a n d e s vereinigt; auf der a n d r e n 5
alles Geld; t a u s c h t m a n b e i d e gegen e i n a n d e r aus, so h n g t der W e r t h des
G e l d e s , d . h . die Q u a n t i t t W a a r e n die fr e i n e n a l i q u o t e n T h e i l desselben
gegeben werden, ganz v o n s e i n e m eignen Q u a n t u m ab. I n der Wirklichkeit
t a u s c h t sich die G e s a m m t m a s s e der W a a r e n n i c h t auf e i n m a l aus gegen
die G e s a m m t m a s s e des Geldes, sondern portionsweise, zu v e r s c h i e d n e n 10
E p o c h e n des Jahres. |
|9| E i n T h e i l des G e l d e s dient zu einer grossen A n z a h l von A u s t a u s c h e n ,
t e r
ein a n d r e r z u einer sehr k l e i n e n Zahl, ein 3 wird gehuft u n d dient z u
k e i n e m A u s t a u s c h . A u s diesen V a r i a t i o n e n eine m i t t l e r e T a x e hervorge-
h e n d . . B. 900 P f u n d e in e i n e m L a n d e , 300 d i e n e n . B. j h r l i c h zu 15
1800 A u s t a u s c h e n , 300 z u 1200 A u s t a u s c h e n , 300 g e h u f t . I n d i e s e m
F a l l e w e r d e n 3 0 0 : 6 x a u s g e t a u s c h t , 300 n u r 4 X u n d 3 0 0 : 0 x . A l s o die
900 G e l d s t c k e z u s a m m e n 6 x + 4 x , a l s o 1 0 x . E s i s t d i e d a s s e l b e als
w e n n 900 x 1 0 o d e r 9000 G e l d s t c k e j e d e s n u r e i n m a l a u s g e t a u s c h t wor-
d e n w r e . In d i e s e m F a l l e a l s o d e r W e r t h d e r 900 G e l d s t c k e = % d e s 20
W e r t h s d e r W a a r e n , weil j e d e s Geldstck a n W e r t h = d e m Q u a n t u m der
W a a r e n , wogegen es ausgetauscht wird u n d es hier zu z e h n A u s t a u s c h e n
dient. W r e die M a s s e des G e l d e s verzehnfacht, so w r d e j e d e Vermehrung
dieser Masse j e d e s dieser Stcke getrennt g e n o m m e n verhltnimssig im
W e r t h v e r m i n d e r n . Da die M a s s e der W a a r e n dieselbe bleibt wie vorher, so 25
h a t die V e r m e h r u n g der Q u a n t i t t des G e l d e s s e i n e n W e r t h n i c h t ver-
m e h r t . Ist es um 70 vermehrt, so ist der W e r t h j e d e s seiner Theile z . B . einer
l
U n z e n o t h w e n d i g u m / vermindert. V e r m e h r t sich die G e s a m m t m a s s e
w
1 Mill. U n z e n um vermindert sich also der W e r t h der G e s a m m t m a s s e

um y , so v e r m i n d e r t sich a u c h der W e r t h der U n z e um y . So oft also der
i0 w 30
G e l d w e r t h steigt oder fllt, ( d . h . a l s o d e r P r e i d e r W a a r e n , d e r n i c h t s als
i h r e n G e l d w e r t h a u s d r c k t ) , vorausgesezt, d a die M a s s e der W a a r e n die-
selbe bleibt u n d die Bewegung der Circulation (d. h . die Z a h l d e r E i n -
k u f e , die i n e i n e r g e g e b n e n Z e i t g e m a c h t w e r d e n ) , s o m u dieser W e c h -
sel e i n e verhltnimssige V e r m e h r u n g oder V e r m i n d e r u n g des G e l d e s zur 35
U r s a c h e h a b e n . (1. c.)
2) V e r m i n d e r t sich die M a s s e der W a a r e n , w h r e n d die G e s a m m t m a s s e
des G e l d e s dieselbe bleibt, so ist die dasselbe, als w e n n die G e s a m m t -
m a s s e des G e l d e s sich v e r m e h r t htte u n d u m g e k e h r t . (I.e.) E b e n s o die ver-
m e h r t e Circulation, d. h. die vermehrte Z a h l der E i n k u f e = V e r m e h r u n g 40
der Totalmasse des G e l d e s u n d umgekehrt, (p. 24)
18
XIII. J. Mill
3) W i r d eine P o r t i o n des j h r l i c h e n P r o d u c t s d u r c h a u s n i c h t u m g e -
tauscht, wie das was die P r o d u c e n t e n c o n s u m i r e n o d e r was sich n i c h t ge-
gen G e l d austauscht, so darf diese P o r t i o n n i c h t auf die R e c h n u n g gesezt
werden, weil das was sich n i c h t gegen G e l d a u s t a u s c h t ist in Bezug auf das
5 Geld, als w e n n es n i c h t existirte. (p. 24)
A u s d e n S t z e n M i l l s folgt:
) W e n n die C i r c u l a t i o n = 10 ist, so w r d e e i n e z e h n f a c h e V e r m e h -
r u n g d e s G e l d e s n i c h t n o t h w e n d i g d e n W e r t h d e s G e l d e s u m d a s lOfache
vermindern, oder den Prei der W a a r e n um das Zehnfache erhhen,
10 d e n n die C i r c u l a t i o n d e s G e l d e s b r a u c h t e s i c h n u r u m d a s Z e h n f a c h e z u
v e r m i n d e r n , d a m i t d e r W e r t h j e d e s G e l d s t c k s d e r s e l b e bleibt. E b e n s o
u m g e k e h r t . Es ist also falsch da selbst gesezt die Masse der Waaren bleibe
dieselbe ihr Werth sich verzehnfachen msse oder um das Zehnfache verrin-
gern, wenn die Masse des Geldes steigt oder abnimmt. D e r E i n f l u d e r Ver-
15 m e h r u n g o d e r V e r m i n d e r u n g d e s G e l d e s finge e r s t n o t h w e n d i g a n v o n
d e m Augenblick wo die T o t a l s u m m e des Geldes multiplicirt mit der
D u r c h s c h n i t t s z a h l d e r E i n k u f e die j e d e s e i n z e l n e G e l d s t c k i m D u r c h -
schnitt jhrlich m a c h t vermehrt oder vermindert wrde. Die Bewegung
der Circulation hngt zwar nicht ab von der M a s s e des Geldes, sondern
20 v o n a n d e r n U m s t n d e n , v o n d e r M a s s e d e r G e s c h f t e , die a n e i n e m
Tage gemacht werden, d e n Communicationsmitteln, d e m Credit, der Be-
vlkerung etc. Allein ebenso wenig lt sich aller Einflu der G e l d m a s s e
a u f die C i r c u l a t i o n a b s p r e c h e n . D i e V e r h l t n i n i c h t g e n a u z u b e s t i m -
m e n . I n F r a n k r e i c h die M a s s e d e s b a a r e n G e l d e s g r s s e r a l s i n E n g l a n d ,
25 d a h e r n i c h t die P r e i s s e h h e r . D i e C i r c u l a t i o n ist l a n g s a m e r . D i e C i r c u -
lation hngt von der ganzen Organisation der Industrie ab. Die Circula-
t i o n k a n n a b n e h m e n , weil die G e l d m a s s e sich v e r m e h r t ; sie k a n n a b n e h -
m e n , weil sie s i c h vermindert. N u r i m l e z t e n F a l l , g e z w u n g n e C o n -
traction der currency, disastrous.
30 2) A u c h in den von Mill vorausgesezten abstrakten U m s t n d e n kei-
n e s w e g s g e s e z t , d a n o t h w e n d i g , selbst w e n n W a a r e n m a s s e u n d C i r c u l a -
t i o n d i e s e l b e b l e i b e n , d a s S t e i g e n o d e r F a l l e n d e s G e l d w e r t h die Ver-
m e h r u n g oder Verminderung des G e l d q u a n t u m s bedingt. W e n n . B.
M i n e n a u f g e t h a n w r d e n , die 1 0 m a l wohlfeiler d a s G o l d u n d Silber p r o -
35 d u c i r e n , s o w r d e d e r W e r t h d e r G o l d u n d S i l b e r m n z e n fallen, o b g l e i c h
i h r e M a s s e sich n o c h k a u m v e r m e h r t o d e r v e r m i n d e r t h t t e .
) Die Venninderung der Waaren oder der Circulation u n d umge-
k e h r t , w r d e d e n s e l b e n Effect auf d e n W e r t h d e s G e l d e s h a b e n , w i e e i n e
Verminderung oder V e r m e h r u n g seines Q u a n t u m s . Allein diemal wre
4 0 n u r W i r k u n g , w a s d a s e r s t e m a l U r s a c h e , ||10| w o r a u s w i e d e r folgt d a die
P r e i s s e d e r W a a r e n k e i n e s w e g s v o n e i n e r r e e l l e n V e r m e h r u n g o d e r Ver-
minderung der umlaufenden Geldmasse abhngt.
19
) M i l l sagt, d a d e r T h e i l d e s P r o d u c t s , d e r d u r c h a u s n i c h t u m g e -
t a u s c h t wird, w a s sich n i c h t g e g e n G e l d a u s t a u s c h t , n i c h t fr d a s s e l b e
existirt, a l s o a u f s e i n e n W e r t h k e i n e n E i n f l u h a t , n i c h t i n R e c h n u n g ge-
b r a c h t wird. D a n n gilt a b e r a u c h u m g e k e h r t , d a d e r T h e i l d e s G e l d e s ,
d e r a u f g e h u f t wird u n d n i c h t circulirt, n i c h t fr d i e W a a r e n existirt, 5
also nicht in Rechnung gebracht werden kann. Eine Durchschnitts-
s u m m e liesse s i c h i m e r s t e n F a l l s o g u t aufstellen, wie i m l e z t e n . B e i
d e m E i n f l u d e s G e l d q u a n t u m s a u f die P r e i s s e h n g t a l s o a l l e s e i n m a l
vom wirklich circulirenden oder direkt zur Circulation b e s t i m m t e n Geld
a b , u n d d a n n von der M a s s e d e r wirklich c i r c u l i r e n d e n W a a r e n . A b e r e s 10
fragt s i c h n u n o b n i c h t e i n e g r r e M e n g e v o n C i r c u l a t i o n s m i t t e l n e i n e
g r r e M e n g e v o n W a a r e n circuliren m a c h t u n d d a n n , i n w e l c h e m Ver-
hltni eine grre M a s s e von W a a r e n eine grre M a s s e von Geld in
d e r C i r c u l a t i o n sollicitirt? W e n n d a s G e l d q u a n t u m v e r m e h r t wird, s o j e -
d e n f a l l s d e r E i n f l u d i e s e r V e r m e h r u n g a u f d i e W a a r e n p r e i s s e a b h n - 15
gig, w e l c h e P o r t i o n v o n d e m a d d i t i o n e i l e n Q u a n t u m b e r h a u p t i n die
C i r c u l a t i o n e i n g e h t u n d i n w e l c h e m G r a d e der wirklich i n sie geworfne
T h e i l circulirt.
4) Ist das G e l d rar, steht es also b e r d e m Metall im B a r r e n z u s t a n d , so
stellt die V e r w a n d l u n g der Barren in baares G e l d , b e i freiem (von d e r R e - 20
g i e r u n g n i c h t g e h e m m t e m ) Lauf, also die I n t e r v e n t i o n der Privaten das
Gleichgewicht wieder h e r d u r c h V e r m e h r u n g des Geldes, ( p . 24) Ist die
Q u a n t i t t des G e l d e s so gro, d a es u n t e r seinen Barrenwerth herabfllt,
so stellt die sofortige U m w a n d l u n g des g e m n z t e n G e l d e s in Barren das
alte V e r h l t n i ebenfalls wieder her. (I.e.) So oft also die V e r m e h r u n g oder 25
V e r m i n d e r u n g des G e l d q u a n t u m s frei statt h a b e n k a n n , ist diese Quantitt
d u r c h d e n Werth des Metalls geregelt, weil im Interesse der Privaten es zu
v e r m e h r e n o d e r z u v e r m i n d e r n , j e n a c h d e m der W e r t h des M e t a l l s kleiner
oder grsser u n t e r der Geldform als im Barrenzustand. So der Geldwerth b e -
s t i m m t d u r c h d e n Metallwerth; der G o l d u n d Silberwerth aber d u r c h die 30
Productionskosten, wie der W e r t h aller a n d r e n W a a r e n . (p. 25)
5 ) S u c h t das G o u v e r n e m e n t das G o l d q u a n t u m b e r oder u n t e r d e m
n t h i g e n Q u a n t u m zu erhalten, so im ersten Fall V e r w a n d l u n g in Barren,
im zweiten h e i m l i c h e Geldfabrikation, (p. 30.)
6) Es h n g t von d e m W e r t h der edlen Metalle in d e n v e r s c h i e d n e n L n - 35
d e m a b , o b sie aus d e m e i n e n exportirt u n d i n das a n d r e importirt werden.
(p.30)
20
XIV. N.W.Senior XV. J.-Ch.-L Simonde de Sismondi
XIV. Senior. Fundamental Principles

of political Economy.
1) Das G e l d ist der allgemeine Messer aller a n d r e n Dinge, (p. 33)

2) D a s G e l d u n t e r s c h e i d e t sich v o m persnlichen Credit d a d u r c h d a der
5 Credit der Person gegeben war u n d n i c h t einer Sache. (1. c.)
Erst moyen d'change, d a n n mesureur universel. (1. c.)
3) Bei der M e h r z a h l der Contracte h a t n u r eine der c o n t r a h i r e n d e n Par-
t h e i e n die Sache disponibel u n d b r a u c h t sie; u n d w e n n der A u s t a u s c h
Stattfinden soll (. B. b e i H a u s v e r m i e t h e n , A r b e i t s l o h n etc) m u m a n sie
10 sogleich cediren u n t e r der B e d i n g u n g das E q u i v a l e n t erst in einer s p t e m
E p o c h e z u erhalten. D a n u n der W e r t h aller D i n g e i n e i n e m b e s t i m m t e n
Z e i t r a u m wechselt, s o n i m m t m a n als Z a h l u n g s m i t t e l die Sache, d e r e n
W e r t h a m wenigsten wechselt, die a m lngsten eine gegebne D u r c h -
schnittsfhigkeit S a c h e n zu kaufen erhlt. So wird das G e l d Ausdruck oder
15 Reprsentant des Werths, ( p . 33, 34)
4) E i n e bestndige I m p o r t a t i o n von G e l d m u d e n Prei aller S a c h e n so
h e b e n , u m die W a a r e n dieses L a n d e s von d e n fremden M r k t e n auszu-
schliessen u n d wirkt als P r m i e auf die E i n f h r u n g fremder W a a r e n . (p. 34)
XV. Sismondi. (Essais.)
20 1) M i t d e m Tauschwerth k a m das Geld auf, seine n o t h w e n d i g e E r g n z u n g .

(p.58)
2) Die fixation der b e i d e n Preisse, des des offreur u n d des des d e m a n -
deur, zwang am direktesten in d e n H a n d e l ein numraire einzufhren, d. h.
die Numeration der aliquoten Theile dessen was die Menschen als Werthvoll be-
25 trachten. Z u r B e s t i m m u n g des W e r t h s das F e s t h a l t e n einer idealen Einheit
nthig. D u r c h Vergleichung festgestellt, wie viel m a l j e d e r der a u s z u t a u -
s c h e n d e n G e g e n s t n d e diese E i n h e i t e n t h a l t e . Diese Operation h n l i c h
m i t der A n w e n d u n g der Gewichte b e i Vergleichung materieller Q u a n t a .
Derselbe N a m e die b e i d e n E i n h e i t e n , die z u m Z h l e n b e s t i m m t waren.
30 D a s G e w i c h t wie der W e r t h j e d e r Sache ... G e w i c h t m a a s s e u n d W e r t h m a a s s e
dieselben N a m e n von d e m A u g e n b l i c k a n ||11| w o die M e n s c h e n ihre S u b -
sistenz v o m A u s t a u s c h abhngig m a c h t e n , der Tauschwerth (selbst wieder
b e s t i m m t d u r c h die Arbeitszeit) A b s c h t z u n g aller W a a r e n . ( p . 5 8 , 59)
2) E i n talon, das i m m e r identisches Gewicht h a t t e , leicht gefunden ...
35 Bei d e m G e l d h a n d e l t e es sich wieder um d e n Werth des Pfundes Silber =
s e i n e n P r o d u c t i o n s k o s t e n . (p. 60)
21
3) J e d e E n t d e c k u n g wohlfeiler M i n e n oder k o n o m i s c h e r B e h a n d l u n g
b e i Extraction des Metallerzes entwerthet relativ a u c h alles v o r h a n d n e
Gold u n d Silber. 1. c.
4) D e r c o m m e r c e k o n n t e sich m a c h e n n a c h der seule fixation dieser ab-
strakten Einheit, sei sie a u c h rein ideal, (p. 60) 5
5) V e r m e h r u n g des Geldes n u r die V e r m e h r u n g der Z h l u n g s m i t t e l .
(p.61)
6) B e i m G o l d u n d Silber la d e m a n d e du m a r c h se conforme exacte-
m e n t la production, (p. 61)
7) Die edlen Metalle gelten als das M a a der n u m e r i s c h e n E i n h e i t der 10
W e r t h e u n d sie d i e n e n ebenso diese W e r t h e von einer H a n d i n die andre
zu berliefern. Viele Mittel k n n e n sie in der leztern F u n k t i o n ersetzen,
k e i n e in der e r s t e m . Keins in der erstren. Die edlen Metalle i m m e r identi-
schen W e r t h , Pfand, i m m e r i n i h n e n u n d j e d e m ihrer Theile verhltni-
mssig d e n s e l b e n W e r t h wiederzufinden, wofr sie empfangen. In der Z h - 15
lung wichtig, d a % oder % = d e m G a n z e n sind; keine a n d r e n P r o d u c t e
lassen sich so theilen u n d wieder vereinigen, o h n e i h r e n W e r t h zu alteri-
ren. (p. 61) F r d e n A u s t a u s c h dagegen viele a n d r e M i t t e l ebenso gut u n d
viel konomischer. (1 c.)
8) banques foncires, hypothcaires, industrielles u m f a s s e n d . D e r Pch- 20
ter, F a b r i k a n t m u z . B . ein Billet von 1000, 100fcs sofort stckweise ver-
theilen an die Arbeiter, die es wieder stckweis vertheilen an d e n Epicier
etc. Diese Billets k e h r e n also u n m i t t e l b a r zur B a n k zurck oder m s s e n es-
comptirt werden v o m h a u t c o m m e r c e , (p. 63) S i e h e d a s e l b s t die P o l e m i k
g e g e n die B a n k e r . 25
9) D e r H a n d e l ... h a t d e n Schatten v o m Krper getrennt u n d die Mg-
lichkeit eingefhrt sie getrennt zu besitzen ... B e i m G e l d selbst k a n n der
W e r t h von der Substanz getrennt werden d u r c h das Bankbillet. (p. 65) In
der Circulation prsentirt sich das Capital des K a u f m a n n s ebenso oft als
Schuldverschreibung wie in einer materiellen F o r m . (1. c.) 30
XVI. Atkinson.
D i e currency oder moneyfrage i m m e r sekundr, i m m e r Effect, n i e Ursa-

che, (p. 5)
22
|F
XVII. J. Wade XVIII. J. St. Mill XIX. Th. Cooper
XVII, John Wade.
1) Die Einfhrung des Geldes gab d e n Preissen U r s p r u n g u n d d e m Kauf-

mannsstand, (p. 19)
2) G l e i c h der A t m o s p h r e , die wir a t h m e n bildet das Papiergeld ein M e -
5 d i u m empfnglich einer zu pltzlichen E x p a n s i o n s u n d C o n d e n s a t i o n s -
kraft. (p. 19)
3) M a n d e n k e sich die Confusion, w e n n es der Caprice von I n d i v i d u e n
berlassen wre u n d w e n n sie ein Interesse h t t e n das imperial yard zu ver-
lngern u n d d a n n wieder, o h n e N o t i z , z u seinen frhern D i m e n s i o n e n zu-
10 rckzufhren ... ( p . 2 0 )
XVIII. J. St. Mill. (Essays.)
producing class u n d monied class, (p. 42)
XIX. Thos. Cooper.
1) Gold u n d Silber schlechter standard des W e r t h s , weil von fiuctuiren-

15 d e m W e r t h , so wohl als W a a r e , wie als M n z e u n d von m e h r Nachfrage in
e i n e m Ort als am a n d r e n , (p. 5) Papiergeld h a t n u r lokale Basis. 1. c.
2) V o r t h e i l e d e s B a n k s y s t e m s . (1. c.)
3) Die B a n k n o t e n reprsentiren n i c h t G o l d u n d Silber, s o n d e r n reelles
Capital, (p. 5)
20 4) W e c h s e l tragen Zinsen; sie afficiren d a h e r n i c h t d e n W e r t h des circu-
lirenden M e d i u m s , sondern n u r den Zinsfu des Markts, (p. 7)
5) E i n L a n d h a t i m m e r so viel edles Metall als fr s e i n e n H a n d e l n -
thig. M a c h t die kleine Q u a n t i t t M e t a l l die W a a r e n sehr im Preisse fallen,
so werden sie exportirt um die nthige M a s s e edler Metalle zuzufhren. Ist
25 das Metall so a b u n d a n t , um ein Steigen im W a a r e n p r e i zu verursachen,
so wird das Metall exportirt im Vorgang zu W a a r e n u n d fremde W a a r e n
werden statt seiner eingefhrt, (p. 8) |
J12| 6 ) E i n f l u d e r F l u c t u a t i o n i m M a r k t p r e i d e s B u l l i o n a u f d e n
W e c h s e l k u r s , (p. 10)
30 7) D a s Papiergeld k a n n lokalen Z w e c k e n entsprechen, aber n i c h t d e m
allgemeinen Zweck des W e l t m a r k t s . (1. c.)
23
XX. Gilbart.
(The history and the principles of banking.)
1) Die B a n k schafft sich ein b a n k i n g Capital d u r c h Deposita, A u s g a b e von

N o t e n u n d Z i e h e n von Wechseln, (p.31) bank of deposit. Circulationsbank.
Banks of Remittance. Banks of discount. Cash Credit Banks. Loan Banks. 5
Savings Banks.
2) Das W i r k e n der D e p o s i t b a n k e n liefern d e n Beweis, da die ver-
m e h r t e Circulation des Geldes denselben Effect h a t wie die V e r m e h r u n g
des Betrags desselben, (p. 32) Das Princip des transfers giebt vermehrte
W i r k s a m k e i t d e m Depositsystem u n d vermehrt das productive Capital des 10
L a n d e s , (p. 32) D a s Depositsystem k n n t e , w e n n allgemein angewandt,
das G e l d als circulirendes M e d i u m ganz d u r c h c h e q u e s verdrngen.
(I.e.)
3) Die Banks of Remittance befrdern d e n trade einmal, i n d e m sie wohl-
feiler G e l d R e m i t t i r e n ( d u r c h i h r e a g e n c i e s , i h r e N o t e n , u n d i h r e b r a n c h - 15
es) d a n n , i n d e m sie das Capital rascher u m s c h l a g e n m a c h e n , i n d e m das
G e l d verursachen in einer krzern Zeit remittirt zu werden. E i n Capital,
das 2 m a l im J a h r umschlgt, statt frher einmal, d e n s e l b e n Effect als wre
das Capital verdoppelt. W h r e n d b a n k s of deposit das Capital eines Di-
strikts schneller u m s c h l a g e n m a c h e n , m a c h e n banks of r e m i t t a n c e es 20
schneller u m s c h l a g e n m i t Bezug auf andre Pltze, (p. 33)
4) I n t e r c e p t i o n der N o t e n u n d ihre W e g n a h m e aus der Circulation
d u r c h die rivalisirenden B a n k e n , (p. 33)
5) Spekulation o h n e Banksystem ... die B a n k e n geben ihr m e h r Leich-
tigkeiten ... Die B a n k e n lassen das Capital leichter u n d zu e i n e m wohlfei- 25
lern Zinsfu h a b e n ... I n d e m die Spekulation die Z a h l u n d d e n Betrag der
c o m m e r c i e l l e n T r a n s a c t i o n e n vermehren, setzen sie ein grres Q u a n t u m
G e l d in Bewegung. D i e G e l d zugefhrt von d e n Banquiers, sei es d u r c h
R c k z a h l u n g von depositis, Discontiren von W e c h s e l n oder d u r c h Auslei-
h e n ... D e r Spekulationsgeist ruft so die N o t e n hervor, nicht u m g e k e h r t . 30
(p.33)
6) Verursacht eine additioneile Ausgabe von Noten immer ein Steigen der
Preisse, oder was dasselbe ist, ein Fallen des Geldwerths?
Erstens. Sie verursacht oft die P r o d u c t i o n eines v e r m e h r t e n Q u a n t u m s
von W a a r e n u n d producirt in d i e s e m Fall kein Steigen der Preisse. D e r E m p - 35
fnger der N o t e n kauft W a a r e n v o m K a u f m a n n , der K a u f m a n n giebt das
G e l d fr m e h r W a a r e n d e m F a b r i k a n t e n , der F a b r i k a n t wendet m e h r R o h -
m a t e r i a l u n d Arbeit an. Solang die Zufuhr m i t der Nachfrage Stich hlt,
bleibt der Prei derselbe, (p. 34)
24
XX. J.W. Gilbart
Zweitens. E i n e vermehrte A u s g a b e v o n N o t e n k a n n die Folge statt die

Ursache erhhter Preisse sein.
. B. W e n n die Wollepreisse in Folge des M a n g e l s an Wolle etc so stei
gen, d a Wollewaaren, die 1000 verkauft w e r d e n n u n auf 2000 steigen,
5 so zieht der Yorkshirer F a b r i k a n t e i n e n W e c h s e l v o n 2000 statt 1000 auf
s e i n e n L o n d o n e r K a u f m a n n , lt diese discontiren b e i m countrybanker,
dieser sezt so 2000 N o t e n statt 1000 in Circulation. D i e P r e i e r h h u n g
m a c h t b e r d e m m e h r Capital nthig, u m das Geschft i m selben U m f a n g
fortzutreiben. Viele, die G e l d in der B a n k auf Z i n s h a t t e n werden es fort-
10 n e h m e n , um es in i h r e m Geschft a n z u w e n d e n . So weitre A u s g a b e v o n
N o t e n bewirkt. E n d l i c h avancirt das Steigen des Preisses einer W a a r e d e n
Prei andrer, d a h e r h n l i c h e B a n k o p e r a t i o n e n sollicitirt i n a n d r e n G e -
schftszweigen, ( p . 34)
Drittens. E i n e v e r m e h r t e A u s g a b e v o n N o t e n kann den Prei nur steigern
15 d a d u r c h d a sie vermehrte Nachfrage der W a a r e n bewirkt oder verminderte
Zufuhr. Leztres h a u p t s c h l i c h m g l i c h b e i W a a r e n , die n i c h t rasch d u r c h
m e n s c h l i c h e Arbeit geschafft werden k n n e n , . B. K o r n . So w e n n e i n
Banquier e i n e m K o r n h n d l e r G e l d leiht, um m e h r K o r n zu kaufen (ver-
m e h r t e Nachfrage n a c h Korn) oder e i n e m Pchter, u m seine R e n t e z u zah-
20 len o h n e sein K o r n zu verkaufen. ( V e r m i n d e r t e Z u f u h r v o n Korn.) Diese
W i r k u n g auf d e n Prei n u r temporr, (p. 34)
Viertens. In v e r s c h i e d n e n Fllen k a n n eine v e r m e h r t e A u s g a b e von N o -
t e n e i n e V e r m i n d e r u n g der Preisse hervorrufen.
D i e S p e c u l a t i o n e n , die Preisse steigen m a c h e n , sind h a u p t s c h l i c h d i e
25 von dealers ausgefhrten. D i e Spekulation der Producenten, die ihr Capital
investiren i n n e u e n U n t e r n e h m u n g e n u m wohlfeiler z u p r o d u c i r e n , w e n n
erfolgreich, r e d u c i r e n die Preisse. W e n n also in dieser Speculation assistirt
von b a n k e r s , giebt die so v e r m e h r t e A u s g a b e v o n N o t e n e i n e V e r m i n d e -
rung der Preisse. ( p . 34) |
30 1131 7) Welchen Effect hat der Belauf der circulirenden Noten auf den
Wechselkurs mit dem Ausland?
a ) D e r W e c h s e l k u r s direkt b e s t i m m t d u r c h das n a c h a u s s e n z u sen-
d e n d e G o l d . D i e N o t e n wirken n i c h t auf die z u v e r s e n d e n d e G o l d q u a n -
t u m . Sie k n n e n also k e i n e n direkten Einflu auf d e n W e c h s e l k u r s h a b e n .
35 ( p . 34)
b ) N u r d u r c h die K a n l e der Zufuhr u n d Nachfrage k a n n die Q u a n t i t t
des G e l d e s in Circulation auf d e n Prei der W a a r e n wirken. E b e n s o verhlt
es sich m i t d e m W e c h s e l k u r s . (1. c.)
c) E i n u n g n s t i g e r W e c h s e l k u r s e n t s t e h t im D u r c h s c h n i t t , w e n n die
40 S u m m e G e l d e s , die fr die I m p o r t s zu z a h l e n ist, die fr die Exports zu
e m p f a n g e n d e bersteigt, (p. 34)
25
d) W e n n Geld berflssig ist vermehrter Import; die C o n c u r r e n z u n t e r

d e n Importers h e b t d e n d e n F r e m d e n z u z a h l e n d e n Prei, w h r e n d die
C o n c u r r e n z u n t e r den Exporters gleichzeitig den Prei fr die F r e m d e n
vermindert. Dazu, w e n n die Exporters viel Geld h a b e n , g e b e n sie langen
Credit d e n F r e m d e n , das Geld in England daher erst zu e m p f a n g e n lange 5
n a c h der Verschiffung der goods. In der Zwischenzeit wird der W e c h s e l -
kurs u n g n s t i g u n d G o l d m u auswrts gesandt werden, (p. 34)
e) Contrahirt die B a n k in diesem Stand der Dinge ihre N o t e n a u s g a b e ,
so wird das Geld rar, die W e c h s e l k n n e n nicht discontirt werden, der H a n -
del ist m a t t . D i e Importers, die schon e i n e n grossen Vorrath h a b e n , werden 10
nicht m e h r kaufen, mglichst verkaufen, d e n n sie h a b e n n i c h t Capital ge-
n u g , um so grossen V o r r a t h zu halten. Die allgemeine Lust zu verkaufen
m a c h t die Preisse fallen. Weniger W a a r e n importirt, wohlfeiler, so weniger
G e l d d e m A u s l a n d geschuldet. Die Exporters, ebenfalls dieser gewhnli-
c h e n a c c o m m o d a t i o n beraubt, k n n e n n i c h t so langen Credit geben, rufen 15
die i h n e n geschuldeten S u m m e n ein u n d so fliet Geld ein von A u s s e n .
D e r W e c h s e l k u r s wird gnstig, da d e m A u s l a n d weniger fr I m p o r t s zu
zahlen u n d es m e h r zu zahlen fr Exports. Diese O p e r a t i o n wird grosse
Schwierigkeiten im H a n d e l verursachen, o h n e diese nie C o n t r a c t i o n in der
currency, (p. 34, 5) 20
f) D e r in Circulation befindliche N o t e n b e t r a g afficirt d e n Wechselkurs
n o c h i n a n d r e r Weise.
F i n d e t eine vermehrte N o t e n a u s g a b e Statt, so die A u s l e i h e r zahlreicher,
die Zufuhr von Capital gewachsen, der Zinsfu fr G e l d l e i h e n fllt, Capita-
listen schicken ihr G e l d auswrts auf e i n e n g n s t i g e m L e h n m a r k t , z i e h n 25
fr dieses G e l d auslndische Wechsel, diese Nachfrage n a c h a u s l n d i s c h e n
W e c h s e l n steigert ihren Prei. D e r Wechselkurs wird folglich u n g n s t i g .
Anderseits. R e d u c i r t e Circulation, Geld rar, Zinsrate steigt, Capitalien
werden v o m A u s l a n d zurckgezogen, weil der i n n e r e G e l d l e i h m a r k t gn-
stiger, W e c h s e l auf das A u s l a n d dafr gezogen, durch diese n e u e Zufuhr 30
von W e c h s e l n aufs A u s l a n d fllt ihr Prei, der W e c h s e l k u r s wird gnstig.
(p.35)
g) So oft die Ausgabe von N o t e n direkt oder indirekt Geldtransfer von
e i n e m L a n d auf das andre verursacht, wird der Wechselkurs afficirt. (1. c.)
8) Discontobanken. 35
a) W e n n Bills auf F r a n k r e i c h theurer, wird ein H a u s in L o n d o n bills auf
ein H a u s in Paris ziehn. Steckt so das P r m i u m ein. Spiel m i t d e m Steigen
u n d Fallen m a c h e n der bills, wie m i t d e m der funds, (p. 35)
b) Vermittelst d e r bills ein G e s c h f t s m a n n befhigt Credit zu geben,
o h n e A d d i t i o n zu s e i n e m Capital nthig zu h a b e n . (1. c.) 40
c) U e b e r d e n transfer des Kapitals von dem b l h e n d e n zu d e m weni-
26
XXI. Th. R.Edmonds XXII. W. Cobbett
ger b l h e n d e n G e s c h f t s z w e i g v e r m i t t e l s t d e r b a n k e r s u n d bills o f ex-

c h a n g e , (p. 36 cf R i c a r d o . )
d) Die Geldmasse und der Zinsfu, (p. 37) Bei d e m G e l d z i n s regulirt die
R a t e der Profite nicht n u r die Zufuhr, s o n d e r n a u c h die Nachfrage. 1. c.
5 W e n n Banquiers m i t i h r e m reellen Capital discontiren, v e r m e h r e n sie
n i c h t d e n Betrag der currency; w e n n m i t d e n depositis, beschleunigen sie
ihre Circulation, w e n n m i t i h r e m b a n k i n g capital v e r m e h r e n sie i h r e n Be-
trag. Bei Circulationsbanken h n g t es von der Zeit des Ausstandes ihrer N o -
ten, w o m i t sie discontiren, ab, welchen T h e i l dieses Capitals sie h a u p t s c h -
10 lieh angreifen, (p. 38)
9) Loanbanks. Avancirtes Capital im W e g des A n l e i h e n s auf Pfand von
W a a r e n d e n s e l b e n effect, als w e n n avancirt im Discontiren von bills.
(p.38)
10) Savingsbanks sind b a n k s of deposit, u n t e r s c h e i d e n sich von d e n a n -
15 dren b a n k s dieser A r t 1) Sehr kleine S u m m e n als deposits empfangen,
2) Alles deponirte G e l d auf Interesse der R e g i e r u n g geliehn, 3) Die Deposi-
tre sind restringirt in Bezug auf den Belauf ihrer Deposita, (p.38, 9.)
XXI. Edmonds.
1) Money in gewissen counters (Marken) w o d u r c h die H a n d e l s l e u t e die

20 W a a r e n distribuiren. ( p . 4 6 )
2) D e m Sklavensystem folgt das Geldsystem, (p. 45)
3) Die Q u a n t i t t des G e l d e s gegeben sind die Geldpreisse proportionirt
zur Geschwindigkeit der Circulation. Alle b a n k s s u c h e n die leztre zu ver-
mehren. (p.45)
25 4) Alle Kaufleute m a c h e n Papiergeld ... N i m m t die Z a h l der B a n k n o t e n
zu, so n i m m t das Kaufmannsgeld ab. Die trading currency sind h a u p t s c h -
lich bills of exchange, die currency der c o n s u m e r s B a n k n o t e n . (1. c.) |
|14| XXII. Cobbett. (Paper against gold.)
1) Money ist das Reprsentativ oder Z e i c h e n werthvoller Sache. Besteht es

30 aus Papier, so wandert das G o l d u n d Silbergeld in die S c h a t z k a m m e r n der
K l u g e n oder in die Scke derer, die es ausser L a n d fhren werden, (p. 1)
2) B a n k r u t t ist ein ebenso gutes Z e i c h e n von prosperity als promissory
notes, (p. 5)
3) Z u n a h m e des H a n d e l s verlangt Zuwachs des G e l d e s ... Increase des
35 H a n d e l s implicirt aber Z u w a c h s Geldwerther Dinge, bringt also von selbst
27
Z u w a c h s von r e a l e m Geld ... Reales Geld Reprsentativ Geldwerther

D i n g e , Papiergeld Reprsentativ von Schuld, (p. 5) (Auf w e l c h e W e i s e die
B a n k n o t e n in C i r c u l a t i o n gesezt w e r d e n ? ib.) E i n wirklicher Z u w a c h s von
Z a h l u n g s m i t t e l n k a n n nicht e i n e n Zuwachs von promises to pay hervor-
bringen. (I.e.) 5
4) D i e reale Ursache der Z u n a h m e der N o t e n ist die Z u n a h m e der
Staatsschuld, (p. 6)
5) Da m i t der Staatsschuld die vierteljhrlichen D i v i d e n d e n wachsen,
die in N o t e n gezahlt werden, wchst der Betrag dieser N o t e n . Gleichzeitig
w e r d e n N o t e n von geringerer D e n o m i n a t i o n ausgegeben, (p. 6, 7) B e t r a g 10
d e r N o t e n vor 1797 u n d 1810 etc. (p. 1 1 , 12) D i e v e r m e h r t e n D i v i d e n d e n
U r s a c h e der v e r m e h r t e n Papierausgabe, (p. 13)
6) D e r Betrag der N o t e n n a h m zu um d e m von der M a s s e des Papiergel-
des hervorgebrachten Steigen der Preisse Stich zu h a l t e n u n d der Z u w a c h s
des Papiers vermehrte das Steigen der Preisse. N a t r l i c h e r Progre. (p. 13) 15
7) W e n n ein depreeiirendes Papiergeld im L a n d e circulirt, depreeiirt
a u c h die c o u r a n t e G o l d u n d Silbermenge, weil sie b e s t i m m t e n N o m i n a l -
werth h a t bis es zu e i n e m offnen Diskonto zwischen Papier u n d M e t a l l
k m m t , (p. 14)
8) Das Bankpapier entsprang aus der N a t i o n a l s c h u l d ; die B a n k geschaf- 20
fen kurz n a c h d e m die Schuld beginnt; die Z u n a h m e des Papiers hielt
Schritt m i t der Z u n a h m e der Schuld, (p. 15)
9) Sind zwei verschiedne Preisse zwischen M e t a l l u n d Papier zugelas-
sen, so werden die Metalle wieder circuliren: aber nichts von i h n e n geht
zur Bank, weil N i e m a n d seine Steuern in G o l d u n d Silber zahlen will. 25
Folglich die Staatsglubiger u n d die Regierung in Papier gezahlt, w h r e n d
Gold u n d Silber im Rest der Gesellschaft circuliren. Sobald 2 Preisse m u
das Papier zu einer e n o r m e n R a t e depreeiiren. U n d da die Regierung ihre
Contractors, u n d andre, deren Z a h l u n g nicht fixirt war, in d i e s e m depreci-
irten Papier zu z a h l e n hat, m u sie eine grre Q u a n t i t t von d i e s e m Pa- 30
pier h a b e n . D i e m u von der Bank k o m m e n . So wird das Papier n o c h
m e h r entwerthet u. s. f. (p. 15)
XXIII. Jlich.
1) V o r d e m franzsischen Revolutionskrieg wenig Papiergeld ausser in

Schweden, Schottland d e n Vereinigten Staaten. Dieser Krieg, (wie in viel 35
n i e d e r m G r a d e die Kriege in d e n lezten 40 J a h r e n vor 1799) veranlate i m -
m e r m e h r Papiergeld. Die Zufuhr von Gold u n d Silber aus d e m spanisch
t e n
u n d portugiesisch A m e r i c a h o b sich n o c h gen E n d e des 1 8 J a h r h u n d e r t s ,
28
XXIII. G.v.Glich
d o c h n i c h t i n d e m M a a wie der U m s a t z der W a a r e n z u n a h m . D i e m e i s t e n

Staaten v e r m e h r t e n es oder fhrten es ein. (Oestreich, Frankreich, R u -
land, England, Vereinigte Staaten, Portugal u n d S p a n i e n ) Abflu der klin-
g e n d e n M n z e n a c h Asien dauerte fort, m e h r W a a r e aus I n d i e n bezogen
5 etc. (p. 112)
2 ) 1 8 0 6 - 1 0 berall i n E u r o p a E n t w e r t h u n g des Papiergeldes. I n R u -
land, Oestreich, D n e m a r k , Portugal seit 1806 m i t j e d e m J a h r z u n e h m e n d ;
in England verlor es, n a c h d e m es in d e n lezten J a h r e n der C o n t i n e n t a l -
sperre sehr g e s u n k e n fast nie b e r 30%, in R u l a n d seit 1810 m e i s t b e r
10 70%, in D n e m a r k u n d Oestreich oft n o c h m e h r . Die Zufuhr aus d e m spa-
n i s c h e n A m e r i c a u n d aus Portugal h r t e auf. Brasilien schickte seine z u r
Ausfuhr b r i g e n edlen Metalle meist n a c h Asien, ebenso die Vereinigten
Staaten, deren H a n d e l m i t C h i n a u n d Ostindien sich sehr erweiterte.
(p.113)
15 3) Geldhandel.
a) 13 und 14' Jahrh. Italien H a u p t s i t z . ( L o m b a r d e n u n d J u d e n . ) (p.114)
b) 15 Jh. Wichtigster G e l d m a r k t in d e n N i e d e r l a n d e n , erst Brgge, d a n n
Antwerpen. (1. c.) c) 16' Jahrhundert. V e n e t i a n e r u n d G e n u e s e n p u m p e n
a n d r e n N a t i o n e n . (I.e.) G e n E n d e des 1 6 ' Jh. d u r c h V e r n i c h t u n g des H a n -
20 dels von A n t w e r p e n zog sich der G e l d h a n d e l n a c h L o n d o n , aber besonders
n a c h Amsterdam. I.e. d) 17' Jh. Hollnder H a u p t g e l d h n d l e r . P u m p e n u n d
Staatsschulden i n H o l l a n d selbst u n d von i h m , a n a n d r e Lnder. M i t d e n
Staatsschulden k a m e n besonders in H o l l a n d u n d E n g l a n d die Effectenhnd-
ler auf. (I.e.) e) 18' Jh. Besonders gro der Einflu der Kriege auf d e n Geld-
25 h a n d e l . Bankiers u n d Lieferanten spielen b e d e u t e n d e Rolle, (p.115) f) Von
1789-1815 Wichtigkeit der Banquiers u n d Lieferanten n i m m t b e s o n d e r s
zu durch d e n franzsischen Revolutionskrieg. Grosse A n l e i h e n in fast al-
len L n d e r n d u r c h die sehr v e r m e h r t e n Kriegsbedrfnisse. In der grten
A u s d e h n u n g diese Geschfte i n E n g l a n d u n d d e n d a m i t v e r k e h r e n d e n
30 L n d e r n . Grosse S u b s i d i e n z a h l u n g e n . U e b e r a u grosser Z u w a c h s des Ban-
quiergeschfts. Die grossen H a n d e l s h u s e r berlassen d e n B a n q u i e r s ihr
Geldgeschft oft ganz. Nachfrage n a c h Capitalien grsser als Zufuhr. Geld-
leihen gewinnreich. ||15| g) Seit 1815. Staatspapiere stiegen sehr seit 1816.
Hieraus wieder grosser G e w i n n fr die m i t d e m G e l d h a n d e l Beschftigten.
35 Die Geldlage der Capitalisten u n d Effectenhndler h o b sich gegen die der
N i e d r i g e n Klassen u n d G r u n d e i g e n t h m e r , d e n e n gegenber sie wenig m i t
A b g a b e n belastet u n d ihre E i n n a h m e n stiegen, w h r e n d die der Industriel-
len seit 1819 fielen. Grosse Geldgeschfte zwischen Paris u n d L o n d o n . Er-
leichterter Transport, ausserordentlich enge V e r b i n d u n g der B a n q u i e r s in
40 d e n verschiednen Stdten. Seit 1819 in allen b e d e u t e n d e n H a n d e l s s t d t e n
selten G e l d m a n g e l auf lngere Zeit, Zinsfu in d e n verschiednen L n d e r n
29
i m m e r weniger von e i n a n d e r abweichend. D i e Bankiers b e h e r r s c h t e n oft

d e n G e l d m a r k t eines g a n z e n L a n d e s u n d oft in ihrer M a c h t , dasselbe von
klingender M n z e zu entblssen, zeigt sich besonders 1824, 25, 29. Ban-
quiers w u r d e n die wichtigsten Personen der Staaten. Banquiergeschft da-
d u r c h vermehrt, da die Capitalisten Geld a u c h in d e n P a p i e r e n fremder 5
S t a a t e n anlegten, (p. 115)
XXIV. Augier.
1) N a c h d e m Sturz des r m i s c h e n Reichs die Staatseinnahmen auf d e n ser-

vice p e r s o n n e l u n d gratuit gegrndet; keine Mglichkeit des ffentlichen
Credits, S c h u l d e n wie Einknfte persnliche des matre. Im ersten Mittelal- 10
ter einzige Zuflucht der Knige wie der asiatischen D e s p o t e n Aufhufen
v o n Schtzen. Im 14' Jh. k a m das System des Schuldenmachens d u r c h Bank-
rott, d . h . d u r c h Geldverflschungen der F r s t e n auf. (cf. p. 114 u n d 117.)
Im 1 5 ' J a h r h u n d e r t schon definitiv die Besteuerung, (p. 117) Die erste
eigentliche Steuer b e g a n n d u r c h die Selbstbesteuerung der Gemeinen zu 15
i h r e m Schutz etc. In der Isle de F r a n c e , der d o m a i n e royal, b e g a n n die
conversion der droits fodaux u n d prestation en n a t u r e in G e l d begli-
c h e n ... Genua u n d Venedig zuerst ffentliche Anleihen v o n wegen des See-
handels. (p.117) B a n k von Venedig 1157, die von Genua 1334. (bancs de d-
pt) 20
2) D e r grte T h e i l der dpenses im Mittelalter c o m m u n a l e s , d a n n sei-
gneuriales, d a n n provinciales etc. D i e Steuer a u c h en n a t u r e praestirt.
(p. 117) U n t e r Lfouis] XIV, XV, XVI gab es n o c h impts en n a t u r e b e i d e m
Landvolk fr die G o u v e r n e m e n t s s t e u e r n . D i e Knige wollten keineswegs
S t e u e r n in Geld; sie w u r d e n d u r c h die U m s t n d e d a z u gezwungen, (p. 118) 25
3) D i e R e n t e n auf das D o m i n i u m des Knigs oder sein P r i v a t e i g e n t h u m
sind der Beginn der h y p o t h q u e publique, (p. 117)
4) D e r c o m m e r c e ist der grte Nivelleur: vor i h m verschwindet die
Wichtigkeit der Titel u n d der W r d e n . Das G e l d hat k e i n andres Equiva-
lent als sich selbst oder das was W a a r e ist. W e n n die Knige sich zu Ban- 30
quiers m a c h e n , hat die knigliche W r d e n u r m e h r d e n W e r t h des Geldes
oder der situations financires, (p. 117) Die Geistlichen selbst verpfndeten
die vases sacrs d e n J u d e n . (1. c.) H e n r i III h a n d e l t e m i t R e l i q u i e n (os des
morts) die er den K i r c h e n stahl, (p. 118)
5) Ein Defizit von n u r 82 Mill, fcs fhrte die franzsische R e v o l u t i o n 35
herbei. (I.e.)
6) Die B a n k von A m s t e r d a m fhrte die b a n q u e d'escompte ou de circu-
lation herbei. Zwischen d e n b a n q u e s d e dpt u n d d ' e s c o m p t e n o c h die
poque des viremens. (1. c.)
30
XXV. G. Pecchio XXVI. J. R. MacCulloch
7) A n l e i h e n in m o n n a i e relles sind Hypothek auf den Staat. D a s v o n

d e r R e g i e r u n g a u s g e g e b n e P a p i e r g e l d ist ein Reprsentativ des ffentli-
chen Credits, g a r a n t i r t d u r c h die S t e u e r , r e p r s e n t i r t k l i n g e n d e M n z e ,
W e c h s e l u n d B a n k b i l l e t t e . D a s G e l d r e p r s e n t i r t die S a c h e n , a b e r zu-
5 gleich g a g e , die W e c h s e l ( H a n d e l s p a p i e r e ) r e p r s e n t i r e n d a s G e l d , die
Bankbillette reprsentiren klingende M n z e , Wechsel u n d edlen M e -
talle, (p. 119)
8) Eine Reaction gegen d e n W u c h e r sowohl, wie die Bedrfnisse der re
industrielle commercielle, h a t t e n vereint beigesteuert zur G r n d u n g der
10 Banken, (p. 119) Zwischen d e n M o n t s de Pit, B a n q u e s de dpt u n d b a n -
ques de circulation Analogie u n d Fortschritt. 1. c.
9) Im 16' J a h r h u n d e r t n a h m e n die Changeurs scheuliches Agio b e i d e m
Wirrwarr der M n z e n ; die irrgularit im Geldverkehr gab A n l a zur
b a n q u e d e dpt von A m s t e r d a m (1609) u n d H a m b u r g (1619). (p.119) U e -
15 b e r die B a n k v o n A m s t e r d a m cf p. 119f. Zugleich R e a c t i o n gegen die alt-
rations u n d fraudes der Frsten. (I.e.) Die b a n q u e s de dpt generalisirten
eigentlich n u r die profession des changeurs. (1. c.)
10) Der escompte dasselbe fr die Circulationsbanken, was das Agio auf
die Matires fr die b a n q u e s de dpt. (I.e.) D i e B a n k von England (1694)
20 verlangte n i c h t m e h r v o m Staat, wie die C o m p a g n i e e n von Venedig u n d
G e n u a die perception des impts oder l'adjudication d ' u n m o n o p o l e son-
dern 8% Z i n s . (Le.)I
|16| 11) Bank von Law. (p. 119,20)
12) Der Credit der grte Destructor der absoluten Regierungen ... U n -
25 ter d e m despotischen R e g i m e jede Hypothek, die von A n l e i h e n herrhrt,
eine Verusserung der Souvernitt. Au contact de l'argent ils m o u r r o n t .
In der D e m o k r a t i e sucht das Geld (die Banken) das M o n o p o l herzustellen,
(p. 120.) In Venedig war die Herrschaft der compagnies financires voll-
endet. (I.e.)
30 XXV. Pecchio.
1) U e b e r die G e l d f l s c h u n g e n d e r F r s t e n u n d R e p u b l i k e n , (p. 1)
2) B r i n g t die g a n z e i t a l i e n i s c h e O e k o n o m i e b e r d a s G e l d . 1. c.
XXVI. McCulloch (Discours sur l'conomie politique.)
D a s M o n e t a r s y s t e m u n d d a s c o m m e r c i e l l e S y s t e m , (p. 8 ) Erst 1663 i n

35 England das Ausfuhrverbot von fremden M n z e n u n d Gold u n d Silber wi-
derrufen. (I.e.)
31
XXVII. Ganilh.
1) Das G e l d ist die allgemeine W a a r e . (Verri) p. 13.

2) Sehr schwer zu begreifen, wie ein Volk, n i c h t gestachelt d u r c h das
Geld u n d n i c h t secundirt d u r c h das Eisen aus d e m Z u s t a n d der Barbarei
h e r a u s u n d in die Civilisation hereintreten k a n n . (Gibbon) (p. 13) 5
3 ) D e r Ueberflu von Gold u n d Silber ( P r o d u c t e d e s a u s w r t i g e n H a n -
dels) sind die grten Mittel die Fortschritte der Arbeit u n d der I n d u s t r i e
zu beschleunigen, (p. 13b.)
4) W o h l t h a t e n d e s C r e d i t s . (1. c.)
5) D a s Bankgeld n u r ein I n s t r u m e n t der L i q u i d a t i o n commercieller 10
Schuldforderungen, (p. 14) (Sieh d a s e l b s t b e r die v e r s c h i e d n e n B a n k e n . )
Das Pfand, worauf das Bankgeld b e r u h t weniger das primitive Capital
der Bank als in d e n c o m m e r c i e l l e n W e r t h e n u n d Equivalenten, deren Z a h -
lung es effectuirt. (p. 14) 6) N u r an d e n b e i d e n E x t r e m i t t e n der Circula-
tion, bei der P r o d u c t i o n u n d der C o n s u m t i o n ist das G e l d n o t h w e n d i g u n d 15
k a n n n i c h t ersezt werden, (p. 14b)
XXVIII. Adam Smith. (Grosses Heft, t II sqq.)
S i e h die A b h a n d l u n g b e r d a s M o n e t a i r u n d M e r c a n t i l s y s t e m .
V o n allen W a a r e n , die m a n i n e i n e m L a n d e kauft, n u r u m sie z u verkau-
fen u n d a u s z u t a u s c h e n gegen andre W a a r e n in e i n e m a n d r e n L a n d e ist das 20
G o l d u n d Silber die b e q u e m s t e , (p. 33)
XXIX. Jlich. III.)
1) In E u r o p a von 8 6 0 - 1 5 0 0 ungefhr so viel Gold u n d Silbergewinnung,

u m das d u r c h Verschlei u n d sonst verloren g e h e n d e M e t a l l z u ersetzen.
Im nordwestlichen E u r o p a u n g e h e u r e V e r m e h r u n g der G e l d m a s s e beson- 25
ders des Silbers gen E n d e des 16' Jh. Im 18' Jh. Vergrsserung der G o l d e i n -
fuhr d u r c h G e w i n n u n g dieses Metalls in Brasilien, p. 12
2) Im 15 Jh. Goldwerth zu Silberwerth = 1:10, im 18' Jh. = 1 : 1 4 , in
E n g l a n d selbst wie 1:15, weil hier Gold die H a u p t w h r u n g sein W e r t h ver-
hltnimssig h h e r z u m Silber als auf d e m Continent. (1. c.) D a s brasili- 30
sehe G o l d flo aus Portugal meist n a c h England. 1. c. Relativer W e r t h des
Silbers gegen das G o l d wrde n o c h m e h r gesunken sein. A b e r Erweiterung
32
XXIX. G. v.Glich
des europischen Verkehrs m i t Asien, in d e n frhen Z e i t e n des 17' Jh., als

Hollands u n d den sptren D e c e n n i e n des 17' Jh., als Englands H a n d e l m i t
A s i e n b e d e u t e n d wurde. Im 18' Jh. b e s o n d e r s d u r c h die Theeeinfuhr n a c h
England. K e i n e Goldausfuhr n a c h Asien, da n u r Silber hier in Circulation.
5 Abflu des Silbers aus Europa nach Asien b e s o n d e r s in der lezten Hlfte des
18' Jh. absorbirte betrchtlichen Theil des aus A m e r i c a n a c h E u r o p a expor-
tirten Silbers. A u c h b e g a n n schon Ausfuhr von A m e r i c a n a c h Asien, (Me-
xico b e s o n d e r s n a c h d e n Philippinen), d a m a l s n o c h verhltnimssig u n -
b e d e u t e n d , (p. 12) I
10 |17| 3) D i e V e r w e n d u n g des aus A m e r i c a i m p o r t i r t e n G o l d e s u n d Silbers
in E u r o p a als Mnze v e r m i n d e r t d u r c h Bearbeitung beider Metalle zu W a a -
ren. G e n E n d e des 17' u n d besonders i m 1 8 ' Jh. i n d e n mittleren S t n d e n
viel im G e b r a u c h , besonders in England, silberne Lffel; in d e n spten Zei-
t e n des 18' Jh. silberne U h r e n m e h r u n d m e h r u n t e r d e n M i t t e l s t n d e n i m
15 nordwestlichen Europa. N o c h m e h r im 19 Jh. A u c h hchst b e d e u t e n d die
V e r w e n d u n g e n zu V e r g o l d u n g e n u n d Plattirungen. (p. 12)
4) Die Vermehrung der Gold und Silbermnze im 18' Jh. trotz stets wach-
sender Einfuhr aus A m e r i c a schritt langsamer fort als die V e r m e h r u n g der
in d e n Handel kommenden Waaren. A b e r im A l l g e m e i n e n kein M a n g e l an
20 klingender M n z e in Europa, weil verbesserte Communication in E n g l a n d ,
Frankreich, N i e d e r l a n d e n ; Papiergeld; Z u n a h m e der Wechselbriefe oder
die Z u n a h m e des Credits, (p. 12)
5) Zu Anfang des 2' Decenniums des 19. Jh. u n g e m e i n e Abnahme der Gold
und Silbereinfuhr in Europa, d u r c h E m a n c i p a t i o n des spanischen A m e r i c a ,
25 Stocken des Bergbaus in M e x i c o , Peru etc. m i n d e r e Lieferung der brasilia-
n i s c h e n Bergwerke, grrer M a r k t fr die e d l e n Metalle in der n e u e n Welt
selbst, in d e m vormals spanischen A m e r i c a , in Brasilien u n d besonders in
d e n Vereinigten Staaten. Leztre Silberbedrftig d u r c h die Erweiterung ihres
H a n d e l s m i t China; Abflu des Silbers aus d e n Vereinigten Staaten n a c h
30 Asien stieg von 1 7 9 6 - 1 8 2 5 = 1:4. Geringer, d o c h a u c h in d e n lezten D e -
c e n n i e n Silberausfuhr aus Brasilien, M e x i c o , Chile, Peru n a c h Asien. Also
Steigen der direkten Silberausfuhr aus America nach Asien, m e r k l i c h e Vermin-
derung der Silberausfuhr aus Europa nach Asien. Silberausfuhr von C h i n a
n a c h I n d i e n in Folge des O p i u m h a n d e l s , (p. 12)
er
35 6) In den 20 Jahren des 19'Jh. die V e r m i n d e r u n g der edlen Metalle in
E u r o p a aufgehalten d u r c h die A u s w a n d e r u n g reicher Spanier aus M e x i c o
u n d Peru n a c h F r a n k r e i c h u n d Spanien. Dagegen der Betrag der Anleihen
von 1818-1832 von Brasilien, B u e n o s Ayres, Chile, C o l u m b i e n , G u a t e -
mala, Peru u n d M e x i c o , d a n n viel G o l d zufliessend in Folge der Berg-
40 Werksunternehmungen in diesen Staaten (1824) ... Also zur Zeit dieser
E m a n c i p a t i o n der s d a m e r i k a n i s c h e n Staaten Abflu vielleicht n o c h gr-
33
ren S u m m e (als die von d e n A u s w a n d e r e r n importirte) n a c h diesen Staa-

ten. J e n e r ausserordentliche Zuflu wog z u d e m lang n i c h t die Zufuhr aus
A m e r i c a u n t e r der spanischen Herrschaft auf, d a n n in d e n ersten D e c e n n i e n
seit 1815 grosse V e r w e n d u n g von G o l d u n d Silber zu allen A r t e n G e r t h -
schaft, so um diese Zeit n i c h t unbedeutende Verminderung der als Mnze cir- 5
culirenden edlen Metalle, (p. 12)
7) 1830-1842. Aufhren der ausserordentlichen Zuflsse; wieder regel-
mssiger Bergbau in Mexico; E n d e 30 u n d Anfang der 40 J a h r e so wieder
relativ b e d e u t e n d e r I m p o r t aus America, n i c h t m e h r die frhere Bedeu-
tung, (p. 12) D e r Metallexport aus A m e r i c a n a c h E u r o p a ferner beschrnkt, 10
d a n o c h weiter der amerikanische Markt fr diese Metalle; d a d u r c h a u c h
b e d e u t e n d e Ausfuhr klingender M n z e aus E u r o p a n a c h d e n Vereinigten
Staaten, besonders in Folge der nordamerikanischen Anleihe M i t t e der
er
3 0 J a h r e . I n d e n Vereinigten Staaten h a u p t s c h l i c h Silber gebraucht.
E b e n s o G o l d aus Europa nach America gebracht d u r c h die Auswanderung in 15
d e n lezten 1 0 - 1 5 J a h r e n , ebenso n a c h Australien, wo i n d e meist Papier-
geld. V o n 1831-41 flo noch weniger Gold von Europa nach Asien. D e n n o c h
in diesen Z e i t r u m e n fernre Verminderung der in Europa umlaufenden klin-
genden Mnze. F o r t d a u e r n d e r A n w u c h s der V e r w e n d u n g der e d l e n Metalle
fr andre W a a r e n . Im A l l g e m e i n e n im westlichen Europa die Masse der hier 20
v o r h a n d n e n Gold und Silberpaaren ihrem Metallgehalt nach grsser im Werth
als die hier umlaufende klingende Mnze. D c i d m e n t in E n g l a n d , (p. 13)
8) A u s u n d E i n f u h r d e r e d l e n M e t a l l e in R u l a n d . (1. c.)
9) Zu und Abflu der edlen Metalle aus einer Gegend Europas in die
andre. N a c h d e m F r i e d e n von 1815 viel Papier ausser Circulation gesezt, 25
d o c h a u c h viel in Umlauf. (1. c.) Verhltni des circulirenden Geldes zum Pa-
pier am schwchsten in R u l a n d , d a n n in E n g l a n d u n d Oestreich, n i c h t
ganz gering in Preussen, n i c h t sehr gro in Frankreich und den Niederlanden.
In Schweden i m m e r n o c h sehr grosse S u m m e in Papier. (1. c.) Am m e i s t e n
er
k l i n g e n d e M n z e circulirend seit d e n 2 0 J a h r e n in F r a n k r e i c h von d e m 30
g a n z e n westlichen Europa. (1. c.) In lezter Zeit Vermehrung oder Verminde-
rung der e d l e n Metalle in e i n e m einzelnen L a n d n i c h t m e h r so hervortre-
tend, theils d u r c h die rasche Communikation zwischen den verschiednen Staa-
ten, theils Geld i m m e r m e h r W a a r e u n d enge V e r b i n d u n g zwischen d e n
B a n q u i e r h u s e r n in verschiednen H a n d e l s p l t z e n . Grosse Beweglichkeit der 35
Circulation, besonders in England, erweiterter Kredit, v e r m e h r t e A n w e n -
d u n g von Wechselbriefen. D a n n viel Papier b e s o n d e r s in d e n L n d e r n des
grten Verkehrs, (p. 13) (weniger in d e n m i n d e r fortgeschrittenen.)
10) D i e Lnder, wo die Bevlkerung a u f w e i t e R u m e vertheilt, verhlt-
nimssig viel grrer Menge von Geld bedrftig als die civilisirten u n d m e h r 40
bevlkerten Staaten; E n g l a n d verhltnimssig geringer als D e u t s c h l a n d ,
34
XXIX. G.v.Glich
D e u t s c h l a n d als das I n n r e von R u l a n d , der stliche Theil der Vereinigten

Staaten weniger als der westliche u . s . w . (p. 13)
11) D i e Masse des in Afrika, Asien, Astralien u n d A m e r i c a circuliren-
den Gold u n d Silbergeldes sehr viel geringer als die in Europa. (1. c.)
5 12) 1842-1843. Fliet Geld n a c h den Vereinigten Staaten fr Saldirung
der i h n e n gnstigen H a n d e l s b i l a n z . N o c h b e d e u t e n d e Aenderung im Geld-
handel zwischen Europa und Asien. Bisher n u r G o l d aus Asien n a c h E u r o p a
geflossen, geringer als das d a h i n s t r m e n d e Silbergeld. 1842 n i c h t u n b e -
d e u t e n d e r Silberimport aus China nach England. Grosser Einflu Chinas im
10 18' und 19'Jh. auf die Geldverhltnisse E u r o p a s . Erst viel Silber an sich ge-
zogen fr Thee. D a n n fr das O p i u m grosse Ausfuhr dieses Metalls n a c h
I n d i e n u n d von d a n a c h England. E n d l i c h direkte Versorgung E n g l a n d s
m i t Silber. (1. c.)
13) Einflu der S u m m e der k l i n g e n d e n M n z e auf d e n W a a r e n p r e i
15 trat in E u r o p a i m m e r m e h r in den H i n t e r g r u n d . V e r m i n d e r u n g d e s G e l d e s
i n d e n l e z t e n 3 D e c e n n i e n v o n u n e r h e b l i c h e m E i n f l u a u f die P r e i s s e
wegen des schnelleren Umlaufs des Geldes, auch mindrer Bedarf bei
s e h r e r w e i t e r t e m V e r k e h r . 1. c. |
|18| 14) Waarenpreisse
20 a) Mittelalter. Grosses Schwanken der W a a r e n p r e i s s e je n a c h Ueberflu
oder M a n g e l . A m wohlfeilsten die W a a r e n , worin wenigstens m e n s c h l i c h e
Kraftanwendung. Fleisch wohlfeiler als G e t r e i d e , G e t r e i d e als Fabrikate,
Fabrikate als Colonialwaaren, indische Zeuge usw. Dagegen der Werth der
Waaren b e r h a u p t gegenber den edlen Metallen besonders im 14' u n d
25 1 5 ' Jh. ziemlich stationr schon weil ihre M a s s e stationr. Sehr verschie-
d e n e W a a r e n p r e i s s e in verschiedenen L n d e r n . E n g l a n d war t h e u r e r als
D e u t s c h l a n d , weil dort m e h r edles Metall hinflo, (p. 14)
b) 16', IT, undfrhrer Theil des 18. Jh.
Im 16'Jh. sehr b e d e u t e n d e s Sinken des W e r t h s der e d l e n Metalle gegen
30 alle W a a r e n , besonders a u c h z u m G e t r e i d e , h o b sich wie 2:1 u n d m e h r .
Im 17' und 18'Jh. trotz der f e r n e m V e r m e h r u n g des G o l d s u n d Silbers
kein so allgemeines Steigen der Waarenpreisse, weil Zufuhr, obschon absolut
grsser als im 16' Jh., n i c h t so b e d e u t e n d gegen die in E u r o p a schon vorrthi-
gen Metalle; d a n n wegen M e h r u n g der gegen Baarschaften umgetauschten
35 Gegenstnde, e i n m a l M e h r u n g frher s c h o n in d e n H a n d e l g e k o m m e n e n
W a a r e n in Folge der vermehrten Umlaufmittel u n d d a d u r c h sehr gefrderten
Anwachsens von Capitalien; d a n n vergrsserte Z a h l der in d e n Handel kom-
menden Waaren (besonders asiatische u n d a m e r i k a n i s c h e Artikel.) p. 14.
c) Sptre Zeit des 18'Jh. bis 1815.
40 In den sptren Jahren des 18'Jh. Grosser Einflu der Kriege auf die W a a -
renpreisse. Allgemeine Nachfrage stieg. Besonders Steigen der G e t r e i d e -
preisse etc. (1. c.)
35
d) 1815-1842.
1815 aufhren d e s Kriegs, wohlfeiler werden der m e i s t e n W a a r e n , be-
sonders der b a u m w o l l n e n Zeuge u n d Gewebe.
1818-24 Fallen der Preisse fast aller W a a r e n (wenigstens im westlichen
E u r o p a ) , besonders a u c h der Agriculturproducte. Verbesserte Cultur. Ver- 5
m i n d e r t e s Papiergeld. Das E[intreten] der B a a r z a h l u n g in E n g l a n d
1 8 1 8 - 1 8 2 1 wirkte b e s o n d e r s auf d e n d e u t s c h e n Markt. Einflu der Zlle
auf die Waarenpreisse in den verschiedenen Lndern.
1824 In Europa, besonders England H e b u n g der m e i s t e n Waarenpreisse.
1825. G e g e n E n d e R e a c t i o n . Crisis. Sinken der m e i s t e n Waarenpreisse. 10
er
Gegen Ende der 1820 Jahre Steigen der Agriculturproductepreisse gegen
1 8 1 9 - 1 8 2 8 ; dagegen fast unaufhrliches S i n k e n der Preisse der m e i s t e n
F a b r i k a t e . Folge vermehrter Production, M a s c h i n e n , T h e i l u n g der Arbeit,
erleichterte Rohstoffbeschaffung.
1836-42. Allgemeine Verminderung fast aller in Europa gebrauchten ausser- 15
europischen Waaren, ihren Geldwerth (Zucker, Caffee, G e w r z e , Indigo.)
A n b a u in frher n o c h n i c h t oder wenig cultivirten G e g e n d e n , (p. 14)
XXX. L. Say.
D i e A u s t a u s c h b a r k e i t des G o l d e s u n d Silbers gegen alle S a c h e n k a m da-

her, da ihr Productionsprei auerordentlich wenig vernderlich, (p. 2) 20
XXXI. Lauderdale.
1) D e r N u t z e n des G o l d e s u n d Silbers als G e l d b e r u h t darauf, d a sie die

Arbeit ersetzen, (p. 11)
2) Dasselbe Prinzip giebt d e n B a n k e n i h r e n N u t z e n . (1. c.) O h n e G e l d
eine Masse trocs nthig, e h e m a n im A u s t a u s c h d e n g e w n s c h t e n G e g e n - 25
stand erhlt.
M a n m t e hier bei j e d e m b e s o n d e r e n A u s t a u s c h eine U n t e r s u c h u n g
b e r d e n relativen W e r t h der W a a r e n anstellen. Erstres erspart das G e l d als
H a n d e l s i n s t r u m e n t . Leztres als W e r t h m e s s e r u n d Reprsentativ aller W a a -
ren. (I.e.) 30
36
XXXII. W. Petty XXXIII. Freetrade
XXXII. Petty.
1) D e r grosse u n d schlieliche Effekt des H a n d e l s ist n i c h t R e i c h t h u m at

large, s o n d e r n vorzugsweise Ueberflu von Silber, Gold oder Juwelen, die
n i c h t vergnglich sind, n o c h so wandelbar wie andre W a a r e n , s o n d e r n
5 R e i c h t h u m zu allen Z e i t e n u n d an allen Orten. Ueberflu von W e i n , Korn,
Gevgel, Fleisch u. s.w. sind R e i c h t h m e r aber h i c et n u n c ... So ist das
E r z e u g e n solcher W a a r e n u n d das Folgen eines solchen H a n d e l s , welcher
die G e g e n d m i t Gold, Silber u. s. w. versieht, vor a n d e r e n vortheilhaft.
(p.3.)|
10 |19| 2) Ist das Geld d u r c h die Steuer von e i n e m g e n o m m e n , der es verit
oder vertrinkt, u n d e i n e m gegeben, der es in Verbesserung des L a n d e s , im
Fischfang, im Bearbeiten von M i n e n , in M a n u f a k t u r e n oder selbst in Klei-
dern verwendet, so ist i m m e r fr die G e m e i n h e i t Vortheil v o r h a n d e n ; d e n n
selbst Kleider sind n i c h t so vergnglich als M a h l z e i t e n u n d G e t r n k e ;
15 w e n n in A u s s t a t t u n g von H u s e r n ist der Vortheil ein wenig grsser, im
B a u e n von H u s e r n n o c h m e h r , in Verbesserung von Lndereien, Bearbei-
ten von M i n e n , Fischfang m e h r n o c h ; a m g r t e n von allen, w e n n angelegt
u m G o l d u n d Silber i n das L a n d z u bringen, weil diese D i n g e allein n i c h t
vergnglich sind, sondern zu allen Z e i t e n u n d aller Orten als R e i c h t h u m ge-
20 schzt werden, (p. 5) In B e z u g a u f die Z e i t D a u e r u n d B e z u g auf d e n
R a u m A l l g e g e n w r t i g . D a s G e l d ist die u n v e r g n g l i c h e W a a r e , alle W a a -
ren sind n u r vergngliches Geld. D a s Geld ist allgegenwrtige W a a r e ;
die W a a r e n u r l o k a l e s G e l d .
S o ein Schriftsteller d e s 17' J h . I m G o l d u n d Silber h a t t e n sie d e n
25 S c h a t z g e f u n d e n , d e n w e d e r M o t t e n , n o c h R o s t fressen u n d d e r G e l d k u l -
t u s h a t s e i n e n A s c e t i s m u s , s e i n e A u f o p f e r u n g , s e i n e E n t s a g u n g - die
Sparsamkeit u n d Frugalitt, das Verachten der weltlichen, zeithchen
und vergnglichen Gensse, das Nachjagen n a c h d e m Schatz im Him-
mel.
30 XXXIII. Freetrade. (London 1622.)
1) D i e natrliche M a t e r i e des H a n d e l s ist die Waare, die knstliche ist das

Geld. Obgleich G e l d in N a t u r u n d Zeit n a c h der W a a r e k m m t , ist es, wie
es jezt in u s e ist, die Hauptsache geworden. Er vergleicht d i e m i t d e n bei-
d e n S h n e n des a l t e n J a c o b , d e r s e i n e r e c h t e H a n d a u f d e n J n g e r n u n d
35 die L i n k e a u f d e n a l t e r n S o h n legt. (p. 24)
2) Wir c o n s u m i r e n u n t e r u n s e i n e n zu grossen Ueberflu an W e i n e n
37
aus Spanien, Frankreich, R h e i n , Levante, den Inseln, die R o s i n e n von Spa-

n i e n , die C o r i n t h e n der Levante, die cambricks von H e n a u l t u n d d e n N i e -
derlanden, die Seidenzeuge von Italien, den Z u c k e r u n d T a b a c k von West-
india, die G e w r z e von Ostindien; alles die ist nicht n o t h w e n d i g fr u n s
u n d d o c h erkauft m i t h a r t e m Gelde ... W r d e weniger von d e m fremden 5
u n d m e h r v o m e i n h e i m i s c h e n Product verkauft, s o m t e der U e b e r s c h u
n o t h w e n d i g in der F o r m von Gold u n d Silber (in treasure) zu u n s k o m -
m e n , (p. 24) K l a g e n d a d a s Silber n a c h A s i e n g e h t u n d n i c h t v o n d a h e r
zurckstrmt.
3) Als unbewegliche u n d immutable things ebenso gut in d e n H a n d e l u n - 10
ter die M e n s c h e n k a m e n als die Dinge, die beweglich u n d g e m a c h t fr d e n
T a u s c h waren, k a m das Geld in G e b r a u c h , als die Regel u n d das M a a
(square), w o d u r c h diese D i n g e Schtzung u n d W e r t h e m p f a n g e n m c h t e n .
(p.25)
Er sezt i m m e r die wares d e m treasure e n t g e g e n . (Die W a a r e n w e r d e n 15
als m a r c h a n d i s e d e n r e s , g e h n i n die C o n s u m t i o n ein, d a s G e l d n i c h t .
(Je m e h r , s a g t er z. B. der H a n d e l m i t Ostindien z u n e h m e n m a c h t die
wares, desto m e h r m a c h t er a b n e h m e n die treasures. (1. c.)
D i e l e z t r e B e m e r k u n g s o weit richtig: D i e g a n z e G e s e l l s c h a f t erst
wirklich H a n d e l s g e s e l l s c h a f t , s o b a l d d a s s. g. u n b e w e g l i c h e E i g e n t h u m 20
a u s t a u s c h b a r g e w o r d e n , a l s o d e r Besitztitel. G r u n d e i g e n t h u m , H a u s e t c
b i l d e t e n f r h e r die m a t e r i e l l e B a s i s einer A r t v o n G e m e i n w e s e n u n d
k o n n t e n n i c h t d u r c h die e i n z e l n e n I n d i v i d u e n v e r u s s e r t w e r d e n . D i e be-
w e g l i c h e n W a a r e n i h r e r N a t u r n a c h z u m A u s t a u s c h , z u m C i r c u l i r e n ge-
e i g n e t u n d z u m t r o c . B i o s der U e b e r s c h u . M i t d e m u n b e w e g l i c h e n 2 5
E i g e n t h u m m u t e b e i s e i n e r V e r u s s e r u n g d e r T a u s c h w e r t h s c h o n eine
selbststndige Gestalt im Geld erhalten u n d das H a u s etc durch das
G e l d als R e p r s e n t a n t v o n s o u n d s o viel T a u s c h w e r t h a b g e s c h z t s e i n .
XXXIV. Boisguillebert.
1) H a t s c h o n g a n z d e n constituirten Werth v o n P r o u d h o n : H t t e n alle 30

z u m L e b e n nthige W a a r e n e i n e n b e s t i m m t e n Prei ... h t t e n sie i m m e r
e i n e n prix courant, so oft m a n sie b r a u c h t e , so wren G o l d u n d Silber
n i c h t m e h r gesucht als die gewhnlichsten Metalle, da sie weniger passend
zu a n d r e n V e r w e n d u n g e n frs L e b e n sind. D e r A u s t a u s c h w r d e sich u n -
mittelbar m a c h e n wie im Beginn der Welt ... u n d wie er sich n o c h m a c h t 35
in Bezug auf einige W a a r e n en gros, n a c h d e m sie appreciirt sind. (p. 3) |
|20| 2) Die edlen Metalle sollten als Pfand d i e n e n im A u s t a u s c h ; m a n
h a t sie zu Gottheiten g e m a c h t (idoles, divinits), d e n e n m a n i m m e r m e h r
38
XXXV. Th. Paine
G t e r , Bedrfnisse u n d selbst M e n s c h e n opfert ... Statt eines Dieners,

Sklaven des H a n d e l s h a t m a n sie zu s e i n e m T y r a n n e n gemacht. Also Um-
kehrung der n a t r l i c h e n O r d n u n g d u r c h das Geld, ( p . 5 , 6) Es soll blos Mit-
tel sein. (p. 6)
5 3) M a n k n n t e sich edlen Metalls ganz entledigen, (p. 6.)
4) F r e i n e n Verschwender das G e l d viel b e q u e m e r , als A c c u m u l a t i o n
von W a a r e n , wo er regelmssigen trade t r e i b e n m t e u. s. w. So wird G o l d
u n d Silber aus d e m K n e c h t z u m H e r r n u n d das Gleichgewicht zwischen
G e l d u n d d e n W a a r e n vernichtet, leztre depreciirt, erstres b e r s c h z t ...
10 G e l d ist der precis de toutes les denrees. D u r c h es allein die Ungleichheit
in den Steuern mglich. M a n h a t in i h m n u r idee confuse du detail u n d
so dient es allen S c h n d l i c h k e i t e n z u m M a n t e l , (p. 7)
5) In der o p u l e n c e ist das Geld die lezte der W a a r e n , in d e m disette
n i c h t n u r die erste, sondern fast die einzige, (p. 8)
15 6) D u r c h das G e l d ist das d r a n g e m e n t der proportion der Preisse ge-
kommen. (p.9)
7) l'argent est devenu le b o u r r e a u de toutes les choses, (p. 10) D i e
h a u p t s c h l i c h gegen das Fiskalsystem gerichtet, welches viel m e h r W a a r e n
vernichtete, als es u n t e r der F o r m des G e l d e s in d e n Schatz e i n g e h n
20 m a c h t e . M a n b e w u n d e r t s a g t er ibid. Mittel, die 20 m a l so viel S a c h e n
vernichten, als sie m e t t e n t profit. [p. 10] Vernichtet ist j e d e W a a r e , die
m i t Verlust verkauft w e r d e n m u , um das Geld aufzubringen (p. 11). So
wird die P r o d u c t i o n aufgegeben. D a s ist das Resultat der Priester des Gt-
zen, des Silbers. (1. c.)
25 Es giebt de l'argent criminel, weil es ein G o t t statt eines Sklaven sein
wollte, der d e n Krieg d e m g a n z e n M e n s c h e n g e s c h l e c h t erklrt. (1. c.) Ver-
g l e i c h t die F i n a n z i e r s m i t d e n A l c h y m i s t e n , die alle a n g e w a n d t e M a t e -
rie, u m G o l d z u m a c h e n , i n R a u c h a u f g e h n l a s s e n . (1. c.)
8) N a c h d e r D e p r e c i a t i o n d e r e d l e n M e t a l l e les denres mmes seront r-
30 tablies dans leur juste valeur, (p. 12)
D u r c h d i e s e S u p r e m a t i e d e s G e l d e s wird d e r M a n g e l i n n e r h a l b d e s
U e b e r f l u s s e s e r z e u g t , d e r A u s t a u s c h g e s t r t , die P r o d u c t i o n profitlos
u n d d a m i t a u f g e g e b e n , (p. 13) D e r fiktive W e r t h z e r s t r t d e n r e a l e n .
XXXV. Th. Paine.

t e
35 Die B a n k n o t e n v e r n d e r t e n d e n Sitz der Gewalt. Sie schufen eine 2 Klasse
von Glubigern, n e b e n der ersten, die das G e l d d e m Staat geliehn, n m l i c h
die Besitzer von Banknoten. Jeder, der sie besizt, controllirt die Regierung
einfach d u r c h die Operation des K r e d i t e n t z i e h n s , i n d e m er individuell zur
39
B a n k u m B a a r z a h l u n g r e n n t fr jede B a n k n o t e i n seiner H a n d . (Zeigte

sich in E n g l a n d 1830? o d e r 31)
XXXVI. London Encyclopaedia.
L e i h e n u n d B o r g e n l t e r als d a s G e l d s y s t e m .
XXXVII. Ricardo. (Proposais.) 5
D e r Betrag der N o t e n in Circulation hngt d u r c h a u s n i c h t von d e m Capital

ab, woraus die Ausgeber die N o t e n besitzen, sondern von d e m Betrag, der
erfordert ist d u r c h die Circulation des L a n d e s u n d dieser ist geregelt d u r c h
d e n W e r t h des Standards, d e n Belauf der Z a h l u n g e n u n d die O e k o n o m i e ,
die angewandt wird um sie zu vollziehn. (p.17, 18) 10
XXXIX. St. Simoniens.
1) W e i l alle I n d i v i d u e n isolirt sind, in den A r b e i t e r n wie in der C o n s u m -

tion, findet Austausch zwischen 2 P r o d u c e n t e n Statt. A u s d e m A u s t a u s c h
geht die N o t h w e n d i g k e i t hervor d e n relativen Werth der D i n g e zu bestim-
m e n ( d a r a u s d a s Geld) ... beide b e r u h n auf I n d i v i d u a l i s m u n d A n t a g o - 15
n i s m , A n t a g o n i s m von Kufer u n d Verkufer, (p. I) |
| 2 1 | 2) 3 F o r m e n der Circulation: Unmittelbar Tauschhandel (Waare gegen
W a a r e ) , Kauf und Verkauf (Waare gegen Geld u n d Geld gegen W a a r e ) , u n d
Kredit (Geld ersezt d u r c h das Versprechen zu einer b e s t i m m t e n Zeit zu
zahlen) ... D i e Banquiers h a b e n eine wahre industrielle Regierung reali- 20
sirt ... ( p . I I . )
3) D e r G e b r a u c h des Geldes Z e i c h e n des M i t r a u e n s u n t e r d e n M e n -
schen, weil m a n sich eines Products n u r entblssen will gegen ein materiel-
les Pfand ... Alle Crdite, Wechselbriefe etc fundirt auf der G a r a n t i e des
G e l d e s . (I.e.) 25
4) D i e Crise zwingt zu u n v o r h e r g e s e h n e n r e m b o u r s e m e n t s , d a h e r
Zwangsverkauf der W a a r e n , aber die Liquidation in Geld aller Credittitel un-
mglich, weil die S u m m e der klingenden M n z e im A l l g e m e i n e n sehr klein
verhltnimssig zur M a s s e aller a n d e r n P r o d u c t e , die in der Gesellschaft
existiren u n d die wirklich die geliehnen S u m m e n reprsentiren, unver- 30
m e i d l i c h die Falliten, (p. I I , III.)
5 ) Die Banquiers w u r d e n ( u n t e r d e r a b s o l u t e n M o n a r c h i e s c h o n
L o u i s XIV) die a l l g e m e i n e n caissiers der I n d u s t r i e u n d des Adels, (p. V)
40
XL. W. Blake
W i e die St. S i m o n i s t e n die Banken (nebst W e c h s e l b r i e f e n , P a p i e r g e l d ,

ffentlichen A n l e i h e n ) als Waffen b e t r a c h t e n , w o d u r c h d a s C a p i t a l , die
Productionsinstrumente von den faulen G r u n d e i g e n t h m e r n u n d Capi-
t a l i s t e n a u f die b r g e r l i c h e n I n d u s t r i e l l e n b e r g e g a n g e n ist, s o soll e i n e
5 neue Organisation des Bankwesens den transfer der Productionsinstru-
m e n t e a n die A r b e i t e r v e r m i t t e l n , (p. VII.) Sie b e t r a c h t e n a u c h die M o n t s
d e p i t a l s Vorlufer d e r B a n k e n , u n d b e i d e als R e a c t i o n g e g e n d e n
W u c h e r d e r J u d e n etc, die d e n B e s i t z d e r e d l e n M e t a l l e m o n o p o l i s i r t
hatten.
10 XL. Blake. (Wechselkurs.)
1) Der Wechselkurs im Allgemeinen. E i n W e c h s e l aufs A u s l a n d Anweisung

an e i n e n A u s l n d e r einer a n d e r n Person eine bestimmte Summe auslndi-
scher Mnze zu zahlen. U n b e s t i m m t u n d bestndig variirend die Q u a n t i t t
e i n h e i m i s c h e r M n z e , die fr den A n k a u f des Wechsels gegeben werden
15 m u . D e r Wechselkurs ungnstig, w e n n der Marktprei der Wechsel hoch,
gnstig w e n n niedrig. D e r Prei der W e c h s e l h n g t ab 1) von Ueberflu
u n d M a n g e l in Bezug auf die Nachfrage; 2) von d e m relativen W e r t h der
b e i d e n currencys. Die V a r i a t i o n e n des ersten h n g e n ab von d e n Z a h l u n -
gen, die ein L a n d zu m a c h e n , verglichen m i t d e n e n , die es zu empfangen
20 hat. D i e O p e r a t i o n e n des zweiten von d e n A e n d e r u n g e n in d e m W e r t h der
currency, sei es des einen, sei es des a n d r e n L a n d e s . Leztre o h n e Bezug auf
Schuld u n d F o r d e r u n g e n eines L a n d e s , erstere o h n e Bezug auf die cur-
rency, leztre der nominelle, erstere der reale Wechselkurs, (p. 26, 27.)
2) Der reale Wechselkurs. In dieser U n t e r s u c h u n g vorausgesezt, da die
25 M n z e in gehriger O r d n u n g u n d die currency in d e n v e r s c h i e d n e n Ln-
dern in d e m s e l b e n Verhltni zu d e n circulirenden W a a r e n bleibt.
W e n n A u s u n d Einfuhr zweier L n d e r sich wechselseitig d e c k e n , so die
W e c h s e l der exportirenden u n d i m p o r t i r e n d e n Kaufleute, ihre Nachfrage
u n d Zufuhr gleich, d u r c h einfachen Transfer Schuld u n d Schuldforderung
30 zu liquidiren, der reale Exchange d a n n at par. [p. 27]
Importirt ein L a n d m e h r als es exportirt, hat es also m e h r Z a h l u n g e n zu
m a c h e n als zu empfangen, so i h m der W e c h s e l k u r s u n g n s t i g . W e n i g e r
W e c h s e l auf das fremde L a n d da, als h i n z u s c h i c k e n sind, C o n c u r r e n z u n -
ter d e n Kufern der fremden Wechsel. Sie steigen b e r p a r oder sind zu
35 e i n e m P r m i u m e n t s p r e c h e n d der Nachfrage. In d e m L a n d der G l u b i g e r
dagegen, m e h r W e c h s e l auf das S c h u l d e n d e L a n d , als d a v o n gebraucht
werden, K o n k u r r e n z u n t e r d e n Verkufern der fremden Wechsel, D i s c o n t o
auf die Wechsel, im Verhltni zur Zufuhr, e n t s p r e c h e n d d e m P r m i u m
im gegnerischen L a n d . U e b e r s c h u des Debet b e r das Credit in e i n e m
41
Lande, diese Unverhltnimssigkeit h a u p t s c h l i c h hervorgebracht

1) d u r c h W e c h s e l der seasons, die eine u n g e w h n l i c h e Einfuhr von L a n d -
p r o d u c t e n erheischen 2) foreign expenditure, subsidies etc. D e r Ueber-
schu k a n n gedeckt werden d u r c h S e n d u n g von coin u n d bullion, durch
A n k a u f fremder Wechsel, d u r c h Bevollmchtigung eines auswrtigen 5
A g e n t e n auf die Regierung zu z i e h n oder wer sonst die investments im
A u s l a n d e m a c h t , (siehe d a r b e r p. 28, 29) Kauft die Regierung fremde
W e c h s e l im L a n d , so erhht sie die Concurrenz, also steigen sie n o c h m e h r
b e r par, heit sie die Bevollmchtigten auf sich ziehn, so e r h h t sie die
Z a h l der auf ihr L a n d laufenden W e c h s e l im fremden L a n d , also der Dis- 10
conto n o c h tiefer herabgedrckt.
Die Nachfrage n a c h foreign bills zur L i q u i d a t i o n von Schulden, ent-
springend aus frher a b g e m a c h t e n T r a n s a c t i o n e n . A b e r welches der Stand
des realen Wechselkurses der Preikourant der Waaren in d e n b e i d e n H a n -
delstreibenden L n d e r n bringt tglich F l u c t u a t i o n e n in d e m s e l b e n hervor. 15
Sind die W a a r e n in d e m fremden L a n d e relativ wohlfeil, so viele N a c h -
frage n a c h fremden bills, im u m g e k e h r t e n Fall nicht. So wirken die Waa-
renpreisse im eignen Land auf den Wechselkurs, aber n i c h t u m g e k e h r t .
( P . 2 8 , 29) I
|22| Es fragt sich n u n : W e l c h e s ist der Effekt des real exchange auf die gen- 20
eral exports und imports eines Landes?
E i n K a u f m a n n exportirt nur, w e n n der Prei der W a a r e n i m a n d r e n
L a n d h o c h genug ist gegen den im I n l a n d , d. h. die Verschickung d a h i n
n a c h A b z u g der K o s t e n d e n gewhnlichen Profit bringt. Sobald er die La-
dungsbill von s e i n e m C o r r e s p o n d e n t e n erhalten hat, wird er fr d e n Betrag 25
der versandten G t e r e i n e n W e c h s e l auf ihn ziehn. Steht der Wechselkurs
at par, so wird er dieselbe S u m m e , die in d e m W e c h s e l e n t h a l t e n ist, d u r c h
die V e r h a n d l u n g desselben im h e i m i s c h e n M a r k t erhalten. Ist der Wechsel-
kurs ungnstig, b r i n g e n also die foreign bills ein P r m i u m , so fgt die sei-
n e m Profit h i n z u im Verhltni zu d i e s e m P r m i u m , i n d e m er seine 30
W e c h s e l auf das A u s l a n d im h e i m i s c h e n M a r k t verkauft. Je u n g n s t i g e r
also der Wechselkurs, desto gnstiger fr d e n Export; er befhigt, b e i einer
Preidifferenz in den verschiednen L n d e r n zu exportiren, wozu es sonst
n i c h t mglich, oder wohlfeiler zu verkaufen, oder grssern Profit auf d e n
Verkauf zu m a c h e n . 35
Welches a u c h i m m e r der Stand des realen Wechselkurses, er wirkt in um-
gekehrtem Verhltni auf den exportirenden und importirenden Kaufmann.
Ist der Wechselkurs gnstig, so k a n n der Exporteur seinen W e c h s e l n u r zu
e i n e m Verlust verkaufen auf d e m e i n h e i m i s c h e n Markt. Dieser D i s k o n t o
geht von s e i n e m Profit ab, oder sein A g e n t zahlt i h m , i n d e m er e i n e n 40
W e c h s e l von s e i n e m W o h n s i t z auf das Land des Exporteurs kauft u n d i h m
42
XL W. Blake
berschickt. E r k a n n diesen W e c h s e l n u r z u e i n e m P r m i u m h a b e n . D i e
P r m i u m b e r e c h n e t er, i n d e m e r e i n e n u m dessen Betrag n i e d r i g e m W e c h -
sel remittirt. Z . B . w e n n d a s P r m i u m i n d e m a u s w r t i g e n M a r k t 5 % u n d
er h a t 1000 zu r e m i t t i r e n , so h a t er fr d i e s e l b e n 1005 /. zu z a h l e n ,
5 s c h i c k t d a h e r n u r 995 die i h m 1000 k o s t e n . D i e s e 5 /. g e h n d a n n ab
v o m G e w i n n des E x p o r t e u r s . D e r I m p o r t e u r d a g e g e n k a n n die foreign
bill i m h o m e m a r k e t u m 5 % wohlfeiler k a u f e n o d e r w e n n s e i n A g e n t
e i n e n W e c h s e l v o m A u s l a n d a u f i h n zieht, s o v e r k a u f t e r s e i n e n W e c h s e l
zu e i n e m P r m i u m , z a h l t a l s o fr 1000 /. n u r 995 /.
10 Umgekehrt.
Ist der Wechselkurs ungnstig, so h a t der I m p o r t e u r , wenn er e i n e n W e c h -
sel aufs A u s l a n d kauft ein P r m i u m im h e i m i s c h e n M a r k t zu zahlen; lt
er seinen A g e n t e n auf sich ziehen, so verkauft dieser d e n W e c h s e l zu
e i n e m Disconto, zieht d a h e r zu e i n e m h h e r n Betrag. Der I m p o r t e u r kauft
15 also theuer. D e r wohlfeilre Verkauf des Exporteurs fhrt z u d e m zu gr-
r e m Export, weil C o n s u m abroad.
E i n u n g n s t i g e r Wechselkurs wirkt d a h e r als Forcirmittel auf d e n Ex-
port, als Contractionsmittel auf d e n Import. E i n gnstiger W e c h s e l k u r s
wirkt u m g e k e h r t , (p. 2 9 , 30)
20 Bei e i n e m ungnstigen realen Wechselkurs h n g t das P r m i u m des expor-
t i r e n d e n K a u f m a n n s n a t r l i c h n i c h t von der N a t u r der exportirten W a a r e
ab. W h l e n wird er natrlich die W a a r e , die i h m ausser s e i n e m P r m i u m
n o c h d e n h c h s t e n Profit bringt d u r c h die Differenz des Preisses im In u n d
A u s l a n d . V o n allen W a a r e n am wenigsten Variationen im realen Prei das
25 Bullion. Z i e m l i c h constante Production, gleichmssige D i s t r i b u t i o n u n d
d a h e r egaler realer W e r t h in d e n verschiednen L n d e r n . Diese W a a r e wird
d a h e r zulezt gewhlt werden. Aber dieselbe Uniformitt des W e r t h s bringt
es m i t sich, da w e n n der ungnstige Wechselkurs ein h i n r e i c h e n d e s Pr-
m i u m auf foreign bills bietet, um die Transportkosten zu decken, die Bul-
30 l i o n h n d l e r es exportiren werden, um d u r c h d e n Verkauf ihrer bills diesen
Profit zu m a c h e n . Die G r e n z e des bullionexports daher die Transportko-
sten. A b e r diese G r e n z e nicht b e s t i m m t . D u r c h d e n Export steigt der Prei
des Bullions i m eignen L a n d u n d fllt i m fremden. Das P r m i u m m t e
also h o c h genug sein, u m ausser d e n Transportkosten a u c h n o c h diese
35 Preidifferenz zu decken. Zugleich m i t d e n Bullion c o n s u m i r b a r e W a a r e n
exportirt u n d s o die Bilanz gedeckt. A u s d e m a n g e g e b n e n G r u n d i m m e r
n u r ein geringer Theil der Schuld in bullion bezahlt. Steht der b u l l i o n p r e i
im fremden L a n d h h e r als im eignen, so k a n n es exportirt werden, selbst
bei u n g n s t i g e m Wechselkurs. Aufgehalten k a n n diese Ausgleichung wer-
40 den, w e n n die Regierung in einer grossen foreign expenditure fortfhrt.
D a n n wird exportirt werden trotz des h o h e n Bullionpreisses, aber n i c h t
43
bullion, s o n d e r n coin, erhalten d u r c h Auswechslung der B a n k n o t e n . So

r u n u p o n the Bank. Ist der Bullionprei i m I n l a n d gestiegen, i m A u s l a n d
gefallen, so reimportiren die Bullionhndler es wieder, (p. 3 0 - 3 3 ) |
|23| So weit also der reale Wechselkurs auf d e n Bullionexport wirkt,
h n g t die ganz allein ab, von d e m Profit, d e n der Verkauf von foreign 5
bills, bei e i n e m t e m p o r r e n Druck auf auswrtige Z a h l u n g e n d e m bullion-
h n d l e r bietet, k e i n e s w e g s von d e r currency, (p. 33)
3) Der nominelle Wechselkurs.
Unterstellt d a der Stand des realen Wechselkurses derselbe bleibt. U n -
terstellt also da Nachfrage u n d Zufuhr n a c h fremden W e c h s e l n sich dek- 10
ken. In d i e s e m Fall also k n n e n Schwankungen in i h r e m Prei n u r ent-
springen aus W e c h s e l n in d e m comparativen W e r t h der currencies, worin
sie gezahlt u n d womit sie gekauft werden, (p. 33.)
A u f d e n nominalen Wechselkurs wirkt alles, was d e n W e r t h der b e i d e n zu
vergleichenden currencies affizirt. 15
Erstens. V e r n d e r u n g der Q u a n t i t t des edlen Metalls in derselben
M n z d e n o m i n a t i o n . ( H i e r a u f wirkt a u c h die m e h r o d e r m i n d e r g r o s s e
A b n u t z u n g d e r M n z e n i n d e n v e r s c h i e d n e n L n d e r n . ) Zweitens. Vern-
derung in der Qualitt (Reinheit) des Standard Metalls. Drittens. W e n n so-
viel Papiergeld ausgegeben wird (was n u r m g l i c h b e i s e i n e r i n c o n v e r t i - 20
blit), da der G e s a m m t b e t r a g der currency im V e r h l t n i zu d e n
circulirenden W a a r e n fllt, verglichen m i t d e n currencies a n d r e r L n d e r
im V e r h l t n i m i t d e n durch sie zu circulirenden W a a r e n .
W e n n n u r metallische currency circulirt. Ueberflu derselben n u r m g -
lich in d e n M i n e n b e s i t z e n d e n L n d e r n . Wer wrde sonst b u l l i o n in M n z e 25
verwandeln? E b e n s o u n m g l i c h bei convertibility d e r N o t e n . Sie w r d e n
z u r c k s t r m e n . Ist das Geld in e i n e m L a n d depreciirt, so m u n a t r l i c h
m e h r davon als frher fr dieselbe S u m m e fremden G e l d e s oder e i n e n
W e c h s e l auf das A u s l a n d gezahlt werden als frher. U m g e k e h r t wird fr
e i n e n in d e m depreciirten Geld auszahlbaren Wechsel, der v o m A u s l a n d 30
auf das I n l a n d gezogen ist, weniger in d e m fremden G e l d e gezahlt w e r d e n
als frher. Also bei depreciirtem Geld nominell ungnstiger Wechselkurs ge-
gen das L a n d der Depreciation.
Die V e r m e h r u n g der currency k a n n erst auf den Wechselkurs wirken, so-
bald sie die Waarenpreisse im Allgemeinen erhht, erst d a n n k a n n von 35
einer D e p r e c i a t i o n derselben gesprochen werden. U n d eine V e r m e h r u n g
der currency, welche die W a a r e n alterirt, k a n n nicht Stattfinden o h n e eine
correspondirende Alteration i m Wechselkurs. I m V e r h l t n i , wie der
W e r t h der currency a b g e n o m m e n , b r a u c h t m a n m e h r davon u m fremdes
Geld zu kaufen u n d b r a u c h t m a n weniger fremdes Geld, um dieselbe 40
Q u a n t i t t in der depreciirten currency zu kaufen.
44
XU. J.Fullarton
Dieser nominell gnstige oder u n g n s t i g e Wechselkurs, der Effect einer

D e p r e c i a t i o n der currency, alterirt d u r c h a u s n i c h t die wirkliche H a n d e l s b i -
lanz. D e r nominelle Wechselkurs sei gegen ein L a n d 100%. D e r Exporteur
wird ein P r m i u m von 100% erhalten, aber andrerseits h a t sich a u c h der
5 nominelle Prei seiner W a a r e um 100% vermehrt. D i e P r m i e v o n 100 %
entschdigt i h n grade n u r fr die 100%, um die der gestiegne W a a r e n p r e i
i h m d e n Export erschwert. E i n hogshead Z u c k e r koste i n H a m b u r g 100, i n
E n g l a n d 50 /. vor der D e p r e c i a t i o n des G e l d e s in England. So gewinnt der
Englische Exporteur 100%. N u n depreciire das G e l d u m 100%. Jezt kostet
10 der Z u c k e r in E n g l a n d 100 /. n o m i n e l l . S c h e i n b a r also kein Vortheil m e h r .
A b e r der Exporteur verkauft seinen W e c h s e l zu e i n e m P r m i u m von 100 L,
d.h. von 100%. Er gewinnt also 100 /. im depreciirten u n d n a c h wie vor 50 /.
i m u n d e p r e c i i r t e n Geld.
W e l c h e s n u n d e r E i n f l u d e s nominal exchange a u f b u l l i o n E x p o r t ?
15 W e n n der n o m i n a l e Kurs 4% gegen England, so a u c h der Prei des b u l -
lion 4% theurer in E n g l a n d als in H a m b u r g . Also sichrer Verlust d e r Trans-
portkosten b e i m Export des bullion n a c h H a m b u r g . Er verliert soviel d u r c h
die Differenz der Preisse verursacht d u r c h die D e p r e c i a t i o n der currency,
als er gewinnt d u r c h das P r m i u m , verursacht d u r c h dieselbe Depreciation.
20 Uebersteigt die currency die gehrige Proportion, so h e b t sie d e n Prei
aller W a a r e n , also a u c h des bullion, d e n marketprice desselben b e r seinen
M n z p r e i ; vortheilhaft d a n n das coin zu s c h m e l z e n in bullion. Specie
k a n n exportirt werden, weil es hier die allgemeine D e p r e c i a t i o n des coin
theilt, draussen als bullion circulirt. Ricardo u n d die bullionists s e h n n u r
25 auf die nominellen Preisse der Waaren, o h n e auf die gegenwirkenden Effects
des nominal Exchange zu sehn. (p. 3 3 - 3 7 . )
4) D e r Wirkliche Wechselkurs. N i c h t zu b e s t i m m e n ob die Preisse der
W e c h s e l v o m wirklichen oder n o m i n e l l e n E x c h a n g e variiren. D a h e r davon
nichts zu schliessen. (p. 38) |
30 |24| XLI. Fllarton. Regulation der currencies.
1) Convertible N o t e n fluctuiren i m m e r als w e n n die currency metallisch

wre. (p. 3)
2) U n b e d e u t e n d e s V e r h l t n i der 60 Mill, coin u n d N o t e n zu d e m ef-
l
fectiven Geld des L a n d e s , nicht / , vielleicht n i c h t
w (cf. p. 3)
35 3) coin u n d inconvertible N o t e n performiren eine Art von barter. N e u e s
Prinzip d u r c h d e n Credit hereingebracht. Banknoten n u r E i n e F o r m des
Credits. D i e N o t h w e n d i g k e i t schlielicher Z a h l u n g die wahre Grenze der
Credittransactions u n d scheiden die Creditcirculation von der Geldcirculation.
45
D i e verschiednen F o r m e n circulirenden Credits sind der unerschpfliche

F u n d einer Potential Currency. U n b e s t i m m b a r die A u s d e h n u n g , worin sich
diese M a c h t in e i n e m gegebnen M o m e n t in aktiver O p e r a t i o n befindet.
Verhltni der verschiednen F o r m e n z u e i n a n d e r u n b e s t i m m b a r . N u r i n
d e n Z a h l u n g e n manifestirt sich diese Macht, (cf p. 4) 5
4) D a s Princip des Refluxes m a c h t das convertible Papiergeld u n m g -
lich, r e d u n d a n t zu sein. (1. c.)
5) D i e hoards und die metallic currency, (p. 5) D i e h o a r d s in Bewegung
gesezt n i c h t d u r c h d e n Stand der Preisse, sondern durch den Stand des Zinsfus-
ses, der steigt u n d fllt in the first instance m i t j e d e r C o n t r a c t i o n u n d Ex- 10
p a n s i o n des M e d i u m s , w o d u r c h das Capital vertheilt ist, sei die G e l d oder
Credit, (p. 5) S i e h b e r die A s s i g n a t e n . (1. c.)
6) overissue n i c h t in der M a c h t der bankers, (cf. p. 5) (Beweis die A k -
t i e n b a n k e n , die s c h o t t i s c h e n B a n k e n , (p. 6
7) Die Nachfrage fr pecuniary accommodation, d . h . fr Anleihn von Capi- 15
tal n i c h t identisch m i t der Nachfrage fr additional Circulationsmittel, erste
in der Prosperity, zweite im M o m e n t , wo die Crisis beginnt. (Beweis: d a s
u m g e k e h r t e V e r h l t n i d e r i s s u e s d e r B a n k o f E n g l a n d u n d i h r e r secu-
rities!) p. 6.
8) D i e Preisse reguliren die issues der bankers, nicht u m g e k e h r t . (1 c.) 20
9) Wechselkurs, (cf. p. 6) Export u n d I m p o r t von baribus h n g t gar nicht
v o m Stand der currency ab, s o n d e r n von d e m respectiven Stand der Z a h -
l u n g e n zwischen 2 L n d e r n , (p. 7) W e n n Papiergeld (inconvertibles) m i t
coin z u s a m m e n circulirt, das coin b e i zu grosser A u s g a b e ausgetrieben.
(1. c.) Zu grosse Ausgabe convertibler N o t e n fhrt k e i n e n Fall des W e c h s e l - 25
kurses herbei. I m lezten h a l b e n J a h r h u n d e r t jeder r e m a r k a b l e Fall des
Wechselkurses gefolgt von G o l d d r a i n v e r b u n d e n m i t comparativ n i e d r i g e m
Stand der currency etc. (p. 8, 9)
10) D a s massenhafte U m w e c h s e l n der N o t e n gegen Gold, u n m i t t e l b a r e
Nachfrage fr G o l d als exportable W a a r e , n i c h t irgendeines a b a t e m e n t der 30
Nachfrage fr Circulation, (p. 9)
11) D e r G o l d d r a i n wirkt m e h r d u r c h E n t z i e h n der Deposits, als des N o -
tenaustausche, (p. 10) Die B a n k wirkt auf drains, n i c h t d u r c h E i n z i e h u n g
ihrer issues, sondern Contraction ihres Credits, (p. 10)
12) Die n a c h d e m C o n t i n e n t in Z e i t e n des drains geschickten M i l l i o n e n 35
wirken dort n i c h t auf Preisse. D e r G o l d h a n d e l , (p. 10, 11)
13) U r s a c h e n d e r C r i s e n . U e b e r f l s s i g e s C a p i t a l . F a l l e n d e s Z i n s f u s -
s e s . ( p . l l ) Periodische Destruktion des Capitals nthig. ( p . l l , 12) L u g n e t
a l s o j e d e n E i n f l u d e r C i r c u l a t i o n auf die P r e i s s e .
40
46
XLII. Th.Tooke [J.W. Gilbart] LX. J.G.Bsch
XLII. Tooke.\
[...]
[Gilbart]
|33| 24) W i e d a s g a n z e s c h o t t i s c h e B a n q u i e r g e s c h f t sich i n E d i n b u r g h

5 concentrirt. (p.6)
25) I n d e m die schottischen b a n k s Z i n s e n zahlen, alle resources des
L a n d e s in d e n H n d e n der bankers concentrirt. (i.e.) E i n P f u n d n o t e n , (ib.)
26) Circuit der N o t e n in Schottland. Hchstes u n d niedrigstes Saison
der currency, (p. 6) Beweis g r a d e h i e r wie die blose Circulation k e i n e n Ef-
10 fect auf Preisse, also a u c h nicht auf Wechselkurs. (1 c.)
27) Die schottischen B a n k e n bilden eine Art von Reservoir fr d e n
Empfang kleiner S u m m e n von Kapital zerstreut b e r das L a n d , u n d sendet
von sich aus sie fort in die H a n d e l s k a n l e , so p r o m o t e d Industrie, H a n d e l ,
Ackerbau des Landes, (p. 6)
15 28) Z i e h t ein Depositor sein G e l d von der B a n k zurck, so empfngt
dieser N o t e n , die so in Circulation k o m m e n . (1. c.)
29) E i n e transmission von Staatspapieren, stocks, h a t d e n s e l b e n Effect
in Rectificirung des Wechselkurses, wie eine T r a n s m i s s i o n von G o l d .
(p.6.)
20
LX. Bsch. Geldumlauf.
I) 1) G e l d . Sklaverei. K e i n Geld in Mexico u n d Peru. Lehnsverfassung.

T a u s c h h a n d e l , (p. 27) (Heft IV.) E r z w u n g n e I n d u s t r i e in d i e s e m Z u s t a n d .
(Le.)
2) Bei d e m T a u s c h h a n d e l abermalige Verwandlung eines Volkes in e i n e
25 w a n d e r n d e H o r d e . (I.e.)
3) Mit Einfhrung des Geldes A c c u m u l a t i o n von P r o d u c t e n b e r die
Bedrfnisse h i n a u s , grre Mannigfaltigkeit der P r o d u c t i o n , A l l g e m e i n e
N t z l i c h k e i t von Allem, (p. 27/28) So m i t i h m K e i m der Handlung gelegt,
(p. 28) A l l g e m e i n e U n a b h n g i g k e i t v o n d e m d i r e k t e n i n d i v i d u e l l e n B e -
30 d r f n i . (1. c.) Alles E i n k o m m e n verwandelt sich in Geldeinkommen, aller
Lohn in Geldlohn, ( p . 2 8 )
3) Circulation = U e b e r g a n g des G e l d e s aus einer H a n d in die andre als
L o h n s wechselseitiger Dienste, (p. 28)
47
4) O h n e das G e l d die Theilung der Arbeit sehr beschrnkt. (1. c.)

5) O h n e G e l d k a n n Einer fr die Bedrfnisse des a n d r e n n u r beitragen
d u r c h Ueberflu an eignen natrlichen Gtern, oder d u r c h direkte persnliche
Dienste. W i c h t i g k e i t h i e r v o n fr d e n Staat, (p. 28 u n d 29)
6) B e s t i m m t e Bedrfnisse rufen b e s t i m m t e Arbeit hervor; das G e l d die 5
u n b e s c h r n k t e Arbeitsamkeit, (p. 29)
II.) 1 ) B s c h ist g e g e n die B e s t i m m u n g d e r P r e i s s e d u r c h d a s G e l d -
q u a n t u m , o d e r d e n G e l d v o r r a t h . (Sieh d e n g a n z e n A b s c h n i t t b e r d e n
W e r t h des Geldes.)
2) G e l d 1) Equivalent b e i j e d e m e i n z e l n e n Tausch, aber 2) wird in kei- 10
n e m Kaufe verbraucht, sondern k a n n i m m e r von n e u e m als Equivalent die-
n e n . (p.29) Als Equivalent i m e i n z e l n e n K a u f m u e s i m b e s t i m m t e n Ver-
h l t n i zur W a a r e stehn, aber als Z e i c h e n in der u n b e s t i m m t e n
W i e d e r h o l u n g des G e b r a u c h s h a t es kein Verhltni. (p. 29)
3) D a s Geld keine W a a r e im gewhnlichen Sinn. (I.e.) 15
4 ) B s c h giebt a l s H a u p t g r u n d a n , d a k e i n e b e s t i m m t e B e z i e h u n g
d e s G e l d e s a u f die B e d r f n i s s e u n d vice v e r s a ; vergit die Productionsko-
sten. ( p . 2 9 )
5) G e l d das einzige Zeichen, das selbst Qualitt besizt. 1. c.
6) G e l d wird der Kufer, es erscheine, in welcher H a n d es wolle, (p. 30) 20
7) Geldvorrath u n d Geldwerth nicht d u r c h e i n a n d e r b e s t i m m t e b e n des
U m l a u f s wegen, (p. 30)
8) E i n Zahlwerth von 100 000 Th. k a n n d u r c h 100 t a u s e n d m a l , d u r c h
1000 h u n d e r t m a l , d u r c h 10 000 Th. 10 m a l g e n o m m e n a u s g e m e s s e n wer-
d e n , d u r c h 1 T h . 100 000 m a l . Also U n s i n n zu fragen wie viel T h a l e r Silber 25
n t h i g sind, u m diesen Geldwerth a u s z u m e s s e n , (p.30) A b e r w e n n z . B . i n
e i n e r N a t i o n , 10 x 100 000 T h . in e i n e m g e g e b n e n M o m e n t an 10 ver-
s c h i e d n e n O r t e n z u m a c h e n sind, b r a u c h t sie n o t h w e n d i g 1 0 0 0 000 Th.,
g e s e z t e s f i n d e n k e i n e v i r e m e n t s s t a t t . E s existirt i n j e d e r N a t i o n e i n b e -
s t i m m t e s Q u a n t u m v o n Z a h l u n g e n , die g l e i c h m s s i g g e m a c h t w e r d e n 30
m s s e n u n d a l s o n i c h t d u r c h G e s c h w i n d i g k e i t d e r C i r c u l a t i o n d e n Vor-
r a t h des Geldes ersetzen knnen, j
|34| 9 ) D i e D a r s t e l l u n g , wie A r b e i t s m a s s e u n d P r e i s s e s t e i g e n , o h n e
d a d a s G e l d v e r m e h r t z u w e r d e n b r a u c h t , (p. 30,1)
10) S e i n G l e i c h n i m i t dem Maastab. (p. 31,2.) N u t z e n g r r e r 35
M a s s e v o n G e l d . (ibid. a u c h S c h l u s a t z v o n II.)
11) Geld allgemeines Faustpfand der brgerlichen Gesellschaft, (p. 32)
12) Lykurg erschwerte d e n Spartanern d u r c h das Eisengeld d e n Ver-
gleich ber den Werth der Dinge, (p. 32) Die Makute der Neger, idealer Ein-
heitswerth. (I.e.) 40
I I I . 1) B. theilt d e n inlndischen Geldumlauf in 2 A b t h e i l u n g e n , a) so-
48
Bullion. Das vollendete Geldsystem. Seite
LX. J.G.Bsch
weit er direkt aus d e n brgerlichen Productionsverhltnissen, b) soweit er

d u r c h d e n Einflu politischer E i n r i c h t u n g e n veranlat wird. (p. 32)
2) Es k o m m t bei Befrderung des i n n r e n G e l d u m l a u f s alles darauf an,
die M e n s c h e n von der Arbeit als direkter Subsistenzquelle (wie b e i m p r i m i -
5 tiven L a n d b a u ) abzubringen, (p. 32)
3) D e r natrliche Reichthum u n d die Arbeiten des Kunstfleisses m g l i c h
t e
o h n e Dazwischenkunft des Gelds. D i e 3 Art von R e i c h t h u m , die Producte
der Circulation selbst e n t s t e h n n u r m i t d e m Geld. (p. 32)
4) S i e h b e r d e n Wechselkurs zwischen P a r i s u n d H a m b u r g z u r Z e i t
10 d e r f r a n z s i s c h e n R e v o l u t i o n , wie b e r die Assignaten b e r h a u p t p. 32,
3 3 . Mandate, (ib.)
I V . 1) M a n n i g f a l t i g k e i t d e r K l a s s e n u n d G e l d s y s t e m e , (p. 33)
2) Soldat starkes Triebrad in der i n n r e n C o n s u m t i o n . (p. 34)
V I . 1) Staatsschulden, Zinstragende Privatschulden, wie d a s C a p i t a l
15 b e r h a u p t Product der Circulation, (p. 34)
2) Wichtigkeit der i n n r e n G e l d c i r c u l a t i o n vor der auslndischen. P o l e n .
(p.35)
3) D a s G e l d m i t der Lehnsverfassung viel schdlicher als der T a u s c h h a n -
del. D i e Lehnsverfassung n u r ntzlich, wo gar kein Geld im G a n g oder die
20 Circulation sehr schwach ... Beispiele a u s R u l a n d ... D e r T a u s c h h a n d e l
d u r c h die Lehnsverfassung wieder n o t h w e n d i g g e m a c h t , (p. 35)
4) Credit. Messen. Mewechsel im Mittelalter, (p. 35)
5) Der Credit bringt neben d e n Frchten des Capitals u n d des G r u n d -
e i g e n t h u m s , d e n G e s a m m t s t o c k in Circulation, oft n o c h vor seiner Frist.
25 B e i s p i e l S c h w e d i s c h e B a n k . (p. 36)
6 ) W i e die G e l d n u t z u n g d e r M a a s t a b d e s W e r t h s a l l e n n u t z b a r e n E i -
g e n t h u m s wird. (p. 36)
7 ) U e b e r d e n Z i n s u n d die G e l d m a s s e , (p. 36)
8) A u s l e i h n eines Capitals auf liegende G r n d e = K a u f m i t der Bedin-
30 gung des Wiederkaufs d u r c h R c k z a h l u n g . In dieser F o r m a u c h im Mittel-
alter, (p. 36)
9) H a u p t e i n t h e i l u n g b e i B s c h : Entstehn des Geldes, Werth des Geldes.
Innrer Geldumlauf. ( S t a a t s g e s c h f t e ) Auslndischer Geldumlauf.
51
LXI. Bsch. Theoretisch praktische Darstellung

der Handlung.
I) 1) Steigen des Goldes im Krieg zwischen F r a n k r e i c h u n d E n g l a n d (Revo-

l u t i o n s k r i e g . ) (p. 37)
2) U e b e r die Differenz zwischen Papier u n d Geld, trotz alles landesherr- 5
liehen Befehls, entscheidet vor allem der Wechselkurs, (p. 37)
3) V e r s c h i e d n e U r s a c h e n warum der Diskont h o c h u n d n i e d r i g s t e h n
k a n n an e i n e m h i s t o r i s c h e n Beispiel, (p. 37) Agio. (1. c.)
4) V e r s c h i e d n e F o r m e n d e r Wechsel, (p. 37, 38) W e c h s e l nichts als ein
Tausch oder Wechsel von Schulden, (p.38) 10
5) N o c h vor 50 J a h r e n sah es ein K a u f m a n n s e i n e m Credit als schdlich
an, w e n n er e i n e n W e c h s e l discontiren lie. (p. 38)
6) D e r D i s c o n t versteckt sich im Wechselkurs. Einflu davon, d a der
Wechselkurs fr lngerlaufende W e c h s e l an b e i d e n Orten verschieden sein
m s s e n , (p. 38) | 15
|35| 7) Wechselreuterei. (p.38,9)
8) Wechselkurs, (p. 39) (Sieh d a s Beispiel z w i s c h e n H a m b u r g u n d H o l -
l a n d ibid.)
9) D i e englischen Manufacturwaaren kosten n u n seit langer Zeit d e m
A u s l n d e r blos des Curses wegen 6 - 8 % m e h r , als w e n n derselbe im Pari. 20
D e r englische Manufacturist gewinnt nichts, w e n n der D e u t s c h e j e d e s St.,
das er i h m remittirt, 5 u n d m e h r % b e r Pari kaufen m u . (p. 40)
10) D e r Wechselkurs keineswegs allein d u r c h die Umstze zweier Natio-
nen b e s t i m m t , sondern:
Erstens. M a n c h e r einzelne Handelsplatz oder Nation zahlt einer a n d r e n 25
N a t i o n nicht fr das Geschft, das sie besonders treibt, s o n d e r n fr den
ganzen Handel desselben. So H a m b u r g u n d Schweden.
Zweitens. Oft vortheilhaft sich nicht des direkten Kurses zu b e d i e n e n , Ar-
bitragerechnung. Zwischen N a t i o n e n die in leichter W e c h s e l c o n n e x i o n ,
h n g e n die K u r s e n i c h t von der H a n d e l s b i l a n z zwischen 2 u n d 2 N a t i o n e n 30
ab.
Drittens. S t a a t s g e l d n e g o t i a t i o n e n . (p.40)
l l ) H o a r d e n in D n e m a r k , Schweden, Frankreich whrend des Papier-
geldunwesens.
12) Ist die H a n d e l s b i l a n z gegen eine N a t i o n , so k a n n selbst u n t e r be- 35
stndiger W e g s e n d u n g der Wechselkurs um 6% zu niedrig bleiben, weil
das baare Geld i m m e r z u langsam k o m m t , u m d e n Kurs d e m Pari n h e r z u
bringen. H i s t o r i s c h e Beispiele, ( p . 4 1 )
52
LXII. J.G.Bsch
13) D i e B a n q u i e r s etc gewinnen i m m e r bei d e m Fall des Papiergeldes

u n d d e n d a m i t v e r b u n d n e n A b e n t h e u e r n des Wechselkurses, (p. 41)
II.) 1) D e r W e r t h des G e l d e s b e s t i m m t sich b e i j e d e m Volk n i c h t sowohl
d u r c h d e n Vorrath als d u r c h die Circulation selbst, ( p . 4 1 )
5 2) Concurrenz im Mittelalter der Kirchen u n d Klster mit den Juden.
W u c h e r n , die e r s t r e n , weil die W u c h e r g e s e t z e , ( p . 41)
3) Geldgeschfte Vorrecht der Mnzbrger in d e n ltesten d e u t s c h e n
Stdten, ( p . 4 1 )
4 ) H o h e r D i s k o n t i n H a m b u r g 1763 u n d 1798 i n F o l g e g a n z ver-
10 s c h i e d n e r U r s a c h e n , (p. 42)
5) D a s papierne Jahrhundert. V o n 1 6 9 5 - 1 7 9 5 . (p.42,3.) U e b e r d e n Z u -
s a m m e n h a n g des W e c h s e l k u r s e s m i t d e m P a p i e r g e l d , (ib.)
6) Spekulation auf den franzsischen Wechselkurs whrend der Assigna-
tenzeit, (p. 43,4) W i e M i l l i o n e n b a a r e n G e l d e s d u r c h d i e s e S p e c u l a t i o n
15 n a c h F r a n k r e i c h flssen? ( p . 4 4 )
LXII. Bsch. Smmtliche Schriften ber Banken

und Mnzwesen.
1) Girobank ( D e p o s i t b a n k ) eigentlich n u r die gemeine Kasse einer Stadt

fr Kaufleute, worin zu u n d a b g e r e c h n e t wird v o n d e m e i n e n auf d e n a n -
20 d e m . Steht sie in V e r b i n d u n g m i t d e m Staat, so k a n n sie viel i h m vor-
schiessen, o h n e d a die U m s t z e der Kaufleute d u r c h die B a n k gestrt wer-
d e n . Sie b r a u c h t n u r wenig baare A u s z a h l u n g e n . Bringt weniger in d a s
P u b l i c u m z u r c k als die Z e t t e l b a n k e n . V e n e d i g . B. Spter die H o l l n d i -
sche Bank. ( p . 23)
25 2) Selbst in Paris Anfangs 1 % fr die L a w n o t e n gegen baares G e l d ge-
zahlt. Erstre gegen das W e c h s e l n des Mnzfusses gesichert. (1. c.)
3) D a s Agio b e i d e m G e l d der G i r o b a n k e n gegen das C o u r a n t g e l d . D a s
G e l d der B a n k weniger verschleit als das c o u r a n t e . A u c h gegen alle frem-
d e n G o l d s i l b e r m n z e n das Agio b e r e c h n e t . (1. c.)
30 4) D a s G e l d eine Waare. W a h r fr d e n U m s a t z j e d e r b e s t i m m t e n besond-
ren Geldsorte, b e s o n d e r s verglichen m i t d e m u n v e r n d e r l i c h e n G e l d einer
G i r o b a n k . E i n e b e s o n d e r e M n z e k a n n a n W e r t h b e r ihren G e h a l t u n d
N o m i n a l w e r t h steigen. (1. c.)
5) Banknoten k n n e n fallen, w e n n der M n z f u eines L a n d e s e i n e u n -
35 richtige Proportion von G o l d u n d Silber festgesezt hat. (1. c.) Sezt e i n e
Bank das G o l d ||36| . B. 4 oder 5 % h h e r an, als der F r e m d e es zu H a u s
zahlen m u , so ist i h m a u c h die B a n k n o t e 4 oder 5 % weniger werth, da sie
53
in G o l d b e z a h l t wird. (1. c.) Beispiel. ( N a t r l i c h e r E i n f l u d a v o n a u f d e n

W e c h s e l k u r s . ) I.e.
6) Mittel einer verfallnen B a n k aufzuhelfen, d e n G e h a l t der M n z e ver-
ringern oder i h r e n Zahlwerth erhhen. Beispiel v o n S c h w e d e n , (p. 23)
(p. 24) V e r g e b l i c h e u n d w i e d e r h o l t e V e r s u c h e h i e r d e n Wechselkurs ge- 5
setzlich zu b e s t i m m e n , (p. 2 3 , 24)
7) Unterschied u n d selbst Gegensatz z w i s c h e n d e m I n t e r e s s e d e r Bank-
eigenthmer u n d d e m P u b l i c u m , d a s die Banknoten b e s i z t . (p. 24)
8) G e n u a die einzig wirklich e i n m a l ganz ausgeleerte Zettelbank, (p.24)
9) E i n e G i r o b a n k fr ein ganzes L a n d nthig, wenn im g a n z e n L a n d 10
ihre B r a n c h e b a n k e n u n t e r einer Generalverwaltung, (p. 24)
10) B a n k v o n Venedig. V o n Amsterdam. Hier absichtliche U n t e r s c h e i -
d u n g des Bankgeldes von d e m c o u r a n t e n Geld. Recepisse. Vernderlich-
keit ihres Agios n a c h d e n F o r d e r u n g e n des H a n d e l s , (p. 24,5.)
11) N a t r l i c h e s u n d w i l l k h r l i c h e s Agio, (p.25) B e i s p i e l d e s A g i o s d e r 15
B a n k v o n V e n e d i g . Agio des Bankgelds gegen seinen eignen W e r t h , u n d
gegen das Bcogeld. Erstres g e n a n n t Supraagio. (p. 25)
12) B a n k v o n R o t t e r d a m . (1635) (p.25) E i g e n t h m l i c h e s Agio der Bank
von Hamburg. Entgegengesezte U m s t n d e wie bei der A m s t e r d a m e r Bank.
Hier ein gutes Geld, das schon v o r h a n d e n , verringert; hier ein schlechtes 20
spter e n t s t a n d n e s , richtig berechnet. D a z u doppeltes Agio gegen ihre
eigne als D e p o t b e s e n e M n z e , anders b e i m H e r e i n als H e r a u s n e h m e n .
B a n k von H a m b u r g errichtet 1619. W i e die B a n k d a z u k a m d e n B c o t h a l e r
v o m S p e c i e s r e i c h s t h a l e r d u r c h ein A g i o z u t r e n n e n . H a u p t a b s i c h t der
Bank das gute Reichsgeld, das in ihr D e p o t k a m , d e n Kippern u n d W i p - 25
p e r n z u e n t z i e h n . W i e d a s A b s c h l e i s s e n d u r c h s K u r s i r e n auf e i n D e p o t
v o n 2 M i l l i o n e n i n e i n e m b e s t i m m t e n Z e i t r a u m w i r k e n k n n t e ... E b e n
d a m a l s m a c h t e die Kipperei u n d W i p p e r e i das Geld i n ganz D e u t s c h l a n d
unsicher. N u n der Reichsthaler selbst m i t v e r s c h i e d n e m G e h a l t geprgt,
der schwerste 540, der leichteste n u r 516 A s e n . ( p . 2 6 ) N a h m d e n R e i c h s - 30
thaler daher z u m Mittelkurs von 528 Asen. (47) K a m zulezt auf das Silber-
bullion. (I.e.) Diese Zuflucht z u d e n Silberbarren, u m d e n W e r t h des H a m -
burgischen Bcothalers zu erheben, ber Kippen, W i p p e n , u n s i c h r e
A u s m n z u n g , Verschlei. (1. c.) W a r u m erst n a c h u n d n a c h d i e B a r r e n -
s y s t e m a u f g e k o m m e n . (1. c.) D u r c h alle ihre W i t z e sezte die H a m b u r g e r 35
B a n k ihren G e s a m m t s c h a t z , aber n i c h t d e n e i n z e l n e n Thaler v o n d e m
Werthverlieren d u r c h Verschlei sicher. So wrde a u c h ihr Bcothaler in
d e n R e c h n u n g e n gefallen sein. (p. 47)
13) A g i o z w i s c h e n d e m B a n k g e l d u n d d e r G o l d m n z e , (p. 47) D i e
Agio sehr vernderlich, (p. 47,8.) D i e H a u p t a b s i c h t einer G i r o b a n k , in 40
i h r e m D e p o t ein Geld von unvernderlichem Gehalt zu haben, gegen welches
54
LXII. J.G.Bsch
der W e r t h aller a n d r e n Geldsorten, a u c h der goldnen, zu j e d e r Zeit vergli-

c h e n werden k a n n . (p. 48)
14) D e r B c o t h a l e r ist n i c h t fhlbar, s i c h t b a r . Er steckt als v e r b o r g n e r
J u d e im Silberbarren, (p. 48) Mk Beo ist der a n d r e Geldfond nur, so lang er
5 in d e n B c h e r n der Bank steckt. Wird es herausgezogen, so hrt es auf
Bcogeld zu sein. (1. c.)
15) Ursprnglich h a b e n alle G i r o b a n k e n ihr D e p o t in einer besonders
groben M n z s o r t e festgesezt. (p. 48)
16) S c h i c k s a l e d e r H a m b u r g e r B a n k . M e h r m a l i g e s S c h l i e s s e n i h r e r
10 K a s s e , (p.48,9.) D i e s e l b e U n g e w i h e i t u n d S c a n d a l wie b e i e i n e r Z e t t e l -
b a n k . (p.49)
17) W a r u m eine Zettelbank, n i c h t n u r von der K r o n e , sondern a u c h von
d e n e n , d e n e n sie ihre Zettel leiht, Zinsen erhlt, w h r e n d diese Zettel
keine Z i n s e n tragen. So h a t die B a n k die Z i n s e n von i h r e m Capital 2 m a l .
15 Sie verzinst a u c h die ihr u m s o n s t geliehnen Capitalien. Sie n i m m t e n d l i c h
Z i n s e n von Zetteln, fr die gar kein Capital existirt. (p. 50)
18) Bank von Stockholm, (p. 50) (1668) N a c h a h m u n g von Law. (ib.)
E i n e Zeitlang u n t e r der Verwaltung der S t n d e , (p. 54) Transportzettel,
(ib.) V e r s u c h e d e n Wechselkurs d u r c h Dekrete festzusetzen, (p. 8 H e f t V.)
20 A u s l e i h n auf unbewegliche G t e r als Pfand, um d e m W u c h e r E i n h a l t zu
t h u n . V e r s c h u l d u n g u n d V e r s c h w e n d u n g des Adels dadurch, (p.8 H e f t V.)
Contraete m i t fremden Bankers u m d e n Wechselkurs knstlich i n der
H h e zu halten. (1. c.) ( Z e t t e l b a n k . )
19) Die Copenhagener Bank. (Zettelbank. 1737 errichtet.) G e w i n n i h r e r
25 A c t i o n a i r e d u r c h M n z p r g u n g s u n f u g , (p. 9 H. V) 1771 ihre A c t i e n auf
d e m 3fachen W e r t h der Einlage, obgleich ihre N o t e n 5 % u n t e r i h r e m Z a h l -
werth, (p. 9, V.) D i e Regierung sucht a u c h d e n Kurs d u r c h Kaufen ihrer
W e c h s e l auf fremden Brsen (Altona u n d H a m b u r g ) aufrecht zu h a l t e n .
(1. c.) A g i o v o n b a a r e m G e l d g e g e n N o t e n d u r c h d e n W e c h s e l k u r s er-
30 z w u n g e n . (p. 10) |
[...]
| 4 1 | W a s j e d e s E i n z e l n e I n d i v i d u u m i m G e l d besizt ist die a l l g e m e i n e
Tauschfhigkeit, w o d u r c h e s s e i n e n A n t h e i l a n d e n g e s e l l s c h a f t l i c h e n
P r o d u c t e n fr sich n a c h B e l i e b e n a u f s e i n e F a u s t b e s t i m m t . J e d e s Indivi-
35 d u u m b e s i z t die gesellschaftliche M a c h t , in s e i n e r Tasche u n t e r d e r F o r m
e i n e r S a c h e . R a u b t d e r S a c h e diese gesellschaftliche M a c h t u n d i h r
m t diese M a c h t u n m i t t e l b a r d e r P e r s o n b e r die P e r s o n g e b e n . O h n e
das Geld also keine industrielle Entwicklung mglich.
D i e B a n d e m s s e n als p o l i t i s c h e , religise e t c o r g a n i s i r t sein, s o l a n g e
40 die G e l d m a c h t n i c h t d e r n e x u s r e r u m et h o m i n u m ist. (p. 34)
55
LXIX. Alfred, (etc.)
1) Die metallic currency besizt nicht die n a t r l i c h e Elasticitt, deren eine

H a n d e l s g e m e i n h e i t bedarf. (V, 21)
2) Das Lokal Papier hat wenig zu t h u n m i t d e m coin of the realm; ver-
tritt m e i s t e n s n u r B a n k of E n g l a n d N o t e n , (p. 2 1 , 22, V) 5
3) Die v e r s c h i e d n e n Classen von Denominationen des G e l d e s sind ver-
schieden regulirt. Kupfergeld circulirt 12 m a l m e h r als derselbe Belauf von
Silbergeld (weil u n t e r vielmal m e h r Personen vertheilt u n d fr die stndli-
c h e n Bedrfnisse circulirend); E i n Schilling wird 20 m a l fter die H a n d
wechseln als ein sovereign. So im umgekehrten Verhltni zu ihrem Werth die 10
Geschwindigkeit der Circulation der M n z e n im alltglichen Verkehr. D a s u m -
gekehrte Gesetz herrscht in der hhren merkantilischen Welt. Die grossen Li-
q u i d a t i o n e n der Bilanzen in Papier der h h r e n Papiersorten. So k n n t e n
die 20 Mill, paper t a u s e n d revolutions performiren o h n e d a ihr Vorrath
im G e r i n g s t e n vermehrt zu werden braucht, um d e n n u m e r i s c h e n W e r t h 15
des c o m m e r c i a l barter zu m a i n t a i n . Die deposita performiren d a h e r n i c h t
die functions von G e l d u n d h a b e n nichts m i t d e m a m o u n t der currency z u
t h u n . (V, 22.)
LXX. Bailey. (Money and its Vicissitudes in Value.)
1) Geld a) die allgemeine Waare, worin jeder h a n d e l t um sich a n d r e W a a - 20

r e n zu verschaffen, ) Es ist die allgemeine Waare der Contraete, ) Das
Maa der Werthe. (V, 22) U e b e r die R e q u i s i t a d e s G e l d e s , (ib.)
2) Als Werthmesser schadet es nichts da der Werth des Geldes bestndig
wechselt. In e i n e m wechselnden M e d i u m k n n e n i m m e r zwei V e r s c h i e d n e
B e z i e h u n g e n zu d e m s e l b e n ausgedrckt werden, so gut wie in e i n e m Con- 25
stanten. (1. c. u n d 23.)
Werth ist ein C o m m a n d o von Quantity, daher m u eine bestimmte Quanti-
tt einer u n i f o r m e n W a a r e als E i n h e i t z u m M e s s e n des W e r t h s gebraucht
werden; der W e r t h dieser Q u a n t i t y k a n n wechseln, sie selbst m u u n w e c h -
selbar sein, z . B . E i n e U n z e G o l d , ( p . 2 3 I.e.) 30
3) V e r s c h i e d e n e U r s a c h e n des Wechsels der Preisse. A u s W e c h s e l im
G e l d selbst oder in d e n W a a r e n hervorgehend. (1 c.)
4) Ursachen der Variations im Werth der edlen Metalle und daher des Metall-
geldes.
Wechsel in der Nachfrage der edlen Metalle. Wechsel in ihrer Zufuhr. Die 35
Nachfrage steigt, w e n n m e h r edle Metalle direkt fr Manufaktur oder z u m
56
LXX. S. Bailey
G e b r a u c h von coin erheischt wird. Ursachen, welche vermehrte Nachfrage

n a c h edlen Metallen fr Mnze erheischen: Vermehrtes Hoarden, (aus ver-
s c h i e d n e n Ursachen), Vermehrte Bevlkerung (die reine Geschwindigkeit
der Circulation hilft hier nichts, j e d e s I n d i v i d u u m m u etwas an sich hal-
5 ten). D i e Verminderung der Nachfrage bewirkt d u r c h u m g e k e h r t e U r s a c h e n .
(p.23) Besonders hier wichtig das Papiergeld. Zufuhr der edlen Metalle steigt
oder fllt d u r c h W e c h s e l im Product der Minen, Verschlei, endlich Wechsel
in den respectiven Quantitten des Antheils der verschiednen Lnder an den edlen
Metallen, d u r c h ihre relative Bevlkerung, Unterschiebung von Metall an die
10 Stelle von Papier oder umgekehrt, (Beispiel d e r A b s c h a f f u n g d e r N o t e n u n -
t e r 5 /. in E n g l a n d ) d e n Wechsel in der relativen Productixkraft eines Landes.
( p . 2 4 ) ||42| U n t e r s c h i e d ob sich das Geld in e i n e m L a n d e vermehrt d u r c h
Wachsthum seiner Bevlkerung oder seiner Productivkraft. (p. 25)
5) Ursachen des Wechsels im Werth des Papiergeldes.
15 D e r W e r t h des convertiblen Papiergeldes h n g t ab v o m Werth des metalli-
schen Geldes. Inconvertibles Papiergeld k a n n al pari m i t d e m M e t a l l bleiben,
w e n n es n u r ausgegeben im Quantum des frher convertiblen Papiergeldes u n d
w e n n keine ausserordentliche Nachfrage fr edle Metalle entsteht. England.
N o r d a m e r i k a . W e n n zu viel Papiergeld ausgegeben, steigen die Preisse der
20 W a a r e n , also a u c h des bullion. Das coin fllt m i t d e m Papiergeld gegen
bullion. W i r d d a h e r i n bullion verwandelt. W e n n n o c h m e h r Papiergeld
ausgegeben wird, verschwindet das Gold. Ausser d e m W e c h s e l in der Quan-
titt wirkt Vertrauen u n d Mitrauen auf d e n W e r t h des Papiers. B e i s p i e l die
V e r e i n i g t e n S t a a t e n , ( p . 2 5 , 26) D i e D e p r e c i a t i o n aus d e n lezten G r n d e n
25 h a t keine Schranken. (1. c.)
6) Wirkungen des Wechsels im Werth des Metallgeldes auf die Industrie eines
Landes.
G e l d erleichtert die Exchanges. Erleichterter Exchange = V e r m e h r t e r
P r o d u c t i o n . Vermehrung des Geldes bis zu einem gewissen Punkt der Leichtig-
30 keit des A u s t a u s c h e s . Bei zu w e n i g e m G e l d k a n n viel Capital u n d Arbeit
sich in t o d t e m Z u s t a n d befinden. So k a n n Influx der edlen Metalle pro-
ductiv wirken, obgleich das Capital u n d die Z a h l der Arbeiter eines L a n d e s
dieselben bleiben, (cf. ibid.) Beispiel v o n P e n n s y l v a n i e n . Das Wachsen des
Metallgeldes selbst ntzlich in Lndern, die schon hinreichend mit Metallen
35 durchwandert. Die vermehrte Einfuhr von edlen M e t a l l e n = vermehrter
Ausfuhr a n d r e r W a a r e n = vermehrter P r o d u c t i o n . Schlielich allerdings
allgemein die Preisse vermehrt. In der Zwischenzeit a u c h die W a a r e n u n d
d a d u r c h das Steigen der Preisse wieder gecheckt. Ein Kufer k a n n die Pro-
d u c t i o n von W a a r e n befrdern u n d v e r m e h r e n , o h n e ihre Preisse z u stei-
40 gern. E r s t e n s bei grrer Nachfrage k a n n T h e i l u n g der Arbeit u n d A n w e n -
d u n g der M a s c h i n e r i e z u n e h m e n . Z w e i t e n s u n a n g e w a n d t e s Capital u n d
57
Arbeit in Bewegung gesezt. W h r e n d dieses Prozesses bis zum allgemeinen

Steigen der Preisse die Industrie stimulirt. J e d e s Steigen der Preisse n z t
einigen Klassen der c o m m u n i t y u n d schadet d e n a n d r e n , verndert die Dis-
tribution des Reichthums. D e r Vortheil v o m Steigen der Preisse h a u p t s c h l i c h
fr die industriellen Capitalisten gegen die die von Renten, annuities, fixem 5
Einkommen, Zinsen leben. D i e grosser stimulus fr die I n d u s t r i e . F r die
Arbeiterklasse schdlich, bis endlich ihr Arbeitslohn steigt. Ruft aber a u c h
Speculation hervor, die m i t einer Crise e n d e n k a n n . N z t d e n Schuldnern
g e g e n die Glubiger.
Fall in den Preissen durch Abnahme der edlen Metalle wirkt umgekehrt, aber 10
viel intensiver. Da der industrielle Capitalist in diesem Falle der Verlierer
ist, die a n d r e n n i c h t exact fr s e i n e n V e r l u s t die G e w i n n e r . B e i s p i e l v o n
l a n d l o r d u n d f a r m e r . Arbeiter verliert u n b e d i n g t auch. D e r H a u p t g e w i n n e r
ist der fix annuitant. D e r Influx der edlen Metalle k a n n W i r k u n g der Prospe-
ritt sein, statt ihre Ursache zu sein. (p. 2 6 - 9 ) 15
7) Wirkungen der Expansion und Contraction des Papiergeldes auf die Indu-
strie eines Landes.
U n t e r e i n e m rein metallischen Geldsystem w r d e n bankers u n d a n d r e zu
hhren terms u n d zu geringrem Betrag durch i h r e n Credit die commercielle
Welt assistiren ... V e r m e h r u n g der Schulden, speziell der Staatsschuld 20
d u r c h die r e s u m p t i o n of cash p a y m e n t s in England, (p. 29)
8) Wirkungen im Wechsel des Werths des Geldes auf Pecunire Contracte.
D i e die wichtigste W i r k u n g im Steigen u n d Fallen des Geldwerths. In al-
len p e k u n i r e n Contracten h a n d e l t es sich um eine b e s t i m m t e Quantitt
von d e m verliehnen Gold u n d Silber, nicht um i h r e n Werth, (p. 30) 25
9) Von Aktienbanken. Verhltni von N o t e n u n d b a a r e m Geld, das die
l a n d b a n k e r s vorschiessen, leztres 10, 15, 20 x so viel wie das erste. F r die
m e i s t e n countrybanks das Geschft der Z a h l u n g e n u n d des Empfanges v o n
Z a h l u n g e n in L o n d o n sehr b e d e u t e n d e r Theil ihres Geschfts. D e r c o u n -
trybanker handelt in Gold u n d Bank of England N o t e n zu H a u s u n d in 30
L o n d o n . W i r d im leztren Ort das G e l d rar, so schafft er m e h r v o n d e m
country dahin, (p. 30,1)
10) G e g e n die B a n k of England. D i e freie C o n c u r r e n z andrer B a n k e n ,
n i c h t die zufllige Nachfrage vieler I n d i v i d u e n m u d e n check bilden.
(p.31)| 35
58
LXXI. Th. Joplin LXXII. S.J. Loyd
|43| LXXI. Thomas Joplin. (An Examination of the Report

of the Joint Stock Companies)
1 ) W i e d u r c h d a s R e d i s c o n t i r e n d e r W e c h s e l u n d die O p e r a t i o n e n d e r
L a n d b a n k e n b e r h a u p t d a s G e l d n a c h d e m B e d r f n i [auf] die ver-
5 s c h i e d n e n T h e i l e d e s L a n d e s vertheilt wird. System of a c c o m m o d a t i o n .
(P. 31)
2 ) Die Circulation eines bankers h n g t n i c h t a b v o m Q u a n t u m der N o -
ten, die er ausgiebt, sondern von d e m was draussen b[leibt.] [p. 31]
3) Crisis von 1825. F o l g e n v o n Influx von Gold und Silber auf den Zins-
10 fu. (p. 32.)
4) Nachfrage fr Geld in gewhnlichen Zeiten und in Zeiten der panic sind
sich direkt entgegengesezt, die erste, um es in Circulation zu bringen, die
zweite um es aus ihr herauszunehmen u n d zu hoard. B e i s p i e l d e r Crise v o n
1825. D i e overissues in solchen Z e i t e n s t r m e n n a c h h e r von selbst zurck.
15 Im p a n i c 2 m a l soviel G e l d nthig, um dasselbe Geschft zu d e n s e l b e n
Preissen zu fhren wie frher. Die B a n k k a n n d a h e r sicher solche extrade-
m a n d fr currency befriedigen. B e i s p i e l des Bankruns 1832. O'Connel.
Trkenkrieg, (p. 32, 33)
5) D i e B a n k of E n g l a n d richtet ihre issues n a c h d e m W e c h s e l k u r s ; aber
20 der Wechselkurs ist i h n e n angezeigt d u r c h die Nachfrage n a c h Gold; u n -
terstellen, d a w e n n m e h r Nachfrage d a n a c h , als fr die gewhnlichen
Zwecke nthig, die fr Exportation. D i e h a t a b e r k e i n e n S i n n , w e n n in-
t e r n a l d e m a n d a u s p a n i c , p o l i t i s c h e n G r n d e n etc. (p. 33.)
25 LXXII. Samuel J. Loyd. (Reflections etc.)
1) Das Geschft der b a n k als Regulator der currency m u g e t r e n n t werden

von i h r e m Geschft als ein gewhnliches Bankinstitut, (p. 34)
2) D e r a m o u n t der circulation m u variiren, als w e n n er rein metallisch
wre. (I.e.)
30 3) D e r a m o u n t of circulation m t e direkt b e s t i m m t sein d u r c h die va-
riations im a m o u n t von bullion, (p. 34)
4 ) N a c h w e i s d a die B a n k selbst g e g e n die v o n i h r p r o k l a m i r t e n ewi-
gen Prinzipien handelt, und das bullion abnimmt, whrend Circulation
u n d D e p o s i t s z u n e h m e n , (p. 34,5.) ( J a h r 1836)
35 5) Eine V e r n d e r u n g im Betrag des bullion ist Beweis eines zu h o h e n
59
Steigen der Preisse oder eines u n g n s t i g e n Wechselkurses. Ihr m u ent-

sprechen C o n t r a c t i o n der Bankcirculation ... (p. 35. S i e h d a s F o l g e n d e
ibid.)
6) Die b a n k of issue m u getrennt werden von der b a n k of deposit u n d
discount. (I.e.) 5
7) Verschiedne Phasen des Handelscyclus. Verhltni der bankers
d a z u . (p. 38)
LXXIIL William Clay.
( P o l e m i k g e g e n die A k t i e n b a n k e n ; n u r d e r S t a a t soll P a p i e r g e l d a u s g e - 10
ben.) (p. 36)
LXXIV. Wm Hampson Morrison.
1) Folgen der Silberrecoinage 1699 u n t e r W i l l i a m I I I u n d d e s zu h o h e n

A n s e t z e n d e s G o l d w e r t h s g e g e n d a s Silber. Abflu des Silbers bis 1717. 15
A u c h hier das Gold n o c h etwas zu h o c h angesezt. (p. 36)
2) Unter Georg III 1774 Silber legal t e n d e r n u r fr 25 /. A u c h zahlte die
B a n k n u n gesetzlich n u r m e h r in Gold aus. (p. 36)
3) System des Lord Liverpool, (p. 37) Silber u n d Kupfer zu rein repr-
sentativen M n z e n gemacht, (ib.) 20
4) Vertheidigung des doppelten standard d u r c h L o r d A s h b u r t o n . (p. 37)
5) A u s s a g e v o n Mushet, w o n a c h die M n z e n u r z u m Vortheil der Bank
of E n g l a n d gebraucht, statt zu d e m des P u b l i c u m s . (p. 37 u n d 42)
1
|44| LXXV. T.Joplin. 25

(An Examination of Sir R. Peel's Bill etc.)
[1)] Erklrt die regulren Crisen aus einer pltzlichen scarcity of capital im
G e l d m a r k t von L o n d o n , (p. 38) U n d zwar w e n n der Wechselkurs gegen
England. (I.e.)
60
LXXVI. S. J. Loyd LXXVII. D.Salomons
2) Die B a n k of E n g l a n d h a t glcklicher W e i s e n i e n a c h i h r e m Prinzip

gehandelt, die i s s u e s z u e x p a n d i r e n o d e r c o n t r a l r e n n a c h d e m E x u n d
I m p o r t v o n B u l l i o n . W e n n bullion importirt fr ihre N o t e n verkauft
wurde, kaufte sie diese N o t e n wieder z u r c k d u r c h Verkauf von excheq-
5 uerbills oder a n d r e n securities. W e n n bullion exportirt u n d sie ihre N o t e n
fr b u l l i o n zurckerhielt, gab sie dieselben wieder a u s , i n d e m sie excheq-
uerbills oder andre securities kaufte. D e r Efflux von bullion betrug in einer
gewissen Periode 10 Mill. Sie k o n n t e n i e 2 Mill, e i n z i e h n o h n e sol-
c h e n Panic hervorzurufen, d a sie wieder e x p a n d i r e n m u t e , (p. 39)
10 3) D e r A k t R o b e r t P e e l ' s (p. 39)
4) Beispiele v o n 1825, 1834, 1 8 3 6 - 1 8 3 8 , 1839, 1840. ( p . 3 9 )
5) H e r r Loyd beweist s e i n e T h e o r i e n u r d u r c h ein p r a k t i s c h e s Bei-
spiel, 1830 u n d 1832. A n a l y s e u n d W i d e r l e g u n g d i e s e r e i n z i g e n h i s t o r i -
s c h e n D e m o n s t r a t i o n , (p. 39, 40)
15 6) D a s wahre N i v e a u der currency ist so zu sein as to r e d u c e its t r a d e
m i t fremden L n d e r n auf eine b a l a n c e in c o m m o d i t i e s , (p. 40)
7) N a c h Tooke das Steigen der Preisse, das Nachfrage hervorruft fr ver-
m e h r t e currency, wrde verhindern that d e m a n d being supplied u n d seine
h o h e n Preisse wren z u m a i n t a i n o h n e G e l d . ( p . 40)
20 8) Die scarcities von Geld in d e n panics sind real. E x p o s i t i o n d a v o n .
Die deposits sind circulation. Die circulation von L o n d o n besteht fast aus-
schlielich aus deposits i n d e n H n d e n der bankers, ( p . 4 1 u n d 38)
LXXVI. S. J. Loyd. (Further Reflections etc)
25 1) S t a n d d e r B a n k v o n J u n i 1836 - 14 D e c e m b e r 1837. (p. 42) U m g e -

kehrtes V e r h l t n i von bullion u n d securities. (1. c.)
2) selfacting security b e i m Metallgeld. B e i m Papier zu ersetzen d u r c h
knstliche Regulation, ( p . 4 2 )
3) Diese Regulation sieh p . 4 3 .
30
LXXVIL David Salomons.
D i e Bank of E n g l a n d gab der a m e r i k a n i s c h e n Crisis von 1836 d e n A u s -

schlag. (p.43.)
61
LXXIX. George Wrde Norman.
1) Liste ber die Aus und Einfuhr des Goldes in E n g l a n d v o n 1 8 1 9 - 1 8 3 7 .

(p.44)
2) Zins w r d e existiren o h n e Geld u n d w e n n aller T a u s c h d u r c h barter
geschhe. D e r Effect der currency auf d e n Zins n u r vorbergehend, (p.44) 5
Zinsfu sehr h o c h w h r e n d der Bankrestriktions, wo excess of issue die
currency depreciirt h a t t e , fiel dagegen rasch als spter die Bankissues redu-
cirt. S i e h die w e i t e r n Beispiele, (p. 45)
3) D e r einzige Leiter fr die sufficiency oder insuffiency der currency
ist der exchange. (I.e.) 10
4) D i e v e r s c h i e d n e n V o r s c h l g e b e r die c u r r e n c y . (1. c.)
5) D a s paper der B a n k of England, in Folge der grossen ihr v o m Staat
geschuldeten S u m m e , government paper, so weit es ihre security betrifft.
(p.45)
6) E i n u n g n s t i g e r Wechselkurs k a n n m i t einer V e r m i n d e r u n g der de- 15
posits, ein gnstiger m i t e i n e m increase von deposits, statt m i t einer d i m i -
n u t i o n oder increase von Circulation v e r b u n d e n sein. (p. 46.) |
|45| LXXX. [a] H. C. Carey.
1) Credit b e r u h t auf d e m wechselseitigen Zutrauen. D a s W a c h s t h u m der

confidence manifestirt sich d u r c h A n n a h m e aller Operationen, w o d u r c h 20
die transfers erleichtert u n d daher die Productivitt der Arbeit gesteigert.
(V, 46)
2) Zunahme in den facilities der exchanges = Abnahme in der Proportion der
in der performance der exchanges beschftigten Individuen z u r Gesammtheit.
V e r s c h i e d n e S t u f e n d i e s e r P r o p o r t i o n . Erste Stufe. K i n d h e i t der Gesell- 25
schaft. J e d e r trader collects his own m e r c h a n d i s e , bringt es z u m grossen
Markt, kehrt m i t d e m R e t u r n selbst zurck etc. ( O r i e n t . P l u s o u m o i n s die
Messen n o c h jezt.) Zweite Stufe. Verschiedne traders vereinigen sich ihr
E i g e n t h u m in die H a n d einer Dritten Person zu legen, viel E i g e n t h u m bei
einer Caravane oder e i n e m Schiff in der H a n d von Personen, die n i c h t ihre 30
E i g e n t h m e r . Dritte Stufe. Der ganze Cargo u n t e r der care eines e i n z e l n e n
I n d i v i d u u m s u. s. w. Vierte Stufe. Der trader in einer city giebt sein ganzes
E i g e n t h u m in die H n d e eines traders in einer a n d e r n city z u m Verkauf,
m i t Orders in R e t o u r die erheischten W a a r e n zu kaufen. Englischamerikani-
sches System, (p. 46) 35
3) M i t j e d e m dieser Fortschritte, da die Gesellschaft weniger A r b e i t zu
62
LXXX. [a] H. Ch. Carey
performiren in der performance der exchanges, m e h r direkt engagirt in

Cultivation oder M a n u f a k t u r von W a a r e n . (1. c.) So die Arbeit productiver.
(I.e.)
4) Je kleiner die facilities of intercourse, desto grsser die Quantitt von
5 Geld erheischt for performing eine kleine Summe der A u s t a u s c h e . W i e viele
W a g e n erheischt sind auf schlechten W e g e n u m eine kleine Q u a n t i t t von
W a a r e n zu transportiren. Beispiel 1 G u i n e e in v e r s c h i e d n e n O r t e n . M i t
d e m W a c h s t h u m der Bevlkerung, des Capitals u n d des Vertrauens bestn-
diges W a c h s t h u m in der Q u a n t i t t der P r o d u c t i o n o h n e entsprechendes
10 W a c h s t h u m in der Q u a n t i t t der currency. Bestndige A b n a h m e in d e m
Verhltni von currency zu Production, (p. 47)
5) b e r d e n C r e d i t in I n d i e n , (p. 47)
6) Frankreich, a) 60% m e h r currency als fr seine P r o d u c t i o n nthig.
W i e die I n d i v i d u e n ihre W a a r e n i c h t gern auf Credit aus der H a n d geben,
15 so a n d r e n i c h t ihr Capital zur Bildung v o n B a n k e n . So das h o a r d i n g prin-
ciple sehr thtig. (p.47) b) Geborgt n u r zu hohen Zinsen. (Folgt d a h e r , d a
w o viel b a a r e s G e l d i m V e r h l t n i z u r P r o d u c t i o n circulirt d e r Z i n s hoch
u n d n i c h t , wie d a s p o p u l r e V o r u r t h e i l m e i n t , n i e d r i g ist.) Je tiefer wir in
der gesellschaftlichen Stufenleiter steigen, desto h h e r steigt der Z i n s .
20 (p.47) c) So verlangt die Arbeit Gold u n d Silber fr seine wages, g l a u b t an
sie. (1. c.) d) Derselbe M a n g e l an V e r t r a u e n herrscht im t r a d e . D a h e r die
Betrgereien im auswrtigen H a n d e l . D a h e r Einmischung der Gesetzgebung
u n d der Regierung in die operations of exchange. (Amtliche I n s p e c t i o n der
H a n d e l s b c h e r , C a u t i o n e n fr stockbrokers, Anwlte, N o t a r e u . s . w . u s . w .
25 fr ihre honesty und honour) D u r c h diese C a u t i o n e n das Capital d e n Klei-
n e n v o m Staat entzogen, die grossen Capitalisten befhigt zu wuchern, (p. 48)
e) D e r Belauf der A u s t a u s c h e klein in Frankreich, die M a s s e der N a t i o n ar-
beitet direkt fr die eigne Existenz. D e n n o c h Verhltni der Bankrutte z u m
Gesammtbetrag der exchanges sehr b e d e u t e n d , (p. 48)
30 7) England. D a s V e r t r a u e n bewiesen d a d u r c h , da der Zinsfu bezahlt
von d e m Staat fr die ffentlichen funds n i c h t viel differirt von d e m ge-
zahlt von Privatindividuen an Capitalisten. In F r a n k r e i c h diese Differenz
sehr gro, (p.48,9)
8) Vereinigte Staaten von Nordamerika.
35 a) N i r g e n d der Credit so gro u n d so persnlich, (p. 49) b) Die B a n k e n
der entfernten Staaten des W e s t e n s gefhrt d u r c h Capital der Banks von
Boston, N e w York u n d Philadelphia, (p. 49)
b) Theilung der Arbeit, m i t d e m W a c h s t h u m von Bevlkerung u n d Capi-
tal, trennt d e n trade in money von den andern trades. Diese T r e n n u n g rentirt
40 sich nicht, w e n n sie zu frh stattfindet, (z. B. in einer n e u e n Ansiedlung)
Ursache die des downfalls eines grossen Theils der a m e r i k a n i s c h e n banks.
63
Eine bestimmte Zahl (Proportion) von lenders und borrowers nothwendige

V o r a u s s e t z u n g z u r Errichtung einer b a n k . (p. 49) c) I n t e r e s s a n t e Tabelle
b e r d a s V e r h l t n i d e r currency, wie a u c h v o n coin z u r G e s a m m t p r o -
duction von Frankreich, England, Vereinigten Staaten, Neuengland.
(p.50) 5
9) D u r c h das Papiergeld wird n i c h t nur das coin konomisirt, der Eigner
des flssig g e m a c h t e n Capitals erhlt Zins u n d der employer desselben Pro-
fit u n d vermehrt das Q u a n t u m der W a a r e n . (p. 50) |
|46| 10) Grosser Zins der Bankeigner der Bank of England, da ihr eigent-
liches Capital lngst der Regierung gepumpt. D i e Eigner des reellen Capi- 10
tais, die Depositare, erhalten nichts. In Neuengland fast k e i n Capitaltheil
n i c h t a n g e w a n d t . In Schottland System der Zinsen fr die deposits. In Neu-
england statt deposits Stock gekauft u n d System der D i v i d e n d e n . B e i s p i e l e
d e r B a n k v o n Portsmouth, New Hampshire u n d Massachusetts, ( p . 5 0 , 51)
11) A u s g e z e i c h n e t e O r g a n i s a t i o n d e r e h e m a l i g e n United States bank. 15
(p.51)
12) Je v o l l k o m m n e r die Freiheit in der A n w e n d u n g von Capital, desto
geringre T e n d e n z h a t es, sich in der F o r m von G o l d u n d Silber zu a c c u m u -
liren oder in der von deposits, die i h r e m Eigner k e i n e n return bringen.
( p . 52) 20
13) I n d e m Wachsthum in der Productivitt der Arbeit T e n d e n z zur Ver-
minderung des Verhltni der currency zur Production; Gleichzeitig Verminde-
rung des Verhltni der baaren Mnze zur Gesammtcurrency. (p. 52)
14) D i e Verminderung in dem Verhltni der currency zu den exchanges b e -
gleitet von increased sensitiveness to change u n d daher increased steadiness 25
of action, (p. 52)
LXXX. [b] The Economist. (1847)
1) Vergleich v o m 18 S e p t e m b e r 1846 u n d 5 A p r i l 1847 zeigt, d a sich die

A v a n c e n d e r B a n k um 6 Mill, v e r m e h r t , d a g e g e n i h r B u l l i o n v e r m i n d e r t 30
h a t gleichzeitig. D a s P u b l i c u m verlangte d a h e r w h r e n d dieser P e r i o d e
v o n ihr Capital, i. e. Bullion, n i c h t Circulation, (p. 52)
2) D a s Q u a n t u m des circulirenden M e d i u m s n t h i g fr ein L a n d h n g t
ab n i c h t von der Masse der Waaren s o n d e r n von d e r Geschwindigkeit ihres
Austauschs. E i n circulirendes M e d i u m k a n n d e n i n n e r e n W e r t h der W a a r e n 35
n i c h t ndern, sondern controllirt i n s e i n e m Q u a n t u m d u r c h die W a a r e n ,
d e r e n A u s t a u s c h es reprsentirt. (1. c.)
3) Z u r Erleichterung des barter erstens eine W a a r e z u m Standard ge-
64
LXXX. [b] The Economist. 1847
m a c h t , worin der W e r t h aller a n d r e n W a a r e n ausgedrckt, zweitens ihr

Standard d a n n z u m A u s t a u s c h m i t t e l u n d drittens g e m n z t , M n z e . (1. c.)
4) D a s G o l d u n d Silber als G e l d rein u n p r o d u c t i v e r T h e i l des Capitals
angewandt um d e n Rest productiver zu m a c h e n . (1. c.)
5 5) Die Operation einer rein metallischen Currency. Vorausgesezt Deposits-
bank, die zugleich Leihbank sind, s p e z i e l l fr die B a n k of E n g l a n d v o r a u s -
g e s e z t . ( p . 5 2 - 5 5 ) ( W e n n m a n n i c h t , wie e s h i e r g e s c h i e h t , D e p o s i t s -
b a n k s voraussezt, gleich der B a n k of England, so bleiben die einzelnen
h o a r d s d e r P r i v a t e n , a u f die d a n n e b e n s o v o r a u s g e s e z t wird, w i e u n t e r
10 d e r g e s c h e h n e n V o r a u s s e t z u n g a u f die D e p o s i t s . )
Zu dieser Entwicklung zu bemerken:
N b a ) D i e deposits einer B a n k wechseln i m V e r h l t n i wie d a s u n b e -
schftigte Capital der c o m m u n i t y zu oder a b n i m m t , ( p . 52)
N b b ) Bullion n u r eingefhrt, w e n n die Vorrthe aller a n d r e n W a a r e n
15 gro sind u n d ihre relativen Preisse so, d a sie n i c h t die Einfuhr in das
L a n d r e m u n e r i r e n , w o h i n bullion eingefhrt wird. [p. 52,53] ( P a t n i c h t
fr d i e L n d e r , die n i c h t s z . B . n a c h E n g l a n d , b e r e i n b e s t i m m t e s Q u a n -
t u m hinaus, zu importiren haben.)
Nb c) D e r m e r c h a n t , der b u l l i o n importirt, legt es so in der B a n k of Eng-
20 l a n d n i e d e r , wie der der Wolle importirt, in d e n L o n d o n Docks, (p.53)
N b d ) Z u n a h m e der Deposits i n der B a n k beweisen a l l g e m e i n e n U e b e r -
flu v o n Capital, A b n a h m e derselben das U m g e k e h r t e . (1. c.)
Nb e) Export v o n G o l d beweist great scarcity u n d high Prei aller a n d e r n
W a a r e n . (falsch. B e w e i s die G o l d a u s f u h r a u s E n g l a n d 1810,11 etc.) (l.c)
25 Nb f) D e r Prei des G o l d e s in allen L n d e r n so uniform, d a es selten
u n t e r N a t i o n e n z u m Handelsartikel wird, ausser zur Bilanz des A u s t a u s c h e
a n d r e r W a a r e n . (1. c.) |
|49| N b g ) D i e deposits i n der B a n k ganz v e r s c h i e d e n v o n d e m circulat-
ing m e d i u m , coin in circulation, worber die B a n k k e i n e u n m i t t e l b a r e
30 Controlle a u s b t . D i e B a n k k a n n die Circulation n i c h t u n t e r d e n n o t h w e n -
digen P u n k t verringern; die I n d i v i d u e n trassiren sonst auf ihre deposits b e i
d e n b a n k e r s oder b e i der b a n k . Sie k a n n sie n i c h t v e r m e h r e n b e r d e n Be-
trag, d e n die Masse der Geschfte erheischt. I n d e , w e n n bullion, d . h . D e -
posits berfliessen in der Bank, W a a r e n sehr wohlfeil = berflssig, also
35 z u n e h m e n d e Nachfrage n a c h d e n s e l b e n . D i e B a n k wird i h r e n D i s c o n t er-
niedrigen u n d so die G e s a m m t m a s s e der Geschfte v e r m e h r e n . T r a d e er-
weitert sich u n d so die fr d e n s e l b e n erheischte Circulation, ( p . 53)
Nb h) N e h m e n wir n u n Ausflu von Gold an, z u s a m m e n f a l l e n d m i t Ver-
m i n d e r u n g des floating capital. W e n n die B a n k d e n Zinsfu erniedrigt u n d
40 m e h r W e c h s e l discontirt v e r m i n d e r t sie die Reserve von bullion u n d coin,
. . auf d e n 3' T h e i l ihrer Deposits. N u n trotz Ausflu von G o l d n i e Dis-
65
c o n t o erhht, Nachfrage n a c h G o l d d a u e r t fort, . B. wegen I m p o r t von

K o r n . Aber der h o h e Z i n s u n d die pressure i m H a n d e l wirken n u n auf die
Deposits, die b e s t e h n aus Reservebeilagen von bankers u n d Privatpersonen.
J e m e h r sich die deposits v e r m i n d e r n , u m s o m e h r n i m m t a b die Bullion
reserve d e r Bank. Sie r e d u c i r t d a h e r die d i s c o u n t i r t e n bills. W e i t r e V e r m i n - 5
d e r u n g d e r Deposits. Weitre V e r m i n d e r u n g der d i s c o u n t i r t e n bills. D i e Cir
culation, so e n t z o g e n d u r c h d e n v e r m i n d e r t e n D i s c o u n t von bills, ersezt
d u r c h die deposits, die n u n discontiren. Aber u n t e r d e n vorausgesezten
U m s t n d e n h o h e r Prei der R o h m a t e r i a l i e n , v e r m i n d e r t e Nachfrage n a c h
goods, A b n a h m e der G e s a m m t m a s s e des Geschfts, also der circulation. 10
D e r so frei gewordne T h e i l der circulation gebraucht fr die B e z a h l u n g von
K o r n u n d a n d r e n i m p o r t i r t e n A r t i k e l n . S o die Circulation z u allerlezt b e -
r h r t u n d n u r i n ausserordentlichen e x t r e m e n Fllen. Bei e i n e m u n g n s t i -
gen Wechselkurs, der die Reserve der Bank nur bis zum notwendigsten Ver-
hltni zu den Deposits reducirte u n d da aufhrte, k n n t e betrchtlicher 15
Export von b u l l i o n stattfinden, o h n e D e r a n g e m e n t der Geschfte, o d e r
sensible C o n t r a c t i o n der currency, ( p . 53, 54)
Nb i) Folge also bei Influx von bullion 1) Vergrsserung der Deposits u n d
folglich des b u l l i o n in reserve. 2) V e r m e h r u n g der securities u n d w e n n dis-
c o u n t s n i c h t erheischt wren, advances on stock at a low rate of interest. 20
3) niedriger Z i n s , V e r m e h r u n g des Geschfts, V e r m e h r u n g der Circulation.
W h r e n d eines exports von bullion die effects: 1) Z i e h n auf die coin u n d
b u l l i o n reserve, die b e r d e n n t h i g e n Betrag h i n a u s gehalten ist d u r c h
D i s c o n t i r e n von bills. 2) A b n a h m e der deposits, e n t s p r e c h e n d A b n a h m e
der securities, u n d R e d u c t i o n des coin in h a n d ; 3) Als C o n s e q u e n z dieser 25
u n d a n d r e r M a a r e g e l n C o n t r a c t i o n des H a n d e l s u n d R e d u c t i o n der Circu-
lation, (p. 54, cf die figures p. 52, 53)
6) S c h l e c h t e s S y s t e m d e r Bank von Hamburg. Grres wechseln des
Zinsfusses als anderswo, (p. 55.) S y s t e m der Bank von Frankreich, (ib.)
Russische currency, (p. 56) (ibid.) 30
7) Die berchtigten transactions der russischen Regierung im Ankauf
v o n f r a n z s i s c h e n u n d e n g l i s c h e n s t o c k s . Schottisches Banksystem, (ib.)
E r s p a r u n g E n g l a n d s d u r c h s e i n P a p i e r s y s t e m , (ib.) V o r s c h l a g d e r A u s -
g a b e v o n E i n p f u n d n o t e n , (p. 57)
8) 1 8 4 1 - 4 4 viel b u l l i o n in den Kellern der Bank, k e i n e E x t e n s i o n der 35
Currency, ( p . 5 8 )
9) Zinsfu u n d Aus und Einfuhr von bullion im Z u s a m m e n h a n g m i t
Zinsfu und Preissen. B e i s p i e l v o n 1 8 3 9 - 4 0 u n d 1 8 4 1 - 4 3 . ( p . 58,9) I n -
crease der Circulation sehr klein im Verhltni von increase des bullion.
( p . 59) I 40
|50| (Bei d e m B e i s p i e l d e s E c o n o m i s t b e r die W i r k u n g d e s E i n u n d
66
LXXX. [b] The Economist. 1847
A u s f l u s s e s v o n b u l l i o n u n t e r e i n e r b l o s m e t a l l i s c h e n c u r r e n c y (Siehe
t e n
N b h u n d i ) ist z u b e m e r k e n : E r n i m m t a n , d a i n d e r 2 Periode des
d r a i n s , w o die B a n k d e n D i s k o n t o e r h h t , d e n B e t r a g d e r d i s c o u n t i r t e n
bills h e r a b s e z t u n d s o die p r e s s u r e auf i h r e D e p o s i t s e n t s t e h t , e i n T h e i l
5 d i e s e r D e p o s i t s b u l l i o n i n s A u s l a n d r e m i t t i r t , e i n a n d r e r T h e i l d a s Va-
c u u m i n d e r i n n e r e n C i r c u l a t i o n ausfllt, d a s e n t s t a n d e n ist, d u r c h die
v e r m i n d e r t e A c c o m m o d a t i o n d e r B a n k . I n d e wie e r i n d e r l e z t e n P e -
riode mit Recht annimmt, d a in Folge des verminderten Geschfts ein
T h e i l d e r C i r c u l a t i o n frei wird u n d n a c h a u s s e n s p a z i r e n k a n n i n d e r
10 F o r m v o n b u l l i o n , u m die f r e m d e S c h u l d a b z u t r a g e n ; s o m u e r e b e n s o
g u t a n n e h m e n , d a gleichzeitig i n d e r e i g e n t l i c h e n P e r i o d e d e r p r e s s u r e
d a s B e d r f n i e i n e r vermehrten c u r r e n c y eintritt, weil d a s s e l b e G e l d n i c h t
m e h r - in F o l g e d e s e i n g e s c h r n k t e n C r e d i t s - so r a s c h circulirt, also e i n
g r r e r T h e i l d a v o n e r h e i s c h t wird, u m d i e s e l b e M a s s e G e s c h f t e a b z u -
15 m a c h e n . Es e n t s t e h t so e i n e eigentliche G e l d k l e m m e o d e r Geldkrisis.) /
|47| 10) Convertible N o t e n k n n e n n i c h t ausgegeben werden in Excess,
wohl aber Wechsel. W i e k a n n m a n zulassen Circulation von bills (Noten)
payable at a distant day u n d seine g a n z e n N o t e n payable at demand? (p. 59)
11) U e b e r die A r t wie E i n p f u n d n o t e n circuliren u n d b e s t n d i g r a s c h
20 vom Volk (den Arbeitern) z u m banker zurckstrmen. V o m banker an
d e n manufacturer, von d i e s e m a n d e n w o r k i n g m a n , von d i e s e m a n d e n
shopkeeper, von d i e s e m z u r c k an d e n banker, (p. 59)
12) D i e F r a g e ist, o b wie d e r O e k o n o m i s t a n n i m m t d a s A u s g e b e n v o n
E i n p f u n d n o t e n ein reines Deplacement von Gold und Silber ist?
25 13) Die issued notes der bankers nicht = Y ihrer deposits. 30 Mill, de-
w
posits in Schottland, 3 Mill, circulirender N o t e n . W a r u m d e n b a n k e r nicht

trauen fr ihre N o t e n , wenn m a n i h n e n die deposits anvertraut. Die private
bankers n a c h u n d n a c h i n Schottland verdrngt d u r c h A k t i e n b a n k s . Nir-
gends k e h r e n die N o t e n so rasch z u r c k als in Schottland, weil Z i n s fr die
30 deposits gezahlt; d a z u 2maliges A u s t a u s c h e n der N o t e n der b a n k e r s u n t e r
sich j e d e W o c h e u n d Z a h l e n der Bilanz in G o l d oder Bank of England
notes oder W e c h s e l auf Sicht in L o n d o n , (p. 60)
14) W a r u m , da m a n das Gold d u r c h Papiercirculation ersetzen will,
n i c h t n a c h Ricardos P l a n das coinage abschaffen u n d die N o t e n n u r i n
35 G o l d b a r r e n zahlbar m a c h e n , aber fr S u m m e n belaufend auf m i n d e s t e n s
2, 3 oder 500 /.? G o l d d a n n n u r b r a u c h b a r fr Export oder G o l d s c h m i e d e
u. s. w. D i e wrde d e n W e r t h der N o t e n so gut h a l t e n wie die vollstndige
convertibility. Fiele das Papier im Geringsten u n t e r G o l d , so wrden die
B u l l i o n h n d l e r z u r Bank von E n g l a n d steigen u n d das E q u i l i b r i u m herstel-
40 len. D a s Prinzip der convertibility schon verlezt, i n d e m die B a n k of Eng-
land notes legal t e n d e r fr c o u n t r y b a n k n o t e s , Plan von Ricardo eingefhrt
67
vor 1819. O h n e W i r k u n g . W e i l die B a n k of E n g l a n d d u r c h C o n t r a c t i o n

ihres Papiers seinen W e r t h hielt u n d die H a n d e l s b i l a n z gnstig. D e r ingot-
p l a n k m e b e r h a u p t n u r in A k t i o n bei u n g n s t i g e m Wechselkurs, (p. 60)
D i e s e r P l a n e i n e s c o u n t r y b a n k e r s i m O e k o n o m i s t v e r a l l g e m e i n e r t fr
e i n e revolutionre Nationalbank, G o l d b l o s fr d e n a u s w r t i g e n H a n d e l 5
u n d Gold u n d Silberfluktuation. Zugleich so durch diese Concentration
die N a t i o n a l b a n k die d i r e k t e L e i t u n g des a u s w r t i g e n H a n d e l s , die die
B a n k o f E n g l a n d u n d die g r o s s e n B a n k e n i n N e w Y o r k j e z t i n d i r e k t .
15) W h r e n d Alison etc fr Expansion der currency schreien, diese be-
stndig limitirt d u r c h die Praxis, (p.61) 10
16) D i e A c t e v o n 1844 sollte ein selfacting principle fr die R e g u l a t i o n
der currency geben. Sie giebt die n u r fr die transactions zwischen d e m
issue u n d b a n k i n g d e p a r t m e n t , nicht zwischen d e m b a n k i n g d e p a r t m e n t
u n d d e m P u b l i c u m , w o r a u f e s allein a n k m m t . I n ihr b e s t i m m t n u r die
Proportion der b u l l i o n Reserve zu d e n notes issued; die Directors dagegen 15
b e s t i m m e n selbst die Proportion zu den deposits.
17) 1847 w h r e n d der Krise im Maasse wie der D i s c o n t o stieg, der Geld-
m a r k t stringenter wurde, stieg der Wechselkurs, U r s a c h e n d i e s e r W i r k u n g .
(p.61,2)
18) Erst d u r c h die Crise von 1825 die Erfahrung g e m a c h t , wie b e i m 20
banking Geschft alles a n k m m t auf die rasche convertibility der securi-
ties, (p. 62) Dasselbe Prinzip fr c o m m e r c i a l securities sich gezeigt 1847.
(p.62,3)
19) G e g e n i n c o n v e r t i b l e s P a p i e r b r i n g t d e r E c o n o m i s t ] vor: W i r b r a u -
c h e n i m m e r e i n e n standard, e i n e n m e t a l l i s c h e n . D . h . d e r s t a n d a r d m u 25
s e i n i n e i n e r a n sich w e r t h v o l l e n W a a r e , a l s o M e t a l l . N u n d a s E n t s p r e -
c h e n d e r b e i d e n c u r r e n c y ' s nur m g l i c h d u r c h i h r e C o n v e r t i b i l i t t .
Falsch. ||48| D e r s t a n d a r d k a n n G o l d sein, o h n e d a E i n G r a n G o l d cir-
culirt u n d o h n e d a die N o t e n convertible seien. D a s E n t s p r e c h e n wird
a u f r e c h t e r h a l t e n 1) d u r c h d e n Reflux d e r a u s g e g e b n e n N o t e n , d e r a u c h 30
j e z t die H a u p t g e w h r fr i h r e W e r t h b e h a u p t u n g . 2 ) A l s c h e c k g e n g t die
convertibility d u r c h die B a r r e n z u e i n e m h h r e n B e t r a g fr d e n a u s w r t i -
g e n H a n d e l . F i e l e n die N o t e n u n t e r d e n G o l d p r e i , s o fllt d e r W e c h s e l -
k u r s , e s w e r d e n also N o t e n e i n l a u f e n u m sie g e g e n B u l l i o n e i n z u t a u -
s c h e n u n d leztres f o r t z u s c h i c k e n . D a d u r c h d a s r i c h t i g e V e r h l t n i i n 35
den N o t e n wiederhergestellt.
20) D i e Birminghamschule. D i e Antigoldlawleague. (p.63) W a s d e r E c o -
n o m i s t g e g e n t a x a t i o n p a p e r a n f h r t n u r r i c h t i g , w e n n die B a n k n i c h t z u -
gleich H a n d e l s b a n k ist. (1. c.) (nmlich es existire k e i n V e r h l t n i zwi-
schen d e n S t e u e r n u n d der S u m m e currency, die ein L a n d fr s e i n e n 40
Handel brauche.
68
LXXXI. The Economist. 1844
21) V e r h l t n i v o n Capital u n d currency, (p. 6 3 , 64) W i r k u n g d e r

B a n k r e s t r i k t i o n 1 7 9 7 - 1 8 1 5 auf die L a g e d e r A r b e i t e r . I.e.
22) U e b e r fixed und floating capital. (Heft VI p. 1, 2)
23) E n t s t e h u n g d e r bill b r o k e r s , (p. 2, 3.) (Heft VI) (transfer des K a p i -
5 tals von d e n verschiednen Landesdistrikten d u r c h Lombardstreet, wie fr-
her zwischen den verschiednen I n d i v i d u e n d u r c h d e n banker) ( N e u e Praxis
des Vorschiessens auf bills of lading, allgemein erst seit d e n lezten 25 J a h -
ren) (bills drawn against the forthcoming crops of distant colonies.)
24) V o n April 184647 fiel b u l l i o n d r a i n u n d u n g n s t i g e r Wechselkurs
10 z u s a m m e n m i t W a c h s e n der Circulation. Loyd, T o r r e n s g e h n von der Vor-
aussetzung aus, d a alles bullion im L a n d e in u s e als currency, (p. 4)
(Heft VI.)
25) Preisse u n d Circulation sind i m m e r a m niedrigsten, n a c h d e m die
Originalursache removirt ist u n d die exchanges wieder gnstig. So 1839
15 u n d 1847. (p. 5, Heft VI)
26) D i s p a r i t t z w i s c h e n Zinsfu u n d loanable capital e i n e r s e i t s u n d
d e m Betrag der Circulation a n d r e r s e i t s , (p. 5, 6)
27) Banknoten constituiren a) E i n e n Theil der regulren Circulation des
L a n d e s ; b) die blossen I n s t r u m e n t e w o d u r c h die banks Vorschsse von Ca-
20 pital m a c h e n ; c) I n s t r u m e n t e w o d u r c h deposits von einer B a n k zur a n d e r n
transferirt werden. B a n k v o n E d i n b u r g h . Z a h l u n g e n d u r c h d a s g a n z e
L a n d a n d e n T e r m s i m M a i u n d N o v e m b e r . P e r i o d i s c h e Z a h l u n g d e r div-
i d e n d s in L o n d o n , (p. 6, 7, 8)
25 LXXXI. The Economist. 1844.
1) Ein einziger Standard nthig, weil G o l d u n d Silber g e g e n e i n a n d e r kei-

n e n u n v e r n d e r l i c h e n relativen W e r t h , wohl aber Gold m i t sich selbst u n d
jedes einzelne G o l d s t c k gegen das andre. (VI, p. 8.) S t a n d a r d aber m u
u n i f o r m u n d u n c h a n g i n g sein. (L c.)
30 2) Pfund ist nur ein Rechenname m i t Bezug auf ein gegebnes Q u a n t u m
G o l d von standard quality, (p. 8.)
3) D e r drain von 1825-26 z u m grossen T h e i l Nachfrage z u m Ersatz der
E i n p f u n d n o t e n der b a n k r o t t e n u n d discreditirten countrybanks d u r c h sov-
ereigns; d r a i n von 1836-37 hing z u s a m m e n m i t der a m e r i k a n i s c h e n Crise;
35 die drains von 1818, 1830 u n d 1839 verursacht d u r c h d e n pltzlichen I m -
port von Korn, ihre Intensivitt u n d D a u e r i m Verhltni z u m Q u a n t u m
des erheischten Korns, (cf. VI, p. 9, 10.) |
/ 5 0 / 3) Eigenthmlichkeit grade des Toraimports drain of bullion u n d
b e s o n d e r s p r e s s u r e h e r v o r z u b r i n g e n . (VI, p . 9 )
69
4) W i r k u n g d e r g e w a l t s a m e n Contraction d e r c u r r e n c y v o n J u n i b i s J a -
n u a r 1839. (p. 10.)
5) 1839, 40, 41 und 42 strebten zwei U r s a c h e n zu einer b e s t n d i g e n D e -
pression der Preisse der M a n u f a c t u r p r o d u k t e , dear food u n d contracted cur-
rency. Erstre v e r m i n d e r t e die Nachfrage. Leztre zwang zu verkaufen, c o t e 5
q u e c o t e . V o n F e b r u a r 1840 bis F e b r u a r 1843 Steigen des bullion in der
B a n k v o n 4 auf b e r 11 M i l l , d e n n o c h Depression in allen Zweigen der In-
dustrie allgemein. C o n s t a n t Depreciation. E i n e um 5 Mill. h h r e Q u a n t i -
tt von Cottonwaare um 2 M i l l i o n e n billiger verkauft im J a h r 1840 als
1839. D e n ungnstigen Wechselkurs corrigiren durch Contraction der currency 10
heit die Preisse der W a a r e n so depreciiren, d a es vortheilhafter sie zu
v e r s e n d e n als G o l d u n d je rascher die geschieht, desto grsser die so ge-
schaffne commercielle Revulsion u n d ihre D a u e r h n g t v o n der D a u e r der
U r s a c h e n ab, die d e n u n g n s t i g e n Wechselkurs hervorgebracht h a b e n . Bei
e i n e m u n g n s t i g e n Wechselkurs m u entweder G o l d ausfliessen, oder es 15
m u vortheilhafter g e m a c h t werden, andre W a a r e n auszutreiben, (p. 10,
11)
6) S i e h die G e s t n d n i s s e d e s E c o n o m i s t , d a sagesse etc fr die Kauf-
leute u n m g l i c h , wenn alles v o m W e t t e r i m Juli u n d A u g u s t a b h n g t u n d
w e n n wie 1839 u n d 1840, j e d e s Schiff, das in L o n d o n u n d Liverpool arri- 20
virt, cargoes of goods bringt, worauf der englische K a u f m a n n d u r c h seine
A g e n t e n liabilities zu 10 oder 15% b e r d e m N e n n w e r t h b e r n o m m e n hat?
(P.H)
7) N a c h Torrens currency controls trade, n a c h T o o k e t r a d e controls cur-
rency, (p. 11 I.e. S i e h d a s folgende) N a c h Torrens Nachfrage u n d Zufuhr 25
geregelt d u r c h die Kaufmacht, die der Betrag der currency v o n Zeit zu Zeit
liefert, (p. 1 1 - 1 2 )
8) Aktion des Geldes auf Preisse. B e i der g a n z e n C u r r e n c y t h e o r i e h a n d e l t
es sich n i c h t um die allgemeine V e r m e h r u n g des G o l d e s auf d e m Welt-
m a r k t d u r c h reichere Productivitt der M i n e n , s o n d e r n um die scarcity 30
oder a b u n d a n c e of m o n e y in ihrer t e m p o r r e n Distribution in d e n ver-
s c h i e d n e n L n d e r n . H i e r k a n n der W e r t h des Goldes, wie der a n d r e r frei
ein u n d ausgefhrten W a a r e n , n u r wechseln u m seine Transport oder Ver-
s e n d u n g s k o s t e n v o n e i n e m L a n d z u m a n d e r n . D e r bullion dealer u n d
dealer in exchanges h a n d e l t grade in diesen Differenzen. Also k a n n a u c h 35
k e i n e grre A k t i o n von der scarcity oder a b u n d a n c e von G o l d stattfinden
auf die Preisse als die exact equivalent ist diesen Transportkosten. D i e
u n l u g b a r u n t e r einer metallic, also a u c h u n t e r einer papercurrency.
(p. 1 2 - 1 3 )
9) D u r c h E m i s s i o n von Papiergeld der Geldwerth verringert, aber n i c h t 40
in d e m L a n d , das es ausgiebt, s o n d e r n auf d e m g a n z e n W e l t m a r k t , (p. 13)
70
LXXXI. The Economist. 1844
A b e r w e n n n u n alle S t a a t e n G o l d u n d Silbergeld abschaffen, m t e

d a n n nicht n a c h diesem Princip eine ungeheure Depreciation derselben
stattfinden?
10) Inconvertibles Papiergeld keine G r e n z e fr die E r h h u n g der
5 Preisse d u r c h excessive A u s g a b e desselben. W e i l es n i c h t verwandelt wer-
den k a n n in eine gegebne Q u a n t i t t einer a n d r e n W a a r e , die ||51| auf a n d r e
M r k t e geschickt werden knnte, (p. 13)
11) N a c h w e i s , d a selbst, w e n n L o y d s p r i n c i p l e s w a h r , die p r o v i s i o n s
d e r A k t e v o n 1844 n i c h t d e r Art, sie z u r e a l i s i r e n . N a c h g e w i e s e n a n
10 L o y d s e i g n e n B e i s p i e l e n v o n 1833-37 ( w h r e n d d e r 3 M o n a t e v o n M r z
1833 bis J u n i 1837 weitere A b n a h m e des b u l l i o n u n d l a r g e i n c r e a s e v o n
b a n k c i r c u l a t i o n , a b e r d a m i t a u c h A u f h r e n d e r Crise) v o n Mrz 1838 bis
September 1839, ( z u m A e r g e r v o n L o y d s t a n d e n A b n a h m e v o n b u l l i o n
u n d Z u n a h m e von Circulation hier wieder in u m g e k e h r t e m Verhltni,
15 so d a das M a x i m u m der lezten mit d e m M i n i m u m der ersten zusam-
menfiel), e n d l i c h L o y d s Lieblingsbeispiel v o m w a h r e n V e r l a u f d e r S a c h e
1830-1833. (p. 14, I.e.)
12) Wirkung von inconvertiblem Papiergeld auf den auswrtigen Handel.
( N e b e n b e i entwickelt, wie i m g e w h n l i c h e n G a n g d e s H a n d e l s d e r Ver-
20 k a u f d e r W a a r e n i n e i n e m L a n d d i r e k t d a s M e d i u m ist, w o m i t i n a n d e r n
g e k a u f t wird u n d G o l d t r a n s m i s s i o n n u r i n a u s s e r o r d e n t l i c h e n F l l e n d a -
z w i s c h e n t r i t t , (p. 15) Bei inconvertiblem Papiergeld bestndiges Schwan-
ken aller Preisse, also a u c h der G o l d u n d Silberpreisse, also des W e c h s e l -
kurses, u n s i c h r e r u n d spielartiger auswrtiger H a n d e l so, B e i s p i e l v o n
25 B u e n o s A y r e s u n d Brasilien, (p. 15, 16.) Im A k t von 1819 schob m a n alle
frhern R e v u l s i o n e n auf die inconvertibility, da k a m die Crise v o n 1825.
(P.16)
13) D i e wechselseitigen Preisse in d e n verschiednen L n d e r n h n g e n
n u r von d e n Productionskosten u n d der Freiheit des Verkehrs ab. W r e die
30 currency in E n g l a n d die Ursache der T h e u r u n g , so m t e n alle W a a r e n
t h e u r e r sein als anderswo u n d sie sind alle wohlfeiler m i t A u s n a h m e der
Agriculturproducte. (p. 17)
14) E c o n o m i s t b e m e r k t depreciation of property total verschieden von de-
preciation of currency, (p. 17) R i c h t i g , a b e r n i c h t in s e i n e m S i n n . Sie s t e h n
35 in u m g e k e h r t e m V e r h l t n i .
15) U e b e r die F o r m d e r b a n k a e c o u n t s n a c h d e m G e s e t z v o n 1844.
(P.17)
71
LXXXII. David Hume.
.) Geld. 1) N u r das Publicum d e n Vortheil v o n der grren M a s s e von

G o l d u n d Silber im Krieg u n d Negotiations m i t fremden Staaten, (p. 18)
(Heft VI)
2) Das allmhlige W a c h s e n von G o l d u n d Silber, zwischen der acquisi- 5
tion von Gold u n d Silber u n d d e m a l l g e m e i n e n Steigen der Preisse ist der
I n d u s t r i e gnstig, ( p . 19) (Beispiel v o n d e r H e b u n g d e s G e l d p r e i s s e s u n -
t e r L[ouis] X r V d u r c h F l s c h u n g u n d die W i r k u n g d a v o n . ) 3 ) Preisse wer-
d e n n u r b e s t i m m t , n i c h t d u r c h das aufgehufte, s o n d e r n d u r c h das in Cir-
c u l a t i o n gesezte G e l d u n d die in Circulation gesezten W a a r e n . (I.e.) 10
4 ) I m Z u s t a n d der H a u s i n d u s t r i e k n n e n die Steuern n u r i n W a a r e n ge-
h o b e n werden, wobei wenig h e r a u s k o m m t . N u r i n d e n wenigen H a u p t s t d -
t e n k a n n er G e l d h e b e n . (1. c.)
B.) Zins. 1) Z i n s e b e n s o h o c h fr G o l d wie Silber, obgleich leztres wohl-
feiler als erstres. Z i n s in d e n gold u n d silberreichsten G e g e n d e n hher, als 15
in u n s e r n . ( p . 20)
2) Hoher Zins k m m t von grosser Nachfrage fr Borgen, wenig R e i c h -
t h u m in der Zufuhr, u n d von h o h e n c o m m e r c i e l l e n Profits. Niedriger Zins
von d e n u m g e k e h r t e n G r n d e n . Erstes zeigt geringen H a n d e l , n i c h t scar-
city an G o l d u n d Silber u n d u m g e k e h r t . (1. c.) U r s a c h e , w a r u m d e r Z i n s 20
bei einer N a t i o n , die pltzlich durch Eroberung grosse Schtze gewinnt
( S p a n i e n , R o m ) d e r Z i n s fllt u n d e b e n s o b e i d e n b e n a c h b a r t e n V l k e r n .
(1. c.) In der ersten senkt der U e b e r s c h u von L e i h e r n b e r Borger d e n
Z i n s . I n d e n a n d r e n L n d e r n v o m W a c h s t h u m der I n d u s t r i e , das d e m Stei-
g e n der Preisse in Folge der G o l d u n d Silbereinfuhr folgte. (1. c.) 25
LXXXIII. John Locke.
1 ) S c h o n b e i L o c k e A e r g e r b e r die C o n c e n t r a t i o n d e s G e l d e s i n L o m -
bardstreet. (p.21)
2) Zins steigt w e n n wenig G e l d im V e r h l t n i zu d e n Schulden eines
L a n d e s oder s e i n e m Handel. (1. c.) | 30
J 521 3) R e i c h t h u m ist die M a s s e von G o l d u n d Silber eines L a n d e s rela-
tiv zu a n d e r n L n d e r n . (1. c.)
4) G e l d gilt als counters u n d als pledges. (1. c.)
5) Die N o t h w e n d i g k e i t eines Verhltnisses des Geldes zum Handel h n g t
v o m G e l d in seiner Eigenschaft als pledges, n i c h t als counters ab. In der er- 35
sten Eigenschaft k a n n es d u r c h writings ersezt werden. (1. c.) D a s Verhlt-
72
LXXXIII. J.Locke
n i schwer zu b e s t i m m e n , weil es abhngt nicht n u r v o m amount, s o n d e r n

von der quickness seiner Circulation. M a n k a n n aber e i n e n Ueberschlag m a -
c h e n , wie viel Geld i n der H a n d eines j e d e n b l e i b e n m u , u m seinen H a n -
del z u treiben. S i e h e s q q . (p.21) (Siehe b e r die K o r n z a h l u n g d e r l a b o u r -
5 er u n d d a s t r u c k s y s t e m zu L's Z e i t ib.) G e l d gleichzeitig zur Z a h l u n g der
R e n t e n an zwei Tagen nthig. (1. c.) D a n n das Geld, was die, die nicht im
H a n d e l sind, bestndig in der H a n d h a b e n m s s e n , (p. 22)
6) D e r Zinsfu wirkt nicht u n m i t t e l b a r auf die Preisse der W a a r e n , weil
n i c h t u n m i t t e l b a r auf Nachfrage u n d Zufuhr. (1. c.)
10 7) G e l d u n t e r s c h e i d e t sich d a d u r c h von W a a r e , d a meist n z t n i c h t
d u r c h G e b r a u c h , sondern d u r c h d e n A u s t a u s c h . (1. c.)
8 ) Z u s a m m e n h a n g z w i s c h e n Z i n s u n d P r e i v o n L a n d . (1. c , p . 23)
9) Das G e l d h a t i m m e r seinen Verkauf sicher. Bei a n d r e n W a a r e n wech-
selt er. Bei d e m G e l d reicht d a h e r seine Q u a n t i t t h i n seinen W e r t h zu re-
15 geln, o h n e Rcksicht auf sein Verhltni zwischen its quantity a n d its
vent, wie bei a n d r e n W a a r e n . (1. c.)
10) D e r W e r t h des Geldes in e i n e m L a n d der W e r t h des c o u r a n t e n Gel-
des z u m laufenden trade. (1. c.)
11) D i e U e b e r b i l a n z des H a n d e l s h e b t d e n W e c h s e l k u r s in e i n e m
20 L a n d e . (I.e.)
12) raising of money, entweder raising the value of money, u n d das u n -
mglich, oder raising the denomination of our coin. N a c h dieser Theorie k a n n
ein F a r t h i n g so viel W a a r e n kaufen, wie eine K r o n e , w e n n m a n ihn K r o n e
n e n n t . Es h e i t n u r einer kleinen Q u a n t i t t Silber den s t a m p einer grossen
25 geben. (I.e.)
13) Wird eines der edlen Metalle zu h o c h gegen das a n d r e geschzt, so:
a) w e n n das Gesetz sie gleichsezt, b e n t z e n d i e die F r e m d e n , b) D a s
U e b e r s c h z t e bleibt gehoarded u n d k m m t n i c h t in Circulation, c) Dis-
konto zwischen d e n b e i d e n metals eingefhrt im P u b l i c u m , (p. 24) G e l d
30 m u bestndiges m e a s u r e sein, d a h e r taugt ein doppelter Standard n i c h t .
D e r M n z s t e m p e l zeigt F e i n h e i t u n d Gewicht an, b e s t i m m t n i c h t d e n rela-
tiven W e r t h des G o l d e s zu a n d r e n W a a r e n . D u r c h das raising of m o n e y ,
k a n n m a n m e h r Geld in tale m a c h e n , aber n i c h t i n Gewicht u n d
Werth, ( p . 2 4 )
35 14) G o l d u n d Silber u n t e r s c h e i d e n sich von d e n a n d r e n Maassen. Sie
k n n e n bleiben in d e n H n d e n des Kufers, Verkufers oder einer a n d r e n
Person. A b e r Silber ist n i c h t n u r das M a a des bargain, es ist das thing bar-
gained for u n d geht von der H a n d des Kufers in die des Verkufers in b e -
s t i m m t e r Q u a n t i t t , es ist zugleich im A u s t a u s c h gegebnes W e r t h e q u i v a -
40 lent. (1. c.)
15) D a s G e l d k a n n n u r eingeschmolzen werden, 1) w e n n coins von der-
73
selben d e n o m i n a t i o n von verschiednem Gewicht sind, die schwereren

d a n n e i n g e s c h m o l z e n . Besonders der Fall bei coining by the h a m m e r .
2) w e n n die H a n d e l s b i l a n z ungnstig. (1. c.)
16) D a s raising ist n u r beliebige N a m e n geben d e n aliquot T h e i l e n
eines piece. (1. c.) 5
cf. Buchanan (Heft IX p. 24 sqq) Zusammenhang des Metals ( c o p p e r etc)

d e r M n z e n m i t d e m N a t i o n a l r e i c h t h u m . I n n e r e r W e r t h n i c h t n t h i g fr
a s u b s i d i a r y c u r r e n c y . S i e h a u c h Buchanan b e r d e n g r o e m G o l d p r e i
bei reichen als a r m e n Vlkern. 10
Werth des Geldes vom Werth der agricultural labour abhngig. Mal-
thus IX p. 2 9 , 30
Money (Hodgskin I X , 44) (Die n a t u r a l c i r c u m s t a n c e s , die die Erfin-
d u n g d e s G e l d e s h e r v o r g e r u f e n , sind i n e q u a l i t i e s i n t h e p e r i o d s n e c e s -
s a r y for p r o d u c t i o n , i n e q u a l i t i e s in t h e v a l u e s of indivisible c o m m o d i - 15
ties.)
Sempr. ( S i e h h b s c h e C i t a t e b e r die I l l u s i o n e n v o m G e l d ; s e i n e
W i r k u n g a u f die P r e i s s e . Heft X I V S.90 u n d 92. C a u s e s w h i c h d e t e r m i n e
t h e different v a l u e s of gold in different c o u n t r i e s . Hopkins, H e f t X I I ,
p . 17) I 20
74
Bullion. Das vollendete Geldsystem. Seite 52
Heft mit Exzerpten und Notizen
|[1. U m s c h l a g s e i t e ] |
[Inhaltsverzeichnis v o n Friedrich Engels]
1851.
Mnnchen Wolfgang.
Thornton Schlu
Ausz. Economist 1851.
Fllarton /
[Bullion. D a s v o l l e n d e t e G e l d s y s t e m .
(Fortsetzung)]
| 1 | LXXXIV. Thornton. (Henry.)
1) D e r commercial credit die G r u n d l a g e des paper credit, (p.24) O h n e Credit

i m m e r grosser Vorrath an Geld nthig. W r d e d e n Prei der W a a r e n ver- 5
t h e u e r n . D a b e i m e h r Freiheit in der Spekulation, (p. 25)
2) Papier bildet k e i n e n Theil des c o m m e r c i e l l e n Capitals. Steht in d e n
B c h e r n des e i n e n Theil der Handelswelt als Credit, in d e n e n des a n d e r n
als Debet. D i e einzige A u s n a h m e die public funds, wo die N a t i o n der
Schuldner. (I.e.) 10
3) Die edlen Metalle als bullion W a a r e n , als coin reines Werthmaa. bills
of exchange. Promissory notes. Die ersten ursprnglich Briefe ordering the
transfers of debts, N o t e n fr das equivalent von G e l d fr W a a r e n zu geben.
A u s s e r d e m sind sie discountable articles. D u r c h die bills ein paper credit ge-
schaffen. G e g e n die g e w h n l i c h e U n t e r s c h e i d u n g v o n a c c o m m o d a t i o n 15
bills u n d a n d r e n , (p. 25) W i e z. B. 6 bills u n d m e h r auf eine b o n a fide
transaction gezogen werden k n n e n d u r c h die Leute, die successive die
W a a r e n kaufen u n d verkaufen. (1. c.) W e d e r der der real bill besizt, n o c h
der, der sie discontirt h a b e n ein reelles E i g e n t h u m an der W a a r e , wofr sie
gegeben wird. A c c o m m o d a t i o n bills theils um G e l d zu h a b e n , theils um 20
v o m Wechselkurs zu profitiren. Besitzer von ready m o n e y r e m i t t i r e n bei
g n s t i g e m Kurs fr die Remisse, um z i e h n zu k n n e n . (1. c.)
4) bills in Vorrath gehalten ersparen d e n V o r r a t h von b a a r e m G e l d e
sehr. Aber sie ersetzen auch das Geld in vielen Fllen, transferable d u r c h en-
d o r s e m e n t s . Bills circuliren besonders d u r c h d e n Credit auf die lezten en- 25
dorsers, banknotes auf d e n des Ausstellers, bills bilden e i n e n Theil des circu-
lirenden Mediums.
78
Bullion. Das vollendete Geldsystem (Fortsetzung)
5) Grade der Circulationsgeschwindigkeit. a) B a n k n o t e n circuliren rascher

als bills besonders fr grosse S u m m e n , weil leztre Z i n s tragen u n d je lnger
m a n sie hlt werthvoller werden, erstre nicht, bills besonders b r a u c h b a r fr
d e n H a n d e l s s t a n d . G e l d nie Zinstragend i n d e n T a s c h e n der Besitzer u n d
5 convertible in Gold, b) A. S m i t h irrt, w e n n er glaubt der Betrag des circuli-
r e n d e n Papiers = d e m Betrag der G u i n e a s die o h n e es circuliren w r d e n .
D e r Betrag des circuliren k n n e n d e n paper k a n n gro sein u n d der des
wirklich circulirenden klein. Dieselbe N o t e k a n n bald viel, bald wenig Z a h -
l u n g e n bewirken. F r die Z a h l u n g derselben S u m m e k n n e n bald viel bald
10 wenig N o t e n erfordert sein. Dasselbe M e d i u m h a t verschiedne Stufen der Cir-
culationsgeschwindigkeit zu verschiednen Zeiten. W a s die Reserven der b a n k -
ers vermehrt (wie d i s t r e s s , M i c r e d i t ) v e r m i n d e r t die Geschwindigkeit der
Circulation der G e s a m m t h e i t der N o t e n . D i e Schwierigkeit bills in Noten zu
verwandeln m a c h t auf traders u n d bankers d e n s e l b e n effect, wie auf consu-
ls mers die N o t e n in G o l d zu verwandeln. J e d e r h l t sich N o t e n bereit fr
d e n Fall der Z a h l u n g . So bewirkt dasselbe Q u a n t u m weniger Z a h l u n g e n ,
die Geschwindigkeit des G a n z e n n i m m t ab, die Z a h l der n o t e s wanted ver-
m e h r t sich. 1793. Exchequerbills. (p.26) D e r jetzige H a n d e l von G r o b r i -
t a n n i e n k a n n n i c h t blos d u r c h Gold gefhrt werden. W e n n paper unter-
20 drckt, schlechtre Sorte von Creditgeld an seine Stelle tretend, p. 27
6) Suspension der Bank of England. Die Praxis die Z a h l u n g e n u n d Ein-
n a h m e n n a c h L o n d o n z u verlegen m u t e sich b a l d a u s d e h n e n . W e n n der
U m f a n g dieser transactions sehr gro an e i n e m Ort leichter g e m a c h t u n d
verhltnimssig m i t weniger notes. A b e r zugleich d a d u r c h Z a h l u n g e n auf
25 grosser Stufenleiter m i t wenig notes verhltnimssig bewirkt. O e k o n o m i e
sehr gro. J e d e grosse u n d pltzliche C o n t r a c t i o n der B a n k of E n g l a n d
notes d a h e r sehr gefhrlich, G o l d d a z u geschazt in solchen Fllen. D e r M a n -
gel liegt n i c h t am bonafide capital, sondern am M a n g e l von currency. W i e
der shop sich leert, fllt sich das W a r e h o u s e des F a b r i k a n t e n . D a n n aller-
30 dings folgt der suspension of credit suspension of labour u n d so die Masse des
marketable capital vermindert. Die E i n s c h r n k u n g des Credits soll auf d e n
Exporter wirken, aber zugleich sicher suspension of m a n u f a c t u r e s u n d
Schaffung von M i k r e d i t ausserhalb, (p. 27) S u c h t n a c h z u w e i s e n , d a die
Bank ganz von G o l d entblt werden k a n n , w e n n sie m a i n t a i n will selbst die
35 kleinste A n z a h l von n o t e s . Das Gold wird fast n u r z u m Ersatz fr die notes
h e r a u s g e n o m m e n . D i e Bank of E n g l a n d fehlte, i n d e m sie im lezten A l a r m
die Z a h l ihrer notes zu sehr restringirte n a c h A. Smith, (p. 28)
7) Handelsbilanz. Wechselkurs. E i n Land, was wie England, fr subsidies
etc Kapital ausschickt wofr es keine returns b e k o m m t , befriedigt d a m i t
40 zugleich e i n e n Theil der foreign d e m a n d u n d ver||2|mindert so zugleich
doppelt die goods, die commerciell exportirt w e r d e n k n n e n u n d kehrt d e n
79
Wechselkurs gegen u n s . Der Wechselkurs n u r afficirt d u r c h bald einforder-

bare Z a h l u n g e n . D e r Wechselkurs k a n n gehalten w e r d e n d u r c h Spekula-
tion der F r e m d e n darin, (p. 28, 29)
8) Country Banks. W a c h s t h u m derselben in G r o b r i t a n n i e n seit d e m
a m e r i k a n i s c h e n Krieg, (p.29) B e s c h r e i b t d e n U r s p r u n g d e r c o u n t r y b a n k s 5
a u s d e m K r m e r h e r a u s , V e r w a n d l u n g d e r Z i n s t r a g e n d e n n o t e s i n sol-
c h e p a y a b l e o n d e m a n d , (p. 29)
9 ) V e r t h e i d i g u n g d e r b a n k e r s g e g e n die Vorwrfe g e g e n d i e s e l b e n .
( P . 2 9 , 30)
10) D i e Praxis n o t e s on d e m a n d auszugeben sehr allgemein einige J a h r e 10
vor d e m A u s b r u c h des gegenwrtigen Kriegs. A u s d e h n u n g der b a n k s m i t
d e m H a n d e l u n d der Industrie. Die l o n d o n b a n k e r s befrdern die Errich-
t u n g von C o u n t r y b a n k s . Die Countrytraders transigiren ihr Geschft n u n
d u r c h V e r m i t t l u n g des Countrybankers bei d e m sie ihr Deposit h a b e n .
Diese w a n d t e n L o n d o n bankers an. F r h e r t h a t e n das die countrytraders 15
d u r c h die L o n d o n m e r c h a n t s , womit sie correspondirten. D e n transactions
zwischen Stadt u n d L a n d n e u e Sicherheit gegeben d u r c h die Dazwischen-
kunft der countrybankers, wohlfeiler, weil Ein H a u s das Geschft of keep-
ing a c c o u n t s etc concentrirte, was frher u n t e r vielen vertheilt. E r r i c h t u n g
v o n m a i l coaches. Im Verhltni zur Leichtigkeit G o l d zu e r h a l t e n n a h m 20
der u n p r o d u c t i v e V o r r a t h davon ab, der gehalten werden m u t e . D i e coun-
trybanks Folge der Theilung der Arbeit. Die receipts und payments of money
v o m b r i g e n Geschft getrennt. D u r c h die country banks das G e l d richtig
vertheilt. (p. 30)
11) Oberaufsicht der bankers ber den trade. (1. c.) O r g a n i s i r t e S p i o - 25
n a g e . (I.e.)
12) V e r m e h r u n g u n d V e r m i n d e r u n g der Q u a n t i t t des Papiers, der facil-
ity of effecting p a y m e n t s , m a c h t Preisse steigen oder fallen. Bei der failure
des paper credit von 1795 fiel der Prei des Korns an einigen Orten um
2 0 - 3 0 % . D i e Nachfrage n a c h circulirendem M e d i u m grsser als seine 30
supply. Die Besitzer desselben h a t t e n daher die c o m m a n d des M a r k t e s .
(p. 30) (cf. p. 3 1 , wo d e r E i n f l u d e r overissue auf P r e i s s e , S t e i g e n d e s
m i n t p r i c e b e r d e n b u l l i o n p r i c e e t c b e s p r o c h e n wird.)
13) Kleine E x t e n s i o n der Q u a n t i t t von N o t e n bewirkt verhltnimssig
grosse Z a h l von a d d i t i o n a l p a y m e n t s , d e n n die private b a n k e r s in L o n d o n , 35
die H a u p t b e s i t z e r von Bank of England paper, reguliren i h r e n Stock n i c h t
in voller Proportion zu der gestiegnen Z a h l ihrer G e l d t r a n s a c t i o n s . (p. 31)
14) W e n i g V e r h l t n i zwischen der fluctuation der B a n k of E n g l a n d
notes u n d d e n allgemeinen Preissen. (p. 31,2)
15) D i e Ausgabe von additional paper n u r begreiflich 1) w e n n es selbst 40
eine additionelle Masse von W a a r e n schafft, 2) im Transfer derselben Arti-
80
kel zu e i n e m hhern Preisse. M e h r Papier m e h r Industrie, aber a u c h h h e r e

Preisse. E i n e n e u e A u s g a b e von Papier schafft n i e W a a r e n zu d e m Belang
dessen, was das n e u e circulirende M e d i u m in Bewegung setzen k a n n . Also
Steigen der Waarenpreisse, da ein grosser Theil der n e u e n currency dieselbe
5 Quantitt Waaren wie frher circulirt. (p. 32)
16) Exports u n d I m p o r t s reguliren n i c h t n u r d e n Wechselkurs, sondern
a u c h umgekehrt. (I.e.) Das circulirende M e d i u m , seine Quantitt, wirkt da-
h e r auf Ein u n d Ausfuhr von Gold. (1. c.) K o m m t h i e r n u n g a n z die T h e o -
rie v o n R i c a r d o , T o r r e n s u . s . w . (I.e.) ( n m l i c h d a die c u r r e n c y d e s e i n e n
10 L a n d e s g e g e n die d e s a n d r e n h e r u n t e r g e d r c k t wird.)
17) D a s Bankpapier von Law, da ausgegeben gegen die A k t i e n der M i s -
sissippigesellschaft hing ab von d e m G l a u b e n an die Profits einer Spekula-
tion, d a h e r m e h r von d e m Kredit, als von der Quantitt des circulirenden
M e d i u m s wie leztres b e i d e n A s s i g n a t e n d e r F a l l . (p. 32)
15 18) D e r lokale increase von Geld o h n e b e d e u t e n d e n Einflu auf Preisse.
(p. 32)
19) U e b e r a u s g a b e n der B a n k of E n g l a n d geben e i n e m Theil von Indivi-
d u e n C o m m a n d o b e r kaufbare W a a r e n , o h n e diese sofort zu v e r m e h r e n .
D i e Besitzer des alten Papiers verlieren e i n e n Theil ihres C o m m a n d o s b e r
20 Arbeit u n d W a a r e n . G e l d jeder Art ist n u r an order for goods. Allerdings
schafft das circulirende M e d i u m fr sich selbst Beschftigung. Spekula-
tion. Einige increase v o n n e u e r Industrie, die nicht Schritt hlt m i t der
V e r m e h r u n g des paper, (p. 33) |
| 3 | LXXXV. Mortimer. (Thomas.)
25 1) Ein share in d e n a n n u i t i e s der R e g i e r u n g trgt n u r seinen b e s t i m m t e n

Z i n s . D e r W e r t h von 100 /. derselben wechselt also n a c h d e m Z i n s , d e n
100 /. im H a n d e l tragen. W e n n leztrer gering steigt der Prei der share u n d
umgekehrt. J e d e Bewegung im K a u f u n d Verkauf der funds wirft d e m bro-
ker seinen G e w i n n ab. (p. 34)
30 2) D a s fr t i m e kaufen u n d verkaufen der stocks e n t s t a n d e n d u r c h das
grosse Interesse, das die H o l l n d e r u n d a n d r e F r e m d e in d e n englischen
funds h a t t e n . (1. c.) D a r a u s m o d e r n stockjobbing e n t s t a n d e n . ( S i e h e 1. c.)
Die grosse N a t i o n a l s c h u l d h a t e i n e n allgemeinen Spielgeist hervorgerufen.
(1. c.) ( Z u citiren die Stelle b e r H o l l a n d , p. 35)
1
35 3) Die Brokers sind ein Product des 18 J h . Sind aus B e d i e n t e n zu Her-
ren des P u b l i c u m s geworden, (p. 35) H a b e n M a c h t b e r das ganze Eigen-
t h u m der N a t i o n a u s s e r d e m i n H a n d e l u n d I n d u s t r i e b e f i n d l i c h e n erhal-
ten 1. c.
81
LXXXVI. Hamilton.
1) D e r W i t z d e s sinking fund v o n Dr Price, d e r d i e G r u n d l a g e v e r s c h i e d -

n e r F i n a n z g e s e t z e bildet, ist Geld z u einfachem Zins z u borgen, u m e s z u
improve d u r c h z u s a m m e n g e s e z t e s Interesse, (p. 36)
2) D u r c h die Jobbers mglich zu seil zu S u m m e n u n d in Zeiten, wo es 5
o h n e sie u n m g l i c h wre. (1 c.)
LXXXVII. Cobbett. (Manchester Lectures)
D i e Leute, die d e n Prei des G e l d e s e r h h n wollen, schlagen vor in base

u n d fraudulent m a n n e r z u t h u n gegen die Staatsglubiger, w a s C . offen
v o r s c h l g t , (p.37) 10
LXXXVIII. Joplin. (Thomas) (Currency reform.)
1) D e r n a t u r a l state des Wechselkurses ist w e n n die L n d e r W a a r e n gegen

W a a r e n a u s t a u s c h e n , (p. 39) Direkt u n d indirekt k m m t das b u l l i o n in die
H a n d der b a n k e r s u n d i s held i n L o n d o n auf ihre R e c h n u n g . V o n 1 8 1 9 - 2 2
grosser Influx von bullion, gleichzeitig Fallen des Kornpreisses v o n 90 s. 15
auf 40 s. per qr. (1. c.)
2) Z u m grossen Theil, was aus einer b a n k g e n o m m e n , in die a n d r e ge-
bracht. D a s Aggregat der Deposits bei s m m t l i c h e n b a n k s n i c h t sehr affi-
cirt, d u r c h die fluctuations der accounts der I n d i v i d u e n bei i h n e n . (1. c.)
3) A transferable deposit u n d a banknote sind gleichmssig Geld. D i e 20
L o n d o n b a n k e r s , obgleich sie keine notes ausgeben, die grten b a n k e r s of
circulation, (p. 40) Die 70 b a n k s von L o n d o n transfer, wie die in H a m b u r g .
D o c h der grosse Unterschied. Das b a n k m o n e y in L o n d o n gegrndet auf %
of cash, fr die a n d r e n % securities. So auf ein Deposit in G o l d oder N o t e n
das Fnffache in b a n k m o n e y geschaffen. D a s U m g e k e h r t e dieser Opera- 25
tion, wenn 10,000 /. entzogen den tills der b a n k e r s . D a h e r g r o s s e W i r k u n g
des Zufgens oder W e g n e h m e n s einer scheinbar kleinen S u m m e von
N o t e n , (p.40,1)
4) W i e die B a n k die N o t e n , die sie b e i m K a u f von bullion ausgiebt, wie-
der e i n z i e h t d u r c h d e n Verkauf von Exchequerbills. So b u l l i o n vermehrt, 30
Exchequerbills vermindert, o h n e V e r m e h r u n g der Circulation. Wird b u l -
lion exportirt, so verkaufen die Countrybankers ihre securities, um B a n k of
E n g l a n d n o t e s z u erhalten, u n d d a m i t b u l l i o n von der B a n k z u e r h a l t e n
82
u n d die B a n k sendet ihre n o t e s d a n n i n d e n M a r k t , i n d e m sie E x c h e q u e r -

bills kauft. Alle fluctuations in d e n issues der B a n k of E n g l a n d wirken di-
rekt auf die tills der L o n d o n Bankers, (p. 41)
LXXXIX. John Gray.
5 1) D a s jetzige system of exchange an allem U e b e l schuld. D u r c h u n s e r

G e l d s y s t e m h a b e n wir u n s r e P r o d u c t i o n u n d u n s r e m e a n s o f enjoying b e -
schrnkt auf die precise Quantitt, die profitlich fr eine W a a r e a u s z u t a u -
schen, die von allen am schwersten d u r c h m e n s c h l i c h e I n d u s t r i e zu ver-
m e h r e n , (p. 42) I
10 |4| 2) D i e P r o d u c t i o n ist der N a t u r n a c h die Ursache der d e m a n d , sie ist
jezt ihre Wirkung. D a s Geldsystem hat das richtige Verhltni verkehrt.
Das jetzige G e l d s y s t e m zu theuer. O h n e es wre proportionirte P r o d u c t i o n
die Ursache der Nachfrage. O h n e das G e l d s y s t e m m t e das Verkaufen von
Waaren so leicht sein wie das Kaufen derselben, (p. 42) D a s G e l d m u so
15 beschaffen sein, da die richtige Proportion vorausgesezt, die P r o d u c t i o n
ihre eigne Nachfrage schafft. N i c h t die Ueberproduction von Waaren, son-
dern die Unterproduction von Geld Schuld an der distress, (p. 43)
3) D i e Banknoten im jetzigen System n u r evidences von der Existenz
von Gold in store, wie E i g e n t h u m s t i t e l von G r u n d u n d Boden. (1. c.) D e r
20 b a n k e r h a n d e l t in Geld, aber er kauft n i c h t die W a a r e n . (1. c.)
4) G e l d m u j e d e n befhigen, w e n n er will, W a a r e n von d e m W e r t h der
seinen z u kaufen. M a n k a n n jezt die Zufuhr v e r m e h r e n , o h n e die N a c h -
frage zu v e r m e h r e n . D e r Aggregatmarkt m u i m m e r berfllt sein, so lange
die Macht zu produciren grsser als die Macht auszutauschen, ( p . 4 3 )
25 5) Sein Bankplan, w o d u r c h die n a t u r a l r e l a t i o n s h i p z w i s c h e n N a c h -
frage u n d Z u f u h r r e s t a u r i r t w e r d e n soll. (p. 4 4 u n d 45) s t a n d a r d bank-
notes n a c h d i e s e m System n u r transferable certificates von der Existenz in
d e m standard M a r k t von e q u i v a l e n t e m P r o d u c t z u m Verkauf i m A u s t a u s c h
fr s t a n d a r d n o t e s (1. c.)
30 6) A u f Gold oder Land gestztes G e l d ist i m m e r d u r c h diese bedingt,
nicht d u r c h die Gesammtproduction, wie es der F a l l sein m t e , ( p . 4 5 ) D a s
standard m o n e y u n t e r s c h e i d e t sich d a d u r c h v o m Pfandzettel, d a es n i c h t
ein b e s t i m m t e s , s o n d e r n jedes D i n g reprsentirt. (L c.)
7) Alle G e l d s c h e m e s falsch, die auf irgend einer security b e r u h n . Geld
35 k a n n n a c h h e r transferirt, ursprnglich aber n u r ausgegeben werden fr
Werth, to be bona fide offered for sale. (p. 45)
8) D e r auswrtige H a n d e l b e r u h t auf der Unfhigkeit einer e i n z e l n e n
N a t i o n die proportionate p r o d u c t i o n aufrecht zu erhalten, die allein die
Fhigkeit giebt, in infinitum zu produciren. (p. 46)
83
9) Arbeit ist der einzige Werthmesser. J e d e standard m a n u f a c t u r e m u

e i n e n Minimumprei von Arbeit festsetzen, zahlbar in standard m o n e y . Ist
der niedrigste L o h n 20 sh. wchentlich, so 1 Standard das M a a , der W o -
che des Minimums der Arbeit, (p. 46) M a n m t e e i n e n D u r c h s c h n i t t s p r e i
fr die M i n i m u m w a g e s n e h m e n , (p.47) Mit diesen N o t e n k a n n m a n Gold, 5
Silber, Kupfer kaufen. Sie sind orders upon the british market fr alles was
dieser M a r k t enthlt, (p. 47)
10) N i c h t s dagegen, da Gold u n d Silber Austauschinstrumente, aber da
sie W e r t h m e s s e r sind. (1. c.)
11) E i n e standardbank darf k e i n e n Zins n e h m e n , b e r h a u p t keine bank 10
of issue. D e r b a n k e r giebt n u r ein tragbares, theilbares u n d bertragbares Cer-
tificat von E i g e n t h u m an W e r t h e n , Zins von Kapital was ganz andres. Die
b a n k b r a u c h t n u r fixes, kein circulirendes Capital, (p. 48) Im richtigen Sy-
s t e m ist G e l d i m m e r Nachfrage u n d verkufliches Product i m m e r Zufuhr.
(p.48) 15
XC. Stirling. (P.J.)
1) D i e Q u a n t i t t der zugefhrten W a a r e regulirt nicht n u r ihren Prei; ihr

h o h e r oder niedriger Prei fixirt ebensosehr die verkaufbare Quantitt.
(p.49)
2) K o r n ist eine W a a r e sui generis. In lngern P e r i o d e n schafft es sei- 20
n e n ||5| Markt. In krzern Perioden der Prei des Getreides regulirt d u r c h
seine relative quantity. I n n e r h a l b Eines Jahres regulirt der K o r n p r e i die
quantity sold a n d c o n s u m e d , (p. 49)
3) D i e Q u a n t i t t jeder W a a r e m u so geregelt sein, d a ihre Zufuhr in
geringerm Verhltni zur Nachfrage n a c h ihr, von der Zufuhr der A r b e i t 25
zur Nachfrage n a c h Arbeit. Die Differenz zwischen d e m Prei der W a a r e
u n d d e m Prei der Arbeit schafft d e n Profit oder Surplus, d e n R i c a r d o n i c h t
erklren k a n n . (1. c.)
4) D i e n a t u r a l rate of profit ist die in der Agrikultur erhalten. N a c h ihr
regeln sich alle andern, (p. 49.) 30
5) Rente. D e r D u r c h s c h n i t t s p r e i des 18 Jh. n i c h t m e h r als 5 d. per Quar-
1
ter W e i z e n b e r d e m des 17 u n d der Zinsfu der Kapitalien fiel. (1. c.)
Rente n i c h t Folge von hohem Kornprei; j e d e s Steigen von R e n t e u n d Fal-
len von profits von diminishing returns o b t a i n e d from capital applied to
land. D e r h o h e Geldprei des Korns n u r Wirkung, (p.49) L a n d Nr. 1) gebe 35
fr 100 qr. r e t u r n 160, Nr. 2) 150, N r . 3) 140 etc. Bevlkerung steigt, bis der
beste B o d e n vollstndig cultivirt, bleibt aber nicht dabei stehn. M i t dieser
Z u n a h m e der Zufuhr der Arbeit Sinken des Arbeitslohns, t e m p o r r e s Stei-
84
gen in den Profiten des Pchters. D i e Arbeit die i h m frher 100 qr. kostet
i h m n u n 93 oder 94 qrs. Bei so r e d u c i r t e m A r b e i t s l o h n k a n n der Pchter
schlechtres L a n d b e b a u e n . R e t u r n von 150 qrs. (Nr. 2) zu 93 qrs Auslage
n a c h der rate of profit 60%. Nr. 2) daher cultivirt, das erheischte Q u a n t u m
5 von a d d i t i o n n e l l e m Corn producirt. N u n , da die Zufuhr von Korn d e m
W a c h s t h u m der Arbeiter entspricht, kehrt der Arbeitslohn in Korn auf
seine frhere H h e zurck. Der Geldprei von b e i d e n gefallen. Aber der
Arbeiter wieder sein frheres Q u a n t u m . D i e A u s l a g e n des Pchters steigen
wieder auf 100 qrs. Seine returns auf Nr. I u n d II sind n u r m e h r 50%; N r . I )
10 g e h n 1 0 q r s als R e n t e ab. ( p . 5 0 )
6) Bestimmung des Preisses des Landes durch den Zinsfu. Ist der Z i n s -
fu 4%, so der W e r t h des L a n d e s = 25 years purchase (also w e n n d a s
T o t a l e i n k o m m e n des L a n d e s , die R e n t e = 20, so d e r P r e i = 20 x 25 =
500), weil ein C a p i t a l 25 x g r s s e r als die j h r l i c h e R e n t e , investirt in
15 e i n e m a n d r e n G e s c h f t , e i n e n j h r l i c h e n r e t u r n = d i e s e r R e n t e giebt.
Wo der jhrliche return fixirt ist, u n d sich n i c h t selbst a c c o m m o d i r e n k a n n
der E r h h u n g oder Depression des Reingewinns, m u der Werth des r e t u r n
fallen oder steigen bis das ratio zwischen W e r t h u n d return entspricht d e m
in d e n a n d r e n Zweigen erhaltnen ratio, (p. 52)
20 6) Sinkt der Wechselkurs in Folge zu vielen Papiers, so das Steigen des
bullionpreisses b e r d e n mintprice n i c h t das Maa der Depreciation, weil
sein Prei, wie der j e d e r a n d r e n W a a r e d a n n b e s t i m m t d u r c h das Verhlt-
ni von Nachfrage u n d Zufuhr von bullion, ein Verhltni das bei a n d r e n
W a a r e n anders gestaltet sein k a n n . (p. 52)
25 7) V o n 2 L n d e r n , wovon eins d e n Gold, das a n d r e den Silberstandard,
giebt es n u r ein a n n h e r n d e s par. (p. 52)
XCI Bell. (Philosophy of Joint Stock Banking.) \
85
|7| Economist 1851.
I.)May 17.
T h e m o d e r n principle of trade, the offspring of c o m p e t i t i o n , cheapness,

necessarily m a k e s producers of all kinds c o n t e m p l a t e the m u l t i t u d e as their
customers. I n g e n u i t y a n d skill are directed to provide for t h e m . Of the 5
progress towards an equality of enjoyments, the exhibition is a part; (531)
the discoveries of n e w capabilities in old substances or of n e w substances
to serve new wants. (532)
T h e rapidity a n d cheapness with which objects c a n now be sketched, en-

graved, a n d printed, suggests the possibility of obtaining an i n s t r u m e n t for 10
forwarding t h e i m p r o v e m e n t of m a n k i n d m o r e powerful t h a n t h e press for
printing words. (533)
II.) May. 10
Exports des ersten Quartals 1851 verglichen.

f 15
1849 12,822,033
1850 14,655,153
1851 16,523,344 Increase of 1,868,191 1. verglichen m i t
1850. [502]
86
Aus: The Economist 1851
The exhibition Rural Machinery.
the clodcrushers, cultivators, a n d other i m p l e m e n t s for cultivating the soil;

drills, dibbling m a c h i n e s , liquid m a n u r e drills; the horse hoes, the horse
rakes, the h a y m a k i n g m a c h i n e s . Thrashing m a c h i n e s , portable s t e a m e n -
5 gines, horsepowermachines, root-cutters, chaff cutters u n d grainbruisers;
draining tiles u n d draining tools, d u r c h welche erstre a revolution in der
Cultur von clayland is effected, a m a c h i n e for digging the ground, a n d fork-
ing the subsoil at the same t i m e ... D i e A m e r i c a n ploughs of very little
power a n d quite i n c a p a b l e of turning up a deep furrow. ... This arises from
10 the recent abundance of vegetable soil on the newly cultivated soil, which,
t h o u g h already worn o u t in the older settled districts, has p r o d u c e d a sys-
t e m of slight tillage which will probably survive too long die U m s t n d e
wherein it originated. (505) |
|8| 3) May 3.
15 E i n Syrakuse-farmer (Staat Newyork) sagt: "A farm in a good situation c a n

be let to pay 5%; b u t as 7% is easy to be got for m o n e y , few persons care to
c o n t i n u e the owners of farms which they c a n n o t cultivate themselves, a n d
can only let to yield a return like this." (476) T h e A t l a n t i c States of t h e
U n i o n a n d the western part of N e w York, o n c e so prolific in wheat, h a s
20 now b e c o m e almost exhausted, a n d O h i o is u n d e r g o i n g t h e s a m e process
so t h a t in the States the W e s t e r n States are n o w the only districts from
which a surplus of wheat is obtained. (475)
4) April 26.
87
5) May. 24
Schliet a u c h die exports der fremden W a a r e n ein.
France England.

Exports 1842 42,600,000 113,844,000 5
1849 46,120,000 190,101,000
tons
Shipping entered 1842 3,247,000 7,347,000
inward und
outward 1849 3,375,000 12,020,000. (558)
Expended on the Poor.
Outdoor Indoor Total

6 months ending
Ladyday, 1850 und 1,322,708 371,435 1,694,143 15
Ladyday 1851 1,226,776 332,087 1,558,863
Reduction 95,932 39,348 135,280.
A b n a h m e des P a u p e r i s m u s um 8 %.
A u c h in d e n Agriculturdistrikten. In Sussex 8.1%, in W e s t m o r e l a n d
8.8%, in Wilts 7.4%, in Bedford 7.4%, in B u c k i n g h a m ditto, in D e v o n 8.5%, 20
in Berks 6.7%. (558)
Husbandry in North America.
W i t h a m o d e r a t e capital a n d active industry the emigrant m a y enjoy a life

of rough a b u n d a n c e , b u t he will n o t be able to m a k e m o n e y , n o r will he be
able, in ordinary cases, to employ any considerable a m o u n t of capital, with 25
advantage, in h u s b a n d r y . (559) |
|9| Alles aus Prof. Johnston's N o t e s on N o r t h America.
1) the n a t u r e and extent of the agricultural products likely to be sent
from N o r t h a m e r i c a to this country ... N o t h i n g beyond the best a n d m o s t
easily cultivated soils are u n d e r tillage, a n d that tillage of an inferior char- 30
acter. In Syracuse verlangt das L a n d draining. A b e r sagt J o h n s t o n : "An ob-
j e c t i o n to drainage is m a d e in this country. T h e cost of this i m p r o v e m e n t ,
even at the cheapest rate, say 4 I. or 20 dollars an acre is to a large propor-
t i o n of the present price of the best land in this rich district of Western New York.
F r o m 50 to 60 dollars an acre is the highest price which farms bring here; 35
88
and if 25 dollars an acre were e x p e n d e d u p o n any of it, t h e price in t h e

m a r k e t would n o t rise in proportion. Or if 40 dollars land should actually
be improved % by t h o r o u g h drainage, it would still n o t be m o r e valuable
t h a n that w h i c h now sells at 50 dollars; so that the improver would be a
5 loser to the extent of 15 dollars." If a m a n has m o r e l a n d t h a n he wants to
occupy, he sells it, a n d invests t h e m o n e y at interest. So there are few amer-
ican proprietors who have any local a t t a c h m e n t s . "Speaking generally,
every farm, from Eastport, in M a i n e , to Buffalo, on Lake Erie, is for sale.
T h e owner has already fixed a price in his m i n d , for which he would be
10 willing, a n d even hopes to sell, believing that, with the s a m e m o n e y , he
could do better for himself a n d his family by going further west. T h u s to
lay out m o n e y in i m p r o v e m e n t s is actually to bury what he does n o t h o p e
. to be able to get out of his land again, w h e n t h e opportunity for selling
a
presents itself." It is plain that there is too great an a b u n d a n c e of land,
15 which, for little labour a n d with no skill, will produce, year after year, m o d -
erate crops; and so long as ||10| that state of things exists, there will be no
great surplus of corn for exportation, after providing for the m a i n t e n a n c e of
the rapidly increasing p o p u l a t i o n of the States. (1. c.) every m a n who looks
to go a-head a n d m a k e m o n e y leaves the business of h u s b a n d r y a n d b e -
20 takes himself to trade a n d speculation. (1. c.) J o h n s t o n sagt: "It is c o n c e d e d
l
that a m a n with 100 acres in cultivation, doing / the work by the h a n d s of
2
its own family, a n d employing hired l a b o u r to do the rest, m a y m a k e b o t h

ends m e e t ; (Geld m a c h e n u n d die rough a b u n d a n c e ) b u t if a larger farm is
to be worked by the s a m e force, with a larger n u m b e r of hired labourers, it
25 is a q u e s t i o n whether it can be d o n e , in average years, so as to pay." H u s -
bandry by capitalists n o c h nicht available in N o r d a m e r i k a . "So long as y o u
till your own land, or work at it along with the 2 or 3 m e n y o u employ, t h e
cultivation is profitable; b u t on a larger scale, farming is n o t profitable."
Beyond purchasing a farm for their own use, there is n o t m u c h to be d o n e
30 with land, for renting l a n d is n o t popular, and, in fact, the e c o n o m i c a l con-
dition of N o r t h a m e r i c a is n o t yet such as to render such a m o d e of m a n a g e -
m e n t necessary or desirable. (560) "the poor m a n (sagt J o h n s t o n ) whose
a m b i t i o n is limited to the a t t a i n m e n t of a comfortable i n d e p e n d e n c e ,
a b u n d a n t food, a n d clothing for his family and provision for t h e m all after
35 his d e a t h - h e m a y c o m e . If he has only m o n e y e n o u g h to carry himself a n d
his family there, he m u s t and ought to be content to work for others a year
or 2, till he can save e n o u g h to go into the woods and select a n d clear a lot
of land for himself. ... B u t if he can convey his family to the woods at o n c e ,
a n d has still 20 to 50 I. over to sustain t h e m during the first year, industry
40 and h a r d work ||11| will do the rest. ... T h o s e who can bring 500, 1000 oder
2,000 I. with t h e m , will take m o r e t i m e to select, a n d will probably prefer to
89
settle in an older a n d m o r e fully cleared district. These parties will also

find farms which they c a n purchase for various s u m s suited to their m e a n s .
B u t in regard to persons who are possessed of larger m e a n s , a n d who, wher-
ever they go, wish or expect to carry with t h e m the comforts a n d considera-
tion, a n d to o b t a i n from it the return of profit, which such capital insures 5
t h e m at h o m e , the course is m o r e difficult." (1. c.)
the real principle on which cultivation is to be improved in m o d e r n h u s -

b a n d r y does n o t d e p e n d on increase of price or r e d u c t i o n of e x p e n d i t u r e ,
b u t by bold a n d wellconsidered outlays, with a view to greater gross pro- 10
d u c e at a less proportional cost. (565)
"you shall take land, a n d cultivate it on the old system, i. e. on the system
by which the farm, as it were, m a i n t a i n s itself; there shall be no extraneous
aids in the cultivation, no feeding on oil cake, no m a n u r e except what the 15
farm daily produces, in order to reproduce the crops which are t a k e n from
the land. T h a t was (sagt Herr Baker in the L o n d o n ' s farmer Club) the old
system of farming in the country. T h e farmer went on obtaining sufficient
m a n u r e to p r o d u c e his green crop; the m a n u r e from t h a t was sufficient to
p r o d u c e his barley crop; the feeding off of his clover crop was sufficient to 20
m a n u r e his wheat crop; thus he went on from year to year without any ex-
t r a n e o u s assistance." (564)
London 22 M a y : the d i s a p p o i n t m e n t a t t e n d a n t on t h e late speculative

dealings b o t h in railway shares a n d cotton, which in s o m e instances re- 25
suited in suspending of firms. (565) |
|12| 6) May 31
Seit 18 M o n a t e n R e d u c t i o n in d e m poorrate von 18%. V o m 22 J u n e

1 8 4 8 - 4 9 der decrease von c o m m i t m e n t s 2,533 persons oder 8.3%. A b e r
E n d e 1850 wieder betrchtlich m e h r Gefangne in d e n Gefngnissen als 30
E n d e 1849. (587) 1 7 8 3 - 4 - 5 die s u m e x p e n d e d for the relief of the poor
1,912,241 1., 1803: 4,077,891 1., 1 8 1 5 - 1 6 : 5,724,506. In dieser Zeit die Be-
vlkerung um 30% gewachsen, die poorrates verdreifacht. A large part of
t h e increase was t h e wages of labour which were paid o u t of poorrates.
(1. c.) 35
Last year t h e flour i m p o r t e d from all quarters was 3,858,000 cwt or

1,102,000 qrs; b u t the wheat imported was no less t h a n 3,778,000 qrs. (589)
90
D e r freetrade compensirt die farmers in folgenden i t e m s fr den Verlust of

higher prices:
1) D i e wages of labour are lower, while t h e labourer is better off;
2) clothings, food u n d fast alle necessaries of life (including sugar, cof-
5 fee, tea, spirits etc) are cheaper; 3) tithes are a n n u a l l y falling to t h e level
c o m p u t e d on present prices; 4) Poor rates, highway rates, c h u r c h rates are
gradually b e c o m i n g lower; and m a n y taxes are either greatly reduced or en-
tirely repealed. 5) In stocking a farm 600 I. will go as far as 1,000 I. used to
go a n d thus m u c h capital is spared 6) cheaper oilcake, inferior grain, a n d
10 other food for cattle, which m o s t farmers are obliged to buy; 7) cheaper ar-
tificial m a n u r e s of every kind; 8) the cheap a n d rapid conveyance n o t only
for their produce to the distant a n d best m a r k e t s , b u t of all they use at
h o m e brought from a distance, by railways. (589)
D e r steward des Earl F i t z h a r d i n g e schreibt an die farmers desselben,
15 April, 1851: the wages of agricultural labourers are already lower by at least
5 I. per a n n u m for e a c h ablebodied m a n e m p l o y e d on a farm. [590]
1131 An i m m e d i a t e advantage of improved i m p l e m e n t s in h u s b a n d r y , is

e c o n o m y of t i m e a n d m o n e y in performance of a given work ... T a k e , for
20 instance, the bringing a piece of rough strong land to a "good tilth", a state
of complete pulverisation; there can be no d o u b t that with the plough, the
harrows, a n d the w o o d e n roller, and by t i m e a n d perseverance, the stiffest
soil m a y in favourable seasons be entirely s u b d u e d , b u t t h e n it is usually
d o n e at the cost of a vast e x p e n d i t u r e of labour, or after the lapse of a con-
25 siderable t i m e , during which t h e land m u s t be left to the influences of the
a t m o s p h e r e a n d alternations of weather. T h u s , in m a k i n g the oldfashioned
s u m m e r fallow, t h e l a n d was ploughed 5 a n d 6x during t h e spring a n d
s u m m e r , the rollings a n d harrowings being i n n u m e r a b l e , a n d after all, if
the season was a wet o n e , t h e land was often n e i t h e r cleaned or pulverised.
30 On the m o d e r n system, t h e same kind of soil, having b e e n deeply p l o u g h e d
in the a u t u m n , is b r o u g h t to a better tilth in the spring without any m o r e
ploughing, by the u s e of a scarifier or cultivator, which deeply stirs t h e l a n d
without turning the u n d e r s o i l u p o n t h e surface. T h u s are m a n g o l d wurzel
a n d turnips constantly grown with certainty a n d success on soils where, a
35 few years ago, the a t t e m p t to raise s u c h crops would have drawn down u p o n
a farmer the jeers of all his neighbours. ... t h e n whenever it b e c o m e s neces-
sary to plough the land in the spring, or whenever a rough cloddy piece of
land has to be pulverised, o n e or two ploughings, with the aid of t h e culti-
vator a n d t h e clodcrusher, will, in a few days a n d with comparatively little
40 labour, bring it into a better state than, perhaps, a whole s u m m e r ' s working.
There is a critical c o n d i t i o n of strong land, between wet a n d dry, in which
91
it usually r e m a i n s for a very short t i m e , w h e n it m a y readily be r e d u c e d by

t h e u s e of a fit i m p l e m e n t , and such an i m p l e m e n t is found in the clod-
crusher, which breaks down a n d pulverises the clods without pressing a n d
k n e a d i n g t h e soil together as a flat roller does w h e n at all moist. On the
other h a n d , if the clods be got too dry, the flat roller has comparatively 5
little effect u p o n t h e m , while the clod-crusher soon breaks t h e m down.
(590) I
114] threshing a n d dressing m a c h i n e s enable the farmer to prepare for
sale in a few h o u r s m o r e corn t h a n by the flail he could o b t a i n in several
weeks, while he m a y avail himself of dry weather a n d c o n v e n i e n t seasons 10
for the purpose, to the great i m p r o v e m e n t of the sample. (591) t h e econ-
o m y effected on a farm by the use of a steamengine is m o r e in horse t h a n
in h u m a n labour. (1. c.)
( U n g e h e u r e A u s w a n d e r u n g aus Irland n a c h A m e r i c a , so d a m a n c h e r Orts

M a n g e l an ablebodied labourers.) [596] 15
(In F r a n c e der high price der funds verursacht d u r c h want of confidence in

all industrial undertakings.) (586)
7) Juni. 14
Some effects of facility of transport.
It is a fact t h a t dealers, b o t h abroad a n d at h o m e , buy from h a n d to m o u t h . 20

T h o s e who formerly laid in a stock of goods for a few weeks, o n e or
2 m o n t h s , or several m o n t h s , in proportion to their distance from the m a r -
ket and their facility in getting supplies, now keep little or no stock b e y o n d
what supplies their i m m e d i a t e wants. C o m m u n i c a t i o n is so rapid, j o u r n e y s
now being performed in days that formerly required m o n t h s , a n d so com- 25
plete, u n i t i n g every village a n d every town in t h e empire, a n d giving the
most r e m o t e t h e facility of c o m m u n i c a t i n g with o n e a n o t h e r in a few
h o u r s , t h a t it would be a misapplication of capital to vest it in t h e p u r c h a s e
of c o m m o d i t i e s that can be h a d at a few h o u r s ' notice. If a rise in the price
of an article were anticipated, speculative purchases m i g h t be m a d e ... 30
everything p r o d u c e d has b e e n left on the h a n d s of the producer, a n d every-
thing i m p o r t e d left on the h a n d s of the importer ... T h e only exception to
the rule has b e e n a portion of the farmer's p r o d u c e w h i c h he has b e e n
obliged to sell. ... Having large outgoings to keep his fields in order, a n d
prepare the m e a n s of paying the fixed obligations that probably press on 35
92
h i m m o r e onerously t h a n on most capitalists, he has b e e n compelled to sell

his p r o d u c e . Other m e n can borrow m o n e y on their p r o d u c e , a n d hold it
till the t i m e be suitable to sell; b u t persons will n o t advance m o n e y on agri-
cultural produce liable to decay, with a falling a n d a decried market. ...
5 T h u s , o n e c o n s e q u e n c e of the great facility n o w afforded of sending all
kinds of goods readily from place to place is, that t h e bulk of p r o d u c e
passes a l m o s t at once from the h a n d s ||15| of t h e producer or the importer
into c o n s u m p t i o n . (645)
T h e liberation of so m u c h capital as was required to keep on h a n d all t h e
10 little stocks of t h e dealers all over t h e country, and t h e lessening of t h e
quantities of goods in t r a n s i t - l e s s e n i n g the l a b o u r employed in conveying
a given quantity of goods, t h o u g h a m u c h greater n u m b e r t h a n formerly are
c o n v e y e d - h a v e tended, like all other i m p r o v e m e n t s , to extend enterprise,
a n d increase c o n s u m p t i o n . (646)
15
London, June 2, 1851. A m a r k e d change h a s at length t a k e n place in t h e
current of bullion, which appears o n c e m o r e to have set in the direction of
this country. (648)
20 Ibid. h e i t e s :
Caff k a n n n o c h tiefer fallen, for so long as t h e immediate c o n s u m e r s
are the only buyers the sellers will preponderate, a n d as yet there is no sign
of a speculative m o v e m e n t in any article of produce. (649 1. c.)
25 London. June 5, 1851 (ebenfalls aus e i n e m Handelscircular) There appears

ausser der grossen Zufuhr no particular ground for the depression which
exists in the colonial m a r k e t ... m i t A u s n a h m e des Z u s t a n d e s der Agricul-
turdistrikte, who are suffering from the great depreciation in the value of
their staple, a n d whose powers of c o n s u m p t i o n of colonial p r o d u c e m u s t
30 be, to a certain extent, contracted in C o n s e q u e n c e . (649)
8) June, 7.
Der Totalwerth der imports in die U n i t e d States in 1849 war

147,857,439 dollars; 42% davon went from Britain (61,154,538) abgesehn
35 von den imports der brittischen Colonies. (614) Receipts der U n i t e d States
v o m 1 J a n u a r - 3 1 M r z 1851:
15,604,117 dollars
Ausgaben: 10,847,698. (L c.) |
93
1161 Bradford. June. 5, 1851. (commercial circular) Sehr niedriger Prei der
G a r n e , verglichen m i t d e m Prei der Wolle, to effect sales of m a n y kinds
t h e price of spinning wages m u s t be wholly sacrificed. At no period even in
the t i m e of the greatest distress in 1847 et 1848 h a s the m a r g i n between the
cost of wool a n d the price of yarn b e e n so small, or the position of the spin- 5
ners so r u i n o u s as at present. ... Die prices of goods equally depressed ...
d u r c h d e n increase in the p r o d u c t i o n by additional m a c h i n e r y , has kept the
d e m a n d for labour active, and the wages paid are m u c h higher now t h a n in
former periods of m a n u f a c t u r i n g distress. (627,28)
Bradford. June 12. Steigen der Wolle. T h e busy trade of the past 2 years has
evidently placed too much machinery to work, while the raw m a t e r i a l has
advanced b e y o n d t h e price of t h e new clip of 1850. ... Unless there is a de-
cided advance auf G a r n , we m a y expect soon to see a large u n e m p l o y e d
b o d y of operatives. [661] 15
Macclesfield. June 10. T h e position of our m a n u f a c t u r e d goods trade re-

m a i n s a b o u t on a par with that of last week. S o m e idea of t h e unprecedent-
edly depressed state of this d e p a r t m e n t m a y be formed from the fact t h a t
scarcely % of o u r operatives are in e m p l o y m e n t . [661] 20
A l s o trotz d e r p r o s p e r i t y a n e r k a n n t v o m E c o n o m i s t :
1) D i e distress der farmers, obgleich erst w o o l , d a n n s h e e p ,
d a n n ||17| o a t s u n d barley i m Preisse stiegen.
2 ) I n L i v e r p o o l B a n k r u t t e a n 3 Mill. S t . d u r c h d a s S i n k e n d e r B a u m - 2 5
wolle u n d H e r u n t e r g e h n d e r E i s e n b a h n a k t i e n .
3) C o l o n i a l m a r k t s e h r d e p r i m i r t .
4 ) I n B r a d f o r d , Macclesfield etc, also i n S e i d e n u n d W o l l e n m a n u f a k -
tur actual distress.
94
Aus J. Fullarton: On the regulation of currencies
Fullarton. (John)
On the Regulation of Currencies
2 edit. L o n d o n . 1845.
Vor d e m Gesetz von 1819 andre causes in existence in d e t e r m i n i n g d e n

5 bullion price ausser der Circulation der B a n k n o t e n . Erstens, the m o r e or
less perfect c o n d i t i o n of the coin. 1st die circulirende M e t a l l m n z e u n t e r
i h r e m s t a n d a r d weight debased, so m u der geringste turn des exchange
causing a demand for exportation d e n Prei des u n c o i n e d bullion h e b e n
m i n d e s t e n s um die degradation des coin. Zweitens: D i e p e n a l laws die das
10 melting u n d exporting of coin verboten u n d d e n traffic in b u l l i o n erlaub-
ten. D i e gab, bei intensiver Nachfrage fr export, latitude fr V a r i a t i o n e n
des Bullionpreisses gegen das coin selbst zu Z e i t e n wo das paper vollstn-
dig convertibel. So 1783, 1792, 1795 u n d 1796. D i e bill von 1819, was die
r e s u m p t i o n of c a s h p a y m e n t s anging, ganz inoperative. Dieser Zweck
15 2 J a h r e vor d e m gesetzlich b e s t i m m t e n T e r m i n erreicht u n d zwar n i c h t m i t
contraction, sondern enlargement der bankissues. 1816 stieg der Bullion-
prei b e r d e n m i n t p r i c e , weil die b a n k directors, in their anxiety to pre-
pare fr die r e s u m p t i o n der Baarzahlung, das G o l d betrchtlich b e r d e m
Mintprice a n n a h m e n . Das Gesetz von 1819 h o b a u c h die Strafen gegen
20 E i n s c h m e l z e n u n d Ausfhren von coin auf. D i e das allein praktisch
Wichtige der M a a r e g e l 77 s. 9 d. giebt die B a n k j e z t per U n z e . M i n t p r e i
77 s. 10 d. (Note 7 - 1 0 ) Nichtsdestoweniger alles Uebel, sogar die Crise
von 1825 geschoben auf das law von 1819. D i e d a m a l s sehr populr.
(6) D i e s e m U n s i n n folgte der u m g e k e h r t e . B e h a u p t e t n m l i c h m i t d e m G e -
25 setz von 1819 sei d e n Handelskrisen ein E n d e g e m a c h t , die m a n seit d e n
F o r s c h u n g e n des B u l l i o n c o m m i t t e e gewohnt war to ascribe fast ausschlie-
lich d e n E x p a n s i o n s u n d contractions of a currency devoid of intrinsic val-
u e , a n d issued u n t e r keiner Control sondern n a c h der W i l l k h r der issuers.
95
Unglcklicherweise k a m die Crisis von 1825. Einerseits sahen darin die

C o b b e t t i s t e n e i n e n T r i u m p f u n d die Vertheidiger of an u n l i m i t e d issue of in-
convertible paper. Dagegen die Vertheidiger der Convertibility, d a die con-
vertibility n i c h t h i n r e i c h e gegen overissue, da der a m o u n t der b a n k n o t e s in
circulation a b h n g t von der discretion der bankers who issue t h e m ; d a der 5
W e r t h der currency von ihrer Q u a n t i t t a b h n g t u n d die b a n k e r s durch die
power of overissue diese Q u a n t i t t willkhrlich v e r m e h r e n also ihren
W e r t h v e r m i n d e r n k n n e n , sowohl der metallic als der papercirculation,
d a bei convertibility rise or fall im paper begleitet sein m u von gleichzei-
tigem rise or fall im Goldwerth u n d so der T a u s c h w e r t h der edlen Metalle 10
b e s t i m m t sei d u r c h die varying n u m b e r of existing promises to pay t h e m ;
da m i t depreciation oder appreciation der currency F a l l e n oder Steigen
der ||18| b r i g e n Waarenpreisse; da die Steigen der prices in any given
country, whrend die U m s t n d e in d e n a n d r e n L n d e r n u n v e r n d e r t blei-
ben, Uebereinfuhr fremder W a a r e n u n d V e r m i n d e r u n g des Exports zur 15
Folge hat, daher ungnstige balance of p a y m e n t s , F a l l e n des Wechselkur-
ses, a call on the b a n k to discharge the foreign debt, drain, gewaltsame
Contraction von Seiten der Bank um ihn aufzuhalten, Crise. ( 1 1 - 1 4 ) Alles
die n a c h derselben Doktrin zu vermeiden, wenn der b a n k die power of
overissue g e n o m m e n . D a s great object daher to restrain die b a n k n o t e circu- 20
lation in s u c h limits, d a ihre fluctuations nie shall exceed die fluctuations
einer metallic currency. ([14,] 15) W i r h a b e n tglich Proben, in d e n c o m p a -
rativ b e d e u t e n d e n fluctuations des Marktpreisses des Silbers, wo es nicht
das standard m o n e y des realm, wie z.B. da in E n g l a n d i n d e o h n e p e r m a -
n e n t e A e n d r u n g in seiner Productionskost, der Lokalwerth der edlen M e - 25
talle afficirt werden k a n n to an extent n o t u n i m p o r t a n t d u r c h die variations
V^/ in d e m rate of supply. D i e wird n u r neutralisirt d u r c h a n d r e U m s t n d e ,
wo das precious m e t a l standard or legal m e d i u m of exchange. (17, N o t e )
F r alle domestic exchanges, alle m o n e t a r y functions erfllt von gold
u n d Silber coin, k n n e n ebenso effectually vollbracht werden by a circula- 30
tion of inconvertible notes mit n u r c o n v e n t i o n e l l e m W e r t h , w e n n n u r die
quantity der issues be kept u n d e r d u e limitation. Aber: 1) Der W e r t h sol-
cher currency ganz regulirt d u r c h die Q u a n t i t t u n d kein regulating prin-
ciple w o d u r c h sie in exacter Proportion zu h a l t e n m i t d e n transactions die
die currency zu performiren hat. Eine nation, die has parted m i t its circula- 35
tion of metallic coin, die Zufuhr der edlen metals m a t t e r grosser Unsicher-
heit u n d sie cease altogether to be indicators of value. Diese supply n u r weit
herzuschaffen (von d e n M i n e n l n d e r n ) oder durch drawing on the stores
der N a c h b a r n . U n d am spot wenig weil die hoards der n a t i o n swept
away. So h o b sich das Gold zu a famine rate ( 1 0 - 2 0 % ) 1815 b e i der N a c h - 40
rieht von N a p o l e o n s R c k k e h r von Elba, fiel erst wieder n a c h der Schlacht
96
von Waterloo. W e i l pltzlich supply von Gold fr die A r m e e etc nthig

war. 2) M i b r a u c h der M a c h t Geld a u s z u g e b e n v o n Seiten der ffentlichen
Gewalt. In E n g l a n d die nicht der Fall, weil die Regierung alle ihre Be-
drfnisse befriedigte d u r c h taxes or by loan. 3) A metallic standard liefert
5 nicht n u r das M e d i u m fr domestic circulation, sondern erleichtert a u c h
d e n c o m m e r c i a l intercourse m i t allen a n d r e n n a t i o n s der Welt, a conven-
t i o n a l currency eine Creatur des Gesetzes u n d erstreckt seine M a c h t n i c h t
b e r d e n Bereich desselben. W i e o h n e metallic currency fr grosse Korn-
einfuhr, Subsidien etc rasch die Mittel beizuschaffen? ( 2 1 - 2 5 S e h r schwa-
10 c h e G r n d e . ) ( D e r g a n z e W i t z luft d a r a u f h i n a u s , d a ohne metallic cur-
rency k e i n e A c c u m u l a t i o n v o n p r e c i o u s m e t a l s s t a t t f i n d e n w r d e , d a
k e i n s t o c k w e n i g e r profitlich d e m K a u f m a n n . A l s w e n n eine N a t i o n a l -
b a n k , die i n c o n v e r t i b l e s P a p i e r a u s g i e b t , n i c h t dieselbe M a c h t h t t e
G o l d a u f z u k a u f e n , u n d z u h o a r d e n , wie die a n d r e n . I m G e g e n t h e i l d a s
1 5 G o l d w r d e sich m e h r i n i h r e n H n d e n c o n c e n t r i r e n . ) G o l d wird n i c h t
m i t G e l d gekauft, s o n d e r n m i t W a a r e n .
Was ist Geld?

9
Gold u n d Silbergeld. Credit vertritt sie zu / . Banknote eine der verschiednen
10
Formen des Credits. (28,9) E i n grosser Theil des Geschfts a b g e m a c h t o h n e

20 Dazwischenkunft von N o t e n etc d u r c h a widely e x t e n d e d system of m u t u a l
interchange arranged between the different b a n k s t h r o u g h o u t the country.
([31,] 32) M r . L e a t h a m , in his zeal to exalt bills of exchange to the highest
station in the lists of the currency, a s t o u n d s y o u with t h e whole aggregate I
array of bills a s s u m e d to be in existence at the period given, without think-
25 ing it necessary to draw any distinction between the portion of those bills
which really circulates as m o n e y , a n d the far larger portion which is h e l d
by capitalists as a productive investment. (34) A u c h inconvertibles Regie-1
rungspapier Geld. (36) the whole b a n k n o t e circulation of this country m i g h t
be t u r n e d to morrow into a system of bookcredits transferable by c h e q u e .
30 (41) Banknotes, having no other functions to perform t h a n as substitutes
for m o n e y , a n d being in d e m a n d for t h a t purpose ||19| alone, they are
created in quantities little m o r e t h a n sufficient to m e e t t h a t d e m a n d , a n d
with the exception only of s u c h as a c c u m u l a t e from t i m e to t i m e as a re-
serve in the h a n d s of t h e issuing banker, the great bulk of those n o t e s at
35 any given period in existence is also in the active performance of m o n e t a r y
offices. W e c h s e l dagegen h a b e n n o c h andre functions zu erfllen. It is t h e
t e n d e n c y of all interestbearing securities to r e m a i n quiescent. Die bills ac-
c u m u l i r e n daher in den h a n d s des capitalists. (42,3) N a c h M a c C u l l o c h
97
werden wenigstens 200 millions /. St. circuliren o h n e die expediencies fr

e c o n o m i z i n g currency. (46) T h e L o n d o n bankers at present are accus-
t o m e d to rely on a supply of notes on discount from the B a n k of England;
a n d w h e n that resource at any times fails t h e m , they are thrown into e m -
b a r r a s s m e n t a n d trouble, t h o u g h so long as their credit is entire, they have 5
only to cast r o u n d t h e m for a remedy. If they could agree a m o n g t h e m -
selves to pass bills of exchange currently as m o n e y , t h e t h i n g would be
d o n e ; and, as far as concerns a m e d i u m of exchange, they would be i n d e -
p e n d e n t of t h e Bank. (48,9) Irische I.-O.-U's von 9 sh. bis down zu 9 d.
n a c h 1798. ( 5 2 - 3 ) Inconvertibles Papiergeld k a n n d u r c h overissue depre- 10
ciirt werden. (57) Convertibles Papiergeld can never be issued in larger
quantities t h a n are required for use, a n d therefore c a n never be r e d u n d a n t .
Spekulation k a n n die Preisse fr eine Zeitlang steigern u n d sie k a n n u n -
terstzt w e r d e n d u r c h extraordinary facilities of credit. (58) D e r speculator
disturbs the n a t u r a l course of d e m a n d and supply. Er schafft erst an artif- 15
cial d e m a n d u n d d a n n contracts the supply. Succedirt er in s e i n e m Zweck
so ist das Steigen der Preisse nicht n o m i n a l s o n d e r n real, bringt er seine
W a a r e n e n d l i c h auf d e n Markt, so erhlt er n i c h t n u r dafr a larger n u m e r -
ical a m o u n t of coin or notes, t h a n he paid for it, b u t a larger m o n e y value.
E n t s t n d e ein rise wirklich durch die overissue von b a n k n o t e s , dieser dage- 20
gen n u r n o m i n a l , d e n n , as the quantity of goods which a 5 I n o t e could
c o m m a n d , would only be r e d u c e d in the same proportion t h a t the n o t e was
depreciated, t h e m o n e y value given in exchange would still be exactly the
s a m e as before; the only change would be in the d e n o m i n a t i o n . (59) G e s e z t
die Zufuhr von precious metals verdopple sich d u r c h wohlfeilere Bearbei- 25
tung der M i n e n oder Auffindung von r e i c h e r e m Erz, die Folge dieselbe wie
bei oversupply von a n d r e m dauerhaftem Metall. N i c h t m e h r fr Luxuswaa-
r e n davon c o n s u m i r t als frher, wenn nicht V e r m i n d e r u n g des Preisses.
D e r Prei der edlen Metalle wrde also fallen u n d die m e r c h a n t s m i g h t be
m o r e or less eager to realise their returns: E i n Theil w r d e zurckgehalten, 30
so d a der Fall graduell: die Consumtionsdisposition w r d e steigen m i t
d e m Fall der Preisse, bis eine I m p o r t a t i o n on the s a m e a b u n d a n t scale, von
J a h r zu Jahr, zulezt fr eine Periode die Sache selbst u n t e r ihre P r o d u c -
tionskosten treiben wrde, d a h e r R e a c t i o n auf die m i n i n g countries, bis
supply u n d d e m a n d ausgeglichen. H t t e das L a n d regulre M n z e , so 35
wrde der Theil der n i c h t fr M a n u f a c t u r u n t e r z u b r i n g e n g e m n z t werden,
die Besitzer des n e u e n G e l d e s wrden C o n c u r r e n t e n w e r d e n fr j e d e de-
scription of productive investment im Markt, wie fr alle C o n s u m t i o n s g e -
g e n s t n d e . A b e r da die supply solcher objects limitirt zuerst decline des
Zinsfusses, d a n n Steigen im W e r t h des L a n d e s u n d aller Z i n s b r i n g e n d e n 40
securities, schlielich Steigen der Waarenpreisse bis sie e i n e n level errei-
98
c h e n entsprechend den v e r m i n d e r t e n P r o d u c t i o n s k o s t e n der edlen Metalle.

E b e n s o wirkt inconvertibles Regierungspaper, w e n n die Regierung sich
n i c h t auf A n t i c i p a t i o n ||20| der Steuern beschrnkt. Im a n d r e n Fall kein
K a n a l w o d u r c h die Regierungsgeld z u r c k s t r m e n k a n n . Also Deprecia-
5 tion. Die Q u a n t i t t dieses Geldes n i c h t regulirt d u r c h die public d e m a n d ,
wohl aber die des Bankgeldes u n d zwar n u r d a d u r c h . D a s G o l d kehrt n i c h t
zur M i n e zurck; es bildet a p e r m a n e n t u n d irrevocable addition z u m
stock of m o n e y in the world. D e r importer m u , um es n t z l i c h a n z u w e n -
den, es a u s t a u s c h e n fr something productive. Er forces his coin on the
10 m a r k e t by a r e d u c t i o n of value. Bei Regierungsgeld tritt n u n n o c h der
Zwang h i n z u es zu n e h m e n . B a n k n o t e n dagegen n i e ausgegeben als auf de-
m a n d der recipient parties. Gold u n d c o n v e n t i o n a l m o n e y fr p a y m e n t
ausgegeben, b a n k n o t e s auf loan u n d m s s e n return, sobald sie d u e sind.
N i e m a n d versucht sie u m j e d e n Prei loszuwerden. K e i n K a u f m a n n hlt
15 sie lnger als er indispensably braucht. T h e b a n k e r has only to take care
t h a t they are lent on sufficient security, a n d t h e reflux a n d t h e issue will, in
the long r u n , always b a l a n c e each other. ( A b e r w e n n die security n u n
n i c h t sufficient! W e n n d e r B o r g e r b a n k e r u t t i r t , s o s t r m e n sie a l s o n i c h t
z u r c k u n d d e r reflux u n d i s s u e b a l a n c i r e n s i c h n i c h t . D i e s e Stelle s t e h t
20 64) Ihre Circulation stets b e s t i m m t d u r c h die wants derer die W e r t h oder
security h a v e to offer for t h e m . ( 6 0 - 6 5 ) D a s E i n e G e l d paid away, not re-
turnable to the issuers. Das andre r e t u r n a b l e to the issuers. (66)
Perfect convertibility ist das einzige Mittel gegen internal discredit u n d ge-
gen any violent aberration des a u s l n d i s c h e n Wechselkurses. But it is not so
25 much by convertibility into gold, as by the regularity of the reflux, that in the or-
dinary course of things any r e d u n d a n c e of the b a n k n o t e i s s u e s is r e n d e r e d
impossible. (67) Fllt eine grre Masse v o n N o t e n in die H a n d eines I n d i -
v i d u u m s , als es b r a u c h e n k a n n u n m i t t e l b a r , so deponirt es dieselbe bei sei-
n e m banker, der sie auf seinen depositaccount bei der B a n k of E n g l a n d
30 stellt, oder sie in d e n D i s c o n t o m a r k t wirft, where they help to supply the
vacancy left by the tide of notes continually setting b a c k to t h e Bank. D e r
Reflux ist das great principle der internal currency. (67,8)
D e r W e r t h eines wirklich convertiblen Papiergelds stets identisch m i t
d e m des coin, worin es convertibel u n d k a n n n u r vary with variations in the
35 value of coin. (69)
99
Fluctuations im Prei der edlen Metalle.
V e r s c h i e d n e U m s t n d e , besonders hervorgehend aus der Funktion der edlen

Metalle als Geld und ihr allgemeiner Kurs in dem Weltmarkt modificiren die
a l l g e m e i n e n Gesetze des Preisses in Bezug auf selbige. I h r e Dauerhaftigkeit
eignet sie zur A c c u m u l a t i o n von stock weit b e r die d e m a n d fr c o n s u m p - 5
tion h i n a u s . D i e allgemeine Begierde sie zu besitzen als das allgemeine
Equivalent, Leichtigkeit sie zu verbergen etc h a s led to the formation of vast
hoards. 1 1 5 0 - 2 0 0 0 millions von denselben im Weltmarkt. Bildet die
Quelle zur Correktion kleiner Unregelmssigkeiten in der Productivitt der
M i n e n u n d fr die Ausgleichung der Zufuhr von J a h r zu Jahr. D i e jhrli- 10
che Zufuhr in gewhnlichen J a h r e n n u r h i n r e i c h e n d d e n Verschlei dersel-
b e n im J a h r zu decken, weniger als %% z u m g a n z e n stock. A l s o a u f d i e s e
3
/ % b e z i e h t d e n a m o u n t i n d e r f l u c t u a t i o n d e r yearly a d d i t i o n . W e n n
4
n i c h t verlngert u n d wiederholt in einer R e i h e von J a h r e n , selbst w e n n u n -

c o m p e n s a t e d , o h n e B e d e u t u n g in s e i n e m Einflu auf die m a r k e t s dessel- 15
b e n . Aber selbst dieser extent of d e r a n g e m e n t c o u n t e r a c t e d by the inter-
v e n t i o n der h o a r d s . Sie absorbiren das berflssige P r o d u c t der M i n e n ,
wenn overflowing u n d disgorge it again when it is wanted for use, so d a
die fluctuations der supply in der Regel nicht die coined metals, s o n d e r n
n u r die hoards afficiren. Vorhergegangne A e n d e r u n g der Preisse d a z u 20
n i c h t nthig. D e r a m o u n t of hoards n i c h t b e s t i m m t d u r c h die Preisse, son-
d e r n d u r c h d e n Zinsfu, der zuerst steigt u n d fllt m i t d e m M e d i u m , wo-
d u r c h Capital vertheilt wird, sei es Geld oder Credit. H o a r d p r i n c i p l e b e s o n -
ders ||21| in Asien. Hier grtes Verhltni der hoards z u m circulirenden
Metall. Europa, wo blos oder besonders metallische Circulation. In Eng- 25
l a n d die h o a r d s transferred zu der Bank of England. In j e n e n L n d e r n , wie
Frankreich, k a n n grosser Export stattfinden von edlen M e t a l l e n o h n e E i n -
flu auf die i n n r e Circulation. So ersezten R u l a n d , Preussen, Oestreich,
Schweden, D n e m a r k z u m Theil ihr Papier durch G o l d zur selben Zeit wo
E n g l a n d die c a s h p a y m e n t s wieder einfhrte, o h n e sensible injury to c o m - 30
m e r c e . Erst 1570 merklicher Einflu der v e r m e h r t e n precious m e t a l s auf
Preisse in England. So m i t d e n Assignaten. F r j e d e n issued a piece of m e t a l
(coin) was displaced u n d so lange die dauerte, u n m g l i c h an increase
of aggregate quantity nor any depreciation. D i e Bank of E n g l a n d n a t u -
rally a sort of general receptacle for the surplus produce of the g o l d m i n e s 35
in every quarter of t h e globe. D i e markets fr Gold all over t h e world d a h e r
regiert d u r c h d e n m a r k e t in England. Die B a n k giebt fr das G o l d coin
oder notes. W e n n keine Nachfrage dafr d u r c h d e n Stand des Geschfts-
markets, werden sie u n m i t t e l b a r C o n c u r r e n t e n fr a share in t h e productive
100
deutscher Bundesta
securities floating in the market, fr Exchequerbills, Consols u n d Dis-

counts. Im Discontmarkt, d u r c h n i e d r i g e n Zinsfu, fangen sie auf a por-
tion of the bills on their way for d i s c o u n t to t h e Bank. D i e sellers von Ex-
chequerbills u n d Consols werfen sich a u c h auf d e n d i s c o u n t m a r k e t u n d so
5 geht der Process voran, bis der d i s c o u n t m a r k e t die ganze m i l l i o n absorbirt
hat. Bei der B a n k g e h n ihre N o t e s ein fr selbige bills, aber keine aus; R e -
sultat: D i e B a n k h a t a m i l l i o n of coin m e h r u n d a million of securities less
in ihren Coffers. So long as the b a n k h a s a sovereign out on t e r m i n a b l e se-
curities at short dates, the c h a n n e l of reflux m u s t r e m a i n open, u n d die
10 Bank utterly i m p o t e n t to a d d a superfluous n o t e to the currency. H a t die
Bank aber n u r kleinen stock of bills u n d e r discount, so der progressive in-
crease der supply der precious metals, w e n n die P r o d u c t i o n derselben er-
leichtert, with the exchange still r u n n i n g in favour of this country, m a y
cause an accession of treasure sufficient to extinguish almost for a t i m e the
15 m a r k e t rate of interest. J e d e r e d u n d a n c e des circulating m e d i u m , in coin
or paper, w r d e absorbirt u n d durch die A c t i o n der B a n k selbst niederge-
halten werden, so lange ein Refluxcanal offen erhalten d u r c h die bill circu-
lation. Dieser verstopft u n d die B a n k ganz von d e m G e l d m a r k t abgeschnit-
ten d u r c h Aufhren j e d e r application fr discount, every fresh issue der
20 Bank fr t h e p u r c h a s e of gold, w e n n n i c h t r e t u r n e d in the shape of a depos-
it, werde p e r m a n e n t l y a d d e d sein zu der circulation. U n d um die m a s s der
circulation n i e d e r z u h a l t e n , das hoarding principle wach gerufen d u r c h die
general cooperation aller holders u n d receivers von Geld. Large s u m s von
Gold u n d n o t e s i n i h r e n H a n d s oder d e n e n der b a n k s a c c u m u l i r t oder
25 transferred z u r custody der Bank of England, wo sie fr eine season u n p r o -
ductive u n d profitless. Erster relief fr d e n M a r k t d u r c h d e n effort der capi-
talists fr productive investments ihres capital, by sending it to foreign
countries. So ein Theil des s u p e r a b u n d a n t store of specie placirt u n d , by
promoting its m o r e equal distribution t h r o u g h t h e world, schlielich prpa-
30 rirt das general re-adjustment of prices to the n e w scale of m e t a l l i c value,
which, if the a u g m e n t e d scale of p r o d u c t i o n u n d d i m i n i s h e d cost des
Golds m e h r als temporr, would sooner or later be inevitable. ( 6 9 - 8 1 ) |
101
|22| Unmglichkeit der overissue.

Unterschied von loan von Capital
und demand fr additional Currency.
Bei der ersten issue einer Circulationsbank, in a district wo frher keine

b a n k i n g a c c o m m o d a t i o n , the c o m m a n d of capital which the b a n k e r acqui- 5
res from the substitution of his notes for the money previously in circulation, a n d
w h i c h enables h i m to diffuse credit etc. (83) the efforts of a b a n k of issue to
e x t e n d their circulation know no remission. (84) bei d e m b a n k e r any con-
traction of his circulation is just as effectually prevented by the want of
will, as any e n l a r g e m e n t of it is prevented by t h e want of power. (84,5) A u s - io
s a g e n d e r c o u n t r y b a n k e r s i n d e n p a r l i a m e n t a r y c o m m i t t e e s . Periodische
E b b u n g u n d F l u t h u n g i n d e n country u n d m e t r o p o l i t a n b a n k s . D i v i d e n d s
der Bank of England. D i e B a n k of E n g l a n d vermehrt bei der Z a h l u n g der
vierteljhrlichen dividends ihre issues u m % - % Folge: V e r m i n d r u n g der
Nachfrage fr D i s c o u n t b e i der Bank. M e h r Discontiren oder loan bei Pri- 15
vatpersonen. ( 8 6 - 8 8 ) Meist der level der circulation wieder hergestellt gen
M i t t e des 2* M o n a t s in every quarter. (88) A u f d e m L a n d e U n t e r s c h i e d von
% m i l l i o n der notes circulirend April gegen August. (1. c.) G e s c h i c h t e der
A k t i e n b a n k e n seit 1833. (89 sq.) Die ganze Circulation v o n E n g l a n d u n d
W a l e s , metropolitan, private u n d joint-stock 25,010,706 /. erstes quarter 20
von 1842, um 3 millions less als die average circulation von 1833, ob-
gleich die P o p u l a t i o n vermehrt um y seit dieser Zeit. (91) T e n d e n z der
w
b a n k n o t e circulation zur D i m i n u t i o n . (92 sqq.) Die A k t i e n b a n k s waren

m e h r succesful to extend the use of banking accounts in alien r a n k s des
k i n g d o m s , als in ihren v a i n attempts to engross or enlarge t h e circulation. 25
(1. c.) Deposits encouragirt d u r c h Zinszahlen der bankers. D e r t r a d e s m e n
zahlt d a n n by c h e q u e s u n d diese in d e n m o s t cases adjusted by transfer or
exchange, without any resort to m o n e y . ([92,] 93) D i e Scotch banks. (1. c.
sq.) W a s n u n die A u s g a b e n von N o t e s d u r c h die B a n k of E n g l a n d b e i m
K a u f von Exchequerbills etc angeht, so ist es n i c h t nthig, d a die particu- 30
lar securities worauf diese notes avancirt sind a u c h d e n c h a n n e l for their
r e t u r n bilden. Selbst in d i e s e m Falle die R e d u c t i o n der marketrate of inter-
est, die nothwendig folgen wrde auf solche Operation der B a n k of Eng-
land, wrde solch e i n e n Export von bullion verursachen as would infallibly
relieve t h e m a r k e t long before there could be any action on value. A b e r sol- 35
, Che necessity wrde n i c h t v o r h a n d e n sein. W h i l e the glut lasted, every bill
I of exchange, on its passage to the Bank for discount, would be eagerly in-
/ tercepted. T h e B a n k would find the notes which it h a d advanced on former
102
occasions flowing back u p o n it as fast as t h e bills fell d u e , while there

would be no d e m a n d for any fresh a c c o m m o d a t i o n s . W e r e it possible that
such a state of things could last long, the facilities of the market would be
such, that even the borrowers on mortgage would be found bringing in fur-
5 ther parcels of superfluous n o t e s in r e d e m p t i o n of their securities; a n d so
long as there r e m a i n e d a r e d e e m a b l e security in the B a n k a vent would n o t
be wanting for this unprofitable a n d u n d e s i r e d a c c u m u l a t i o n of circulating
credit. (96,7)
Demand for pecuniary accommodation (i. e. for t h e loan of capital) ist n i c h t
10 n u r n i c h t identisch, s o n d e r n selten associirt m i t a demand for additional
means of circulation. W e n n der commercielle Cyclus auf d e m Prosperitts-
grad steht, ist meist an additional supply of currency required to perform
the a d d i t i o n a l functions inseparable from the necessity of m a k i n g larger
a n d m o r e n u m e r o u s p a y m e n t s ; w h r e n d in a m o r e advanced state des c o m -
15 mereiai cyclus, w h e n difficulties begin to present themselves, when m a r -
kets overstocked u n d returns delayed, der Zinsfu steigt a n d a pressure
comes on t h e B a n k for advances of capital. D i e schiet sie d a n n vor d u r c h
das M e d i u m von notes. A b e r die a c c o m m o d a t i o n o n c e granted everything
adjusts itself with the necessities des market; die l o a n r e m a i n s u n d t h e cur-
20 rency if n o t wanted finds its way back to the issuer. (97)
Fluktuation der Preisse und Wirkung davon

auf die Notencirculation.
Tooke zeigt, d a in d e n lezten 50 J a h r e n n u r ein Fall, wo vermehrte N o t e n -

circulation m i t e i n e m rise des Weizenpreisses z u s a m m e n f l l t u n d die n u r
25 wenig u n d t e m p o r r (1824) u n d n u r ein Fall, wo eine R e d u c t i o n der Bank-
issues gleichzeitig m i t a decline des Weizenpreisses. (1831) (100) D i e cir-
c u m s t a n c e s die auf die supply wirken, wirken auf prices, irregularities der
seasons u n d harvests. D e r range of fluctuations from s u c h causes am be-
d e u t e n d s t e n im F a l l der vergnglichsten W a a r e n , kept at t h e greatest cost
30 n o t likely d a h e r to be a c c u m u l a t e d , die n o t h w e n d i g fr ||23| m e n s c h l i c h e
Subsistenz u n d d e m a n d d a h e r fast nicht zu modificiren, fluctuations of
corn von selbst 200%. Um eine d e m a n d zu schaffen fr additional currency
gengt a m e r e rise of prices nicht, wie wichtig a u c h die class of articles sei
worauf der rise sich erstrecke. Um diesen Effect zu bewirken, m u der rise
35 begleitet sein v o m increase der P r o d u c t i o n u n d C o n s u m t i o n . Steigt der Ar-
tikel, weil u n g e w h n l i c h e scarcity der Zufuhr, so ist die Q u a n t i t t des Arti-
kels so vermindert, da trotz des Steigens des Preisses, die Q u a n t i t t von
103
Geld h i n r e i c h e n k a n n , u m i h n z u distribuiren. B e i m Ausfall der Zufuhr i n

e i n e m Artikel of first necessity, wie wheat, steigt der Prei geometrisch
z u m Q u a n t u m des Ausfalls. D a h e r i n u n p r o d u c t i v e seasons die farmers
stets in ihrer greatest affluence, new capital fliet in die agricultural dis-
tricts, spirit of i m p r o v e m e n t excited there, d e m a n d for a d d i t i o n a l accom- 5
m o d a t i o n from the country bankers, a n d for an extra supply of b a n k n o t e s .
A b e r die m e a n s der a n d r e n Volksklassen verkrzt d u r c h s c h l e c h t e n Herbst.
D i e A u s g a b e fr Brod n i m m t b e i n a h alles weg bei d e n a r b e i t e n d e n Klas-
sen. So die e x t r a d e m a n d fr currency der farmers contrabalancirt. D a h e r
das P h n o m e n der local sympathy zwischen expansions u n d contractions 10
der countrynotecirculation u n d d e n Kornpreissen, u n d das U n b e r h r t b l e i -
b e n der Circulation der B a n k of England. A b e r w e n n Steigen der Preisse
n i c h t d u r c h n a t u r a l dearth sondern Steigen der Nachfrage, d u r c h n e u e
M r k t e , Verbesserungen, Erfindungen etc vergrsserte scale also of p r o d u c -
tion a n d c o n s u m p t i o n , Steigen der Preisse u n d der general s u m of transac- 15
tions, d a n n requiring t h e intervention of money to be multiplied in number a n d
enlarged in magnitude. Wo rein Metallische Circulation k o m m t die surplus
d a n n aus d e n h o a r d s ; wo Credit die circulation is supplied by t h e b a n k s .
Im ersten Fall zur Bewirkung des Effects grre Druckwirkung auf d e n
m a r k e t rate of interest n t h i g prliminar. D a h e r 1833 u n d 1836 A u s d e h - 20
n u n g d e r internal currency, trotz des S i n k e n s des Weizenpreisses. Blose
Speculation im P r o d u c e m a r k e t aber k a n n nicht p r o m o t e its object by an in-
creased u s e of the banknotecirculation. Solche Speculations k n n e n ge-
fhrt w e r d e n m i t oder o h n e u s e des credit, von K a p i t a l der S p e k u l a n t e n
selbst, d u r c h long credits von d e n sellers der goods, oder d u r c h loans von 25
b a n k e r s oder a n d r e n dispensers of capital. A b e r N o t e n c i r c u l a t i o n k a n n sie
weder befrdern, n o c h k a n n sie dieselbe a u s z u d e h n e n streben. Erstens: Alle
grossen dealings zwischen d e m speculator u n d p r o d u c e r oder importer,
zwischen E i n e m speculator u n d d e m andren, j a der f i n a l sale a n d e n retail-
t r a d e s m a n gefhrt d u r c h bill, c h e q u e oder set-off. B a n k n o t e n interveniren 30
n u r fr Z a h l u n g der trivial fractional balance. D a n n n a c h d e m p u r c h a s e
sucht der speculator die supply zu contrahiren, i n d e m er e i n e n T h e i l des
existirenden Vorraths der W a a r e n d e m M a r k t entzieht. Diese E n t z i e h u n g
der W a a r e n aus der circulation k a n n u n m g l i c h die M a s s e des circuliren-
d e n M e d i u m s steigern. Schlgt es endlich los, so: w e n n die Spekulation 35
richtig u n d n i c h t pltzlich fresh importations from abroad, das Steigen der
Waarenpreisse compensirt d u r c h V e r m i n d r u n g der W a a r e n m a s s e . W e n n
wie gewhnlich, falsch spekulirt, u n v o r h e r g e s e h n e imports, fllt der Prei
m e i s t unter die Productionskosten. Allerdings in der Periode des outbreak
des Discredits, w e n n Z a h l u n g e n n i c h t lnger aufzuschieben, die B a n k of 40
E n g l a n d u m A c c o m m o d a t i o n bestrmt. Diese verleiht sie d u r c h notes, die
104
aber n i c h t circuliren, sondern berall aufgefangen werden, u m die D e p o s -

its zu verstrken, um sich in d e n Defensivzustand zu setzen. W i r d so der
Fall der Preisse aufgehalten, so geschiehts n i c h t i n d e m die notes in d e n
P r o d u c e m a r k t gehn, u n d die d e m a n d v e r m e h r e n , s o n d e r n i n d e m sie die
5 W a a r e n b e s i t z e r befhigen n i c h t loszuschlagen, die supply zu h e m m e n ...
Einer der vortheilhaftesten effects unseres Systems ist, that the whole duty
of providing a sufficient stock of gold for the correction of the exchanges de-
volves u p o n o n e great establishment ... y o u m a y as well tell the bankers to
issue w i t h o u t any regard to t h e d e m a n d for their notes, as to issue without
10 regard to prices. D e r Pchter d e h n t die Strecke des B o d e n s , die er best,
n a c h einer T h e u r u n g aus. Sonst wrde die famine sich fortschleppen d u r c h
e x h a u s t i o n des surplusstock, der gewhnlich aus e i n e m J a h r in das andre
sich herberzieht. Zu dieser Operation b r a u c h t der farmer Vorschsse.
Diese giebt i h m der b a n k e r d u r c h seine n o t e s ... h i g h prices constitute t h e
15 n a t u r a l a n d only legitimate r e m e d y by which t h e evils of famine are to be
mitigated, regelt die C o n s u m t i o n u n d giebt die M i t t e l zur A u s d e h n u n g der
P r o d u c t i o n ... prices m s s e n d a h e r govern the issues of country b a n k e r s .
(100-111)
Lehre von den Drains of Bullion.
20 D i e currencyleute sagen da die convertibility der n o t e s selbst e n d a n g e r e d

d u r c h die Preifluctuations. 1 8 2 5 - 1 8 3 9 sehr niedrig reducirt das G o l d der
B a n k d u r c h die drains for export. D i e currency L e u t e betrachten die drains
als S y m p t o m von overissue u n d d a h e r depreciation des Papiergelds. G l a u -
b e n der Aggregatwerth der currency sei d u r c h overissue von paper reducirt
25 u n t e r d e n W e r t h der currencies der a n d r e n Lnder. W a a r e n p r e i s s e seien
d a h e r alle im L a n d der overissue gestiegen. Das Gold fliesse d a h e r aus um
die W a a r e n da zu kaufen, wo sie niedriger oder der W e r t h des b u l l i o n h -
her. D u r c h diesen P r o z e werde das Gleichgewicht hergestellt, w e n n die
B a n k of E n g l a n d n i c h t bestndig die notes sent in fr p a y m e n t d u r c h fresh
30 issues ersetzen. Im Falle nothwendiger b u l l i o n v e r s e n d u n g e n w e n d e t sich
alles an die B a n k of England. R e i c h t n u n der Goldvorrath der B a n k n i c h t
hin, so allgemein u n e a s i n e s s , Discredit etc. Panics ... Jeder Fall des real
exchange u n t e r e i n e n gewissen P u n k t (die Transportationskosten des Gol-
des n a c h d e n L n d e r n , d e n e n der Wechselkurs gnstig) verursacht Export
35 der edlen Metalle ... D a s i n d u c e m e n t to export or i m p o r t b u l l i o n h n g t gar
n i c h t ab v o m W e r t h der Circulation, sondern n u r v o m Bilanzstand der for-
eign p a y m e n t s . Legal d e b a s e m e n t des circulirenden M e d i u m s v e r m i n d e r t
die contrahirten S c h u l d e n n a c h Aussen. A r t B a n k r u t t e ... W o coin u n d in-
105
convertible n o t e s z u s a m m e n circuliren wird die m i n d e s t e oversupply des

c o n v e n t i o n a l paper oder das Coincidens von legal obstacles to t h e free ex-
p o r t a t i o n der edlen Metalle z u s a m m e n m i t an adverse t u r n of exchanges
das coin z u e i n e m P r m i u m treiben, oder w e n n die verhindert, d e n m a r -
ketprice des bullion b e r d e n m i n t p r i c e h e b e n ... D e r range of fluctuation 5
der Preisse des G o l d u n d des Silbers, m i t A u s n a h m e der M i n e n g e g e n d e n
u n d in geringrem M a a s s e in d e n L n d e r n , wo n u r Eins der edlen Metalle
als Geld dient, ist ganz geringfgig. In E n g l a n d die fluctuation ||24| auf zu
76% u n d n i e d e r zu Y %. Dagegen die variation des exchange, seit 1819, 3%
2
in d e n billtransactions m i t Paris u n d 6 % in d e n e n m i t H a m b u r g . D i e trivial 10

oscillations des m a r k e t p r i c e des standard m e t a l , im G a n z e n %%, sind stets
Folge, n i e U r s a c h e dieser larger variations des exchange. Bei L n d e r n , die
beide G o l d als circulirendes M e d i u m a n w e n d e n , ist der course of transit
i m m e r von d e m l a n d wo gold is dearest n a c h d e m Land, wo es ist cheapest,
a rise of the marketprice of the m e t a l to its highest limit in the h o m e m a r - 15
ket, a n d a fall of the p r e m i u m in the foreign market, being the certain re-
sult of t h a t t e n d e n c y to an efflux of gold which follows a depression of the
exchanges, a n d b o t h effects i m m e d i a t e l y ceasing on t h e cessation of the
d e m a n d for exportation. ... Bewiesen da Circulation v o n convertiblen
n o t e s n i c h t so in Excess urn Preisse zu h e b e n . T o o k e h a t bewiesen, d a m i t 20
1 oder 2 A u s n a h m e n , in l e z t e m half century, jeder remarkable fall des ex-
changes, followed by a drain of gold, zusammenfiel mit a comparatively low state
of the circulating medium a n d vice versa. Zwei J a h r e vor 1797 a system der
m o s t d e t e r m i n a t e d contraction ausgefhrt d u r c h die Directors der B a n k of
E n g l a n d , reducing the circulation von 16,017,510 I. am 28 F e b . 1795 auf 25
8,640,250 I. am 25 F e b . 1797, o h n e im m i n d e s t e n s der d r a i n of gold aufge-
h a l t e n d a n n im Progress for restoring t h e exchange. D i e R e s t a u r a t i o n des
exchange to its b u l l i o n par bewirkt in 1816 von einer Depression v o n 30%,
in the face of an e n l a r g e m e n t der issues der B a n k of E n g l a n d von 3 - 6 mil-
lions. H i g h e x c h a n g e u n d Influx von Bullion in c o n c u r r e n c e , m i t a full cir- 30
culation, u n d a depressed state of the exchange u n d drain of b u l l i o n coin-
ciding m i t a contracted circulation, 1825, 1 8 2 8 - 9 , 1 8 3 0 - 2 , 1 8 3 3 - 3 9 ,
1 8 4 2 - 3 m i t A u s n a h m e von 1839, w o d u r c h Z u s a m m e n f a l l e n eines thriving
trade, an active c o n d i t i o n of industry, u n d a high range of prices m i t a fail-
u r e des cornharvest, 3 Mill, b u l l i o n der Bank of E n g l a n d entzogen, w h r e n d 35
ihre Circulation stieg um 600,0001. D a s Coincidens of a full state of cur-
rency u n d gnstigem Wechselkurs u n d u m g e k e h r t verhalten sich n i c h t wie
U r s a c h e u n d W i r k u n g , s o n d e r n dieselben circumstances which c o n d u c e t o
a rise of the exchange u n d an influx of gold, d e n o t e also generally the exist-
e n c e of an active state of internal industry, a high scale of p r o d u c t i o n a n d 40
c o n s u m p t i o n , and every c o n d i t i o n requisite to an e n h a n c e d e m p l o y m e n t
106
u n d d e m a n d for m o n e y . Andrerseits, w h e n a fall des foreign exchanges u n d

a d r a i n of gold c o m e in t h e train of a period of c o m m e r c i a l e x c i t e m e n t u n d
speculation, their a d v e n t is c o m m o n l y t h e signal of a collapse already c o m -
m e n c e d , an i n d i c a t i o n of overstocked m a r k e t s , of a cessation of t h e foreign
5 d e m a n d for o u r p r o d u c t i o n s , of delayed r e t u r n s , and folglich of c o m m e r -
cial discredit, m a n u f a c t o r i e s s h u t u p , artisans starving, u n d a general stag-
n a t i o n o f industry u n d enterprise. D a n n reicht a u c h kleinerer Betrag v o n
n o t e s fr die i n t e r n a l transactions h i n . A b e r diese P h n o m e n e , obgleich
coordinirt, g a n z u n a b h n g i g v o n t h e a c t i o n of d r a i n s in bringing n o t e s i n t o
10 t h e b a n k for gold. S u c h a c t i o n is t h e i m m e d i a t e c o n s e q u e n c e of a d e m a n d
for gold as an exportable c o m m o d i t y , a n d n o t of any a b a t e m e n t of t h e d e -
m a n d for circulation. W a s n u n die Flle angeht, wo eager c o m p e t i t i o n fr
b a n k n o t e s , die characterize seasons o f p a n i c u n d die wie E n d e 1825 z u m
t e m p o r a r y e n l a r g e m e n t der N o t e n a u s g a b e fhren k n n e n , selbst w h r e n d
15 der Ausflu des Bullion fortdauert; d i e gehrt n i c h t zu d e n necessary con-
c o m i t a n t s of a low e x c h a n g e ; die d e m a n d in s o l c h e n F l l e n n i c h t fr i n t e r -
n a l circulation, s o n d e r n fr h o a r d i n g , a d e m a n d v o n Seiten der a l a r m e d
b a n k e r s u n d capitalists, w h i c h arises generally in the last act of t h e crisis,
after a long c o n t i n u a t i o n of t h e drain, a n d is t h e precursor of its t e r m i n a -
20 t i o n . ... Also high exchange und influx of bullion zusammen mit full circula-
tion: low exchange and drain of bullion with a contracted circulation. ... H e r r
Loyd insists that, whenever t h e s t a n d a r d m e t a l is required for exportation,
t h e d e m a n d should be fulfilled, n o t o u t of t h e stock in h o a r d , b u t o u t of t h e
stock in circulation ... die drains von bullion sind keine question of currency
25 but of capital. Sie lsen sich alle auf in die Frage der Bilanz der Zahlungen
u n d der Nothwendigkeit, Capital, von einem Land in das andre to transfer. D i e -
ser Fall k a n n e i n t r e t e n b e i Failure or the Crops, Heavy war expenditure in a for-
eign country; transmission of capital um es im Ausland auf grre Zinsen zu le-
gen; (. B. K a u f e n v o n f r e m d e n Staatspapieren.) o d e r in return for a surplus
30 quantity of foreign goods imported. Bei der Z a h l u n g einer f r e m d e n Bilanz Ca
pital also z u v e r s e n d e n i n der F o r m von W a a r e n oder G e l d . I n leztrer
F o r m , w e n n sie convenienter, rascher o d e r profitabler. G o l d u n d Silber
possess an infinite advantage over all o t h e r descriptions of m e r c h a n d i s e for
s u c h occasions, from t h e c i r c u m s t a n c e of their being universally in u s e as
35 m o n e y . ... R i c a r d o u n t e r s c h z t e d e n influence der precious m e t a l s for in-
t e r n a t i o n a l a d j u s t m e n t s . . . D i e currency L e u t e , die j e d e n drain s t o p p e n
wollen durch* die C o n t r a c t i o n der b a n k i s s u e s b a s i r e n d i e auf 2 Vorausset-
z u n g e n : 1) d a der N o t e n b e l a u f die Preisse regulirt. 2) d a eine massige
R e d u c t i o n der Preisse hinreicht, u m e i n e n M a r k t fr u n s r e W a a r e n i n
40 fremden L n d e r n zu schaffen. Es ist aber n i c h t die Contraction der issues,
sondern die der accommodation, die die Preisse herunterdrckt u n d h a t selbst
107
d a n n n u r diesen Erfolg, w e n n schon a degree of c o m m e r c i a l difficulty u n d

a low state des private credit, so d a die c o m m u n i t y m e h r als gewhnlich
von d e m support der Bank of England a b h n g t . . . ||25| D i e keineswegs im-
m e r der Fall im Anfang eines drain. W e n n aber, klar, d a d u r c h gleichzei-
tige contraction der currency u n d des capital, die B a n k es in der H a n d h a t 5
to spread discredit, a n d to force the holders of goods to throw t h e m on the
m a r k e t u n d so zu effect a r e d u c t i o n of the prices of goods t h r o u g h the re-
d u n d a n c e of their quantity. So wurde jedes d e r a n g e m e n t im G e l d m a r k t
z u m P a n i c u n d zur Crise. Der drain beginnt i m m e r , w e n n schon large for-
eign debt contracted u n d alle Mittel sie im gewhnlichen c o m m e r c i a l way 10
zu z a h l e n erschpft sind. J e d e gewaltsame R e d u c t i o n der Preisse, selbst
w e n n o h n e Crise zu bewirken, sehr s c h l i m m e G e s c h i c h t e , gewaltsame in-
terference m i t der distribution of property. N a c h H u b b a r d depreciation der
products des U n i t e d K i n g d o m um 5 % fr ein J a h r wrde herbeifhren Ver-
lust von 25 Mill. St. ... W r d e selbst der Prei der W a a r e n d u r c h d e n 15
a m o u n t of circulation b e s t i m m t , so wirken die drains n i c h t auf die cur-
rency in circulation, sondern auf die currency in reserve, auf die h o a r d s . ...
D a s Gold in h o a r d s wirkt nicht auf prices u n d die ganze O e k o n o m i e of in-
t e r n a t i o n a l p a y m e n t s zwischen speciecirculating c o m m u n i t i e s b e r u h t auf
der action der h o a r d s ... In solchem Fall wrde die C o n c u r r e n z fr Capital 20
for t r a n s m i s s i o n d e n marketrate of interest steigen m a c h e n . U n d die
w r d e wirken u p o n h o a r d s u n d draw forth into activity a p o r t i o n of the
gold a n d silver which the moneydealers h a d b e e n a c c u m u l a t i n g . Diese
hoards m s s e n h i n r e i c h e n , u m die R e m e s s e n n a c h aussen z u m a c h e n u n d
um d e n m e r c h a n t to enable seine Geschfte auf d e m g e w h n l i c h e n F u 25
fortzufhren. U n d weiter t h u t die B a n k of E n g l a n d nichts, w e n n sie com-
plies m i t fresh applications for d i s c o u n t in the face of a drain, a n d replaces
with new issues the n o t e s brought to it for gold. D i e h o a r d s dieses L a n d e s
alle Concentrin in der Bank. N u r m u die B a n k d a z u M a a r e g e l n fr ihre
eigne Solvenz treffen. Z a h l u n d W e r t h der i n n r e n dealings r e m a i n wholly 30
unaffected by the drain. D i e notes, z u m A u s t a u s c h gegen G o l d , c o m e n o t
in die B a n k from the circulation, b u t from the reserves der b a n k e r s u n d
andrer capitalists. 1839 das Gold fast n u r durch c h e q u e s , auf Deposits, aus-
gezogen. ( 1 1 2 - 1 4 4 ) ...
Die B a n k of E n g l a n d k a n n t u r n a drain of gold n i c h t d u r c h L i m i t a t i o n 35
ihrer issues, b u t by operating forcibly on credit. Es mag Flle geben, wo die
B a n k for its own protection diesen Cours einschlagen m u ... Mit der prac-
tice of investing capital in foreign loans ... as the prices of s u c h securities rises
and falls with t h e fall a n d rise of the m a r k e t rate of interest, a n d the securi-
ties themselves accordingly are in a continual course of transition from 40
places where the rate of interest is high to places where it is low, the fluctua-
108
tions of interest have b e c o m e an engine in the regulation of the exchanges,

and, to the extent of their action, are found certainly a m o r e m a n a g e a b l e
a n d safe i n s t r u m e n t for facilitating foreign p a y m e n t s a n d for correcting
irregularities in t h e distribution der precious metals, t h a n t h e fluctuations
5 of price. Of this engine, since the repeal der usury laws, the Bank h a s b e e n
free to avail itself, for the counteraction of any d r a i n on its coffers, to such
extent as the Bank can control the market rate of interest: A b e r die m e a n s der
B a n k a u c h zu d i e s e m Zwecke beschrnkter als T o o k e glaubt, die W i r k u n g
der B a n k beginnt erst b e i e i n e m a l l g e m e i n e n low state of credit. A n d
10 generally a low range of interest and a great facility of banking accommodation
are coincident with the commencement of drains. In solchen Fllen, w e n n die
Bank n i c h t als p u r c h a s e r of securities auf d e n M a r k t geht, it would be u n -
able to employ its funds. A b e r abgesehn davon. D e r Reflux von Bullion in
solchen Fllen schwer zu bewirken d u r c h any alteration im Zinsfu. D e n n :
15 G e w h n l i c h der Zinsfu h o c h caeteris paribus in a c o m m e r c i a l country,
w e n n die returns des m e r c h a n t from a b r o a d are delayed beyond t h e u s u a l
period u n d d a h e r n i c h t a n z u n e h m e n any difficulty in employing funds to
adventage in the creditor country, so lang considerable returns erwartet
werden. So lange zweitens a h i g h exchange in favour of the creditor c o u n -
20 try u n d a profusion of bills in the market, the h o l d e r of bullion in t h a t
country, who m i g h t desire to invest his funds at interest in the debtor c o u n -
try, would find it m o r e for his adventage to lay o u t his bullion in t h e pur-
chase of those bills, t h a n to reexport t h e bullion. T h e foreign debt o n c e dis-
charged, t h e difference between the m a r k e t rates of interest in the two
25 countries would no d o u b t operate powerfully in accelerating the reflux of
the specie. Also kein Mittel, at all times, for the suppression or correction of a
drain of the precious metals. ... Jeder drain e n d e t m i t der s p o n t a n e o u s ces-
sation der U r s a c h e n , die i h n bewirkt. D a s G o l d exportirt fr die discharge
of a foreign debt ist erheischt weder fr C o n s u m t i o n n o c h fr Circulation
30 an d e m spot, wo es h i n g e s a n d t wird. Sie return n u r in die h a n d s der m o n -
eydealers von H a m b u r g , A m s t e r d a m u.s.w., die e i n e n trade in d e n e x c h a n -
ges m a c h e n u n d wahrscheinlich frher dasselbe Gold n a c h E n g l a n d ge-
schickt h a b e n . E i n Theil davon ||26| kehrt z u r c k in ihre h o a r d s . D e n R e s t
s u c h e n sie profitlich am spot zu verwenden. A b e r das local e m p l o y m e n t of
35 capital beschrnkt; der m a r k e t r a t e of interest falls; the gold b e c o m e s a drug
on their h a n d s ; u n d sie are glad to re-export it ere long to this or s o m e oth-
er country where a secure a n d productive investment can procured for it.
So auf b e i d e n Seiten n t h i g der reflux of the m e t a l . D a s Public stets so
alive to the danger of total exhaustion, that even an approach to this point
40 on the part of the b u l l i o n ( n m l i c h d e n P u n k t d e r E r s c h p f u n g ) is apt to
create a p a n i c which doubles the intensity of the drain. Also m u m a n in-
crease d e n Bullionstock in der Bank. ( 1 4 8 - 1 5 3 . )
109
Verschiedne sorts of drains: Erste: drains originating in a demand for the pre-
cious metals with a direct view to use and consumption. N i c h t n u r fr orna-
m e n t s u n d utensils. S o n d e r n a u c h die large u n d oft pltzlichen d e m a n d s fr
coinage u n d hoarding, for replenishing the treasuries of kings, the reserves
of b a n k s u n d die military chests of armies. Diese originiren alle n i c h t in 5
d e n exchanges u n d k n n e n n i c h t answered werden d u r c h Substitution
einer a n d r e n F o r m von R e m e s s e n . Z . B . R u l a n d 1828 fr d e n Trkenkrieg
Contract m i t Rothschild fr a million of gold. E b e n s o die R e m e s s e n von
G o l d n a c h A m e r i c a 1834. W o der drain h a s originated i n distrust u n d
a l a r m u n d das object das gold to hoard, n o t h i n g will satisfy the d e m a n d b u t io
the m e t a l . 1830 ein Theil des bullions u n s e n t z o g e n in Folge des distracted
trade des C o n t i n e n t ; 1832 verlor die Bank of E n g l a n d fast 2 millions v o n a
p a n i c v e r b u n d e n m i t der Reformbillagitation. S o i n Irland r u n s 1 8 2 8 - 9 ,
d a n n r u n s auf die savingsbanks. Die c o m m e r c i a l crisis e n d e t m e i s t m i t a
p a n i c towards the conclusion, giving rise to an internal drain, ganz u n a b - 15
hngig v o m Wechselkurs. U n d nicht allein der circulating credit eines Lan-
des influencirt d u r c h diese panics. Sobald m e r c a n t i l e confidence unterwor-
fen worden gewaltsamer interruption, every description of b a n k i n g u n d
other credit payable on d e m a n d is equally affected by it, equally liable to
be m a d e the m e d i u m of a drain of specie. W h r e n d einer Revolution kann 20
das ganze circulating specie eines Landes in unglaublich kurzer Zeit verschwin-
den. U n d wo Credit, in any shape, is employed largely in aid of m o n e y , the
risk of the stock of bullion being at some t i m e or other completely exhaust-
ed, n i c h t to obviate. D i e n u r in gewhnlichen Z e i t e n zu v e r m e i d e n d u r c h
a high m i n i m u m for t h e scale of our reserves in bullion ... 25
Drains for the purchase of an extraordinary supply of foreign corn darf sich
s c h o n des public welfare wegen nicht eingemischt werden. D i e B a n k of
E n g l a n d a vast n a t i o n a l granary wozu Zuflucht zu n e h m e n das R e c h t des
P u b l i c u m s i n Fllen von famine. D i e W e c h s e l der E r n d t e n b e n i n Frie-
d e n s z e i t e n e i n e n h u f i g e m u n d m c h t i g e r n Einflu auf d e n W e c h s e l k u r s 30
u n d d e n course of b u l l i o n aus als alle a n d r e n U r s a c h e n z u s a m m e n g e n o m -
m e n . Lowe Present state of England 1823" reducirt alle great falls of ex-
c h a n g e auf die vast e x p e n d i t u r e of government in foreign subsidies u n d die
large i m p o r t a t i o n s of foreign corn. ... D e r auswrtigen Politik (Krieg etc)
oft die m o n e t a r y polity u n t e r z u o r d n e n . ... Bleiben n u r 2 Klassen von drains: 35
1) w e n n foreign d e b t geschaffen d u r c h sehr extensive i n v e s t m e n t s of capi-
tal in foreign securities; 2) w e n n das mischief originated in speculation
u n d overtrading. N a c h Mr Burgess Evidence vor d e m C o m m i t t e e of C o m -
m o n s (Report p. 448) sollen in d e n 15 J a h r e n vor 1832 fr foreign invest-
m e n t s 150 M i l l i o n e n St. R e m i t t a n c e s g e m a c h t worden sein. Excesse 40
k a u m u n t e r s c h e i d b a r von der Spekulation selbst. W h e n , with c i r c u m s t a n c e s
110
inviting to speculation, there c o n c u r any extraordinary facilities of credit,

t h e effect in general is anything b u t t h a t of equalizing prices a n d supply, or
m o d e r a t i n g s u d d e n transitions from plenty to scarcity a n d vice v e r s a .
E b e n s o foreign investments. Hier soll die B a n k of E n g l a n d ihren Credit
5 e i n s c h r n k e n . Aber die M a c h t der B a n k n i c h t so gro als m a n denkt. Spe-
k u l a t i o n n i c h t allein u n t e r h a l t e n d u r c h b a n k s of issue, n o c h beschrnkt auf
Papiercirculirende L n d e r . Hamburger Colonialproductspeculation 1797,8
m i t i h r e m o u t b r e a k 1799. E b e n s o : 1763, 1 7 7 1 - 2 , 1 7 7 8 - 9 . D i e Bank be-
k m m t erst M a c h t , w e n n das mischief d o n e , die Spekulation a m Z u s a m -
10 m e n b r e c h e n , die tide of bullion returning. Sie k a n n d a n n nichts ||27| t h u n
als die S p e k u l a n t e n c a p u t g e h n lassen u n d die a n d r e n u n t e r s t t z e n . Da
speculations in foreign investments n u r e n t s t e h n aus d e m desire fr h -
h e r n Zins, scheint die B a n k d u r c h solche E r h h u n g d e n efflux aufhalten
zu k n n e n . A b e r sie beherrscht n i c h t d e n Zinsfu; erst d a n n w e n n das P u -
15 b l i c u m von ihr abhngig geworden for its a c c o m m o d a t i o n s . U n d die wie-
der ausgeschlossen d u r c h die Voraussetzung ... U n d e r the present consti-
t u t i o n of society in this country, with the a n n u a l savings from i n c o m e a n d
t h e large fortunes in c o n s t a n t course of r e m i t t a n c e from the colonies, the
a m o u n t of capital seeking productive i n v e s t m e n t a c c u m u l a t e s in ordinary
20 t i m e s with a rapidity greatly o u t of proportion to the increase of the m e a n s
of advantageously employing it. ( 1 5 3 - 1 6 9 ) A l s o fall of interest furnishes a
sufficient motive for speculation, or has a t e n d e n c y to raise prices. (170)
Trennung der Bank in zwei Departements.
issuing u n d b a n k i n g d p a r t e m e n t ...
25 ( O b e n a l s o s a g t F . , d a die s u p e r a b u n d a n c e of c a p i t a l die s e c u r i t i e s
steigen, d e r Z i n s fallen m u . D a h e r S p e c u l a t i o n erst i m security, d a n n
i m p r o d u c e m a r k e t . A b e r die s u p e r a b u n d a n c e o f c a p i t a l ist d o c h n i c h t s
als die s u p e r a b u n d a n c e Of p r o d u c t s e m p l o y e d in n e w p r o d u c t i o n . A l s o
a u f e i n e m U m w e g die U e b e r p r o d u k t i o n z u g e g e b e n . A u c h M i l l giebt d a s
30 E i n e zu u n d l e u g n e t die o v e r p r o d u c t i o n . )
R.Peel fhrt zu seiner Besttigung an 1) die B a n k of E n g l a n d 1696. (Vor
der new coinage 1 6 9 5 - 6 war der marketprice of silver 6 s. 4 d. per o u n c e ,
gegen 5 s . 2 d . the Mintprice. Sobald d a h e r ausgegeben, e i n g e s c h m o l z e n
u n d verkauft. D i e d a u e r t e a u c h n a c h der c o m p l e t i o n der coinage fort, weil
35 Gold n u n das overrated m e t a l war u n d d a h e r der practical Standard. Vor
1717 das silver of this coinage entirely disappeared from circulation.) Da-
mals die Banknotes n i c h t convertibel. 2) Irish Currency in 1804. 3) Schotti-
111
sehe optional n o t e s n a c h d e m 7jhrigen Krieg. 4) Results des b a n k i n g sys-

t e m von N o r d a m e r i c a . Das a m e r i k a n i s c h e System bis M a y 1837 wanted
a) a single a n d properly regulated n a t i o n a l metallic standard a n d b) a lim-
ited subsidiary currency of small m o n e y issued by authority. ... In A m e r i c a
(United States) almost every coin u n d e r h e a v e n is a legal t e n d e r there, at a 5
certain rate fixed by tariff; and, n o t very long ago, the quantity of foreign
gold in circulation there was supposed there to be as 9 = 1 in proportion
to the circulation of their own eagles. Die b a n k e r s daher, w h e n required
to cash their notes, paid t h e m in the coin, which for the t i m e , was cheapest
u n d fr Spanish dollars, die sie fr I n d i e n u n d C h i n a b r a u c h t e n , m u t e n 10
sie 1, 2 - 7 % zahlen. 1844 (oder 5) waren in der B a n k of E n g l a n d 8 Mill.
G e s e z t ein efflux v o n 1 M i l l i o n . Bleibt die currency auf 21 Mill., so alles
bullion erheischt fr das issuing department. (14 + 7 = 21) u n d N i c h t s im
b a n k i n g d e p a r t m e n t . Alle d u r c h depositors eingebrachten n o t e s would be
so m u c h d e d u c t e d from circulation u n d would leave a void to be supplied 15
b y some less c o n v e n i e n t m e a s u r e . ... N a c h d e m n e u e n System w r d e a m
8' Nov. 1836 der stock of specie im b a n k i n g d e p a r t m e n t 1,269,000 l. gewe-
sen sein m i t deposits fr 12 millions; u n d am 30 Juli 1839 wrde es b a n k -
rott gewesen sein fr 1,759,000 m i t deposits against it von 8 millions u n d
upwards. ( 1 7 4 - 1 8 9 ) 20
Andre Mngel des Peelschen Plans.
Die b a n k e r s m i b r a u c h e n leichter die deposits, als die power of issuing.

A b e r die extravagances of credit sind n i c h t zu reguliren u n d r e p r i m i r e n ...
198 u n d 9 9 giebt F . zu, da die Bank ihre M a c h t m i b r a u c h e n k a n n d u r c h
d e n A n k a u f von g o v e r n m e n t securities, for a d e m a n d for b u l l i o n sie zwingt 25
to sell its securities a n d draw back its notes. D e n n das G e l d auf permanent
securities ausgelegt, h a t n i c h t d e n nothwendigen Reflux, ... D a s Q u a n t u m
R e s e r v e (bullion) e i n e r B a n k h n g t n i c h t a b v o n i h r e m N o t e n b e t r a g , s o n -
d e r n v o n d e r A r t i h r e s G e s c h f t s . Z . B . O b sie i n l a n d s ||28| o d e r s e a p o r t
b a n k , o b sie m i t d e n foreign e x c h a n g e s z u t h u n h a t o d e r n i c h t u . s . w . 3 0
... t h e demand of want has no place in the vocabulary of political e c o n o m y ...
A certain portion of the capital, which every issuing b a n k e r employs in his
business, is the capital borrowed on his notes. A n d if y o u deny h i m t h e
power of issue, it is by no m e a n s obvious t h a t he will be able to raise the
s a m e funds from any other source ... Die Schotten z i e h n paper d e m G o l d 35
vor, of the g e n u i n e n e s s of which they are no judges, a n d which they never
take if they can avoid it. ... Die seignorage ein M i t t e l das coin im L a n d zu
112
b e h a l t e n . H o h e aufgelegt von d e n A m e r i c a n s in i h r e n recent endeavours to

establish for themselves a n a t i o n a l metallic s t a n d a r d ... Schzt 40 M i l l . of
coin in d e m U n i t e d K i n g d o m . Die E i n p f u n d n o t e n a u s g a b e 1825. (194 bis
239)
5
113
|32| [Berechnungen]
6 121
17 20
23 141
6 23 5
29 164
15 21
44 185
15 9
59 194 10
23 15
82 209
8 6
90 215
20 6 15
110 221.
11 |221.
114
Geschichte vom Mnnchen Wolfgang
|[2. U m s c h l a g s e i t e ] |
Geschichte vom Mnnchen Wolfgang.
Strophe I.
E i n s t g i n g I d a s M n n l c h e n Wolflgang
5 Die Mussiel entlang
Nach Ehrang
Da tnt von den Felsen Singsang
U n d die G l o c k e n b u m m t e n K l i n g k l a n g
U n d die Lfte riefen W o l f g a n g !
10 Wolfgang!
Antistrophe. I)
Da wurd' dem M n n c h e n Wolfgang

Die Mussei entlang
So bang, bang.
15 Es knurrt i h m im Innern Leibdrang
U n d e r t h u t sich b s e n Z w a n g a n g
U n d die Lfte riefen W o l f g a n g !
Wolfgang!
115
Strophe IL
D a schleicht's d e m M n n c h e n W o l f g a n g
Die Hosen entlang
So bang bang
Es macht von dem Rcken Stuhlgang 5
U n d e s duftet i h m wie S t i n k s t a n k
U n d die Lfte r i e f e n W o l f g a n g !
Wolfgang!
Antistrophe II
So m a c h t das M n n c h e n Wolfgang 10
D e n Spaziergang
Nach Ehrang,
Da tnt von den Felsen Singsang
U n d die G l o c k e n b r u m m t e n K l i n g k [ l a n g ]
U n d d a s ist die G e s c h i e h t v o n W o l f g a n g ! 15
Wolfgang! |
116
Mit dem Land zusammenhngende Steuern
|[3. U m s c h l a g s e i t e ] |
Mit dem Land zusammenhngende Steuern
Steuer auf Rente. A u f die eigentliche R e n t e fllt a u f d e n landlord. A u f
die angebliche a u f d e n Consumenten.
5 Zehnten, m u d e n P r e i des R o h p r o d u k t s e r h h e n . (Fllt a l s o w e d e r
auf d e n L a n d l o r d n o c h auf P c h t e r . )
Grundsteuer. W e n n a u f die Rente gelegt = d e r S t e u e r auf R e n t e . W e n n
p r o p o r t i o n e i l z u r F r u c h t b a r k e i t = d e m Z e h n t e n . Wenn fixe S u m m e a u f
jeden acre, a b g e s e h n v o n d e r F r u c h t b a r k e i t originelle S t e u e r . D i e s e
10 Steuer lt das beste Land n u r beitragen im Verhltni wozu das
s c h l e c h t e s t e b e i t r g t u n d i n d e m sie d e n P r e i d e s P r o d u k t s d e s b e s s e r n
wie d e n d e s s c h l e c h t e m e r h h t , legt sie d e m P u b l i c u m e i n e a d d i t i o n e l l e
S t e u e r a u f erst a n d e n P c h t e r d e s b e s s e r n L a n d e s (so l a n g s e i n e l e a s e
dauert) und d a n n an den Grundherrn.
15 Steuer auf Rohprodukt. E r h h t die P r o d u c t i o n s k o s t e n u n d fllt d a h e r
auf d e n Prei des Products, i. e. d e n Consumenten. |
117
\[4. U m s c h l a g s e i t e ] | [Problembersicht]
Ueber den Arbeitslohn, ( p . 7 , 8) (p. l s l ) (p. 176,77,78,79,80,81,82,83) 360,1;

461
Ueber den Profit und Arbeitslohn, (p.21) ( p . 2 3 ) p . 5 0 0 , 152,53.
Einflu von foreign trade auf die Rate des Profits, p. 135, 136, 137. Auf 5
home trade 138 cf. 310,11;
Steuer, (p. 198) (p. 205,6) (p. 210) (184) (185) (p. 384) Einflu p. 276
p . 242,3
Wie die Ausdehnung der Cultur wirklich stattfindet, (p. 361)
Der Kornprei regulirt nicht den Prei der andren Waaren. ( z u m A b - 10
s c h n i t t v o m M a r k t u n d n a t r l i c h e n P r e i z u s c h l a g e n . ) (p. 364)
Marktprei. (p.504)
Realprei. (460, 4 8 1 , 499, 505)
Gross revenues und net revenues (512,13)
Depreciirende Wirkungen von Verberungen in Agricultur und Manufac- 15
tur auf einen Theil des existirenden Capitals, (p. 318) (321)
Der 2 Theil der Rente, ( p . 3 1 5 N o t e )
Capital, (p. 327)
Auswrtiger Handel p. 481
Unterschied von natural price und natural value 20
Quantitt des Products auf Prei. |
/ [ 1 . U m s c h l a g s e i t e ] / Einflu der Preisse der Lebensmittel auf den Ar-
beitslohn, (p. 1 7 6 - 1 8 3 ) (p. 360)
Umgekehrtes Verhltni von Profit und Arbeitslohn, (p. 2 3 , 152,3, p. 500)
Accumulation des Capitals (p. 94) 25
Bevlkerung und Arbeitslohn, p. 9 3 , 94, 9 5 . |
118
Londoner Hefte 1 8 5 0 - 1 8 5 3
Heft V l l - X
Heft VII
HI Heft VII
Gilbart (J.W.)
An Inquiry into the Causes of the Pressure
on the Moneymarket during the year 1839.
5 London.1840.
Die pressure von 1836 b e g a n n i m M o n a t M a i . V o n d i e s e m M o n a t a n sank

der Goldvorrath der b a n k graduell u n d gleichmssig bis F e b r u a r 1837, wo
er seinen niedrigsten P u n k t erreichte. V o n da u n i f o r m e s W a c h s e n dessel-
ben. D i e B a n k h o b den Zinsfu von 4 auf 4 % in Juli u n d auf 5 % im fol-
io g e n d e n September. W h r e n d des g a n z e n Jahres 1837 wuchs der bullionvor-
rath der B a n k of England. Sie d e h n t e ihre Circulation aus u n d n a c h der
Z a h l u n g der J u l i d i v i d e n d e n wurde Gold sehr a b u n d a n t u n d die M a r k t r a t e
des Zinses fiel betrchtlich. D e r Wechselkurs fuhr fort gnstig zu sein wh-
r e n d des early part of 1838 u n d Gold a c c u m u l i r t e in d e n coffers der B a n k
15 of England. Im F r h l i n g 1838 s a n d t e n die bankdirectors b e i n a h eine Mil-
lion Gold n a c h A m e r i c a . G o l d wurde increasingly a b u n d a n t u n d die Z i n s -
rate fiel. Im F e b r u a r reducirte die B a n k ihre Zinsrate auf 4 % u n d der Z i n s
auf loan granted during the shutting of the funds, wurde reducirt im M r z
auf 3%. D i e niedrige Zinsrate verursachte Grosse G e l d s u m m e n to be in-
20 vested in A m e r i c a n securities. Bonds of all k i n d s issued by the U n i t e d
States, by t h e various states in the U n i o n , a n d by n u m e r o u s private
u n d e r t a k i n g s , were p o u r e d u p o n the english market, a n d found eager pur-
chasers. Several der Bank of E n g l a n d directors, in their individual charac-
ter as m e r c h a n t s , b e c a m e agents for the distribution of these securities.
25 V o n Juli w u r d e n die exchanges ungnstig, aber public confidence n i c h t
121
Londoner Hefte 1850-1853. Heft VII
shaken, da der Bullionstock in der Bank of E n g l a n d betrchtlich, u n d die

directors granted ihre u s u a l loans in D e c e m b e r at 3%. A n f a n g 1839 wur-
d e n die exchanges sehr ungnstig u n d die m o n t h l y returns der B a n k zeig-
t e n a gradual d i m i n u t i o n in the stock of gold. Komprei stieg so hoch, Wei-
zen at t h e lowest rate of duty zuzulassen. D i e verursachte weitere 5
Nachfrage n a c h G o l d to be exported. Rasches Fallen des Goldstock in der
B a n k of E n g l a n d , bis es im M o n a t October n i c h t m e h r war als 2,525,000 /.,
w h r e n d die liabilities der Bank u p o n notes a m o u n t e d auf 17,612,000 I.
u n d u p o n deposits to 6,734,000 I. D i e bankdirectors sehr a n x i o u s to stop
this d e m a n d for gold. 16 M a i 1839 h o b e n sie d e n Zinsfu auf 5%, am 10
l
20 J u n i auf 5 / u n d am 1 August auf 6 % u n d sie charged dieselbe R a t e auf
2
ihre short loans. Sie sollen large a m o u n t s of G o v e r n m e n t stock u n d E x c h e q -

uerbills verkauft h a b e n u n d am 13' Juli k n d i g t e n sie an, d a sie bereit
proposals to receive for the sale of the dead weight. N o n e of the offers, how-
ever, m e t their approbation. Da diese measures n i c h t speedily effectiv, ar- 15
r a n g e m e n t g e m a c h t m i t der Bank of F r a n c e fr ein loan von 2,500,000.
Messrs. Baring u n d Co. zogen bills on a c c o u n t der B a n k of E n g l a n d auf
h o u s e s in Paris zu d i e s e m a m o u n t , which the Bank of F r a n c e u n d e r t o o k to
discount. D i e bankdirectors beschlossen ferner keine bill zu discontiren,
gezogen oder endorsed d u r c h eine A k t i e n b a n k of issue. T r o t z d e m fuhr der 20
stock of gold in der B a n k fort zu decrease bis 18 Oktober 1839, wo er sei-
n e n niedrigsten P u n k t erreicht. F r o m this point it c o n t i n u e d to advance
u n d die pressure began gradually, but slowly to subside, (p. 4 - 7 ) N a c h G i l -
b a r t , die pressure v o n 1839 produced by the a b u n d a n c e a n d c h e a p n e s s of
m o n e y in 1837 u n d 1838, u n d diese a b u n d a n c e u n d c h e a p n e s s of m o n e y 25
p r o d u c e d by t h e m e a s u r e s der Bank of England, (p. 8)
D e r average a m o u n t of Bank of England notes in circulation war 1836:
1 7 , 8 1 4 , 0 0 0 , 1837 1 8 , 2 7 6 , 0 0 0 u n d 1838 1 8 , 9 2 3 , 0 0 0 . A b e r H a n d e l ge-
drckt im leztren E n d e von 1836, fast stagnant 1837 u n d von wenig activity
1838. D i e wirklichen Bedrfnisse des domestic H a n d e l s zeigen u n s die re- 30
t u r n s der A k t i e n b a n k e n : Ihre D u r c h s c h n i t t s c a l c u l a t i o n war: 1836
1 1 , 8 4 8 , 5 3 9 , 1837 1 0 , 7 2 8 , 9 2 1 , 1838 11,565,616. D i e bankdirectors of
E n g l a n d m a c h t e n G e l d n i c h t n u r a b u n d a n t d u r c h ihre increased issues, sie
m a c h t e n es a u c h wohlfeil by reducing the rate of interest, (p. 8, 9) D a s J a h r
1839 exhibited an a b u n d a n c e of m o n e y with an almost stagnant state of 35
trade, a n d the absence of a spirit of speculation, (p. 12, 13) Im J a h r 1835
die loans to D o n Pedro u n d die importations of Spanish fonds d e n s e l b e n
Effect auf d e n Wechselkurs wie die a m e r i k a n i s c h e n securities 1839. (p. 13)
D e r Effect des schlechten Herbstes von 1838 war n u r zu accelerate the pres-
sure by p r o d u c i n g in 1839, was die m e a s u r e s der B a n k of E n g l a n d fr 1840 40
producirt h a b e n wrden. O h n e die G e l e g e n h e i t fr Einfuhr f r e m d e n Korns
122
Aus J. W. Gilbart: An inquiry into the causes of the pressure...
1838 u n d 39, h t t e die a b u n d a n c e u n d c h e a p n e s s des G e l d e s fortgedauert,

c o m m e r c i a l speculation wrde sich nicht lang auf cotton beschrnkt haben,
sondern auf j e d e n Industriezweig erstreckt, s p e c u l a t i o n s of all kinds would
have b e e n urged u p o n the public attention], u n d A n l e g u n g e n i n foreign
5 securities vermehrt. 1839 wrde 1824 geglichen h a b e n u n d 1840 h t t e n
[wir a p a n i c similar to t h a t which occurred at t h e e n d of 1825. (]p. 14, 15)
Die Bankdirectors werden sagen, d a 1837 u n d 1838 die foreign exchanges
gnstig [and brought t h e m a large a m o u n t of gold,] having so m u c h gold in
h a n d , m e h r N o t e n ausgaben, aber da 1839 der Wechselkurs [were unfa-
10 vourable, a n d took away their gold, a n d h e n c e they withdrew their notes.
Qp. 15, 16) D a s n e n n e n sie Regulation der currency to p u t o u t notes w h e n
the exchanges are [favourable, a n d to pull t h e m in when exchanges ar]e u n -
favourable. (p. 16) ( H o r s l e y P a l m e r stellt d e n U n s i n n so d i r e k t a u f 1832)
[Die Lehre, die E m i s s i o n so zu reguliren, fhrt dazu, d a stndige Schwan-
15 k u n g e n der Preis] se der W a a r e n hervorgebracht. U n d die profits des trade
ganz a b h n g e n von der Differenz zwischen den buying [and the selling pri-
ces of c o m m o d i t i e s , a n d all the calculations of trade] darauf gegrndet.
W a s m a c h e n bei diesen bestndigen Schwankungen? Ein Kaufmann
[may i m p o r t a cargo of goods, a n d w h e n they arrive the circulation] ist con-
20 trahirt u n d der Verkaufsprei seiner W a a r e n so tief u n t e r seiner R e c h n u n g ,
da er verwickelt in serious loss. [A t r a d e s m a n m a y lay in a stock of goods
in his shop with t h e fairest Aus]sicht i h n m i t Profit zu verkaufen, u n g n s t i -
ger Wechselkurs, Preisse der goods fallen so, d a er is driven in die G a -
zette. [A m a n u f a c t u r e r m a y erect n e w mills u p o n the calculation, daraus
25 e i n e n h o h e n Profit] seines Geschfts herzuleiten, aber Zinsfu steigt, seine
Verluste wachsen im M a a wie er [extends his business. H e , therefore, dis-
misses his w o r k m e n , a n d discontinues his] operations. U n d selbst will der
trader at losing prices verkaufen, k a n n nicht, seine customers h a b e n kein
Geld [with which to buy. (p.21)] [...] G e s e z t selbst diese fluctuations fn-
30 d e n Statt u n t e r einer rein metallic [currency, we c o n t e n d t h a t this would be
no reason for m a k i n g a paper currency to fluctuate in the s a m e way. A pa-
per currency is employed to obviate some] of t h e i n c o n v e n i e n c e s of a m e -
tallic currency, a n d why n o t obviate this i n c o n v e n i e n c e ? [p. 24] [If a large
quantity of gold a n d silver bullion] were importirt, so bildet es erst Theil
35 der currency, sobald es in coin verwandelt. A b e r [in t h e state of b u l l i o n it
would have no m o r e effect u p o n prices t h a n as t h o u g h it h a d existed in t h e
form of gold watches a n d silver] Lffel. D i e Verwandlung in coin fordert
[Ze]it, ebenso die Vertheilung d u r c h das Country, [before it would cause a
general advance of prices; a n d before this was effected an] u n g n s t i g e r
40 Wechselkurs es vielleicht wrde entziehn. I n d e G o l d u n d Silber [imported
are t a k e n to the B a n k of England a n d instantly t u r n e d into B a n k notes.]
123
[...] ||2| 1837 1 April Bullion 4,071,000. 1838 5 April 1 0 , 1 2 6 , 0 0 0 u n d

1839 18 Oct. 2 , 5 2 5 , 0 0 0 . H t t e die Circulation a u c h in diesen Verhltnis-
sen wechseln sollen? (p.27) D i e R e d u c t i o n of t h e a m o u n t of t h e n o t e circu-
lation uniformly increases the a m o u n t of t h e bill circulation. T h e bills are
of two classes - c o m m e r c i a l bills a n d b a n k e r s ' bills, ... wird das G e l d 5
scarce, sagen die Geldleiher d a n n "draw u p o n us a n d we will accept". U n d
w e n n ein c o u n t r y b a n k e r discounts a bill for his customer, statt i h m cash zu
geben, giebt er i h m his own draft at 21 days u p o n his L o n d o n agent. These
bills serve t h e purpose of a currency, (p. 31) Sobald die B a n k of E n g l a n d
puts on the screw all purchases for foreign exportation i m m e d i a t e l y c e a s e - 10
the exporters wait u n t i l prices have reached the lowest point of depression,
a n d t h e n , a n d n o t till t h e n , they m a k e their purchases. B u t w h e n this p o i n t
has arrived the exchanges have b e e n r e c t i f i e d - g o l d ceases to be exported
before the lowest p o i n t of depression has arrived. Purchases of goods for ex-
p o r t a t i o n m a y have t h e effect of bringing back s o m e of t h e gold which has 15
b e e n sent abroad, b u t they c o m e too late to prevent the drain, (p. 35) G e -
sezt aber die Bank erreicht Alles was sie will. W a s der Effect? T h e fall of
prices h a s driven h u n d r e d s of traders into the Gazette, t h e decline of trade
has thrown t h o u s a n d s of people out of e m p l o y m e n t , property of every k i n d
has b e c o m e less valuable, m o n e y c a n n o t be o b t a i n e d even for the m o s t u s e - 20
fui u n d necessary purposes, a general want of confidence prevails, a n d o u r
only consolation is that, nevertheless, the B a n k of E n g l a n d still retains a
few sovereigns in her vaults, (p. 37) A contraction of the circulation produ-
ces pressure. An a p p r e h e n s i o n of further pressure produces p a n i c (p. 39).
A n o t h e r effect of regulating the currency by the foreign exchanges is, t h a t 25
it leads in seasons of pressure to an e n o r m o u s rate of interest, (p. 40) Bei
einer Contraction our manufacturers have to sell their goods at r e d u c e d
prices u n d t h u s the cost of rectifying the exchanges falls u p o n the p r o d u c -
tive industry of t h e country, while during the process the profits of t h e
B a n k of E n g l a n d are actually a u g m e n t e d in c o n s e q u e n c e of carrying on h e r 30
business with a less a m o u n t of treasure, (p. [51,] 52) 1804 schon sagt ein
C o m m i t t e e des H o u s e of C o m m o n s b e r die B a n k of Ireland, deren W e c h -
selkurs u n g n s t i g gegen E n g l a n d war "if the B a n k of I r e l a n d were to invest
a part of its capital in England, thereby furnishing a fund which would at all
times [give] it the means of drawing, it would in s u c h case have a control over 35
e x c h a n g e operations of s u c h power as to enable it at all t i m e s to regulate
the exchange." (p. 55) So h a n d e l t e n seit 1763 die schottischen b a n k s gegen
L o n d o n , (p. 54)
124
Problembersicht zu David Ricardo:
Principles of political economy ... Heft mit Exzerpten und Notizen.
4. Umschlagseite
Exzerpte aus James William Gilbart:
An inquiry into the causes of the pressure
Heft VII. Seite 1
Aus E.Thornton: Observations on the report.
Thornton (Edward) Observations

on the Report of the Com.
of the H. o. C. appointed to inquire
into the High Price of Gold Bullion
5 together with some remarks on the work of
Francis Blake, Esq., entitled "Observations
on the Principles which regulate
the Course of Exchange."
L o n d o n . 1811.
10 Er v e r s t e h t u n t e r Exchange: A c o m m e r c i a l operation, by which the cur-

rency of o n e country is converted into the currency of a n o t h e r country, a n d
is t r a n s m i t t e d u n d e r this second d e n o m i n a t i o n , in the form of a bill, from
the former to the latter country u n d u n t e r Rate of Exchange: The variable
proportion, which t h e values of the two currencies b e a r to each other re-
15 spectively, as they are d e t e r m i n e d by the price paid a n d by the s u m pur-
chased. T h u s if the metallic par of exchange between L o n d o n a n d H a m b u r g h
(estimated in gold) be 34 shillings two grotes F l e m i s h , or 12 m a r k s thir-
teen shillings b a n c o , a n d if o n e p o u n d Steri, can buy a bill u p o n H a m b u r g
for that precise s u m in m a r k s beo, I should call the ratio which the values
20 of the two currencies bear to each other, or the rate of exchange, a ratio of
equality. (p. 2, 3) D a s d e b a s e m e n t des coin des country zu e i n e m absolut
fixen u n d p e r m a n e n t e n G r a d k a n n k e i n e n weitern Effect h a b e n i m raising
der Preisse der W a a r e n als die intrinsic alteration der currency nthig m a -
chen wird - ... Aber w h e n once a coinage or a paper currency has b e e n ex-
127
posed to a degradation of its standard, or a d i m i n u t i o n of its perfect credit,

it is very difficult to assign any limits to the rate of d e b a s e m e n t a n d discred-
it which it m a y have to sustain. Ist schwerer das Public zu b e r z e u g e n
da die erste N e u e r u n g dieser Art die lezte; es wird d a h e r m a k e a dis-
tinction beyond its real a m o u n t zfwischen the old a n d the new] Currency ... 5
u n d der foreign m e r c h a n t ... u n d der native consumer, der m i t G o l d u n d
Silber kauft, will n o t feel the effects of [the depreciation, b u t will rather de-
rive an advantage from] it ... jeder Exportartikel wird wohlfeiler w e r d e n als
er sein sollte u n d j e d e r Importartikel [dearer; and, as far as the relative pro-
portions of i m p o r t a t i o n and] Export h i e r d u r c h berhrt w e r d e n k n n e n , the 10
e x c h a n g e will feel t h e full effect of th[is influence of p u b l i c opinion.
( 2 8 - 3 0 ) Im Be]zug auf das damalige Verhltni des e u r o p i s c h e n Conti-
n e n t s zu E n g l a n d : It is scarcely [possible in a country labouring u n d e r
embarrassments] a n d distress, where however all the u s u a l relations of
c o m m e r c e with foreign [countries pursue their ordinary course, t h a t the] 15
value of t h e i m p o r t a t i o n s , contracted as they are, should equal t h a t of the
e x p o r t a t i o n s , greater as these are in quantity, though] at an inferior price.
T h a t the former could not exceed the latter, s[eems to be r e n d e r e d impossi-
ble by the impoverished state] of the country. D a h e r a n z u n e h m e n als si-
cher, da u n t e r solchen U m s t n d e n , the ex[change will be constantly, while 20
t h e cause r e m a i n s , ei]ther n o t unfavourable, or very m u c h in favour of the
poorer co[untry. (49)] [...] d . d . verarmten Landes, having in a very great
degree a free e x p o r t a t i o n of its productions a n d m e r c h a n d i z e (...) having
a] rich m a r k e t into which to pour its productions a n d m e r c h a n d i z e , b u t
with little power of receiving back from] that rich m a r k e t any t h i n g else b u t 25
p a y m e n t . H o w is it p o s s i b l e that the exchange should n o t be singularly in
favour of the] poorer country selling every thing to an o p u l e n t p u r c h a s e r ,
a n d buying comparatively nothing, because f o r c i b l y prevented from buy-
ing? How is it possible [that every g u i n e a should n o t be withdrawn from
t]he latter, when the circulation can be carried on [by other m e a n s , a n d 30
w h e n t h e only i n c o n v e n i e n c e felt is the partial increase of t h e price of the
precious m e t a l s w h e n required for articles of manufacture?] ||3| D e r W e c h -
selkurs bestndig z u G u n s t e n H a m b u r g s gegen L o n d o n , u n d w e n n m a n b e -
d e n k t die great c o m m e r c i a l distress u n d die zahlreichen failures in H a m -
burg im J a h r e 1799, so sieht m a n , wie viel i m p o v e r i s h m e n t contributes to 35
the i m p r o v e m e n t of the exchange, (p. 50 Note) D u r c h das Gesetz, was das
melting u n d exportation des current gold coin of full weight verbietet ...
evident, da das bullion m a y have a value of circumstance, which t h e guin-
ea has lost by passing t h r o u g h t h e m i n t . (p. 88 note) S u c h t a u f d u m m e
W e i s e d a r z u t h u n , da a u c h o h n e d e n o b e n erwhnten U m s t a n d u n d o h n e 40
Depreciation von inconvertiblem Papier der Marktprei b e r d e n m i n t -
128
Aus E.Thornton: Observations on the report...
price steigen k a n n . 1. c. sqq. B e h a u p t e t : instead of a depreciation of bank-

n o t e s having occasioned a depression of t h e exchange, the depression of
t h e e x c h a n g e h a d [no]t b e e n t h e only c a u s e of t h e (apparent) depreciation
of banknotes. (p. 105) I think it m a y be safely affirmed, that from the first
5 origin of b a n k s , whether in the form of a Mont de Pit or Lombard to the
present state of those establishments, the invariable effect of their loans or
discounts, as far as they are m a d e u p o n the credit of actual m e r c h a n d i z e ,
a n d with the i n t e n t i o n , on the part of the borrower, of suspending or delay-
ing t h e sale of that m e r c h a n d i z e , m u s t be to a u g m e n t its price. It is to pre-
10 v e n t a sacrifice of his goods, as it is called; it is to await m o r e favourable
markets; it is to o b t a i n a higher price by a sale u p o n credit, a n d to convert
t h a t sale into one of ready m o n e y by m e a n s of discount, that the h o l d e r of
m e r c h a n d i z e requires loans of m o n e y , which e n a b l e h i m to keep back his
goods from the m a r k e t . T h e r e is one loss which t h e h o l d e r m u s t necessarily
15 experience, or he m u s t a d d to the price of h i s goods at least the interest of
his loan; b u t he promises himself m u c h m o r e by the suspension of sale he
has gained by the loan, (p. 155,56).
129
Gallatin. (Albert.)
Considerations on the Currency and Banking
System of the United States.
Philadelphia. 1831.
D e r relative W e r t h von G o l d : Silber war vor der E n t d e c k u n g von A m e r i c a 5

= 11 oder 1 2 : 1 , ist j e z t wie 15 oder 1 6 : 1 . Die D e p r e c i a t i o n im W e r t h des
Silbers = 4 : 1 , im G o l d e = 3=1. (p. 8) Klar die d a die discovery von 100
n e u e n M i n e n , even superior i n m a g n i t u d e u n d e q u a l i n other respects t o
t h a t of V a l e n c i a n a , would only cause m i n e s of inferior fertility to be a b a n -
d o n e d , a n d could p r o d u c e no greater effect on the price of silver, t h a n re- 10
d u c i n g it to the actual cost of p r o d u c t i o n at the m i n e of V a l e n c i a n a . D a m i t
grosse V e r m i n d e r u n g des Goldwerths m u die increased supply be a c c o m -
p a n i e d with a corresponding r e d u c t i o n in the cost of p r o d u c t i o n , (p. 10)
T h e total value of currency wanted in any country steht in e i n e m Verhlt-
n i zu d e m G e s a m m t r e i c h t h u m u n d d e n G e s a m m t t r a n s a c t i o n s desselben, 15
aber ist n i c h t fix, s o n d e r n fluctuirend. (p. 14) Barter c o n t i n u e s also to be a
principal m o d e of exchange in the country, at least in a great p o r t i o n of the
U n i t e d States, where t h e planter a n d farmer o b t a i n from t i m e to t i m e their
supplies from t h e m e r c h a n t , a n d pay h i m annually with their crop. (p. 15)
D e r aggregate value der a n n u a l p a y m e n t s m a d e in currency, w h i c h regu- 20
lates the value of the currency wanted, h n g t selbst ab principally v o n d e m
Aggregatwerth des L a n d e s , labour, products of labour, kurz von allen o b -
jects which are or m a y be annually sold or exchanged. D i e d e m a n d n a c h
currency i n j e d e m L a n d h n g t d a h e r h a u p t s c h l i c h von s e i n e m R e i c h t h u m
ab, wird aber einigermassen modificirt by the state of society. T h e wages of 25
l a b o u r u n d die G r u n d r e n t e sind i n d e n m e i s t e n L n d e r n der b e d e u t e n d s t e
Theil der objects which m u s t be paid for in m o n e y . Countries wo Sklaven
im A l l g e m e i n e n gebraucht statt freier Arbeiter, oder wo, wie in d e n Verei-
130
Aus A.Gallatin: Considerations on the currency ...
nigten Staaten der grre Theil des L a n d s ist o c c u p i e d u n d tilled by t h e

owners, or, w h e n rented, let generally on shares, will, therefore, with e q u a l
wealth, r e q u i r e a less proportionate a m o u n t of currency [in] value. Less is
also wanted in purely agricultural countries, a n d everywhere by those en-
5 gaged in agriculture, t h a n in any other profession. As a [fa]r greater part of
t h e i n c o m e of almost every individual is e x p e n d e d on articles of food, t h a n
on the p r o d u c t of any other b r a n c h of industry, [fa]rmers c o n s u m e a m u c h
greater part of the products of their own industry, a n d they therefore have a
less proportionate a m o u n t of those products to e x c h a n g e for the products
10 of the industry of others, t h a n any other profession, (p. 1 4 , 1 5 ) T h e influx of
precious m e t a l s follows in every country a n d does n o t precede t h e corre-
sponding increase of wealth, (p. 17) Da die Regelmssigkeit der j h r l i c h e n
Zufuhr der e d l e n Metalle n i c h t d u r c h die seasons afficirt wird, the changes
in the a m o u n t of t h a t supply, h a d , w h r e n d der lezten 2 Jh. b e e n gradual,
15 a n d hardly sensible from year to year. Am grten n o c h in d e n lezten
20 J a h r e n (von 1 8 1 0 - 3 0 ) seit der E n t d e c k u n g v o n A m e r i c a . H h e p u n k t
h a t t e die a n n u a l supply der M i n e n von A m e r i c a , A s i e n u n d E u r o p a er-
reicht 1 8 0 3 - 1 8 1 0 u n d belief sich d a m a l s zu 50 Mill. Dollars, oder b e i n a h e
1% der g a n z e n in E u r o p a u n d A m e r i c a existirenden Q u a n t i t t v o n edlen
20 Metallen. D i e Convulsions in d e n frhren spanischen Colonieen, in d e n
lezten 20 J a h r e n , r e d u c i r t e n die total a n n u a l supply auf a b o u t 27 Mill.,
oder auf % % des n u n existirenden a m o u n t . V e r m i n d r u n g von % in der Z u -
fuhr j e d e r a n d r e n W a a r e , bei gleichbleibender Nachfrage (und h i e r n a h m
die Nachfrage n o c h zu) wrde ein n o c h grres verhltnimssiges W a c h s -
25 t h u m in i h r e m Prei bewirkt h a b e n . Hier vertheilt auf 20 J a h r e , allmhlig,
u n m e r k b a r . T h i s i s obviously d u e d e m comparative small a m o u n t der ordi-
nary supply, der n i c h t exceeds Y des stock on h a n d , w h r e n d die j h r l i c h e
m
Zufuhr von c o m u n d von den m e i s t e n a n d r e n n a t u r a l products always ex-

ceeds u n d t h a t of m a n u f a c t u r e d articles often equals, t h e a m o u n t of t h e old
30 stock, (p. 17, 18) A u s d e n s e l b e n G r n d e n eine accidental inequality in der
Distribution der e d l e n m e t a l s u n t e r d e n verschiednen L n d e r n rasch u n d
leicht repaired, die transportkosten selbst fr die weitesten E n t f e r n u n g e n
nie in F r i e d e n s z e i t e n , anbetrachts des Verhltni des value: bulk, b e r 1 %
on the value. In d e n 4 J a h r e n n a c h R e s u m p t i o n der c a s h p a y m e n t s in Eng-
35 land ausserordentliche Nachfrage d a d u r c h verursacht fr m e h r als 20 Mill.
St. Gold, b e i n a h e 3 x so viel als die jhrliche supply des m e t a l s ; o h n e
Schwierigkeit dieser Nachfrage e n t s p r o c h e n u n d o h n e betrchtlich d e n
Prei des G o l d e s zu e r h h n . ||4| Da die G o l d m n z e n von F r a n k r e i c h d u r c h
die M n z r e g u l a t i o n e n dieses L a n d e s b e r r a t e d sind i m V e r h l t n i z u m
40 Silber, they always c o m m a n d a small p r e m i u m , gewhnlich wechselnd v o n
75%%. D i e p r a e m i u m never exceeded the last rate w h r e n d t h e years of
131
that d e m a n d , a conclusive proof t h a t it could n o t at most, a n d at any t i m e ,

have e n h a n c e d t h e price of gold m o r e t h a n % %; since, in t h a t case, t h e ad-
0
vance would have also t a k e n place in F r a n c e , whence, in fact, a considera-

ble portion of that d e m a n d was supplied, (p. 18) Da der W e r t h der various
objects e x c h a n g e d or sold annually in a country u n d a u c h die p r o p o r t i o n of 5
t h a t value t o t h e a m o u n t o f the actual p a y m e n t s which m u s t b e m a d e i n
currency, are b o t h subject to variations, t h e a m o u n t of currency [ w a n t e d ]
in a country does, exclusively of t h e gradually increased d e m a n d c a u s e d by
an increasing prosperity, vary at different t i m e s in t h e s a m e country. T h a t
a m o u n t ought, therefore, in prosperous seasons, to exceed that w h i c h is 10
t h e n necessarily wanted, in order to be able to m e e t t h e greater d e m a n d
w h i c h at t i m e s takes place. T h e r e are, in every country, b a n k s , b a n k e r s , a n d
great dealers, in whose h a n d s t h e currency of t h e country a c c u m u l a t e s , to
b e t h e n c e again distributed amongst t h e m e m b e r s o f t h e c o m m u n i t y , ac-
cording to their respective wants. Obliged to m e e t those d e m a n d s it is their 15
interest a n d duty to keep always those reservoirs sufficiently full. In c o u n -
tries where no artificial substitute h a s rendered t h e task m o r e difficult, a n d
where specie is t h e sole or principal currency, although t h e r e m a y be occa-
sional varieties in its value, they are of rare o c c u r r e n c e a n d restrained with-
in narrow limits; a n d actual want of specie is hardly ever known, (p. 18, 19) 20
B e r e c h n e t d e n V o r t h e i l fr A m e r i c a von Papiergeld auf 2 Mill, u n d m i t
d e m Theil der deposits, der als currency d i e n t auf 5 Mill. B e r e c h n e t d a
j h r l i c h 70,000 dollars ein J a h r wear u n d tear auf eine coinage von 40 Mill,
dollars k o m m t , (p. 20) D i e paper currency, convertible at will, m a y degen-
erate into o n e n o t convertible into specie, without, on t h a t account, ceasing 25
to be t h e only currency of t h e country. (1. c.) (p. 25 u n d 26 d i e Stel-
l e n s c h o n b e i Bailey a n g e f h r t ) D a s Aggregat der b a n k n o t e s der B a n k
o f E n g l a n d u n d country b a n k s nearly dasselbe i n d e n J a h r e n
1810, 1813 u n d 1818, n h m l i c h respectively, about 46 Mill., 46,200,000
u n d 4 6 , 7 0 0 , 0 0 0 1 St. u n d der W e r t h in gold des aggregate a m o u n t of n o t e s 30
was, fr j e d e s dieser J a h r e respectively 40, 35 u n d 45 millions. E b e n s o ,
der D u r c h s c h n i t t s a m o u n t der n o t e s in circulation about 46 millions fr die
J a h r e 1810, 1 8 1 1 ; 45 millions 200,000 fr die J a h r e 1 8 1 2 - 1 8 1 6 u n d
44,400,000 fr 1 8 1 7 - 1 8 1 9 u n d der average value in gold of those n o t e s , fr
j e d e dieser periods respectively, war 4 1 , 36 u n d 43 millions. Diese differen- 35
ces des W e r t h s n u r zu erklren d u r c h die v e r s c h i e d n e n Stufen der o p i n i o n
entertained, either of t h e probable increase or contraction der notes, oder
of the r e s u m p t i o n of t h e specie p a y m e n t s . (p.26[,27]) ( n i c h t d u r c h d e n Be-
trag d e r n o t e s ) N o c h ein Beispiel, F r h l i n g 1815 als N a p o l e o n l a n d e t e
from t h e Island of Elba. D i e b a n k n o t e s waren graduell im Preisse gestiegen 40
seit d e m F r i e d e n u n d Anfang M r z n u r m e h r u m 12% depreciirt. G e g e n
132
Aus A.Gallatin: Considerations on the currency ...
E n d e des m o n t h s u n d i n e i n e m Z e i t r a u m von 1 4 T a g e n u m 2 5 % depreciirt,

obgleich w h r e n d dieser Zeit no additional issues of paper, n o r exportation
of the precious metals, (p. 27) A p a y m e n t m a d e in b a n k n o t e s is a discharge
of t h e d e b t . . . , the bill of exchange does n o t discharge the debt, (p.29) A b e r
5 die wesentliche U n t e r s c h e i d u n g ist d a die W e c h s e l n u r sind a promise to
pay in currency u n d d a die failure der drawers, drawees u n d indorsers
n i c h t im m i n d e s t e n afficirt d e n value der currency selbst oder i m p a i r t h a t
p e r m a n e n t s t a n d a r d of value wodurch the performance of all contracts is
regulated. Dagegen ein Unterschied, w h e n the bills are drawn by a b a n k ,
10 authorized to issue b a n k n o t e s which m a k e part of the currency, (p.29) T h e
b a n k n o t e s a n d the deposits rest precisely on the s a m e basis; for i m m e d i a t e
p a y m e n t on the a m o u n t of specie in the vaults; for u l t i m a t e security on t h e
solidity of t h e debtors of the bank. K e i n U n t e r s c h i e d zwischen i h n e n . In
order, that s u c h deposits, bills of exchange, or other paper, founded on
15 credit, should m a k e part of the currency, it seems necessary, that they
should constitute a d e m a n d u p o n b a n k s t h a t do issue currency, or that, as
at H a m b u r g h , a transfer of credit on the books of the Bank should be a le-
gal tender, (p. 31) W e n n der credit e i n e n shock erhlt, die currency afficirt
auf e i n e m gewissen G r a d , weil groe Nachfrage n a c h ihr im Verhltni als
20 die von d e m Credit e n t s p r i n g e n d e n resources verstopft. In e i n e m L a n d , wie
in d e n Vereinigten Staaten, wo die currency selbst auf d e m Credit beruht,
u n d dieselben institutions currency issue u n d d i e H a n d e l s a c c o m m o d a t i o n s
m a c h e n , [w]ant of credit is m o s t liable to be m i s t a k e n for a want of cur-
rency, (p. 31) ||5| W h e n bills are drawn at long dates, a n d payable at a dis-
25 t a n t place, the t i m e which elapses between the p u r c h a s e of t h e bill from t h e
drawer, a n d its p a y m e n t by the drawee, m u s t be t a k e n into consideration,
in order to calculate what would be an e q u a l e x c h a n g e , as distinguished
from t h e p a r of exchange, (p. 33) T h e m a n who says t h a t he wants m o n e y ,
could at all t i m e s obtain it, if he h a d either credit or s a l e a b l e c o m m o d i -
30 ties. (p. 34) (?!) In F l l e n d e r Crise specie or currency wird selbst c o m p a r a -
tiv scarce, theils weil gehoarded, h a u p t s c h l i c h weil ein Theil seiner substi-
tute entzogen. A b e r specie spielt hier n u r u n t e r g e o r d n e t e Rolle, seine
scarcity being the effect n o t the cause des evil u n d das r e m e d y to this con-
sisting in restoring credit and confidence, which will always procure a suffi-
35 cient a m o u n t of currency, a n d n o t in an a t t e m p t to increase the quantity of
currency, which c a n p r o d u c e no substantial benefit u n t i l confidence is re-
stored. W h e n it consists of paper founded on credit, any increase is ineffi-
cient for r e m e d y i n g the evil, unless it be issued by an institution, t h e credit
of which has, in the general wreck, r e m a i n e d unaffected a n d u n i m p a i r e d .
40 (p. 35) t h e u l t i m a t e solvency of a b a n k always d e p e n d s on the solidity of t h e
paper it discounts, (p. 42) V o m 1 J a n u a r 1 8 1 1 - 1 J a n u a r 1815 = 120 n e u e
133
banks chartered a n d c a m e in operation, m i t e i n e m Capital von ungefhr

40, u n d m a k i n g an addition von fast 30 millions of dollars z u m b a n k i n g cap-
ital der n a t i o n . Dieser increase fand statt am eve u n d w h r e n d eines
Kriegs, der b e i n a h die exports vernichtete u n d beides d e n foreign u n d d e n
coasting trade, (p.44) Baring sagt (in d i e s e m Report of L o r d s ' C o m m i t t e e 5
on t h e r e s u m p t i o n of cash payments p. 105): "QfuestionJ) H a s n o t F r a n c e ,
after two years of great scarcity in corn, a n d two years of foreign contribu-
tion, b e e n able to c o n t r i b u t e a proportion of t h e precious m e t a l s to the
wants of R u s s i a a n d A u s t r i a ? " "A[nswerJ) U n d o u b t e d l y t h e precious m e t a l s
have b e e n supplied from F r a n c e to R u s s i a a n d Austria, a n d shipped, to a 10
considerable a m o u n t , to A m e r i c a notwithstanding the p a y m e n t s to foreign
powers, a n d very large p a y m e n t s for imported corn, whilst, at t h e s a m e
t i m e , wine having almost totally failed for several years past, they were de-
prived of t h e m o s t essential article of their export." ... diese p a y m e n t s pro-
d u c e d no d e r a n g e m e n t whatever of the circulation of F r a n c e " , (p. 56) T h e 15
B a n k (the U n i t e d States b a n k ) purchases at Philadelphia, a n d at every o n e
of its offices, bills of exchange payable at different dates, a n d on all parts of
t h e U n i t e d States where there are s u c h offices; a n d t h e b a n k a n d its offices
sell their drafts on e a c h other, payable at sight. D e r a m o u n t von b e i d e n
progressiv anwachsend, der der bills of exchange war 29,335,254 dollars 20
u n d der der b a n k drafts 24,384,232 dollars during 1829.1n d e m s e l b e n Jam-
die transfers der public m o n e y s , effected by treasury drafts, analogous to
bills of e x c h a n g e at sight, have a m o u n t e d to 9,066,000 Dollars. D i e 3 i t e m s
z u s a m m e n 62,785,486 dollars transmitted by the b a n k in o n e year, d u r c h
das M e d i u m v o n bills u n d drafts, so substituirt d e m transport von specie zu 25
d e m s e l b e n a m o u n t . T h e purchase of bills of exchange is an o p e r a t i o n simi-
lar, as relates to interest, to the discounting of n o t e s . T h e interest accruing,
from the t i m e of p u r c h a s e or discount to that when they b e c o m e d u e , is
equally allowed in b o t h cases. D e d u c t i n g this, the gross profit, on t h e pur-
chase of bills, arising from the rate of exchange at which they were pur- 30
chased, a m o u n t e d in t h e year 1829 zu 227,224 dollars, or less t h a n %%.
Die p r e m i u m s on t h e sale of bankdrafts auf 42,826 dollars. (Zinsen on the
drafts z u z u r e c h n e n , die meist whrend 15 T a g e n a n w a c h s e n auf n a h an
61,000 dollars.) T h e profits auf diese drafts ist d a h e r n a h an 104,000 dollars
oder a b o u t %%. D e r Z i n s verloren d u r c h die b a n k on t h e treasury drafts ist 35
von 15 zu 20,000 dollars u n d die charges fr transportation of specie, post-
age u n d i n c i d e n t a l expenses, a m o u n t e d 1829 auf 49,847 dollars. D e r N e t -
toprofit der b a n k , on the aggregate dieser transactions ist a b o u t
264,000 dollars oder eine fraction m o r e als %% auf d e n whole a m o u n t . Es
giebt kein L a n d , wo die c o m m u n i t y in that respect, m i t weniger Risico u n d 40
wohlfeiler b e d i e n t ist. [90, 91]
1
134
Aus J. W. Gilbart: The history of banking in America
I6| Gilbart. (J.W.)

The History of Banking in America.
In Virginia, the value of a wife even was e s t i m a t e d in tobacco. (p. 1)
H o l m e s in seinen A m e r i c a n A n n a l s sagt: " T h e enterprizing colonists being
5 generally destitute of females, Sir Edward Sandys, the treasurer, proposed
to the Virginia C o m p a n y to send over a freight of y o u n g w o m e n to b e c o m e
wives for t h e planters. ... 1620 wurden 90 girls herbergeschickt, 1821:
60 ... T h e price of a wife at the first was 100 p o u n d s of tobacco; b u t as the
n u m b e r b e c a m e scarce, t h e price was increased to 150 p o u n d s ; the value of
10 which in m o n e y was 3 sh. per p o u n d . This d e b t for wives it was ordered
should have the precedency of all other debts, a n d be first recoverable."
(p. 2) So late als 1732 an act was passed at Maryland, m a k i n g tobacco a le-
gal t e n d e r at one p e n n y a p o u n d , a n d I n d i a n corn at 20 p e n c e a bushel.
(1. c.) Erste issue von c o n t i n e n t a l m o n e y d u r c h d e n Congress 10 M a y 1775,
15 aber erst im folgenden A u g u s t die N o t e n wirklich in Circulation gesezt.
(p. 3) Am 25 F e b r u a r 1791 z e i c h n e t e W a s h i n g t o n die bill, w o d u r c h eine all-
g e m e i n e B a n k geschaffen wurde, (p. 7) Ihre D a u e r b e s c h r n k t bis 4 M a r c h
1811, wo sie expired, as Congress refused to renew t h e charter. (1. c.) J u n i
1812 Krieg gegen E n g l a n d erklrt, A u g u s t u n d S e p t e m b e r 1814 all t h e
20 b a n k s s o u t h a n d west of New E n g l a n d h a d s u s p e n d e d their specie pay-
m e n t s , (p. 8) Vom 1 J a n u a r 1811 bis 1 J a n u a r 1815 w u r d e n 120 n e w b a n k s
chartered u n d went into operation m i t e i n e m Capital von a b o u t 40, u n d
m a c h e n d eine a d d i t i o n z u d e m b a n k i n g capital des L a n d e s von b e i n a h e
30 millions dollars. Dieser increase fand Statt am eve of, a n d during a war
25 which did nearly a n n i h i l a t e t h e exports, a n d b o t h the foreign a n d coasting
trade." (p. 10) F e b r u a r 1815 F r i e d e n m i t E n g l a n d geschlossen; m a n erwar-
tete die b a n k wrde sofort z u r c k k e h r e n zu Baarzahlungen, b a n k n o t e s stie-
gen daher im W e r t h , fielen wieder, da diese Erwartung n i c h t befriedigt. D i e
135
Suspension der Baarzahlung in A m e r i c a u n t e r s c h e i d e t sich von der in Eng-

land: 1) it did n o t take place t h r o u g h o u t the country; 2) da j e d e b a n k u n a b -
hngig, different scale of depreciation for each county and each town. (p. 11)
The Bank of the United States.
A u s der Suspension der B a a r z a h l u n g e n gingen folgende Schwierigkeiten 5

fr die Staatsregierung hervor: 1) die treasury m u t e die S t e u e r n in d e n lo-
cal currencies j e d e n Districts e i n n e h m e n . Alle at par circulirenden N o t e n
w u r d e n a n g e n o m m e n , die at discount befindlichen verworfen. 2) die b a n k s
die n i c h t c a s h p a y m e n t suspendirten restringirten ihre issues so, d a solche
G e l d d r r e in diesen Staaten, d a die S t e u e r n n i c h t g e s a m m e l t w e r d e n 10
k o n n t e n . Die Regierung d a h e r gezwungen Schatzscheine a u s z u g e b e n , die
6% Z i n s trugen. 3) Schwierigkeit in der transmission des G e l d e s von e i n e m
Staat i n d e n a n d e r n ; das a n e i n e m Ort g e s a m m e l t e Geld m u t e i n e i n e m
a n d e r n ausgegeben werden; aber die b a n k s der verschiednen Staaten o h n e
V e r b i n d u n g u n t e r e i n a n d e r ; daher Schwierigkeit fr die Regierung fr 15
supplies or services zu zahlen. 4) Die Regierung m u t e z u m Empfang der
Steuern als agents a vast n u m b e r of banks a n w e n d e n ; so h a t t e die treasury
a c c o u n t o p e n in n i c h t weniger als 94 b a n k s . Die s u m s lodged in these
b a n k s b e s t a n d e n gewhnlich: a) b a n k n o t e s der bank, worin die S t e u e r n de-
ponirt wurden; b) N o t e n a n d r e r Banken; 3) S c h a t z s c h e i n e bearing interest; 20
4) small treasury n o t e s n o t bearing interest. As to coin, t h a t was o u t of
question, (p. 1 1 - 1 3 ) Diese Confusion t h u s i n t r o d u c e d into the public ac-
counts, as well as into private transactions, led to t h e formation of t h e sec-
o n d B a n k of t h e U n i t e d States. Ihr Incorporationsakt passirte in der ses-
sion of 1816. (p. 13) Diese Bank c o m m e n c e d business zu P h i l a d e l p h i a 25
1 J a n u a r 1817. (p. 14.) Im leztren E n d e 1817 Baarzahlung allgemein re-
s u m e d . (1. c.) 1819 J a h r of great c o m m e r c i a l distress fr A m e r i c a , wurde der
R e s u m p t i o n der B a a r z a h l u n g e n zugeschrieben. (1. c.) Die B a n k of the U n i t -
ed States errichtete a b r a n c h or office in j e d e m state. In j e d e r b r a n c h de-
posits empfangen, bills u n d notes of h a n d d i s c o u n t e d u n d letters of credit 30
granted payable on d e m a n d u p o n all the other b r a n c h e s . Ihre n o t e s legally
zahlbar (mit A u s n a h m e der niedrigsten, der five dollar notes, die gesetzlich
payable at every b r a n c h waren) n u r in der b a n k branch, die sie ausgegeben,
w u r d e n aber meist als m a t t e r of courtesy a u c h von d e n b r i g e n b r a n c h s h o -
norirt. (p. 14, 15) ||7| 1832 passirte ein Gesetz in b e i d e n H u s e r n des Con- 35
gresses fr eine E r n e u e r u n g der Bankcharter der U n i t e d States. D e r G e n e -
ral Jackson refused to ratify it. (p. 19) Jackson removed die deposits des
g o v e r n m e n t von der U n i t e d States b a n k u n d placed sie in die different
136
Aus J.W. Gilbart: The history of banking in America
state b a n k s , (p. 23) Er lie 1833 Gold, Silber u n d Kupfer m n z e n z u m Be-

trag von 3,765,710 $. (p. 24) Lage der U n i t e d States B a n k N o v e m b e r 1,
1834 war: Liabilities: 59,977,.117 Dollars. Resources. 67,931,511, also surplus
von resources von: 7,954,393 Dollars, (p. 28) 1834 coinage effected auf
5 7,388,423 dollars, 1835 zu 5,668,667, (p. 32, 33) 1836 erlosch die Charter
der U n i t e d States Bank. Sie erhielt eine n e u e Charter in d e m State of
Pennsylvania u n d o b t a i n e d permission to c o n t i n u e their agencies in s o m e
of the other states, (p. 34)
The State Banks.
10 Alle erhielten ihre charters von d e n different states, alle A k t i e n b a n k s , kein

private b a n k i n g allowed, (p. 42) "the n a t u r a l a n d ordinary effect of the cir-
culation of small notes is to cause the specie to leave the c h a n n e l s of circu-
lation, a n d settle in the vaults of the b a n k s , a n d for the m o s t part in t h e
banks of c o m m e r c i a l towns. Consequently, w h e n from the state of tfade
15 a n d currency it is in d e m a n d for exportation, being already collected it is
silently a n d suddenly withdrawn; a n d before t h e public at large can have
any sufficient notice of its being gone, the b a n k s are obliged to stop their
issues, a n d t h e paper previously in circulation is withdrawn also, being re-
t u r n e d to the b a n k s by their debtors." [p. 55] (E. Lord. Principles of Cur-
20 rency a n d Banking. N e w York. 1829.) H e r r Biddle (President of the B a n k of
the U n i t e d States) sagt: "If a b a n k lends its m o n e y on mortgages, on stocks,
for long terms, a n d to persons careless of protests, it incurs this great risk,
that, o n t h e o n e h a n d its n o t e s are payable o n d e m a n d , while, o n t h e other
its debts c a n n o t be called in without great delay, a delay fatal to its credit
25 and character." (p. I l l )
S[ection] VI An Inquiry into the causes

of the recent pressure on the money market.
At the beginning of 1834, m o n e y b e c a m e very a b u n d a n t , a n d the price of

english funds improving, the s p e c u l a t i v e action' again exhibited itself. At-
30 tention was chiefly attracted in the absence of other s c h e m e s , towards Por-
tuguese a n d Spanish securities; in a d d i t i o n to these, a large a m o u n t of
D u t c h Stock was imported; u n d der extent to which these operations were
carried, brought a b o u t t h e evils of May, 1835, deren mischief h a u p t s c h -
lich confined auf d e n stock market. 1836 d e h n t e sich die s p e c u l a t i v e ac-
137
t i o n ' arising o u t of the low rate of interest auf railways u n d j o i n t s t o c k b a n k s

a u s . " (p. 186, G i l b a r t citirt d i e a u s : Samson Ricardo, O b s e r v a t i o n s on
t h e r e c e n t P a m p h l e t o f J . H o r s l e y P a l m e r etc.)
General Jackson sagt in seiner farewell address to t h e people of A m e r i c a :
" R e c e n t events have proved that t h e paper m o n e y system of this country 5
m a y be u s e d as an engine to u n d e r m i n e your free institutions: a n d t h a t
those who desire to engross all power in the h a n d s of t h e few, a n d to govern
by corruption or force, are aware of its power, a n d prepared to employ i t . . .
w h e n t h e charter of t h e B a n k of the U n i t e d States was o b t a i n e d from Con-
gress, it perfected t h e schemes of the paper system, a n d gave to its advo- 10
cates the position they h a v e struggled to obtain, from the c o m m e n c e m e n t
of t h e federal g o v e r n m e n t down to the present hour. T h e i m m e n s e capital
a n d peculiar privileges bestowed u p o n it, enabled it to exercise despotic
sway over other b a n k s in every part of the country. F r o m its superior
strength it could seriously injure, if n o t destroy, the business of any o n e of 15
t h e m which m i g h t i n c u r its r e s e n t m e n t ; a n d it openly claimed for itself t h e
power of regulating t h e currency t h r o u g h o u t the U n i t e d States. In other
words, it asserted (and it u n d o u b t e d l y possessed) the power to m a k e m o n e y
plenty or scarce at its pleasure, at any t i m e , a n d in any quarter of t h e
u n i o n , by controlling the issues of other b a n k s , a n d p e r m i t t i n g an expan- 20
sion, or compelling a general contraction, of the circulating m e d i u m , ac-
cording to its own will. T h e other b a n k i n g institutions were sensible of its
strength, a n d they s o o n generally b e c a m e its o b e d i e n t i n s t r u m e n t s , ready
at all t i m e s to e x e c u t e its m a n d a t e s ; a n d with the b a n k s necessarily went,
also, t h e n u m e r o u s class of persons in o u r c o m m e r c i a l cities w h o d e p e n d 25
altogether on b a n k credits for their solvency a n d m e a n s of b u s i n e s s , a n d
who are therefore obliged for their own safety to propitiate the favour of the
m o n e y power by distinguished zeal a n d devotion in its service. T h e result
of the illadvised legislation which established this great m o n o p o l y was to
c o n c e n t r a t e t h e whole m o n e y power of the u n i o n , with its b o u n d l e s s m e a n s 30
of corruption ||8| a n d its n u m e r o u s d e p e n d a n t s , u n d e r t h e direction a n d
c o m m a n d of o n e acknowledged head; thus organizing this particular inter-
est as o n e body, a n d securing to it u n i t y a n d concert of action t h r o u g h o u t
t h e U n i t e d States, a n d enabling it to bring forward, u p o n any occasion, its
entire a n d u n d i v i d e d strength to support or defeat any m e a s u r e of govern- 35
m e n t . In the h a n d s of this formidable power, so perfectly organized, was
also placed u n l i m i t e d d o m i n i o n over the a m o u n t of t h e circulating m e -
d i u m , giving it t h e power to regulate the value of property a n d t h e fruits of
l a b o u r in every quarter of the U n i o n ; a n d to bestow prosperity, or bring
ruin, u p o n any city or section of the country, as m i g h t best c o m p o r t with its 40
own interest or policy. We are n o t left to conjecture how t h e m o n i e d power,
138
Aus J.W.Gilbart: The history of banking in America
t h u s organized, a n d with s u c h a weapon in its h a n d , would be likely to u s e

it. T h e distress a n d alarm which pervaded and agitated the whole country
w h e n the B a n k of the U n i t e d States waged war u p o n t h e people, in order to
c o m p e l t h e m t o s u b m i t t o its d e m a n d s , c a n n o t yet b e forgotten. T h e
5 ruthless a n d u n s p a r i n g t e m p e r with which whole cities a n d c o m m u n i t i e s
were impoverished a n d r u i n e d , and a scene of cheerful prosperity suddenly
c h a n g e d into o n e of gloom a n d d e s p o n d e n c y , ought to be indelibly i m -
pressed on the m e m o r y of the people of t h e U n i t e d States. If such was the
power in a t i m e of peace, what would it n o t h a v e b e e n in a season of war,
10 with an e n e m y at your doors!" (p. 196,97)
139
J.W. Gilbart.
The history of Banking in Ireland.
L o n d o n 1836.
Sectio I. The History of Banking in Ireland

previous to the establishment of the Bank of Ireland. 5
In e i n e m Act von 1709 (for the better p a y m e n t of i n l a n d bills of ex-

change, a n d for m a k i n g promissory notes m o r e obligatory." ... vor d e m
Passiren dieses Akts zweifelhaft, ob in Ireland promissory n o t e s of any
kind were legally transferable by indorsement; n u n solche transfers legal er-
klrt, wie wenige J a h r e vorher in England), der zuerst das W o r t bankers" 10
fr Irland erwhnt, s e h n wir, da die b a n k e r s ' notes in Ireland, gleich d e n
g o l d s m i t h s ' n o t e s in England, Receipts for m o n e y waren t h a t h a d b e e n
lodged in their h a n d s . 1721 A k t enacted da diese notes w e n n n i c h t p a i d
on d e m a n d , should b e a r interest etc. (p. 8, 9)
Sectio II. Geschichte des Banking etc 15

from the Establishment der Bank of Ireland bis zur
Errichtung der Provinzialbank von Irland.
Die B a n k of Ireland in its constitution u n d government g e n a u n a c h g e a h m t

der von England, (p. 18) Errichtet d u r c h P a r l a m e n t s a k t v o n 1782. (p. 19)
Anfangs a u c h m i t exclusivem Privileg, wie die von E n g l a n d ; 1824 gab sie 20
die Privileg auf, so weit es betrifft places situated at a greater distance als
140
Aus J. W. Gilbart: The history of banking in Ireland
50 irish miles von D u b l i n , (p. 19) I h r Capital war 600,000, d e m govern-

m e n t geliehn zu 4%; n i e m a n d durfte fr m e h r als 10,000 u n t e r s c h r e i b e n ,
(p. 19) D i e charter sollte expire at 12 m o n t h s notice n a c h d e m 1 J a n u a r
1794 u n d R c k z a h l u n g aller von der R e g i e r u n g der b a n k geschuldeten
5 S u m m e n - die charter datirt v o m 15 M a i , 1783. (p. 19, 20)
1791 D u r c h 31 G e o . I I I C. 22 das capital der Bank of Ireland v e r m e h r t
von 600,000 auf 1,000,000 u n d die charter e x t e n d e d bis after the first
day of J a n u a r y 1816. D i e proprietors of t h e old stock erlaubt zu subscribe
fr % des new stock. D i e g a n z e s u m of 400,000 subscribed to be paid i n t o
10 the treasury for the use of his Majesty. 1797 das Capital der B a n k of Ire-
land vermehrt durch 37 G e o . III. c . 5 0 von l " M i l l . auf 1,500,000. T h e
proprietors of the old stock allowed to subscribe for t h e whole of t h e new
stock, in proportion to t h e s u m s standing in their respective n a m e s . 1797
die B a n k of Ireland suspendirt ihre B a a r z a h l u n g e n am 3 M a r c h . G l e i c h
15 darauf giebt sie small n o t e s u n d posthitis u n t e r 5 aus. 1799 a law passed
for confining the issue of n o t e s zwischen 20 sh. u n d 5 n u r auf die B a n k of
Ireland. Private b a n k s p e r m i t t e d to issue b a n k post bills of 3 g u i n e a s u n d
upwards u n t e r certain limitations, (p. 23) 1804 In d i e s e m J a h r c o m m i t t e e
des h o u s e of c o m m o n s e r n a n n t zur inquiry into t h e state of Ireland as to its
20 circulating paper, its specie a n d current coin etc.
D i e C o m m i t t e e erklrte:
1) Ueber den fact eines unfavourable exchange von Seiten Irlands gegen Gro-
britannien: In Belfast die bills of exchange gekauft m i t guineas, in D u b l i n
m i t b a n k o f Ireland u n d a n d e r n b a n k n o t e s . W o m i t g u i n e a s gezahlt war
25 u n d ist der exchange fr Irland gegen G r e a t Britain, wo m i t Papier seit
1798 gegen Irland. Also ||9| der reale W e c h s e l k u r s fr Irland; der n o m i n e l l e
gegen es. Differenz zwischen b e i d e n e n t s p r u n g e n von der D e p r e c i a t i o n des
circulating m e d i u m , (p. 26)
2) Ueber die Ursachen die diesen ungnstigen (nominellen) Wechselkurs ge-
30 schaffen? ... A n t w o r t : D e r Bankrestriktionsakt. (p.27)
3) Remedies: D i e B a n k of Ireland soll a c c u m u l a t e funds in L o n d o n u n d
draw bills on L o n d o n at fixed dates, (p. 27)
4) In Bezug auf das specie u n d current coin of Ireland b e m e r k t die
C o m m i t t e e : miserable situation des silver coinage oder vielmehr des base
35 m e t a l u n d n o t e s u n d I . O . U . ' s substituted in its place. D a s irische Silber, in
Folge u n g n s t i g e n Wechselkurses", so lang es n i c h t m e h r degraded war als
der englische, wanderte n a c h England. In vielen T h e i l e n Irlands d u r c h sil-
vernotes ersezt. In D u b l i n , wo notes of a very small description are not is-
suable, by an extremely base silver coin, privatim fabricirt in great q u a n t i -
40 ties u n d to which nichts als der want of any other m e d i u m war capable of
effecting small p a y m e n t s , could have given currency. ... n a c h d e m i m p e d i -
141
merits fr diese Circulation entstanden, A u s g a b e d u r c h die B a n k of Ireland

von dollars (6 sh. per piece.) (p. [27,] 28)
1805. A k t von 1799 repealed u n d alle notes n i c h t u n t e r 1 /.St. wieder per-
m i t t e d to be issued by private bankers. In d i e s e m J a h r n o t e s u n d e r 1l. a b -
geschafft in Irland, (p. 30) ( W a r e n n o t e s so n i e d r i g als fr 3 p e n c e a u s g e - 5
g e b e n w o r d e n ) 1808 D i e Belfast Bank etablirt. (p. 32) In d e m s e l b e n Jam-
das Capital der Bank of Ireland vermehrt d u r c h 48 G e o . III, C. 103 auf
2,500,000. % des n e u e n stock to be subscribed by the proprietors of the
old. E r n e u e r t bis 1 J a n u a r 1837. T h e b a n k were to m a n a g e the p u b l i c debt,
a n d pay the dividends without expense to t h e government, (p. 33) All pri- 10
vate b a n k e r s of Ireland are compelled by the 29 G e o . II C. 16 to take o u t a
licence, a n d prohibited from trading, which has thrown t h e b a n k i n g trade
into the h a n d s of a wealthier class of persons t h a n it otherwise would have
b e e n in. (p. 34)
1812 A u c h B a n k of I r e l a n d notes in Ireland d u r c h A k t prevented of 15
being t a k e n at less t h a n their n o m i n a l value, (p. 36) 1821 D a s Capital der
B a n k of Ireland vermehrt von 2,500,000 auf 3 Mill. D i e a d d i t i o n a l s u m
of 500,000 g e n o m m e n von d e m Bank's surplus fund u n d lent der Regie-
r u n g zu 4%, to be repaid 1 J a n u a r 1838. Das increased capital was divided
u n t e r die proprietors, at t h e rate of 20 fr every 100 they possessed. 20
(p. 36) 1824 In D u b l i n die Hibernian Joint Stock Bank gebildet, z u n c h s t
d u r c h R o m a n Catholic g e n t l e m e n finding they were c o n t i n u e d to be exclu-
ded from the direction der B a n k of Ireland etc. Ihr n o m i n a l capital ist
1 Mill. getheilt in 10,000 shares of 100 each. Diese b a n k n i m m t depos-
its, giebt aber k e i n e n Z i n s dafr; darf keine n o t e s ausgeben, n o c h b r a n c h e s 25
etabliren, discounts bills zu 5%. (p. 37)
Sect. III. The history of Banking in Ireland

seit der Errichtung der Provincial Bank fr Ireland.
D i e Provincial B a n k of I r e l a n d gebildet u n t e r d e m statute 6 G e o . IV. C.42.

(p. 41) Sie w u r d e projectirt 1824. (p.47) 1834 issued der Prospectus of the 30
Agricultural und Commercial Bank of Ireland", (p. 117)
142
A defence of joint stock banks and country issues etc.
A Defence of Joint Stock Banks

und Country Issues etc.
L o n d o n 1840
(von Bailey, a u t h o r of m o n e y a n d its vicissitudes.) ( P a r t I e n t h l t d i e b e i

5 d e m citirten Buch schon frher gegebnen Sachen ber Aktienbanks.
Part II. P o l e m i k g e g e n s p t e r e r s c h i e n e n e Schriften, n a m e n t l i c h Loyd
(Jones).)
N a c h J o n e s Loyd soll die Bank of E n g l a n d ihre p a p e r issues r i c h t e n n a c h
d e m b u l l i o n i n i h r e n Kellern u n d die country b a n k s , n i c h t n a c h i h r e n eig-
10 n e n Sicherheiten, s o n d e r n n a c h d e m Zu oder A b n e h m e n der B a n k of Eng-
l a n d Circulation. So also widerspricht [er] s e i n e m e i g n e n Princip. Er m a c h t
double contraction. . . w e n n 1 Mill, n a c h d e m A u s l a n d geht, z i e h t die
B a n k of E n g l a n d n a c h d e m P r i n c i p 1 Mill, e i n u n d so wren alle D i n g e wie
i n einer m e t a l l i c currency. A b e r n u n sollen a u c h n o c h s m m t l i c h e C o u n -
15 trybanks anfangen zu contrahiren. (p. 61)
1
143
pi Raguet (Condy).
A Treatise on Currency and Banking.
2 ed. Philadelphia. 1840.
Die stoppage der specie p a y m e n t s in d e n Vereinigten Staaten, in 1814, be-

g a n n in Baltimore um d e n 27 August, bald n a c h der Schlacht von Bladens- 5
b u r g h u n d der capture von W a s h i n g t o n , (24 August) u n d wurde followed
by P h i l a d e l p h i a am 30 u n d von Newyork am 1 September. A general re-
s u m p t i o n took place on t h e 20 Febr., 1817. Die 2' stoppage b e g a n n zu New-
t e n
york am 10 May, 1837, gefolgt zu Philadelphia am l l , zu Boston u n d
Baltimore am 12' u n d in allen a n d e r n Pltzen in quick succession. R e - 10
s u m p t i o n took place at Newyork am 9' M a i , in Boston, P h i l a d e l p h i a u n d
m e h r s d l i c h e n places am 1 3 ' August erst. 1839 wieder all t h e b a n k s in the
U n i t e d States, s o u t h of N e w York, which p r e t e n d e d to pay in specie, sus-
p e n d e d p a y m e n t again. This event took place first in P h i l a d e l p h i a am
9 Okt. 1839 u n d gefolgt by the rest in rapid succession, leaving only N e w 15
York u n d N e w E n g l a n d in t h e enjoyment of a convertible currency. D i e e
suspension h a t fortgedauert bis jezt u n d is expected to c o n t i n u e bis 1841.
(Note to second Edition.)
144
Aus C. Raguet: A treatise on currency and banking
Erstes Buch.
Von den Gesetzen, die eine currency reguliren,
zusammengesezt nur aus edlen Metallen.
Ch. I. V o m innern Werth der edlen Metalle

5 und ihrer adaptation fr den Zweck
eines circulirenden Mediums.
Ch. II. Von der Vertheilung des edlen Metalls

in der commerciellen Welt.
when the precious metals n e i t h e r flow o u t from a country in which there

10 are no gold or silver m i n e s , n o r flow into it faster t h a n is i n c i d e n t to h e r ad-
ditional share of t h e new a n n u a l p r o d u c t i o n of t h e m i n e s , she has h e r exact
proportion, (p. 6) These proportions, w h e n o n c e attained as nearly as the
n a t u r e of the circumstances will permit, establish what m a y be called the
general level of currencies, a n d it is to this level, as to a species of standard,
15 that reference is m a d e , w h e n we say t h a t m o n e y like water will find its
level. (I.e.)
Ch. III. Von dem relativen Werth von Gold und Silber.
the proportion of 1 =15 oder 16 in d e m relativen W e r t h von G o l d u n d Silber

giebt n i c h t d e n Beweis, that there is j u s t 15 oder 16 x so viel Silber als
20 Gold in Existenz, (p. 11)
Ch. IV. On the balance of trade,

or of the causes which occasion the transmission of the
precious metals from one country to another.
Ist der Wechselkurs e i n e m L a n d e ungnstig, d. h. ist eine P r m i e auf bills

25 fr R e m e s s e , so: a rise in the exchange von 1 oder 2 % m a y s o m e t i m e s de-
t e r m i n e s h i p m e n t s , a n die m a n o h n e solchen rise nie gedacht h a b e n
wrde; n i c h t als w e n n dieser small profit fr sich selbst zu diesen Verschif-
fungen A n l a gbe, s o n d e r n weil 1 oder 2 % hinzugefgt zu d e m Profit der
145
a u c h o h n e solche addition gemacht worden wre, der G e w i n n e r h o b e n zu

der H h e des average mercantile rate of profit requisite to warrant a ship-
m e n t s (p. [14,] 15) Contrahirt sich die currency, so sinken die W a a r e n im
Prei. D i e k a n n so weit gehn, da it m i g h t even be an object to send back
to t h e place of p r o d u c t i o n the very c o m m o d i t i e s , t h e i m p o r t a t i o n of which 5
created the unfavorable balance. British goods have frequently b e e n sent
back from the U n i t e d States to England, as affording the best m a r k e t for
t h e m , a n d it is a very c o m m o n thing for vessels to bring back from the
W e s t Indies part of their outward cargoes, owing to their being worth m o r e
at h o m e t h a n they could be sold for abroad, (p. [16,] 17) N a t i o n a l accounts 10
current are never settled, (p. 19) D i e b a l a n c e of t r a d e oft contrecarrirt d u r c h
die balance of payments, lztres principle regulirt d e n daily rate of t h e ex-
changes. If all the m e r c h a n d i s e exported and imported u n m i t t e l b a r zu zah-
len wre at the t i m e of its changing h a n d s , wren die b a l a n c e of t r a d e u n d
die of p a y m e n t s identisch. Bei n a t i o n s die nicht der Fall. (p. 24) 15
Ch. V. On the Principles of Exchange.
Das par of exchange zwischen L o n d o n u n d Paris ... 25 fcs 22 cts fr St. in

gold u n d 25 f. 57 cts. fr S t . in silver. Amsterdam 12 guilders, 09 c e n t i m e s
in gold, u n d 11 guilders 97 cts in silver, Hamburgh 13 m a r k s b a n c o ,
10 sh., Bremen 609 R i x Dollars fr 100 St. in gold. (p. 36) 20
Ch. VI. On the steadiness of trade in countries

employing a metallic currency.
Ch. VII. On the different kinds of depreciation

to which a metallic currency is liable.
D u r c h A k t v o m 28 J u n i 1834 in d e n U n i t e d States die goldcoin called the 25

eagle war r e d u c e d in weight u n d deteriorated in purity ... zeigte sich gleich
am Wechselkurs. F r h e r das /. St. gleich $ 4.56 (c.) u n d a fraction of gold,
jezt $ 4.86 u n d a fraction in gold. (p. [44,] 45)
146
Ch. VIII. On the Creditsystem or the Influence

of Credit in Promoting National Wealth. |
| 1 1 | Also z . B . im Westen von d e n Vereinigten Staaten die m e i s t e n settlers,

n a c h d e m sie ihr L a n d bezahlt, r e a c h es m i t k e i n e m E i g e n t h u m in der W e l t
5 ausser einer Axe, a spade, a hoe, a gun, a cow, a few h o u s e h o l d utensils,
a n d a change or two of clothing. Das L a n d voll W a l d u n g . Im vorgefundnen
Z u s t a n d u n b r a u c h b a r fr tillage. G e h n z u m b e n a c h b a r t e n K a u f m a n n .
P u m p t i h n e n auf d e n k o m m e n d e n crop e i n e n Theil seines Capitals auf
Credit, in der F o r m von Zucker, T h e e , Kaffee, M e h l , Korn, Kartoffeln, Saa-
10 m e n , Salz, provisions, Winterkleider u. s. f. M i t d i e s e m erborgten Capital
each settler begins his labors u n d when the crops are harvested, the mer-
chant is paid in grain a n d other p r o d u c t i o n s u n d der settler finds himself,
by the aid of this credit, in possession of a surplus, sufficient in part to sup-
port his family for a n o t h e r year, which he could n o t possibly have pos-
15 sessed, h a d t h e m e r c h a n t refused to give h i m credit. ... ein grosser T h e i l
der planters of the cotton growing states erhalten large supplies of clothing
u n d subsistence for their slaves u n d of every article of their own c o n s u m p -
tion, u p o n credit from the neighboring m e r c h a n t s , in anticipation of the
n e x t year's crop ... W a s n u n diese country m e r c h a n t s selbst angehn, die
20 aid the settlers u n d die planters, few or n o n e davon have a capital of their
own a d e q u a t e to carry on business to the extent they do. T h e y are t h e m -
selves obliged to o b t a i n most of their supplies u p o n credit from the whole-
sale m e r c h a n t s of t h e large interior towns a n d the A t l a n t i c cities, while these
in turn avail themselves m o r e or less of credit with the E u r o p e a n m a n u f a c t u r -
25 ers. ... it n o t unfrequently h a p p e n s that a settler in the remotest region of
Missouri ploughs his land and produces his crop by m e a n s of credit o b -
tained, it m a y be, t h r o u g h three or four successive links, from a m a n u f a c t u r -
er of hardware in B i r m i n g h a m , or of o n e of dry goods in Manchester,
(p. 5 0 - 5 2 )
30 Ch. IX. On the laws which regulate the hire of capital,

and on the impolicy of usury laws.
Ch. X. Examination of the common Opinion

respecting the Sinking of Capital.
D a es keineswegs gleichgltig, Capital fix zu m a c h e n . In Pennsylvanien,

35 wie in a n d r e n states, there have b e e n at times extraordinary e x c i t e m e n t s in
147
reference to internal i m p r o v e m e n t s . T u r n p i k e roads, bridges, canals u n d

railroads, have e a c h in their t u r n c o m m a n d e d popular favor, u n d extensiv
gebaut, ... viele davon abortive u n d unvollendet aufgegeben oder w e n n
vollendet have b e e n useless as a source of i n c o m e u n d d a h e r i h r e n proprie-
tors verursacht a loss = d e m der g a n z e n e x p e n d i t u r e . ... what capital in 5
solchen cases has now b e e n sunk? (Nicht das Gold u n d Silber - die voll-
zieht die functions von waggons, ships, Karren etc in transporting from o n e
possessor to another the c o m m o d i t i e s which he n e e d s to carry on his busi-
ness. ... in performing the business of transporting c o m m o d i t i e s , the
vehicles here m e n t i o n e d are n o t destroyed or sunk u n t i l they are worn out) 10
A b e r die R o h m a t e r i a l i e n , woraus die works were constructed, z. B. stone,
lime, wood, t i m b e r u n d iron, the food a n d drink, clothing u n d fuel of the
laborers employed u p o n the same, the vehicles, i m p l e m e n t s u n d tools worn
out or deteriorated by the work, a n d the food c o n s u m e d by the horses a n d
cattle employed. All these articles, being forms of a c c u m u l a t e d capital, 15
possessing a value equivalent to the s u m in m o n e y paid for t h e m , consti-
tute the capital sunk u n d sie sind said to be sunk, weil, having b e e n u s e d or
c o n s u m e d , there is n o t h i n g of value to be shown in their place. D e r Proze
der wirklich stattfand war die m e r e t r a n s m u t a t i o n of stone a n d lime, wood
a n d iron, from a form in which they possessed a value into o n e in which 20
they possess no value ... A b e r ein grosser Theil Volks ist beschftigt wor-
den. G r a n t e d , but employed in producing n o t h i n g of value, so that their in-
dustry has b e e n of no m o r e benefit to the c o m m u n i t y t h a n if it h a d e m -
ployed in t u r n i n g grindstones where there was n o t h i n g to grind etc.
(p. 5 8 - 6 0 ) I 25
1121 Zweites Buch.

Von den Gesetzen, die eine mixed currency reguliren,
zusammengesezt aus edlen Metallen und auf demand
into coin convertiblem Papier.
Ch. I. Of banks of deposite, 30

of banks of discount and of banks of circulation.
A b a n k of circulation is an institution established solely for the purpose of

lending credit, (p. 70) D i e 1840 = 901 b e t r a g e n d e n b a n k s der U n i t e d States
(mit e i n e m p a i d up capital von n e a r $ 360,000,000) formiren alle 3 F u n k - 35
t i o n e n . (p. 71)
148
Ch. II. Of the operations of banks of circulation.
Every emission of a paper currency in any country drives out a p o r t i o n of

its coin. (p. 73) Incorporated or J o i n t Stock Banks, owing to their directors
n o t having a deep personal interest at stake, a n d owing to their liability to
5 be influenced as a board, by considerations which do n o t operate u p o n in-
dividuals, a n d especially owing to the absolute impossibility of their devot-
ing any large share of their t i m e to the investigation of the characters of all
applicants for loans, c a n n o t in the n a t u r e of things, exercise the s a m e dis-
c r i m i n a t i o n in the choice of its borrowers, as individual capitalists do. Will
10 m a n die d a d u r c h widerlegen, d a die Verluste der b a n k s der U n i t e d
States gering sind, so die z u z u s c h r e i b e n der A b w e s e n h e i t eines allgemei-
n e n Bankeruttgesetzes, das prveniren wrde those partial assignments for
the benefit of endorsers at bank, w o d u r c h banks b e c o m e preferred creditors
in m o s t cases of insolvency, a n d thereby get a larger share of the assets of
15 their debtors, t h a n other creditors, (p. 75) F r die Vereinigten Staaten in
Friedenszeit, wrde 1 % h i n r e i c h e n u m F r a c h t u n d i n s u r a n c e des Goldes
u n d Silbers n a c h E u r o p a zu zahlen, in Kriegszeit sind vielleicht 5 oder
10% erfordert. Resultat: that the paper currency, obgleich convertible on
d e m a n d into coin, depreciirt werden k a n n zu 5 oder 10% u n t e r d e n general
20 level u n d foreign bills of exchange zu d i e s e m extent b e r par steigen k n -
n e n , ehe die m e r c h a n t s , having r e m i t t a n c e s to m a k e , would find it advanta-
geous to ship specie, a n d consequently before any reaction would be felt by
the banks, (p. 80)
Ch. III. Of the principles by which the profits of banks

25 of circulation are determined.
D e r Profit a b z u l e i t e n von der Zufuhr von paper currency k a n n n u r sehr be-

schrnkt sein, h a t a limited amount. G e s e z t die currency eines L a n d e s , die
sie u p o n a level with the currency of other countries sezt, sei 10 Mill. Dol-
lars. E i n e B a n k gebe 5 Mill. Papier aus. 5 M i l l i o n e n g e h n ausser L a n d e s .
30 D i e B a n k h a b e 1 Mill. G o l d in ihren Koffern. So zieht sie Z i n s von einer
S u m m e 5 x grsser als ihr Capital. D i e G e s a m m t c u r r e n c y des L a n d e s be-
trge n a c h wie vor 10 Mill., 5 in coin u n d 5 in Papier. Ihre Profits sehr gro
on "account of the small Capital, wovon es das E i n k o m m e n . Sobald das G e -
h e i m n i b e k a n n t , wrde eine zweite b a n k errichtet werden. Diese wrde
35 nicht glauben, d a der grosse Profit der ersten b a n k das R e s u l t a t des M o -
nopols war u n d d a sie n i c h t grsser im absolute a m o u n t gewesen, w e n n
149
ihr Capital 5 Millions statt E i n e r betragen htte, b u t u n d e r delusive n o -

tions that the same percentage of profit, or something n e a r it, would attach
to a large capital as to a small one, wrde sie die n e u e b a n k m i t d e m dop-
pelten Kapital, z.B. m i t 2 Millions ausfhren. Sie giebt n u n 10 Millions pa-
per aus, sie b e g i n n t ihre operations by a profusion of loans. M o n e y wird 5
plenty, currency depreciirt u n t e r den allgemeinen level, Preisse der W a a r e n
steigen, I m p o r t e steigen, e i n h e i m i s c h e P r o d u c t e werden zu t h e u e r z u r A u s -
fuhr, bills of e x c h a n g e rise, because the d e m a n d for t h e m to pay for foreign
c o m m o d i t i e s increases faster t h a n the supply u n d sobald als ihr price in the
m a r k e t exceeds the a m o u n t of the expense of transmitting gold a n d silver 10
abroad, a portion of t h e r e m a i n i n g five millions of coin will be exported.
D i e notes return n u n z u r n e u e n b a n k fr Z a h l u n g in coin, to be sent o u t of
the country, a u c h die alte b a n k fhlt die effects der reaction, beide m s s e n
e i n e n T h e i l ihrer loans einrufen, also general scarcity of m o n e y u n d t e m p o -
rary c o m m e r c i a l e m b a r r a s s m e n t . Resultat, however, da, da 5 millions of 15
dollar der G e s a m m t b e t r a g des in Circulation zu h a l t e n d e n paper sind o h n e
depreciation, the profits of furnishing this a m o u n t are now to be divided
zwischen 2 b a n k s statt von Einer monopolisirt zu werden. Derselbe Effect
bei Schpfung j e d e r n e u e n additional bank. Dagegen bestndiger V e r s u c h
einiger dieser b a n k s to get the largest share of the profits of this supply of 20
the paper currency by extraordinary issues. D i e k n n t e n sie n i c h t erfl-
len, w e n n das Public stets insistiren wrde u p o n strict convertibility u n d
w e n n a n d r e banks a daily d e m a n d m a c h t e n u p o n each other fr die Z a h -
lung der Bilanzen occurring in ihren m u t u a l transactions, n o t in paper, b u t
in coin. U n d grade wie j e d e b a n k einer Stadt so die issues ihres N a c h b a r s 25
checks, so die u n i t e d banks of a ||13| city check the issues of other neighbor-
ing cities. ... E b e n s o ist die general currency eines L a n d e s corrigirt by the
influence of those of foreign countries u n d daher, w e n n any obstruction ge-
gen die free exportation of coin existirt at any t i m e , sei es by the timidity
of the holders of b a n k n o t e s to d e m a n d their rights, oder d u r c h die G e s e t z e 30
eines landes, oder d u r c h das exciting of public o d i u m against t h e export-
ers ... the currency m u nothwendig depreciirt w e r d e n u n d mischief m u s t
be t h e result, (p. 8 0 - 8 3 ) Sollte je die Zeit k o m m e n , wo alle H a u p t h a n d e l s -
l n d e r der Welt das circulating banksystem a n n e h m e n , so wrde der g a n z e
Profit fltengehn der aus der Substitution von paper fr coin entspringt. 35
D e n n sie ist jezt n u r productiv, weil in a n d e r n L n d e r n kein Papiergeld
existirt, die willig sind a n d r e W a a r e n fr Gold u n d Silber zu geben. Das
A u s u n d E i n s t r m e n der edlen Metalle wrde, wenn j e d e s L a n d b a n k n o t e s
ausgbe, (so as to preserve their respective currency u p o n the s a m e level)
aufhren, die prices der W a a r e n werden allgemein steigen, o h n e d a ein 40
C e n t i m e z u i h r e m E i g e n t h u m hinzugefgt. Every m o v e m e n t m a d e i n
150
E u r o p e towards t h e establishment of b a n k s of circulation, is a step towards

that terrible c o n s u m m a t i o n , w h e n no d o m e s t i c or foreign checks will long-
er exist to prevent those u n l i m i t e d expansions, which c a n n o t possibly
exist without alternate contractions, subversive of the industry and prosper-
5 ity of t h e whole civilised world, (p. 8 3 , 84)
Ch. IV. Of the safest and most profitable mode

of investing the capitals of banks of circulation.
Ch. V. Of the legitimate operations

of banks of circulation.
10 Die b a n k s in d e n U n i t e d States vor 1812 war generally to limit their loans

auf paper, das n i c h t m e h r als 63 Tage to r u n h a t t e . Seit der Zeit auf lngre
periods geliehn, oft auf 4 u n d 6 m o n t h s ; d a h e r . T n . die hufigen revul-
sions seit der Zeit in u n s r e r currency u n d besonders die general stoppage
der B a a r z a h l u n g e n M a i 1837. K a m h i n z u die seit d e n late years einge-
15 fhrte Praxis m i t long credits on m e r c h a n d i s e sold. 8 m o n t h s werden n u n
gegeben, wo frher n u r 4, der Effect wovon ist zu verdoppeln the stocks of
dealers who b u y on credit, a n d to double t h e a m o u n t of o u t s t a n d i n g debts.
W h e n long n o t e s are d i s c o u n t e d by b a n k s , long credits will be given by the
m e r c h a n t s , (p. 91) T h e discounting of a real n o t e is merely anticipating a
20 capital previously existing, whereas t h e discounting of an a c c o m m o d a t i o n
n o t e is lending capital to o n e who did n o t possess it before, (p. 93) D i e
H a u p t s a c h e b e i circulationbanks, d a sie r e t a i n u n i m p a i r e d their controls
over their loans, (p. 93)
Ch. VI. Examination of the common opinion

25 that banks create capital.
In fact, a b a n k n o t e is n o t h i n g b u t a promise to deliver on d e m a n d a certain

quantity of gold or silver, which is capital u n d klar, da a promise to deliver
capital is n o t capital itself, u n d d a keine conceivable n u m b e r dieser p r o m -
ises can ever constitute o n e a t o m of t h e thing promised, n i c h t m e h r als a
30 baker's p r o m i s e to deliver a loaf of bread was bread itself... die issues von
paper t h u n nichts als facilitate the transfer of t h e existing capital, d. h. of
things possessing exchangeable value, by creating an a d d i t i o n a l set of deal-
151
ers with b a n k n o t e s in their h a n d s , u n d die so befhigt sind zu kaufen m i t

d e m Credit der b a n k s , was sie nicht so gut m i t i h r e m eignen Credit w r d e n
kaufen k n n e n , (p. 96)
Ch. VII. On the strict convertibility

of banknotes and credits. 5
Ch. VIII. Of the various modes resorted

to by some banks to augment their dividends.
W h r e n d 1836,37,38 stiegen die dividends der b a n k s in d e n U n i t e d States

b e s t n d i g , w h r e n d ihre Z a h l wuchs, sie also h t t e n a b n e h m e n m s s e n ,
(p. 104) 10
D i e b a n k s h a b e n zu folgenden Mitteln ihre Zuflucht g e n o m m e n : 1) the
practice of giving a preference in their discounts to those c u s t o m e r s , who
by agreement, express or implied, stipulate to leave in the bank, never to be
drawn for, a certain proportion of the a m o u n t borrowed; w o d u r c h die b a n k
realiter Z i n s erhlt fr m o n e y or credit which it does n o t lend. 2) t h e prac- 15
tice of discounting n o t e s u n d statt cash fr die n e t proceeds zu geben, giv-
ing p o s t n o t e s zahlbar at 30 oder 60 days date, wodurch die b a n k gains a
profit = d e m Z i n s fr die t i m e the n o t e has to run. (p. 104,5) Einige b a n k s
von P h i l a d e l p h i a ( d e n e n von Newyork ist es untersagt) gingen tief ein in
die A u s g e b e n von postnotes 1838 u n d 39. (p. 106) 3) the practice of lend- 20
ing t h e n o t e s of a b a n k m i t d e m express u n d e r s t a n d i n g t h a t the borrower is
n o t to p u t t h e m into circulation within a certain distance of t h e place
where t h e b a n k is located, or within a certain t i m e from their c o m i n g into
his possession, w o d u r c h die b a n k erhlt Zins fr die Zeit t h a t would t h u s
intervene, without having m a d e any loan. So bei der Chelsea b a n k n e a r 25
Boston, 1837, zweien ihrer ||14| eignen directors G e l d geliehn, d . h . ihre
n o t e s , which they were n o t to p u t in circulation, b u t w h i c h they were to
pledge for m o n e y borrowed elsewhere, (p. 106) 4) die practice (und die ge-
s c h a h in ganz N o r d a m e r i k a ) of discounting notes u n d statt die n e t pro-
ceeds in m o n e y zu zahlen, stipulating m i t d e m Borger, d a er notes of dis- 30
tant banks n a h m , k n o w n to be in the m a r k e t at a discount. Oft Clausel
dabei, diese Papiere der b a n k zurck zu verkaufen at the m a r k e t rate of
discount, t h e very paper just h a n d e d to the borrower. Oft g e s c h a h die in
Paper, das die B a n k selbst nicht besizt u n d das sie at a d i s c o u n t zurck-
kaufte, t h u s substituting a constructive sale u n d purchase of what possessed 35
no existence, for the sake of avoiding a direct usurious transaction. E n t h l t
152
viele flagrant examples hiervon d u r c h ein c o m m i t t e e of the legislature of

R h o d e Island J u n i 1836. (p. 106,7) 5) the practice of discounting d o m e s t i c
or i n l a n d bills of exchange, w o d u r c h advantage h a s b e e n t a k e n u n d e r t h e
color of exchange, to charge, ausser d e m legal interest u n d a fair charge for
5 collecting, t h e m o s t extraordinary rates of profit, (p. 107) 6) the practice of
discounting notes in the m a r k e t d u r c h brokers at u s u r i o u s interest, (p. 109)
7) the practice of speculating in stocks, a n d in t h e case of s o m e of the Mis-
sissippi banks a n d others, transacting t h e business of cotton factors, a n d
cotton exporters. (I.e.) 8) the practice of buying up the depreciated paper of
10 other b a n k s , u n d e r a suspension of specie p a y m e n t s , a n d holding it u n t i l
r e d e e m e d in coin. (1. c.) 9) D u r c h d a das G e l d d e n brokers on interest,
repayable on d e m a n d geliehn wird, statt es zu k e e p on h a n d . (I.e.) 10) E n d -
lich t h e a m o u n t of profit m a d e by t h e b a n k s during the late suspension, by
drawing interest on m o n e y that belonged to their creditors u n d n o t to
15 themselves, (p. 109,10.)
Ch. IX. Of the creation of banks without capitals,

or of fraudulent banks.
Diese Sache m a c h t e sich in A m e r i c a (citirt als Beweis d e n report m a d e to

the legislature von N o r d c a r o l i n a whrend der session 1 8 2 8 - 2 9 d. B a n k von
20 Cape F e a r etc. [p. 112]) so: Books are o p e n e d to receive subscriptions to the
capital stock, each share of which is to be $ 100, of which $ 5 per share is to
be paid at the t i m e of subscribing. T h e capital is to consist of 1000 shares,
e q u a l to $ 100,000. T h e stock is taken, n o t by capitalists, as a m o d e of in-
vestment, b u t by persons who subscribe as a m a t t e r of speculation, with the
25 view of selling out at a profit. D a s erste i n s t a l m e n t v o n 5000 $ eingezahlt,
w e r d e n die directors gewhlt u n t e r d e n very speculators, von d e n e n m a n er-
wartet to m a k e the p a y m e n t of the ensuing i n s t a l m e n t s c o m e easy to t h e m -
selves u n d their constituents. Ein 2' i n s t a l m e n t von $ 10 is called for, aber
da die stock holders k e i n G e l d h a b e n to pay in, they offer n o t e s for dis-
l
30 c o u n t u n d pledge their stock to the b a n k as collateral security. D a s 3', 4', 5
u n d alle folgenden i n s t a l m e n t s sind in gleicher W e i s e gezahlt d u r c h stock
notes; u n d , schlielich, die stockholders o b t a i n an a d d i t i o n a l discount for
t h e original $ 5 per share p a i d in, which m a y have b e e n originally borrowed
u n d so h a b e n wir eine b a n k m i t e i n e m n o m i n e l l e n capital von $ 100,000
35 aber k e i n e n Dollar von real Capital besitzend, (p. 110,11)
153
Ch. X. On the effects of banks

dealing in exchange.
D i e U n i t e d States b a n k , kurz n a c h d e m Beginn ihrer operations F e b r u a r

1817, entered u p o n the business of a dealer in inland bills of e x c h a n g e by
buying u n d selling bills u p o n all points where its b r a n c h e s were located, 5
u p o n t e r m s t h a t gave it a profit on the transaction. This practice probably
gave rise to t h e general c u s t o m now prevailing a m o n g s t b a n k s of buying
a n d selling bills of exchange, (p. 114)
Ch. XI. Examination of the common opinion

that the establishment of banks in the western states, 10
upon eastern capital, is beneficial to those states.
Ch. XII. On the circulation of small banknotes.
(It is supposed da m i n d e s t e n s 15 millions dollars von P h i l a d e l p h i a u n d

Newyork capital invested waren in d e n stocks der westlichen u n d sdwest-
lichen b a n k s u n d ||15| internal i m p r o v e m e n t c o m p a n i e s , b u t chiefly in 15
banks.) (p. 127 note) W i t h the exception of the B a n k of t h e U n i t e d States
incorporated by congress in 1816 u n d der Pennsylvania Bank of t h e U n i t e d
States chartered in 1836, w h i c h were n o t allowed to issue n o t e s of a less de-
n o m i n a t i o n t h a n 10 dollars u n d der new b a n k of Missouri, die keine u n t e r
20 Dollar ausgeben k a n n , there has probably b e e n no b a n k chartered by 20
any of the states which h a s n o t b e e n authorised to issue five dollar n o t e s .
T h e c o n s e q u e n c e davon d a der stock of precious metals in d i e s e m L a n d
stets zu klein war. (p. 128,29) A b e r n u n gar N o t e n u n t e r 5 Dollars! K a m e n
erst ins L e b e n n a c h der suspension der B a a r z a h l u n g e n A u g u s t 1814. Da
verschwand specie ganz von Circulation in allen states (ausser d e n e n v o n 25
N e w England) u n d an seine Stelle traten notes by banks von 3 dollars bis
zu 25 cents u n d d u r c h a n d r e emissions from all sorts of corporations, p u b -
lic officers, private institutions u n d selbst by individuals, who generously
a c c o m m o d a t e d the public with their credit for s u m s as small as 5 cents, in
the h o p e that t h e n o t e s would be worn o u t or lost a n d t h a t they s h o u l d nev- 30
er be troubled m i t a d e m a n d for their p a y m e n t . D i e d a u e r t e n o c h einige
Zeit n a c h der W i e d e r a u f n a h m e der Baarzahlungen, v o m F e b r u a r 1817.
N a c h u n d n a c h , Pennsylvanien b e g a n n d a m i t 2 2 M a r c h 1817, die n o t e s u n -
154
ter 5 $ proscribirt u n d ihre total expulsion von alien states der U n i o n war
zu erwarten, als die suspension der Z a h l u n g e n M a i 1837 eintrat, which
again deluged the country from o n e e n d to the other with a flood of small
n o t e s a n d tickets, von 3 dollars down bis zu 5 cents, (p. 1 2 9 - 1 3 1 )
5 Drittes Buch. Of the laws which regulate a currency

composed entirely of inconvertible bank paper.
Ch. I. Of the career usually run by banks of circulation

previous to a general stoppage of payment.
Currency aller b a n k s der U n i t e d States:

10 Circulation. Deposites. Totals.
Jan. 1.1835 $ 103,692,495 83,081,365 186,773,860
Jan. 1.1836 140,301,038 115,104,440 255,405,478
Jan. 1.1837. 149,186,890 127,397,185 276,584,075. (p. 136 note.)
a scarcity of m o n e y is j u s t as likely to be felt u n d e r a depreciated cui-
15 rency as u n d e r a s o u n d o n e , as soon as t h e e x p a n s i o n has ceased by the
b a n k s refusing to extend their discounts any further, a n d m o r e especially
when they begin to contract their loans. T h e t r u t h of this proposition zeigte
sich in d i e s e m L a n d 6 m o n t h s vor der Einstellung der B a a r z a h l u n g e n , M a i
1837. D e r a m o u n t of currency war grsser als je vorher in d e n Vereinigten
20 Staaten, aber die scarcity of m o n e y war so gro, d a in allen c o m m e r c i a l
cities of the n o r t h it would readily c o m m a n d from 1:3 % a m o n t h . Dasselbe
als w e n n pltzlich das specie in der g a n z e n Welt verdoppelt; gold and silver
would be m o r e plenty, b u t money would n o t be. (p. 139) E i n e m i x e d cur-
rency, w h r e n d ihr Papiertheil n o m i n e l l u n d z u e i n e m gewissen G r a d e
25 reell convertible ist, m a y be kurz vor einer allgemeinen Einstellung der
B a a r z a h l u n g e n absolut m e h r depreciirt sein als u n m i t t e l b a r n a c h der stop-
page. N a c h der stoppage ist der G e s a m m t b e t r a g der currency n m l i c h ver-
m i n d e r t um das vllig verschwindende specie. D a r u m after a stoppage of
specie p a y m e n t s , prices do n o t always rise a n d s o m e t i m e s even fall.
30 (p. 140)
Ch. II. Of fluctuations in the marketprice of specie

and of bills of exchange
under an inconvertible paper currency.
(Siehe s p t e r c o n t i n u a t i o . ) (p. 17) |
155
Ii6| Twiss (Travers).

View of the progress of Political Economy
in Europe since the sixteenth century etc.
L o n d o n . 1847.
Lecture I. 1) 16. Jahrhundert. 5
fiscal art identifient m i t political economy, (p. 5) Am A n f a n g des 16' Jh. Ari-
stoteles von H a u p t e i n f l u in Europe. U n t e r s e i n e m N a m e n , als A n h a n g zu
seiner Politica, circulirte eine Schrift b e r politische O e k o n o m i e . Unterge-
s c h o b e n . E n t h i e l t nichts als kleine Schlauheiten von D e s p o t e n in Geldver-
legenheiten gebraucht. K l e i n e r F i n a n z m a c h i a v e l l i s m u s (p. 4, 5) W a h r - 10
scheinlich eine C o m p i l a t i o n z u m G e b r a u c h der persischen Satrapen i n
Asia minor, (p. 6)
Prohibitivsystem von Spanien, um die in M e x i c o u n d Peru g e f u n d n e n
Schtze bei sich z u behalten, u m u n a b h n g i g von allen a n d r e n N a t i o n e n
zu bleiben u n d sie n i c h t an s e i n e m R e i c h t h u m Theil n e h m e n zu lassen. 15
E x o r b i t a n t duties selbst auf die I m p o r t a t i o n von R o h p r o d u k t u n d d e n Ex-
port of m a n u f a c t u r e d articles; the practice of an art in Spain was n o w m a d e
subject to a licence u n d die exercise of a trade b e c a m e a m a t t e r of privi-
lege. D i e restrictions, die ihren Ursprung u n t e r Karl V fortgesezt u n d aus-
gebildet u n t e r Phillipp, u n d they b e c o m e gradually incorporated m i t d e n 20
laws u n d usages der Spaniards, bis zulezt Schriftsteller k a m e n to r e d u c e
these fatal financial e x p e r i m e n t s into a system, (p. [6,] 7) (C.V verlor i n d e
sein Geld d u r c h Kriege, Judenvertreiben, ebenso der M o h r e n , er gezwun-
gen F r e m d e n das M o n o p o l des H a n d e l s m i t d e n I n d i e n z u verkaufen u n d
still further, to barter away to t h e m the very c o m m e r c e of the interior of 25
156
Aus T. Twiss: View of the progress of political economy
Spain.) Die schlechten effects des prohibitiven Systems Karl V u n d seiner

Nachfolger, as experienced in d e n Italian d e p e n d e n c i e s of Spain im strik-
ing contrast z u r prosperity von Venedig, G e n u a , F l o r e n z ... U n t e r s u c h u n -
gen w u r d e n angestellt n a c h d e n best m e a n s for increasing the supply of the
5 precious metals, (p. 7) W i t h o u t i m p u g n i n g , therefore, the general belief,
t h a t wealth consisted exclusively of gold a n d silver, the earliest writers ven-
tured to question t h e wisdom of prohibiting the exportation of the precious
metals, (p. 7, 8)
Antonio Setra. Sein Werk, datirt v o m G e f n g n i of the Vicaria zu N e a -
10 pel, 1613, dedicirt d e m C o n t e di L e m o s , d e m S p a n i s c h e n Viceknig.
Heit: Breve Trattato delle Cause che possono far a b b o n d a r e li regni d'oro
e d'argento dove n o n sono m i n i e r e . " (p.8) Serra sezt h a u p t s c h l i c h die G e -
setze des Wechselkurses aus einander. N m l i c h M a r c o A n t o n i o de Santis,
das Oracle des N e a p o l i t a n i s c h e n exchequer, h a t t e b e h a u p t e t , d a die
15 a b u n d a n c e of gold u n d silver in j e d e m L a n d der effect sei of the e x c h a n g e
in that country being low, a n d a scarcity of those metals the effect of the
exchange being high; das sei der G r u n d , w a r u m Neapel, verglichen m i t
a n d r e n S t d t e n Italiens, drained of the precious m e t a l s sei, schlug d a h e r
vor that the rate of the e x c h a n g e in N a p l e s should be r e d u c e d by a state
20 ordinance. (p. 10, 11)
Monetary questions d r n g t e n sich d a m a l s m e h r u n d m e h r into notice
d u r c h die growing practice in allen Staaten E u r o p a s of adulterating the
coinage; Charles V b e r s c h w e m m t e seine italischen d o m i n i o n s m i t a flood
of base gold coin. Scaruffi, Direktor der M n z e zu Reggio, schlug vor, t h a t
25 the g u a r a n t e e of a generally recognised s t a m p should be affixed to articles
of p u r e gold u n d d a an e u r o p e a n diet should be convoked to agree u p o n
an u n i f o r m general coinage, (p. 15) Bernardo Davanzati (von Florenz) A
Briefe Conceipte of English Policy, (publicirt 1581) (W. Stafford.) [p. 1 5 - 1 7 ]
2) 17' Jahrhundert.
30 E. Misseiden: The circle of commerce." 1623. Thomas Mun. Dudley Diggs: The
Defence of Trade"1615.
James I, by virtue of his prerogative, i m p o s e d prohibitions auf various
branches des export trade, in order that m e r c h a n t s m i g h t buy licences from
the Treasury. He granted m o n o p o l i e s of the i m p o r t trade, in order t h a t he
35 m i g h t m a k e m o n e y by the sale of letters patent. E b e n s o Charles I, by royal
proclamation, verbot die Ausfuhr von Wolle u n d aller R o h m a t e r i a l i e n e m -
ployed in woollen fabrics in 1630; restricted the transportation of corn u n d
other agricultural p r o d u c e from one c o u n t y to a n o t h e r in 1632; confined
157
the exportation of woollen cloths into G e r m a n y a n d the N e t h e r l a n d s in

1634 to t h e c o m p a n y of the m e r c h a n t Adventurers, gegen die R e s o l u t i o n of
the C o m m o n s H o u s e , das den trade 1624 alien m e r c h a n t s o h n e U n t e r -
schied erffnet. So herrschte u n t e r der Regierung dieser b e i d e n M o n a r c h e n
die R c k s i c h t auf Finanzverlegenheit b e r alle ||17| a n d e r n vor. D a s Paria- 5
m e n t selbst, 1643, seinerseits, besttigte das m o n o p o l y der M e r c h a n t A d -
venturers fr ein loan von 30,000 1, to enable t h e P a r l i a m e n t to m a k e war
u p o n the Sovereign, (p. 50) Sir Josiah Child. The British Merchant. (1663 er-
laubte das englische P a r l a m e n t die free exportation of bullion, w h e n it
threw o p e n the trade to I n d i a u n d from this t i m e bullion seems to have 10
b e e n regarded in E n g l a n d as a c o m m o d i t y , (p.58) Sir W.Petty. Colbert. Tarif
von 1664. D e r Tarif von 1667 = einer Kriegserklrung gegen die Holln-
der. (Mengotti. II Colbertismo.) Sir Dudley North. (Discourses on T r a d e .
1697.) /. Locke (Im Civil Government.)
3) 18. Jahrhundert. 15
J. Locke. John Law. the security of the land is b u t the mortgage of eventual,
not realised capital; b u t realised capital is required for circulation to set la-
b o u r in operation, and w h e n the credit of the land c a n n o t p u r c h a s e raw m a -
terials, t h e l a n d itself c a n n o t create t h e m , or be a substitute for t h e m .
(p. 110) In E n g l a n d besonders indirektes Steuersystem auf die W a a r e n die 20
c o n s u m i r t wurden, in F r a n k r e i c h direktes, dort P a r l a m e n t , hier willkhr-
lich. Dort d a h e r die O e k o n o m i e h a u p t s c h l i c h auf die U r s a c h e n der Pro-
d u c t i o n des R e i c h t h u m s gerichtet, hier auf die der Distribution. Vauban,
Boisguillebert, Melon. Dutot. (p. 130[, 131]) Paris-Duverney. Forbonnais. Ques-
nay. Necker. Galiani. Am besten die Physiokraten widerlegt durch: Pietro 25
Verri: Meditazioni sulla E c o n o m i a Politica." (p. 154) D e r eigentliche Vor-
lufer Q u e s n a y s ist Bandini: Discorso E c o n o m i c o " (1737 geschrieben,
1775 gedruckt.) [p. 155] Adam Smith. Malthus, Godwin. Condorcet.
4) 19' Jahrhundert.
Nihil, 30
5) Currency.
158
Aus C. Raguet: A treatise on currency and banking (Fortsetzung)
Raguet. (Condy.) (Contin. von p. 15.)
Ch. II.
T h e influence which belongs to t h e b a l a n c e of trade, is n o t destroyed by a

s u s p e n s i o n of specie p a y m e n t s ; a n d consequently, its o p e r a t i o n s m a y
5 s o m e t i m e s be displayed in s u c h a way as to a u g m e n t or to d i m i n i s h t h e
a p p a r e n t difference in t h e degree of d e p r e c i a t i o n b e t w e e n two places. . B.
u n t e r seiner S u s p e n s i o n der B a a r z a h l u n g e n , sei die c u r r e n c y von P h i l a d e l
p h i a depreciirt 5%, die v o n N e w Orleans 7%; gesezt H a n d e l s b i l a n z von kei
n e r Seite geschuldet; so die Differenz of d e p r e c i a t i o n 2 % u n d n o m i n a l ex
it) c h a n g e z u P h i l a d e l p h i a o n N e w Orleans would b e a t 2 % d i s c o u n t . N u n i n
der season wo der c o t t o n crop c o m e s in d e n N e w O r l e a n s market, v o n Oc
tober bis M a i , grosse d e m a n d in d e n n r d l i c h e n Stdten fr bills of N e w
Orleans to r e m i t for t h e p u r c h a s e of cotton. Afficirt diese d e m a n d d e n
Marktprei der bills um 2 %, so die bills zu P h i l a d e l p h i a auf N e w Orleans
15 e r h o b e n in dieser season zu n o m i n a l par u n d folglich S c h e i n der equality
in der currency; w h r e n d faktisch fortexistirt die Originaldifferenz in d e m
U n t e r s c h i e d der D e p r e c i a t i o n . Anderseits, in der u m g e k e h r t e n season, wo
die bills of Neworleans b e r s t r m e n in Philadelphia, so as to occasion
e i n e n Fall von 2 % u n t e r der frheren R a t e , w r d e der e x c h a n g e u n t e r d e n
20 vorher vorausgesezten B e d i n g u n g e n n o m i n e l l 4% u n t e r par sein. (p. 142)
U n t e r e i n e m inconvertiblen Papiergeld ist der rise o d e r fall des e x c h a n g e
n i c h t limited by t h e expenses of transporting coin ... die depreciation fr
eine G e s a m m t p e r i o d e a m b e s t e n z u m e s s e n d u r c h das p r e m i u m o n specie,
n i c h t aber fr g e g e b n e n Ort u n d Zeit. Ist . B. u n t e r d i e s e m System, ob-
25 gleich dieselbe Nachfrage n a c h specie u n d P a p i e r dieselben in Q u a n t i t t
auf d e m M a r k t bleiben, pltzlich grosse Nachfrage n a c h d e m s e l b e n (spe-
159
eie) oder aber grosse Einfuhr desselben, so im ersten Fall w r d e das specie
h h e r steigen im P r m i u m als die Depreciation erheischt, im leztern fall
im specie u n d die currency wrde so less depreciirt erscheinen als vor d e m
Fall. A knowledge dieser facts u n d die U n s i c h e r h e i t einer long c o n t i n u e d
fixed relation, zwischen specie u n d paper at any particular place, occasions 5
m e r c h a n t s s o m e t i m e s to sell bills at a lower rate, a n d at other t i m e s to b u y
t h e m at a higher rate, t h a n they would u n d e r a metallic or m i x e d currency.
Zwischen ||18| Newyork u n d Philadelphia, wo N a c h r i c h t e n b e r d e n wech-
selseitigen Stand des M a r k t s in 6 S t u n d e n circuliren k n n e n , the differ-
e n c e would hardly be perceptible; aber zwischen Newyork u n d M o b i l e oder io
Neworleans it m i g h t be double or treble u n d e r an inconvertible currency
zu d e m was es u n t e r einer g e m i s c h t e n oder m e t a l l i s c h e n wre u n d die
m a g z u m Theil a c c o u n t fr die merkwrdigen u n d pltzlichen fluctuations
die platzhatten zu Newyork in d e n exchanges dieser cities w h r e n d der Sus-
p e n s i o n in d e n J a h r e n 1837 u n d 38. (p. 143,4.) N a c h der a l l g e m e i n e n Sus- 15
p e n s i o n der B a a r z a h l u n g e n M a i 1837 wurden nicht n u r n e u e b a n k s errich-
tet, sondern die frher schon existirenden m a c h t e n die m o s t unjustifiable
issues of paper, u p o n the plea, that by m a k i n g advances to t h e planters
u p o n their crop of cotton, they would be enabled to h o l d it for a higher
price, a n d n o t be forced to submit, as always before, to the fair a n d n a t u r a l 20
c o m p e t i t i o n of the market. U n d e r the delusive expectation t h a t s u c h
e n g a g e m e n t s m i g h t be advantageous to t h e m , a large n u m b e r of planters
were m o s t shamelessly p l u n d e r e d . Every emission of n o t e s m a d e by these
a c c o m m o d a t i n g b a n k s depreciated the currency m o r e a n d m o r e , so t h a t the
planter who was to receive $ 60 in paper per bale advance, found w h e n it 25
c a m e into his possession that his $ 60 in paper would n o t buy m o r e provi-
sions a n d clothing for his slaves etc t h a n $ 40 good m o n e y would have
bought. In the m e a n t i m e the banks shipped the cotton, converted it into
available funds at N e w Orleans, Philadelphia or N e w York, u n d m i t these
very funds, b o u g h t u p , at a great depreciation in the market, the very n o t e s 30
with which they a c c o m m o d a t e d the planter, who, on t h e restoration of spe-
cie p a y m e n t s in Mississippi, is expected to pay up the b a l a n c e of his ac-
c o u n t in hard m o n e y or its equivalent, (p. [156,] 157) N i m m t an d a in d e n
Vereinigten Staaten 80 Mill, b a a r Geld. (p. 159) Papier 100 Mill. Dollar
(p. 160) Der U n t e r s c h i e d zwischen paper m o n e y issued by banks u n d d e m 35
issued by g o v e r n m e n t besteht darin: das erstre ist begleitet by a legal obli-
gation on the part of a responsible borrower to return it, or an e q u a l s u m of
coin to the b a n k at a specified t i m e with interest, whilst the latter is u n c o n -
n e c t e d with any s u c h stipulation, and in m o s t cases forms a m u c h larger
supply t h a n is wanted for p a y m e n t s of debts a n d taxes to the government. 40
(p. 170)
160
Aus C.Raguet: A treatise on currency and banking (Fortsetzung)
Viertes Buch.
Ch. I. Examination of the question,

of what does a currency consist?
b o n d s , bills of exchange u n d promissory notes sind kein Theil der cur-

5 rency; sie sind evidences of debt; u n d im M a a als sie vermehrt werden,
currency or m o n e y b e c o m e s scarce, owing to the d e m a n d that arises for the
m e a n s of paying t h e m w h e n they b e c o m e d u e . (p. 174) E b e n so falsch die
Ansicht, da public securities u n d die certificates of bank, canal u n d rail-
r o a d stocks u n d such evidences of property currency sind. Sie sind n u r ti-
10 ties for a property of a particular sort u n d constituiren n i c h t m e h r e i n e n
Theil der currency als die deeds for lands a n d h o u s e s die die owners o f t h a t
species of property possess, (p. 175) Die Promise of t h e b a n k oder b a n k e r
m u s t be payable on demand ... ready m o n e y oder cash heit s o m e t h i n g t h a t
is available for the p a y m e n t of a debt at the very instant it is received.
15 W e n n ein K a u f m a n n eine N o t e von 1000 Dollars zu z a h l e n h a t am 1 Juli,
so k a n n er sie am Verfalltag n u r m i t coin z a h l e n oder b a n k n o t e s payable at
d e m a n d , on t h e s a m e day. Postnote einer oder treasury n o t e d u e on any
s u b s e q u e n t day helfen i h m n i c h t m e h r als die promissory n o t e of an
individual, b u t he m u s t convert it into cash or currency, by getting it dis-
20 c o u n t e d . It is quite easy to conceive of a great pressure existing in the m o n -
ey m a r k e t of a c o m m e r c i a l city, whilst the parties pressed for m o n e y , are
in possession of an a b u n d a n c e of s u c h treasury notes, or of post notes, of
t h e best b a n k s , (p. 181) Die notes, payable on d e m a n d , urn coin zu sein
m s s e n zweitens be universally current at the place where they are offered
25 in p a y m e n t of debts, (p. 181) In the great m a s s of cases, the n o t e s of dis-
t a n t bankers are sold in the m a r k e t for currency j u s t like bills of ex-
c h a n g e s (p. 182) ||19| M a n m u u n t e r s c h e i d e n zwischen e i n e m Deposit i n
einer D i s c o n t o b a n k u n d in einer Circulationsbank. D i e erstre constituirt
k e i n e n Theil der currency, weil der Depositor zwar das R e c h t h a t to draw
30 out his coin on d e m a n d , yet this right is inseparably c o n n e c t e d with the ob-
ligation o n the part o f s o m e b o d y else ( w e n n n m l i c h die b a n k d a s d e p o s i t
a u s g e l i e h n h a t ) to pay into the h a n d s of the b a n k e r simultaneously an
equal a m o u n t , in order t h a t the banker's stock of cash in h a n d to m e e t
daily or u n e x p e c t e d calls m a y r e m a i n u n d i m i n i s h e d . (Aber wohl a d m i n i -
35 strirte Banks setzen sich n i c h t in die Lage verpflichtet zu sein, u n d sud-
den d e m a n d s of depositors zu begegnen, to call u n e x p e c t e d l y on their debt-
ors. They keep on h a n d an a m o u n t of m o n e y u n e m p l o y e d , sufficient to
161
m e e t any probable calls that m a y be m a d e u p o n t h e m , before t h e bills re-

ceivable held by t h e m fall due, a n d like t h e mill p o n d which is supplied
with water from t h e stream above, j u s t as fast as it is discharged t h r o u g h
t h e m i l l race below, they preserve a u n i f o r m level in t h e currency. N o r ist
die T h a t s a c h e d a d u r c h gendert, da b a n k credits or depositee are transfer- 5
able by m e a n s of checks, from the account of o n e person to that of a n o t h -
er, d e n n d u r c h solche transfers, if o n e person b e c o m e s possessed of the
c o m m a n d of funds, a n o t h e r parts with it to the same a m o u n t u n d folglich
there is b u t o n e power of p u r c h a s e in the m a r k e t at any o n e t i m e , with the
s a m e m o n e y . (p. 70)) A b e r bei einer Circulationsbank verhlt sich die Sa- 10
che ganz anders. D e r depositor m a y be paid the a m o u n t of his deposite in
b a n k n o t e s , without its being essential to s u c h p a y m e n t s t h a t any debtor of
t h e b a n k should be obliged simultaneously to discharge his debt, t h e opera-
t i o n being merely die Substitution von einer F o r m des bankcredits fr eine
a n d r e . Bank deposits entspringen in 4 ways: 1) specie deponirt in der b a n k . 15
2) b a n k n o t e s deponirt. 3) w e n n einer depositee a n o t e for collection, a n d
t h e a m o u n t , after it is collected, is placed to his credit. 4) wo er gets a n o t e
discounted, a n d t h e net proceeds are passed to his credit. In j e d e m dieser
Flle h a t der Depositor ein R e c h t to draw out from t h e b a n k in c o i n or
b a n k n o t e s , o h n e giving a m o m e n t ' s notice, the whole a m o u n t standing to 20
his credit. Er steht also g a n z auf d e m s e l b e n Fusse, as regards his power of
operating in t h e m o n e y market, or in the p u r c h a s e of m e r c h a n d i s e , wie
j e d e a n d r e Person, die b a n k n o t e s besizt, seeing, da w e n n die w o m i t er
h a n d e l t b a n k n o t e s vorziehen should, er sie ebenso gut d a r i n z a h l e n k a n n ,
by sending t h e m to t h e b a n k as by giving t h e m a check. So wahr, da 25
deposits constitute currency as m u c h as b a n k n o t e s , d a in all o u r c o m m e r -
cial cities, no other currency is used in all extensive transactions. In all t h e
cities of the U n i t e d States, nearly all p a y m e n t s of m o n e y , except in very
small s u m s in retail transactions, are m a d e in checks on b a n k s u n d klar,
d a w e n n deposits n i c h t so sehr currency wren, auf d e m G e l d m a r k t wie 30
notes, all dealers u n d traders wrden die leztern statt der ersten erhalten.
In W a h r h e i t deposits sind nichts als specie or b a n k n o t e s , left in t h e keep-
ing of the b a n k s for the convenience of the owner, (p. 1 8 3 - 1 8 5 ) Deposits
constituiren in grossen c o m m e r c i a l cities die largest p o r t i o n der currency.
In Newyork, am 1 J u n i 1837, kurz n a c h der Einstellung der B a a r z a h l u n - 35
gen, war der Betrag der n o t e s in circulation o u t s t a n d i n g for all t h e city-
b a n k s $ 5,283,950, whrend der a m o u n t von deposits, p u b l i c u n d private,
war $ 15,843,171. (p.186.) In Folge der d a r a u f k o m m e n d e n C o n t r a c t i o n die
n o t e s in circulation reducirt am 1 April 1836 auf $ 2 , 3 2 2 , 1 8 6 u n d die
deposits auf $ 11,492,486. (p. 186,7) D i e proposition die der b a n k e r d e m 40
p u b l i c u m m a c h t ist diese: "I will exchange my credit for your capital, b u t
162
you m u s t allow me the u s e of your capital without interest, a n d yet pay me

interest for t h e u s e of my credit. My credit will be of t h e s a m e use to you as
your m o n e y , a n d m u c h m o r e convenient; a n d your m o n e y , while i n m y
h a n d s I can m a k e productive, which would p r o d u c e n o t h i n g if it r e m a i n e d
5 in yours. W h e n e v e r y o u prefer your m o n e y to my credit, y o u shall have it."
(p. 204 note.)
Appendix.
History of the Money Crisis of 1818.
(Extracts from the report of the Committee of the Senate

10 of Pennsylvania, appointed to inquire into the extent and causes
of the present general distress.) \
|20| January 29, 1820 stattete R a g u e t Bericht ab im N a m e n dieses C o m m i t -

tees: In ascertaining the extent of the public distress, your C o m m i t t e e h a d
no difficulties to e n c o u n t e r ... this distress exhibits itself u n d e r t h e varied
15 forms of: 1) R u i n o u s sacrifices of l a n d e d property at sheriffs sales, wo-
d u r c h in vielen Fllen l a n d s u n d houses weniger als %, % oder % ihres frh-
ren W e r t h s verkauft worden sind, w o d u r c h viele Pchter getrieben in die
u n c u l t i v a t e d forests of t h e west. 2) forced sales von m e r c h a n d i s e , h o u s e -
hold goods, farming stock u n d utensils, weit u n t e r d e n Productionspreis-
20 sen, w o d u r c h viele F a m i l i e n der ersten L e b e n s n o t h w e n d i g k e i t e n u n d ihrer
H a n d w e r k z e u g e b e r a u b t worden sind. 3) Z a h l r e i c h e B a n k r u t t e u n d p e c u n i -
ary e m b a r r a s s m e n t s j e d e r Art, in der agricultur, m a n u f a c t u r u n d c o m m e r -
cial classes. 4) A l l g e m e i n e scarcity of m o n e y throughout the country, die es
u n m g l i c h m a c h t fr d e n h u s b a n d m a n oder a n d r e n Besitzer von r e a l e m
25 E i g e n t h u m selbst zu W u c h e r z i n s e n zu borgen u n d obgleich l a n d e d securi-
ty von b e s t e m Character als Pfand a n g e b o t e n ist. A e h n l i c h e Schwierigkeit
Geld zu verschaffen herrschte in der Metropole vor d e m October last, b u t
has since t h e n b e e n partially removed. 5) A general suspension of labor in
o u r cities a n d towns, d a h e r viele in extremer poverty u n d despair. 6) An al-
30 m o s t entire cessation of t h e u s u a l circulation of c o m m o d i t i e s u n d folgende
stagnation of business, w h i c h is limited to the m e r e p u r c h a s e a n d sale of
the necessaries of life u n d solcher d u r c h die season absolut erforderter
Consumtionsartikel. 7) An universal suspension of all large m a n u f a c t u r i n g
operations, wodurch, ausser der Entlassung der z a h l r e i c h e n frher d a r i n
35 beschftigten p r o d u k t i v e n Arbeiter who could find no other e m p l o y m e n t ,
163
das public loses the revenue of the capital invested in m a c h i n e r y a n d build-

ings. 8) U s u r i o u s extortions, wodurch corporations instituted for b a n k i n g ,
i n s u r a n c e a n d other purposes, in violation of the law, possess themselves of
the products of industry, without granting an equivalent. 9) T h e overflow-
ing of our prisons with insolvent debtors, m o s t of w h o m are confined for 5
trifling s u m s . 10) N u m e r o u s law suits u p o n the dockets of o u r courts a n d of
our justices of the peace, which lead to extravagant costs u n d t h e loss of a
great portion of valuable t i m e . 11) Vexatious losses arising from the depre-
ciation a n d fluctuation in the value of b a n k n o t e s , the impositions of bro-
kers a n d the frauds of counterfeiters. 12) A general inability in der c o m m u - 10
nity to m e e t p n k t l i c h die Z a h l u n g ihrer S c h u l d e n selbst fr family
expenses, erfahren sowohl d u r c h die R e i c h e n , als von d e n e n who bisher
have relied u p o n their current receipts to discharge their current engage-
m e n t s , (p. 2 9 0 - 9 2 ) Die H a u p t u r s a c h e der abuses des b a n k i n g system,
1) die excessive n u m b e r of banks, 2) ihre universal b a d a d m i n i s t r a t i o n . 15
(p. 293) Vor J u n i 1812 h a t t e n die banks ihre emissions regulated m i t b e -
s t n d i g e m H i n b l i c k to their liability Geld fr die N o t e n zu geben. T h e pe-
riodical d e m a n d for dollars fr den C h i n a u n d I n d i a trade, which regularly
occurred every spring, war ein check u p o n t h e overtrading spirit, w h i c h has
always characterised corporations exempt from individual responsibility. 20
... D e r Krieg put a temporary stop to the exportation of specie u n d ent-
fernte so d e n einzig sichern check gegen ungeregelte issue of paper,
(p. 296,7) Diese cessation of the returning of notes for p a y m e n t , h a d the ef-
fect of inviting the b a n k s to enlarge their issues. Loans were m a d e to gov-
e r n m e n t to an i m m e n s e a m o u n t , u n d zu I n d i v i d u e n b e r das was die ab- 25
sence of foreign c o m m e r c e rechtfertigte u n d a gradual d e p r e c i a t i o n der
currency war das result. D e r increase der dividends u n d die facility w o m i t
sie g e m a c h t schienen, extended durch das ganze c o m m o n w e a l t h d e n Geist
der Spekulation, already introduced in einige counties. D e r a p p a r e n t suc-
cess der F a r m e r s ' Bank of Lancaster, die, from the e n o r m o u s extent of its 30
issues, was enabled to divide upwards of 12 % per a n n u m u n d to a c c o m m o -
date its stockholders with loans to double the a m o u n t of t h e i r stock, wirk-
t e n powerful auf d e n p u b l i c m i n d . E i n e b a n k wurde betrachtet n i c h t m e h r
als I n s t r u m e n t zur Vertheilung des surplus wealth der Capitalisten, son-
d e r n als M n z e , um beliebig Geld zu schlagen. U n t e r diesen delusions as- 35
sociations of individuals sprang up in j e d e m quarter, h o l d i n g o u t i n d u c e -
m e n t s to the farmer, the m e r c h a n t , t h e manufacturer a n d the m e c h a n i c , to
a b a n d o n the dull pursuits of laborious life, fr die golden d r e a m s of an ar-
tificial fortune. D i e liability j e d o c h to individual ruin, a t t e n d a n t u p o n
u n c h a r t e r e d copartnerships, restrained in a degree, t h e b a n k i n g m a n i a u n d 40
impelled the projectors to apply for a legislative sanction. S e z t e n es end-
164
lieh, n a c h 2 m a l i g e m Scheitern durch, b e i der Legislatur von Pennsylva-

n i e n , u n d die ||21| bill wurde Gesetz a m 2 1 M a r c h 1814. U n t e r d i e s e m G e -
setz k a m e n 37 banks, worunter 4 in Philadelphia, in Operation, m i t e i n e m
b o n a fide capital k a u m gleich d e m first i n s t a l m e n t , for the convenient mode
5 of discounting stocknotes to meet the subsequent payments was soon discovered,
vermehrten die schon zu r e d u n d a n t e Masse von paper credits u n d depre-
ciated das ganze circulating m e d i u m so far below a specie value, as to ex-
cite a want of confidence in its convertibility. In the absence of a foreign
d e m a n d for specie a domestic one arose. D i e Gesetze von N e u e n g l a n d so
10 streng, da b a n k s einer Strafe von 12% verfielen per a n n u m for the N o n -
p a y m e n t ihrer N o t e n . Seine currency d a h e r nicht depreciirt. D a h e r Diffe-
renz zwischen d e n N e w E n g l a n d prices of c o m m o d i t i e s , stocks u n d foreign
bills of exchange u n d d e n e n von Pennsylvanien = der D e p r e c i a t i o n der
currency des leztern u n d as our b a n k n o t e s were at that t i m e r e d e e m a b l e on
15 d e m a n d , the most profitable r e m i t t a n c e n a c h N e u E n g l a n d u n d Z a h l u n g
fr seine W a a r e n war specie u n d this d e m a n d created a r u n u p o n the
banks, d e m sie n i c h t fhig waren zu widerstehn. Die Situation der sdli-
c h e n u n d westlichen b a n k s gleich u n s e r n eignen. Alle h a t t e n over issued,
u n d a general depreciation h a d ensued. D a h e r A u g u s t u n d S e p t e m b e r 1814
20 allgemeine Einstellung der Baarzahlung m i t A u s n a h m e der b a n k s von
N e u e n g l a n d . Z u r Zeit d e r Suspension u n s r e r city banks diese Maaregel in
e i n e m m e e t i n g von Kaufleuten gebilligt u n d e r a pledge given by t h e banks,
da gleich n a c h Schlu des Kriegs B a a r z a h l u n g wieder eintreten wrde.
Sie d a c h t e n n i c h t dran. F a n d statt Organisation of additional b a n k s u n t e r
25 d e m A k t von 1814, which h a d n o t u n t i l t h e n b e e n a t t e m p t e d to be formed
u n d a scene of indiscretion in the loaning of bankcredits was everywhere
exhibited. M o n e y lost its value. Die n o t e s der city b a n k s depreciirt 2 0 %
u n d die der L a n d b a n k s von 25:50% u n d specie verschwand so vllig aus
der Circulation, d a selbst die fractional parts eines dollar substituirt by
30 small notes u n d tickets, issued by banks, corporations a n d individuals. M i t
der Depreciation des G e l d e s stiegen n a t r l i c h die Preisse- der W a a r e n . Da-
her allgemeiner Prosperittsschwindel. T h e false delusions of artificial
wealth increased t h e d e m a n d of the farmer for foreign p r o d u c t i o n s , a n d led
h i m to c o n s u m e in anticipation of his crops. D e r countrytrader seduced by
35 a d e m a n d fr m e h r als seine gewhnliche Zufuhr von W a a r e n was t e m p t e d
to the extension of his credit u n d fllte sein Lager zu den extravagantesten
prices m i t goods weit b e r d e m was die actual resources seiner K u n d e n
zahlen k o n n t e n , whilst t h e importing m e r c h a n t having no guide to ascer-
tain the real wants of the c o m m u n i t y b u t the eagerness of retailers to pur-
40 chase his c o m m o d i t i e s , sent orders abroad for a supply of m a n u f a c t u r e s
wholly disproportioned to the effective d e m a n d of the country. Individuals
165
of every profession were t e m p t e d to e m b a r k in speculation, a n d the whole

c o m m u n i t y was literally plunged into debt. T h e plenty of m o n e y war so
gro, d a die m a n a g e r s von banks frchteten n i c h t Nachfrage g e n u g fr ihr
F a b r i k a t finden zu k n n e n u n d individuals sollicitirten ihre S c h u l d n e r zu
w e r d e n u n t e r promises as to indulgence, the m o s t t e m p t i n g . D i e d a u e r t e 5
bis an d e n Schlu von 1815. Zu dieser Zeit fing die d a m a l s allgemeine
Doktrin, n i c h t Papier sei gefallen sondern specie gestiegen, an to be aban-
d o n e d . J e d e City, town u n d county hatte ihre b e s o n d e r e local currency,
bearing no equivalency with, or a fixed proportion to any other; in Folge
davon sprang in Existenz a new u n d extensive class of brokers, who have 10
ever since b e e n supported at the expense derer die have b e e n defrauded by
t h e b a n k s of their indisputable rights. Counterfeiters v e r m e h r t e n a u c h die
M a s s e des circulirenden Papiers u n d die Schwierigkeit der E n t d e c k u n g , wo
so viele signatures current, invited to an increase of their n u m b e r s . D a h e r
die B a n k der U n i t e d States am 10 April 1816 chartered. N u n fingen die 15
zahlreichen citybanks eine retrograde m o v e m e n t a n u n d m i t der r e d u c t i o n
ihrer loans c o m m e n c e d a reaction, begleitet von grosser m e r c a n t i l e dis-
tress. D a s R e s u l t war i n d e z u n c h s t gradual m e l i o r a t i o n der currency, J u l i
1815 war die D e p r e c i a t i o n der notes der b a n k s in P h i l a d e l p h i a gebracht auf
7 oder 8 % u n d im D e c e m b e r n o c h geringer. D i e U n i t e d States b a n k be- 20
g a n n ihre operations am 1 J a n u a r 1817. Sie schlug d e n city b a n k e r s vor to
enter in ein a g r e e m e n t to r e s u m e B a a r z a h l u n g e n am 21 F e b r u a r 1817.
Diese gingen darauf ein; sie verliessen sich auf ihre Gewalt b e r die
c o m m u n i t y , so da n u r wenige I n d i v i d u e n wagen w r d e n large d e m a n d s
auf sie for coin zu m a c h e n . Baarzahlungen d a h e r nominell r e s u m e d am 25
21 Febr. In der Wirklichkeit nicht, da n o c h lange Zeit n a c h dieser period
American as well as foreign coins would c o m m a n d on t h e spot a price in
city b a n k n o t e s above their n o m i n a l value. N u n fgte die U n i t e d States
B a n k d e n circulirenden n o t e s ihre eignen h i n z u u n d zu der m a s s of b a n k -
loans an a m o u n t grsser als die R e d u c t i o n s which h a d b e e n m a d e . Da- 30
d u r c h die currency obgleich n o m i n e l l convertible depreciirt below its former
low state ... \\22\ D i e u n k l u g e System dauerte eine Zeitlang fort. Zu spt
e n t d e c k t e die bank, da sie ihre issues b e r die G r e n z e n der Sicherheit
a u s g e d e h n t u n d d a sie ganz in der H a n d ihrer G l u b i g e r war. Sie sah
a u c h , da die Z a h l u n g des Theils der Louisianadebt, r e d e e m a b l e am 35
21 Oct. 1818, which was held by foreigners, eine Nachfrage fr e i n e n b e -
trchtlichen a m o u n t of coin verursachen k n n t e , d a die e n h a n c e d prices
of China, I n d i a u n d other goods occasioned by t h e depreciation of t h e cur-
rency from t h e overissues of itself a n d the statebanks, would lead to a de-
m a n d for specie u n d sie war professedly a speciebank, liable u n t e r Strafe 40
von 12 % per J a h r to pay its notes on d e m a n d ... Sie suchte sich also zu si-
166
ehern, das System der r e d u c t i o n begann, die wirkte z u r c k auf die state
banks, sie m u t e n a u c h d i m i n i s h their transactions u n d a general curtail-
m e n t ensued, n o c h n i c h t vollendet. D i e severity der 2' pressure b e g a n n Oc-
tober 1818 u n d u n u n t e r b r o c h e n ein J a h r fortgesezt; n a c h A b l a u f welcher
5 Zeit die r e d u c t i o n s allein der N a t i o n a l b a n k 7 millions dollars betrugen
u n d die der a n d e r n b a n k s 2 oder 4 m o r e . D i e r e d u c t i o n s der countrybanks
whrend der 3 lezten J a h r e k a n n m a n s e h n aus folgendem s t a t e m e n t b e r
den a m o u n t ihrer n o t e s in circulation zu 4 v e r s c h i e d n e n periods:
November 1 1816 $ 4,756,460
10 ditto 1817 3,782,760
ditto 1818 3,011,153
ditto 1819 1,318,976.
Das Banksystem h a t also gewirkt wie folgt: R e a l property has b e e n raised in
n o m i n a l value, u n d t h o u s a n d s of individuals have b e e n led into spcula-
is tions, who without the facility of b a n k loans would never have b e e n t h u s
seduced. T h e gradual n o m i n a l rise in the price of land, has p r o d u c e d an ar-
tificial a p p e a r a n c e of increasing wealth which h a s led to the indulging of
extravagance and luxury, and to the. neglect of productive industry. Foreign
i m p o r t a t i o n a n d d o m e s t i c c o n s u m p t i o n have t h u s b e e n carried to an ex-
20 tent, far b e y o n d what the actual resources of the country a n d people would
justify, a n d in p u r s u i n g a shadow the c o m m u n i t y h a s lost sight of the sub-
stance, ( p . 2 9 7 - 3 0 5 ) No n o t e for less t h a n 5 dollars should be issued, inas-
m u c h as no solid system of paper credits c a n any where exist, unless the
m i n o r c h a n n e l s of circulation are exclusively supplied with coin. (p. 306.)
25
167
The Currency Theory reviewed;

in a letter to the Scottish people
on the menaced interference
by Government with the existing system
of Banking in Scotland. 5
By a Banker in England.
E d i n b u r g h . 1845.
D i e currency principles lassen sich auf folgende allgemeine Stze reduci-

ren:
I.) T h e one great law of a m i x e d currency, s u c h as t h a t of E n g l a n d , ought 10
to be, that it should fluctuate in quantity at all times, in all places a n d u n -
der all circumstances, exactly as a currency purely metallic would fluctu-
a t e , - t h e only safe guide whereby to regulate the operation of the law being
the state of the foreign exchanges. II.) F l u c t u a t i o n s in a n o t e circulation
n o t governed by this law, have the inevitable effect of causing derange- 15
m e n t s of the currency, by rendering it, relatively to other things, either ex-
cessive or deficient in quantity. An excessive currency, by r e d u c i n g the
rates of interest, fosters speculation, e n h a n c e s prices u n d drives the bullion
from t h e country: a deficient currency, on t h e other h a n d , by e n h a n c i n g
the rates of interest, stifles speculation, reduces prices, u n d brings t h e bui- 20
lion back again. H e n c e , at o n e t i m e u n b o u n d e d activity a n d success in
every d e p a r t m e n t of c o m m e r c e ; at another, u n m i t i g a t e d depression a n d
disaster; a n d h e n c e , indubitably, the e x c i t e m e n t a n d hollow prosperity
which preceded, a n d the misery and distress which followed the panics of
1825 u n d 1836. III.) the b a n k s alone have power to p r o d u c e fluctuations in 25
the circulation: the u n l i m i t e d right of issue alone imparts this power to the
b a n k s ; therefore this right ought to be restrained.
t h e t h e
H e n c e the 7 and 8 Vict. cap. 32. (p. [9,] 10) |
168
Aus The currency theory reviewed
|23| ad I.
its working is o b n o x i o u s of b e i n g practically an impossibility; an objection

t h e m o r e fatal, i n a s m u c h as the law has b e e n tried fairly, a n d found want-
ing, (p. 11) F e r n e r : das very principle dieses Gesetzes would inevitably be
5 subverted by every m e t h o d hitherto suggested for giving t h a t principle ef-
fect, (p. 17 K m m t d a s w a s Bailey sagt, s i e h p. 9 d i e s e s Hefts.) N o r m a n
will fr every increase or r e d u c t i o n in the b u l l i o n eine equivalent increase
or r e d u c t i o n in der Circulation m a c h e n . In rein metallischer Circulation
wrde der export von 5 millions bullion a d e d u c t i o n from the currency to
10 that extent sein. A b e r zur Zeit, wo 5 millions of bullion h i n a u s geschickt,
zugleich 5 millions der Circulation entzogen, werden also 10 millions von
d e m Aggregat einer m i x e d currency entzogen. E b e n s o u m g e k e h r t b e i m
E i n s t r m e n von Bullion n a c h d i e s e m Prinzip. - Palmer, Loyd u n d andre
wollen i m m e r , w e n n mglich, retain the b u l l i o n at % the amount of the
15 liabilities of the Bank. N u n , da betrchtlich m e h r als %, im D u r c h s c h n i t t
von diesen liabilities, exist in the shape of n o t e s in circulation, folgt da
die Circulation stets zu Bullion das Verhltni von m i n d e s t e n s 2 : 1 h a b e n
wrde, u n d da, u m diese Proportion aufrecht z u halten, fr j e d e m i l l i o n
a d d e d to or t a k e n from t h e bullion, 2 millions m u s t be t a k e n from or add-
20 ed to the circulation. Also am obigen Fall 10 Mill., m a c h t die V e r m i n d e -
rung u n d V e r m e h r u n g bei 5 Mill. Bullion E i n oder A u s z u g im Gesammtef-
fect auf die Circulation 15 Millions, (p. 17,8) D e r foreign Wechselkurs ist
kein infallible i n d e x sei es des Deficits oder des Excesses der currency.
W e n n das fact of the circulation having b e c o m e depreciated n a c h der Sus-
25 p e n s i o n von 1797 10 J a h r e b r a u c h t e in m a k i n g itself even partially felt ...
wie viel Zeit u n d what hosts of counteracting influences m u s t that process
struggle which shall have the u l t i m a t e effect of depreciating n o t a section of
o u r currency below our own standard, but our entire currency, gold as well as
paper, below the standard of the world? (p. 1 9 - 2 1 ) If it could be d e m o n s t r a t -
30 ed, da die R e g u l a t i o n der currency d u r c h die foreign exchanges could be
m a d e the m e a n s of putting down a c o n t i n e n t a l war (von 1797 bis W a t e r l o o
die Ursache der bullion drains) of preventing foreign n a t i o n s from r u n n i n g
into debt, (1825) of controlling the m o n e t a r y proceedings of the A m e r i c a n
senate (1836), oder of causing a regular succession of a b u n d a n t harvests in
35 England (1839) d a n n die Sache allright. Sonst nicht, (p.23) F e m e r : da a su-
p e r a b u n d a n c e edler metals i n E i n e m L a n d n i c h t existiren k a n n gleichzei-
tig auf any length of t i m e m i t scarcity in another, so die ganze gewaltsam
schdliche O p e r a t i o n der Bank of England n a c h d i e s e m Gesetz n u r to hast-
en the operation of o n e of the f u n d a m e n t a l laws of c o m m e r c e - t h e e q u a b l e
169
distribution of the precious metals over t h e entire realms of c o m m e r c e ,

(p. 23,4) D a s Verdienst der m i x e d currency ist to modify or c o u n t e r a c t the
effect of those fluctuations in our metallic m e d i u m , w h i c h t h e gigantic
operations u n s r e r c o m m e r c i a l u n d m o n e t a r y systems r e n d e r u n a v o i d a b l e
u n d so die G r e n z e n der mischiefs auf die direkt im f r e m d e n H a n d e l be- 5
theiligten zu b e s c h r n k e n , whrend j e n e s Gesetz es steigert u n d a u s d e h n t .
(P.24,5.)
adii.
G e s e z t die falsche Voraussetzung von der W i r k u n g der currency auf Preisse

sei richtig. Erstens. D e r existing extent der capacity of purchase is at all 10
t i m e s the m e a s u r e of the extent to which prices m a y be affected by m o n e t a r y
action. Diese capacity n i c h t beschrnkt auf d e n holder von coin u n d notes,
s o n d e r n g e m e i n m i t d e m operator auf every open banking account, d e m
h o l d e r j e d e r ngociable bill of exchange u n d extends even to the u t m o s t lim-
its of personal credit, (p. [25,] 26) Zweitens. Da also N o t e n u n d coin n u r 15
T h e i l dieser P r e i b e s t i m m e n d e n Macht, nicht sie ganz, every fluctuation
in the circulation does n o t necessarily prove a corresponding fluctuation in
t h e aggregate of which it forms a part; because an e x p a n s i o n of the v o l u m e
of any o n e i t e m in the circulating m e d i u m , m a y be c o i n c i d e n t with a con-
traction of t h e v o l u m e of another. Z . B . E i n e Million n o t e s weggezogen von 20
d e n balances existing on o p e n b a n k i n g accounts, u n d die Circulation, alles
sonst gleich, zeigt an increase of a million, whrend the existing extent of
the capacity of p u r c h a s e weder zu n o c h a b g e n o m m e n hat. (p. 27) E b e n s o
u m g e k e h r t , (p. 28) Dieselben results von counter fluctuations in any other
two e l e m e n t s of t h e circulating m e d i u m ; z. B. contraction in der Circula- 25
t i o n u n d E x p a n s i o n of credit u n d u m g e k e h r t E x p a n s i o n of ||24]*circulation
u n d contraction of credit. Beides oft der Fall. (p. 28) N u n die einzigen
k n o w n u n d recognised d a t a w o d u r c h fluctuations in der currency c a n be
m e a s u r e d , viz. the returns periodically published in the G a z e t t e , do n o t in-
dicate the extent of coincident fluctuations in the other e l e m e n t s of the cir- 30
culating m e d i u m , geben daher zu Trugschlssen A n l a . Drittens. D i e Be-
h a u p t u n g m a c h t fluctuations in der currency zu Ursachen v o n gewissen
results, wovon sie m e i s t e n s die Folgen sind, (p.28) T h e u s e of credit, in any
of its various forms, whilst it did n o t affect the capacity of buyers to origi-
nate, did affect their capacity to complete a purchase, (p. 29) J e d e transac- 35
tion n i c h t arranged by p a y m e n t in m o n e y on the spot, is strictly a credit or
time bargain. (1. c.) Diese bargains sind die rule, die cash bargains die Aus-
nahme im H a n d e l . Folgt daher, da der Betrag von Kufern o d e r contracts
170
entered u p o n during the course of any given day, will n o t affect t h e quantity
of money afloat on that particular day, but, in the vast majority of cases, will
resolve themselves into multifarious drafts upon the quantity of money which
may be afloat at subsequent dates more or less distant, (p. 29, 30) D i e bills
5 granted or credits opened, to-day, n e e d have no r e s e m b l a n c e whatever, eith-
er in quantity, a m o u n t or duration, to those granted or entered u p o n to-
morrow or n e x t day: nay, m a n y of to-day's bills, a n d credits m a y , w h e n
d u e , fall in with a m a s s of liabilities whose origins traverse a range of a n t e -
c e d e n t dates altogether indefinite, bills at 12, 6, 3 m o n t h s or 1 often aggre-
10 gating together to swell t h e c o m m o n liabilities of o n e particular day. Con-
sequenz, da der a m o u n t of engagements to [be] liquidated n i e by
possibility any zwei Tage derselbe ist oder 2 W o c h e n oder 2 M o n a t e im
Jahre. Umgekehrt, discrepancies so e n o r m o u s arise, t h a t the m a t u r e d liabil-
ities of any given week, m o n t h , urn millions l. von d e n folgenden ausein-
15 andersein k n n e n . D a h e r a ceaseless fluctuation in the d e m a n d for m o n e y ;
u n d daher a u c h die c o n s e q u e n c e d a the same amount of currency which
shall be equal to all demands to-day, may fall short of the demands of to-morrow,
or exceed those of the day after. Whatever die u l t i m a t e effects dieser fluctu-
ations sein m g e n , zu w e l c h e m extent sie m a y react u p o n those influences
20 which called t h e m into existence, die klar, d a on their first a p p e a r a n c e
on our m o n e t a r y horizon, they are essentially effects, u n d vernderlich so
lang bills u n d credit existiren, was i m m e r die currency u n d wie sie i m m e r
verwaltet sei. (p. 30,1) In E n g l a n d bestndige A c c u m u l a t i o n von surplus
wealth, der die T e n d e n z h a t ultimately to a s s u m e the form of m o n e y ; an-
25 drerseits, n e x t in urgency vielleicht m i t d e m desire to acquire m o n e y ist
der W u n s c h sich seiner wieder zu entledigen fr s o m e species of invest-
m e n t , das Z i n s oder Profit bringt; d e n n G e l d als Geld yields neither. W e n n
daher n i c h t z u s a m m e n m i t d i e s e m steten Influx von surplus capital a grad-
ual u n d sufficient e x t e n t i o n des Beschftigungsfeldes dafr, we m u s t be
30 subject, as a c o m m u n i t y , to periodical accumulations of money seeking invest-
ment, of m o r e or less volume, according to the m o v e m e n t of events. F r
eine lange R e i h e von J a h r e n war die Staatsschuld das great absorbent des
surplus wealth of E n g l a n d . Sobald sie, u n d die von 1816 an, ihr M a x i -
m u m erreicht u n d n i c h t lnger als a n absorbent wirkte, s u c h t e eine S u m m e
35 von m i n d e s t e n s 27 millions per a n n u m other c h a n n e l s for investment.
N i c h t n u r das. Es fanden various r e p a y m e n t s of capital statt. D a z u die ef-
fects der conversions in 1822 u n d 1824 von ungefhr 220 millions der
Schuld in stocks u n t e r d e m original Zinsfu; u n d d a n n von 1817 gnzliche
absence der s c h e m e s , die grosser Capitals zu ihrer Ausfhrung b e d r f e n
40 u n d von Zeit zu Zeit d a z u d i e n e n to carry off the surplus von unbeschftig-
t e m Capital. 1825 Crise, (p. 3 2 - 4 ) A u c h 10 J a h r e vor 1836 fast gnzliche
171
D r r e an Schemes, which, in this country at least, are absolutely necessary

to carry off those periodical a c c u m u l a t i o n s of the surplus wealth of the
c o m m u n i t y which find no outlet through t h e ||25| ordinary c h a n n e l s of in-
vestment. D e r coming m a r c h der speculation was pioneered, wie in 1825,
von a few m i n o r projects scattered over the two previous years. T h e p r e m o n - 5
itory symptoms of b o t h periods were in fact precisely similar, (p. 34,5) the
S o u t h A m e r i c a n loans, the Assurance C o m p a n i e s , the m i n i n g projects a n d
trading speculations of 1823, 1824 u n d 1825, h a d their exact counterparts
in the Spanish Actives, the J o i n t Stock Banks, the Railways, a n d the com-
mercial gambling of 1834,5 u n d 6. (p. 35) N i m m t d e c e n n i a l p e r i o d s an 10
1823,24,25/1834,35,36 u n d p r o p h e z e i t d a h e r fr 1846 e r h e b l i c h e Crise.
(1. c.) Er fhrt als S y m p t o m e dieser k o m m e n d e n Crise a n : W i t h i n a very
recent period prices have sprung upwards from the lowest p o i n t of depres-
sion, a n d threaten, as it has ever b e e n the case, to sweep as far above the
true level as they formerly sank below it. Consols t o u c h par, a price u n p a r - 15
alleled in the annals of the century. T h e bullion in the vaults of the b a n k
of E n g l a n d has for m o n t h s exceeded in a m o u n t the treasure held by this
establishment since its institution. Shares of every description range at pri-
ces on the average wholly u n p r e c e d e n t e d , a n d interest has declined to rates
which are all b u t n o m i n a l . If these be n o t evidences t h a t a n o t h e r heavy ac- 20
c u m u l a t i o n of u n e m p l o y e d wealth exists at this h o u r in England, that a n o t h -
er period of speculative excitement is at h a n d , a n d that, unless dissipated
by s o m e unforeseen event, another p a n i c will at no distant period cast its
shadow u p o n the land, t h e n either have things within the last ten years re-
versed their n a t u r e , or our c o m m e r c i a l history for t h e last thirty years 25
m i g h t as well be a purposeless fiction from beginning to end. (p. 36)
ad III)
t e n
N a c h der 3 Proposition h a b e n die banks allein die M a c h t fluctuations i n
der circulation hervorzubringen, da das u n b e s c h r n k t right of issue i h n e n
allein diese M a c h t giebt u n d da diese daher zu restrain ist. [p. 37] 30
So lang das principle of convertibility exists in d e n local exchanges k a n n
ein b a n k e r eigenmchtig keine einzige N o t e p e r m a n e n t l y der Circulation,
so wenig wie er sie seinen deposits hinzufgen k a n n ; n o c h k a n n er, so lang
ein einziges Deposit auf seinen B c h e r n steht, eine einzige N o t e von sei-
n e n issues w e g n e h m e n , (p. 38) Der b a n k e r h a t kein c o m m a n d b e r deposits 35
u n d der cheque u p o n banking a c c o u n t wird a u c h n o c h das h a u p t s c h l i c h s t e
circulating m e d i u m . Sie h a b e n grossentheils schon verdrngt d e n u s e of
b a n k n o t e s i n transactions u n t e r allen leitenden H u s e r n L o n d o n s u n d der
172
Provinzen, b a n k n o t e s s e e m rapidly sinking to t h e m e r e office of arranging

the differences of the cheques a n d bills, as if their u l t i m a t e destiny were
the a r r a n g e m e n t of the agricultural operations of the counties, a n d the re-
tail dealings of t h e towns. ... Das Beispiel m i t d e m L o n d o n e r Clearing
5 h o u s e n i c h t h i n r e i c h e n d , da es n i c h t die B a n k of E n g l a n d einschliet u n d
confinirt ist auf 29 n u r v o n d e n 82 different b a n k i n g houses in L o n d o n . . .
Die statistics periodically published by the B a n k of F r a n c e show the extent
to which m o n e y is e c o n o m i z e d within its own walls by m e a n s of cheques...
whrend das quarter e n d e d 31 Dec. 1840, verhielten sich die transactions
10 completed by m e a n s of specie, notes u n d transfers from o n e a c c o u n t to an-
other (the transfers operating by m e a n s of c h e q u e s u p o n current a c c o u n t ) :
by specie fr 221,432,200 fcs, by notes 1,049,240,000 fcs, by transfers
1,742,897,700 f. Die proportions in % waren also: fr transfers 58 %, fr notes
35, fr specie 7. W h r e n d in d e m J a h r 1839 in d e m L o n d o n Clearing-
15 house fr 954,401,600 im G a n z e n n u r gebraucht 66,275,600 in currency
(notes u n d cash), w h r e n d die cheques im D u r c h s c h n i t t tglich 2,837,000
notes ersetzen, (p. 40,1) Zwischen S e p t e m b e r 1833 u n d S e p t e m b e r 1843
n a h e an 300 banks of issues hinzugefgt in ganz G r o b r i t a n n i e n ; das result
war eine R e d u c t i o n in der Circulation von 2% millions, n m l i c h die D u r c h -
20 schnittscirculation fr d e n m o n t h e n d e d S e p t e m b e r 1833 war 36,035,244
u n d e n d e d S e p t e m b e r 1843 3 3 , 5 1 8 , 5 5 4 . (p.53) ||26| N m l i c h die rapidity
u n d efficiency der circulation ist gewachsen im Verhltni der c o m p e t i n g
banks, d a h e r der a m o u n t z u g e n o m m e n . (1. c.) t h e prodigious activity der
scotch circulation befhigt sie m i t 100 zu efficiren dieselbe quantity of
25 m o n e t a r y transactions, die in E n g l a n d 4 2 0 erheischt, (p. 55)
Appendix
A) Money in its latent form.
Die Hauptgestalt der latenten form von m o n e y sind die deposits of bankers.
Spare ich selbst die N o t e n auf in my chimney, so sind sie regularly gazett-
30 ed as in circulation", whrend, so lang sie in des banker's h a n d sind, sie
reported sein werden as in deposit", (p. 61,2) If t h e deposit does n o t b e a r
interest, wie vielleicht % davon in England, the inducement to exercise t h e
capacity (to purchase) will be quite as urgent u p o n me in my character of
depositor, as in my character of holder of notes or coin. (p. 62) Unstreitig
35 wahr, da die 1000 which you deposit at A to-day m a y be re-issued to-
173
m o r r o w u n d form a deposit at . T h e day after that, re-issued from B, it

m a y form a deposit at C a n d so on to infinitude u n d dieselben 1000 in
m o n e y m a y t h u s , by a succession of transfers, multiply itself i n t o a s u m of
deposits absolutely indefinite. It is possible, therefore, t h a t % 0 of all t h e de
posits in t h e u n i t e d k i n g d o m m a y have no existence b e y o n d t h e i r record in 5
t h e books of t h e b a n k e r s who are respectively a c c o u n t a b l e for t h e m . . . so in
S c h o t t l a n d , wo die c u r r e n c y n i e b e r 3 mill. St. war, die deposits 27 Mil-
lions. E n t s t n d e ein n i c h t allgemeiner r u n auf die b a n k s wegen der depos-
its so k n n e n dieselben 1000, if sent back u p o n its travels, cancel with t h e
s a m e facility a s u m equally indefinite. As t h e same 100 w o m i t you cancel 10
y o u r debt to a t r a d e s m a n today, m a y cancel his debt to t h e m e r c h a n t to
morrow, t h e m e r c h a n t ' s debt t o t h e b a n k t h e day following u n d s o o n o h n e
E n d ; so k n n e n dieselben 100 pass from h a n d to h a n d a n d from b a n k to
b a n k , a n d cancel any conceivable s u m of deposits, (p. 62,3)
B) The Movement of the Currency. 15
Betrachten wir das v o l u m e von capital, u n m i t t e l b a r vor der Crise v o n 1825

u n d 1836 in Bewegung, u n d das Geld, das als sein Vehicle d i e n e n m u t e
so zu w u n d e r n d a die alternations in der currency n i c h t gewaltsamer u n d
grsser waren. Aber, the s a m e quantity of m o n e y does n o t at all t i m e s cir-
culate from h a n d to h a n d with one u n i f o r m rate of velocity. D i e effi- 20
ciency, die working capacity einer currency zu m e s s e n e b e n s o sehr by its
relative activity of m o v e m e n t as by its m e r e a m o u n t . . . a currency von
40 millions, die c o m p l e t e d ihre m o n e t a r y revolution 12 x im Jahr, would
c o m p l e t e t h e s a m e aggregate of m o n e t a r y operations wie eine currency von
80 millions w h i c h revolved only six times im Jahr. (p. 64) G e s e z t die cur- 25
rency des u n i t e d k i n g d o m sei 70 mill. St., ihr D u r c h s c h n i t t s g r a d of revo-
l u t i o n 12 u n d ihr m o v e m e n t fr das J a h r d a h e r 840 millions; u n d let t e n
millions bestndig von d i e s e m a m o u n t abgezogen sein. D a s Result, other
things b e i n g equal, wre eine R e d u c t i o n in i h r e m Aggregate m o v e m e n t
von 120 millions. (10 M i l l i o n e n x 12) A b e r es entstehe eine c a u s e o d e r 30
c o m b i n a t i o n of causes (a period of difficulty, doubt, a n d discredit z.B.) of
power sufficient to retard t h e velocity of the currency selbst n u r um %, so
d a der rate of its revolution auf 8 sinkt u n d das R e s u l t ein decrease in its
aggregate m o v e m e n t von 280 millions, a decrease m o r e t h a n d o u b l e t h a t
effected by t h e p e r m a n e n t withdrawal of t e n millions from its a m o u n t . 35
. . . D e r average of n o t e s in circulation der B a n k von F r a n c e w h r e n d 1812
war 106,538,000 f., 1818, 101,205,000, w h r e n d die movement der currency,
das jhrliche aggregate of d i s b u r s e m e n t s u n d receipts u p o n all a c c o u n t s ,
174
war 1812, 2,837,712,000 f., 1818 aber 9,665,030,000 f. D i e activity der cur-
rency in F r a n c e w h r e n d 1818 war also z u r activity in 1812 = 3=1. D e r
grosse Regulator der ||27| Geschwindigkeit der Circulation ist der C r e d i t . . .
d a h e r zu erklren, w a r u m a severe pressure u p o n t h e m o n e y m a r k e t ist gen-
5 erally coincident with a full circulation, (p. [64,] 65)
C) The English scale of bankrates.
On Current Accounts. Ausser d e m Z i n s fr die a c c o u n t s , w h e n overdrawn,

n o c h c o m m i s s i o n von 5 sh. per cent. Diese charge n u r zu u m g e h n by keep-
ing at all t i m e s at t h e credit of his a c c o u n t ohne Zins a s u m in proportion to
10 t h e a m o u n t der transactions auf d e m account.
On deposits. Die Bank of England, die private b a n k s of L o n d o n , zahlrei-
che private b a n k s in d e m country u n d einigen A k t i e n b a n k s allow no inter-
est u p o n m o n e y s deposited in their h a n d s . Wo Zins allowed unter d e m in
Schottland u n d w e n n der depositor sich verpflichtet to give notice previous
15 to withdrawal.
On discounts. D e r c u s t o m in E n g l a n d fr every drawee of a bill, wo er
a u c h residiren mag, to accept it, payable at some banking house in London.
Fllt d a h e r diese bill d u e der acceptor m u s t go to the local b a n k he deals
with u n d get his b a n k e r to retire the bill for h i m ( d a n n die L o n d o n b a n k
20 would only retire it on the advice of a n o t h e r b a n k , or of a regular customer)
u n d for doing this the acceptor m u s t pay C o m m i s s i o n von 5 sh. per cent
u p o n the a m o u n t of the bill. U n d zur charge on retiring, n i c h t selten der
c u s t o m of charging a c o m m i s s i o n , over a n d above the interest, to t h e party
discounting the bill.
25 On Remittance, dieselbe charge ungefhr in E n g l a n d wie in Schottland.
On the Exchange of Notes. F o r giving gold or B a n k of E n g l a n d n o t e s or
s o m e t i m e s even its own in exchange for those of other b a n k s , t h e u s u a l
charge is 5 sh. per cent on the s u m exchanged, (p. [66,] 67)
D) The Inconveniences of a Metallic Currency.
30 It being obvious t h a t the coinage, in the very n a t u r e of things, m u s t be for

ever, u n i t by u n i t , falling u n d e r depreciation by t h e m e r e action of ordinary
a n d u n a v o i d a b l e abrasion (to say n o t h i n g of the i n d u c e m e n t w h i c h every
restoration of the coinage holds out to the whole legion of "pluggers" a n d
"sweaters") it is a physical impossibility at any t i m e , even for a single day,
35 utterly to e x t e r m i n a t e light coins from circulation, (p. 69, 70 Die geschrie-
175
b e n D e c e m b e r 1844 c o m m e n t i n g u p o n the operation of the t h e n recent

proclamations respecting the light gold in circulation in e i n e m Brief an die
Times.) (Also Schwierigkeit: w h r e n d d a s L e i c h t e G o l d refsirt, s o aller
S t a n d a r d u n s i c h e r , wird e s n i c h t refsirt, T h o r u n d T h r d e r B e t r g e r e i
geffnet u n d d a s s e l b e R e s u l t a t . ) D a r u m h e i t s i n B e z u g a u f die o b e n a n - 5
g e f h r t e n proclamations: Ihr e f f e c t . . . has virtually b e e n to d e n o u n c e the
whole of t h e current gold coin as an unsafe u n d illegal m e d i u m for m o n e -
tary transactions; for, although there are, u n d o u b t e d l y , millions of coins of
full weight in circulation, there is, at the same t i m e , a m o s t appalling diver-
sity of scales a n d weights in daily use. (p. 68,9.) 10
176
Aus J.W. Bosanquet: Metallic, paper, and credit currency
J.W.Bosanquet.
Metallic, Paper, and Credit Currency,
and the Means of Regulating their value.
L o n d o n . 1842.
5 Ch. I. Money is the measure of value,

and, as such, should be preserved as free as possible
from variation in value, (p. 23.)
Die B e h a u p t u n g von J. Loyd etc, da die Circulation ganz fluctuiren soil

wie eine metallic currency, niedergelegt von d e m Bullion C o m m i t t e e von
10 1810. In dessen Report heit es: " W h e n t h e currency consists entirely of
the precious metals, or of paper convertible at will into the precious metals,
the n a t u r a l process of c o m m e r c e , by establishing exchanges a m o n g s t all
the different countries of the world adjusts in every particular country the
proportion of circulating m e d i u m to its actual occasions, according to that
15 supply of the precious metals which the m i n e s furnish to t h e general mar-
ket of the world. T h e proportion which is t h u s adjusted a n d m a i n t a i n e d , by
the n a t u r a l operation of c o m m e r c e , c a n n o t be adjusted by any h u m a n wis-
d o m or skill." (Report of the Bullion C o m m i t t e e p. 24) [p. 27, 28] R i c a r d o
sagt in seinen Proposals for an E c o n o m i c a l a n d Secure Currency, p. 8.
20 "Amongst the advantages of a paper over a metallic circulation, m a y be reckon-
ed as n o t the least, the facility with which it m a y be altered in quantity, as the
wants of c o m m e r c e a n d temporary circumstances m a y require, enabling the
desirable object of keeping m o n e y at an u n i f o r m value to be, as far as it is
otherwise practicable, securely a n d cheaply attained." (p. 33)
177
G o l d flo aus der B a n k of England:

|28| Ursachen.
Zwischen August 1830 Revolution in Frankreich, Revolution in
7,000,000
und Februar 1832 { Belgien. Krieg zwischen Russland und
Polen, Agitation wegen der Reformbill 5
Zwischen Juli 1833 Loans to Spain and Portugal. Importa-
5,100,000
und Mai 1835 { tion von foreign bonds to a large
l_ amount.
Zwischen March 1836 Groinvestment in nord amerikanischen
4,100,000
und Februar 1837 { securities. State of credit in Northamer- 10
ica.
Zwischen December 1838 Extensive importation of foreign corn
und September 1839 mit in Folge der failure des harvest of 1838
10,282,000
den 2,900,000 Credits -i und 1839.
on Paris and Hamburgh (p. 39) 15
Ch. II. Money is the Medium of Exchange,

and, as such, should be provided at all times,
in quantity proportioned to the demands of the community,
for the purposes of exchange.
Zwischen 27 D e c . 1836 u n d 24 Jan. 1837 die Bankcirculation v e r m e h r t von 20

16,770,000 auf 19,732,000 oder um a b o u t 3 Mill. in 28 Tagen, in
Folge der difficulties der grossen a m e r i c a n houses, u n d der suspension der
N o r t h e r n u n d Central Bank, obgleich das bullion sehr reducirt i n a m o u n t
war. (p. 52)
In Folge der general distress u n d depression des H a n d e l s von 1840 u n d 25
41 sank die circulation des U n i t e d K i n g d o m auf 33,605,013 im J a n u a r
1842 von 40 Mill, im F r h l i n g 1839, also um 6 millions in weniger als
3 J a h r e n u n d die d a u e r t e fort latterly during a c o n t i n u e d influx of gold,
(p. 54) E i n fixed a m o u n t of currency entspricht d e n wants of the country at
all t i m e s u n m g l i c h . D i e Nachfrage n a c h currency steigt oft w h r e n d des 30
Efflux u n d fllt whrend des Influx von Gold. D a h e r t a u g e n die s c h e m e s
n i c h t die Papier v e r m e h r e n oder v e r m i n d e r n wollen m i t d e m E i n oder A u s -
flu von Gold. (p. 54,5) W h r e n d times of discredit ist die Nachfrage n a c h
increase of currency dringend u n d die operation of increase oft extremely
rapid, (p. 55) 35
178
Aus J. W. Bosanquet: Metallic, paper, and credit currency
Ch. III. Some principle of selfregulation is required,

as a preventive against excess or deficiency in the
quantity of Money in Circulation interfering with its value.
Die Q u a n t i t t der Currency k a n n variiren 1) d u r c h die O p e r a t i o n der issu-

5 ing body without reference to the d e m a n d s of t h e public; 2) by the opera-
tion of the public u p o n the issuing body, adapting the supply of currency to
its wants, (p. 65.)
ad 1. D i e issuing body k a n n die currency o h n e R c k s i c h t auf das Publi-
c u m v e r m e h r e n oder v e r m i n d e r n d u r c h K a u f ^>der Verkauf von E x c h e q u e r
10 bills, stocks etc or by advances to G o v e r n m e n t . So k a n n die currency fr
eine Zeit bleiben im Stand of forced excess oder deficiency. D e r forced excess
zeigt sich z u n c h s t in d e m m a r k e t for m o n e y u n d with bankers. A b e r nie-
m a n d wird G e b r a u c h von m e h r Geld m a c h e n , blos weil grrer Vorrath da-
von. So der M a r k t bleibt oversupplied u n d o h n e borrowers, bis b a n k e r s u n d
15 capitalists increase the t e m p t a t i o n to borrow, i n d e m sie d e n Zinsfu h e r a b -
setzen. D a r a u f folgt Z u n a h m e des Borgens, der Spekulation, der Preisse.
Also die forced issues in excess wirken direkt n i c h t u p o n prices, aber bald af-
ficiren sie d e n Zinsfu u n d wirken so indirekt auf Preisse u n d schlielich
auf d e n W e r t h der currency, (p. 6 5 - 6 7 ) W a s n u n die forced deficiency be-
20 trifft, so wirkt sie direkt u n d m c h t i g auf Preisse u n d W e r t h , (p. 67.)
ad. 2. Diese variations in der quantity der currency folgen n a c h der Vor-
aussetzung selbst d e n operations of p u r c h a s e or sale by the public u n d sind
nicht ihre U r s a c h e n , (p. 67) In d i e s e m Fall also wird der Betrag der cur-
rency weder die U r s a c h e des Standes der Preisse sein, n o c h irgendwie d e n
25 value of m o n e y afficiren. (p.68) A metallic system, t h e n , or o n e assimilated
to it, m u s t subject the currency at all times to the evils of forced e x p a n s i o n
and contraction, a n d forced variations in t h e prices of c o m m o d i t i e s , (p. 72)
Ch. IV. Bankers' Deposits, and Bills of Exchange,

form an important part of our currency.
30 Deposits sind Geld n u r (Currency) in sofern sie are capable of transferring

property from h a n d to h a n d o h n e die I n t e r v e n t i o n von G e l d . So weit sie ef-
fect p a y m e n t s u n d transfer property by m e a n s of m o n e y they are n o t cur-
rency, (p. 82) E i n Deposit k a n n geschaffen werden o h n e b a n k n o t e s or coin.
Z . B . ein b a n k e r erffnet e i n e n c a s h a c c o u n t von 60,000 auf titledeeds etc,
179
die i h m G a r a n t i e liefern. Er trgt u n t e r seine Deposits 60,000 ein. Die

m e t a l u n d paper portion of the currency r e m a i n u n a l t e r e d in a m o u n t , b u t
t h e power of p u r c h a s e is apparently increased to the extent of 6 0 , 0 0 0 .
(p. 83) W a s also die power of creating deposits betrifft, keine n o t h w e n d i g e
C o n n e x i o n zwischen i h n e n u n d money, (p. 84) Durchschnittsbetrag von 5
Z a h l u n g e n b e r 3 Mill, j e d e n Geschftstag i m Clearing ||29| h o u s e
gesettled u n d der tgliche Geldvorrath nthig zu d i e s e m Zweck wenig
m e h r als 200,000. (p. 86.)
We m a y c o m p a r e t h e daily operations of b a n k n o t e s a n d deposits togeth-
er, or we m a y c o m p a r e their total amounts: but, to c o m e to any useful re- 10
suits, we m u s t n o t c o m p u t e one in one way, the other in a n o t h e r way.
(p. 88) G l a u b t da 15 Millions operations tglich im Vereinigten Knig-
reich d u r c h deposits performirt werden u n d 2 0 Mill, d u r c h banknotes.
(p. 89)
Wechsel sind unstreitig currency, u n a b h n g i g von m o n e y , so weit sie 15
property transfer from h a n d to h a n d , by m e a n s of e n d o r s e m e n t s , (p. 92,3)
(Soweit die bills s c h l i e l i c h n i c h t i n b a r i b u s b e z a h l t w e r d e n , m s s e n sie
p a s s d u r c h s c l e a r i n g h o u s e u n d fallen m i t d e n d e p o s i t s z u s a m m e n . ) I m
D u r c h s c h n i t t a n z u n e h m e n , d a 2 e n d o r s e m e n t s auf j e d e r bill in circula-
tion sind u n d da im D u r c h s c h n i t t j e d e bill 2 Z a h l u n g e n t h u t , eh sie d u e 20
wird. N a c h dieser A n n a h m e scheint es, d a allein d u r c h e n d o r s e m e n t s
property c h a n g e d h a n d s , d u r c h Wechsel, z u m W e r t h v o n 2 x 528 millions
oder 1,056,000,000, m e h r als 3 M i l l . tglich, im Lauf des Jahres 1839.
Sicher d a h e r da deposits u n d bills of exchange z u s a m m e n perform the
functions of m o n e y , by transferring property from h a n d to h a n d o h n e die 25
aid of m o n e y , to an extent daily of n o t less t h a n 18,000,000. (p. 93) N u n
die a n d r e n F o r m e n des credits gar nicht zu b e r e c h n e n . (1. c.) If credit a n d
confidence between m a n and m a n in the transactions of life were perfect,
there would be no n e e d of m o n e y , for all exchanges of property m i g h t be
m a d e by credit. Im V e r h l t n i daher, wie der Credit wchst, ist der use of 30
m o n e y weniger erheischt u n d umgekehrt. Diese Creditcurrency die zarteste
etc von der Welt. (p. 95)
Ch. V. the foreign exchanges are not a sure test,

at every moment, of the state of our currency.
As a m e a s u r e of value, m o n e y is classed with the general weights a n d m e a s - 35

ures of the country, the o n e f u n d a m e n t a l principle of which is fixedness.
T h e use of weights and m e a s u r e s proceeds no further t h a n m e a s u r i n g q u a n -
180
Aus J. W. Bosanquet: Metallic, paper, and credit currency
tity. But m o n e y has the additional quality of b e i n g always exchangeable for

what it m e a s u r e s , and the quantity required for the purposes of exchange
m u s t vary, of course, according to the quantity of property to be exchanged.
The principle applied to its first use is fixedness; to its second variabil-
5 ity ... two opposite principles, (p. 100)
Ch. VI. Convertibility of notes into specie

is not necessary, at all times, in order to preserve
the value of the currency.
It is clear, then, supposing t h e quantity of currency to r e m a i n t h e same,

10 that, casteris paribus, it is of no i m p o r t a n c e to the value of the currency
whether paper be convertible into specie, or whether specie p a y m e n t s be
suspended, (p. 120) Die currency m a y b e c o m e temporarily deranged from
causes operating either at h o m e or abroad. At h o m e causes may act either
u p o n the metal, paper or credit portion of the currency. F r o m abroad, t h e
15 currency m a y be acted u p o n , by causes affecting either t h e m e t a l or credit
of foreign n a t i o n s , or by d e r a n g e m e n t of the ordinary b a l a n c e of bills of ex-
change between this a n d foreign countries, (p. 131,2)
181
Report, together with Minutes of Evidence,

and Accounts, from the Select Committee
appointed to inquire into the Cause
of the High Price of Gold Bullion etc.
(Ordered by the House of Commons
to be printed 8 June 1810)
L o n d o n . 1810.
Report.
D e r Prei des b u l l i o n w h r e n d 1806,7,8 so h o c h wie 4 in t h e m a r k e t ; gen

E n d e 1808 avancirte er rasch u n d c o n t i n u e d very high w h r e n d 1809; der 10
Marktprei von Standard G o l d i n bars f l u c t u a t i n g von 4 . 9 . z u 4 . 1 2 per
oz. D e r Marktprei zu 4.10 ist ungefhr 15% above t h e M i n t p r i c e . (p. 1)
Die lezten q u o t a t i o n s of the price of gold, in W e t t e n h a l l ' s tables, sind v o m
18 u n d 22 M a i (1810) w h e n portugal gold is q u o t e d zu 4.11 per oz. Portu-
gal gold coin is a b o u t t h e same fineness as our standard, (p. 2) In d e n s e l b e n 15
tables ist stated, d a w h r e n d 1809 der Prei des n e u e n s p a n i s c h e n Dollars
fluctuirte v o n 5 s. 5 d. zu 5 s. 7 d. per U n z e , oder von 10 zu 13 % b e r d e m
M i n t p r i c e of S t a n d a r d silver. (Dieser betrgt n h m l i c h per oz 4 s. 11 d.)
Im Lauf des lezten M o n a t s n e u e Dollars quotirt zu 5 s. 8 d. per oz oder
m e h r als 15% b e r d e m mintprice. G e g e n E n d e 1808 der Wechselkurs m i t 20
d e m C o n t i n e n t sehr u n g n s t i g u n d blieb n o c h u n g n s t i g e r w h r e n d 1809
u n d d e n 3 ersten m o n t h s des present year. H a m b u r g , A m s t e r d a m u n d Paris
sind die H a u p t p l t z e , w o m i t der Wechselkurs etablirt. W h r e n d der lezten
182
Aus Report, together with minutes of evidence ... 1810
6 M o n a t e v o n 1809 u n d d e n 3 ersten von 1810, war der W e c h s e l k u r s auf

H a m b u r g u n d A m s t e r d a m deprimirt v o n 1 6 - 2 0 % u n t e r Par; der auf Pa-
ris ||30| n o c h niedriger. D e r W e c h s e l k u r s m i t Portugal entsprach d e n b r i -
gen. V o n 2 M r z bis 3 April (1810) V e r b e r u n g des Wechselkurses m i t d e n
5 o b e n e r w h n t e n 3 P l t z e n . D e r Kurs auf H a m b u r g stieg v o n 29.4. to 3 1 , der
m i t A m s t e r d a m v o n 31.8 auf 33.5, der m i t Paris von 19.6. auf 2 1 . 1 1 . So
b l i e b e n sie seit 3 April 1810 b e i n a h e stationr, der W e c h s e l k u r s m i t H a m -
burg gegen d i e L a n d um 9 P. C. u n t e r par, der m i t A m s t e r d a m m e h r als
7 u n t e r Par u n d der m i t Paris m e h r als 14 u n d e r par. (, 3, 4)
D e r h i g h price of gold ist v o n d e n m e i s t e n Z e u g e n z u g e s c h r i e b e n der scar

city dieses Artikels, d u r c h u n g e w h n l i c h e Nachfrage auf d e m C o n t i n e n t .
A b e r s o m t e der Prei des G o l d e s d o c h zuerst auf d e n c o n t i n e n t a l m a r -
kets gestiegen sein. (p. 4, 5) the a c t u a l prices of G o l d in t h e foreign m a r -
is kets are j u s t so m u c h lower t h a n its m a r k e t price here, as t h e difference of
E x c h a n g e a m o u n t s to. (p. 6) P e r m a n e n t rise im M a r k t p r e i des G o l d e s
b e r s e i n e n m i n t p r i c e for several years in H a m b u r g u n d A m s t e r d a m (p. 6)
E r k l r t d a s C o r n r n i t t e e d a r a u s : Silver having fallen in its relative value to
G o l d in der Welt, gold h a s appeared to rise in price in d e n M r k t e n wo Sil-
20 ber das fixe M a a , u n d Silber zu fallen, wo G o l d das fixe M a a ist. (p. 7)
D u r c h V e r m e h r u n g der Q u a n t i t t v o n i n c o n v e r t i b l e m Papier, das weder
n a c h a n d r e n L n d e r n exportirt werden, n o c h d e n issuers z u m A u s t a u s c h
gegen G o l d z u r c k g e g e b e n werden k a n n , v e r m i n d e r t s e i n e n W e r t h gegen
alle a n d r e n W a a r e n ; in a n d r e n W o r t e n , t h e m o n e y prices of all o t h e r c o m -
25 m o d i t i e s are raised, a n d t h a t of Bullion with t h e rest. (p. 17) E b e n s o klar,
d a w e n n das circulirende M e d i u m s o n u r i n E i n e m L a n d e , n i c h t aber i n
d e n N a c h b a r l n d e r n vermehrt wird, t h e currencies of those two c o u n t r i e s
will no longer c o n t i n u e to bear t h e s a m e relative value to e a c h o t h e r as b e -
fore. T h e intrinsic value of a given p o r t i o n of t h e o n e currency b e i n g
30 lessened, while t h a t of t h e other r e m a i n s u n a l t e r e d , t h e E x c h a n g e will be
c o m p u t e d b e t w e e n t h o s e two countries to t h e disadvantage of t h e former.
In this m a n n e r , a general rise of all prices, a rise in t h e m a r k e t price of
gold, a n d a fall of t h e foreign E x c h a n g e s , will be t h e effect of an excessive
quantity of circulating m e d i u m in a country, das adoptirt h a t e i n e currency
35 n o t exportable to o t h e r countries oder n i c h t convertible at will i n t o C o i n
which is exportable, (p. 17,18.)
183
II.
D a s Comit untersucht in diesem Abschnitt den Stand des Wechselkur-

s e s z w i s c h e n d i e s e m L a n d u n d d e m C o n t i n e n t , (p. 1 8 sqq.) I m D u r c h -
schnitt das Risico fr transporting of gold (eingeschlossen Kost u n d insur-
ance) n a c h H a m b u r g u n d H o l l a n d in d e n lezten 5 oder 6 m o n t h s , did not 5
exceed 7 %. D a d u r c h also nicht erklrt eine D e p r e c i a t i o n des Wechselkur-
ses von 1 6 - 2 0 % u n t e r par. (p. 27) N a c h der Evidence von Mr. Irving, d e m
Inspector G e n e r a l des Customs, war die H a n d e l s b i l a n z fr E n g l a n d u n d
zwar in 1805 z u m Betrag von 6 , 6 1 6 , 0 0 0 , 1806 von 1 0 , 4 3 7 , 0 0 0 , 1807
5,866,000,1808 12,481,000, u n d 1809 14,834,000. (p.28) A favourable io
b a l a n c e of trade on the face of the A c c o u n t of Exports a n d I m p o r t s is a
very probable c o n s e q u e n c e of large drafts on G o v e r n m e n t for foreign ex-
p e n d i t u r e ; an a u g m e n t a t i o n of exports, and a d i m i n u t i o n of imports, being
p r o m o t e d and even enforced by the m e a n s of s u c h drafts, (p. 30)
III. 15
D a s C o m i t wollte wissen, ob gleich i h m , die Bankdirektors in der grossen

Depression der Exchanges u n d d e m great rise im Preisse des G o l d s any
suspicion of the currency des L a n d e s being excessive sahen, (p. 35) In d e r
e i n e n F r a g e k m m t a u c h s c h o n die g a n z e R e g u l a t i o n s t h e o r i e vor. Frage.
Do you advert to these two circumstances (Wechselkurs u n d Prei des Gol- 20
des) with a view to regulate t h e general a m o u n t of your advances? - ( B a n k -
d i r e k t o r s A n t w o r t ) I do n o t advert to it with a view to our general advan-
ces, conceiving it n o t to b e a r u p o n the question, (p. 37) D a s C o m i t n i m m t
an, da the first r e m a r k a b l e depression des Wechselkurses Anfang 1809 zu-
z u s c h r e i b e n ist to c o m m e r c i a l events arising o u t of t h e o c c u p a t i o n of the 25
N o r t h of G e r m a n y by t h e troops of the french emperor. T h e evil has b e e n ,
t h a t the exchange, w h e n fallen, has n o t h a d the full m e a n s of recovery u n -
der the subsisting system, (p. 38) D e r late Governor der Bank, Mr. Whit-
m o r e , constatirt vor d e m C o m i t : "The Bank never force a n o t e in circula-
t i o n m o r e t h a n the i m m e d i a t e wants of the public require; for no banker, I 30
p r e s u m e , will keep a larger stock of Banknotes by h i m t h a n his i m m e d i a t e
p a y m e n t s require, as he can at all t i m e s procure t h e m ... t h e b a n k n o t e s
would revert to us if there was a r e d u n d a n c y in circulation, as no o n e would
pay interest for a b a n k n o t e t h a t he did not want to m a k e use of." Erklrt
ferner, sein Criterion bei Papierausgabe, sei n u r legitimate m e r k a n t i l e pa- 35
184
per zu discount, (p. 51) W e n n die B a n k n o t e n inkonvertibel sind, kehrt der

Excess n i c h t zur Bank zurck, sondern bleibt in Circulation, u n t i l paid in
again to t h e B a n k itself in discharge of t h e bills which were originally dis-
c o u n t e d . D u r i n g the whole t i m e they r e m a i n out, they perform all t h e
5 functions of circulating m e d i u m ; a n d before they c o m e to be p a i d in dis-
charge of those bills, they have already b e e n followed ||31| by a new issue of
notes in a similar operation of discounting. E a c h successive advance re-
peats the s a m e process. If the whole s u m of discounts c o n t i n u e s outstand-
ing at a given a m o u n t , there will r e m a i n p e r m a n e n t l y out in circulation a
10 corresponding a m o u n t of paper; a n d if the a m o u n t of discounts is progres-
sively increasing, the a m o u n t of paper, which r e m a i n s o u t in circulation
over a n d above what is otherwise w a n t e d for t h e occasions of t h e public,
will progressively increase also, and the m o n e y prices of c o m m o d i t i e s will
progressively rise. (p. 56.)
15 IV.
F r verschiedne J a h r e vor 1796 der Durchschnittsbetrag der B a n k n o t e s in

Circulation zwischen 10 u n d 11 Mill. St., k a u m fallend u n t e r 9 u n d selten
b e d e u t e n d b e r s c h r e i t e n d 1 1 . Das W a c h s t h u m der N o t e n issue zeigt sich
in folgender Tabelle.
20 Notes von Notes unter Total.

und ber 5 5
eingeschlossen
Postbills
1798 11,527,250 1,807,502 13,334,752
25 1799 12,408,522 1,653,805 14,062,327
1800 13,598,666 2,243,266 15,841,932
1801 13,454,367 2,715,182 16,169,594
1802 13,917,977 3,136,477 17,054,454
1803 12,983,477 3,864,045 16,847,522
30 1804 12,621,348 4,723,672 17,345,020
1805 12,697,352 4,544,580 17,241,932
1806 12,844,170 4,291,230 17,135,400
1807 13,221,988 4,183,013 17,405,001
1808 13,402,160 4,132,420 17,534,580
35 1809 14,133,615 4,868,275 19,001,890 (p.60)
N i m m t m a n von d i e s e m account die lezte Hlfte des Jahres 1809, so der

average h h e r als fr das ganze Jahr, n h m l i c h , 19,880,310. A u s d e n an-
gehngten R e c h n u n g e n sieht m a n , da der ganze Belauf von B a n k n o t e n in
Circulation, ausgeschlossen 939,990 Bankpostbills, im D u r c h s c h n i t t der
185
2 returns fr 5 u n d 12 M a i (1810) war 14,136,610 in N o t e s von 5 u n d

upwards u n d 6 , 1 7 3 , 3 8 0 i n N o t e s u n t e r 5 , z u s a m m e n 2 0 , 3 0 9 , 9 9 0 u n d
m i t d e n Bankpostbills 2 1 , 2 4 9 , 9 8 0 . Die H a u p t v e r m e n r u n g seit 1798 in
d e n small n o t e s u n d deren Zufuhr wieder besonders schnell von E n d e 1799
bis E n d e 1802 u n d ebenso ein sehr schneller Zuwachs von 1 M a i 1809 bis 5
5 M a i 1810. (von 4 , 5 0 9 , 4 7 0 auf 6,161,020.) p. 61 Das C o m i t t h i n k it
( n m l i c h das Verfahren bei der pressure von 1793 - A u s g e b e n von
Exchequerbills) an i m p o r t a n t illustration of the principle, t h a t an enlarged
a c c o m m o d a t i o n is t h e true r e m e d y for that occasional failure of confidence
in the country districts, to which our system of paper credit is u n a v o i d a b l y 10
exposed, (p. 65) D a s C o m i t s u c h t d a n n n a c h z u w e i s e n , d a a u f G r u n d -
l a g e d e r U e b e r i s s u e d e r B a n k o f E n g l a n d die s e h r v e r m e h r t e n C o u n t r y -
b a n k s a vast superstructure von Papier aufbauten, (p. 67 sqq.) G i e b t b r i -
g e n s z u : t h e m e r e n u m e r i c a l return of the a m o u n t of b a n k n o t e s o u t in
circulation entscheidet n i c h t die Frage ob das Papier in E x z e oder nicht. 15
Derselbe a m o u n t Papier zu einer Zeit n i c h t gengend, zu a n d e r e r ber-
fliessend. Das Q u a n t u m der currency required wechselt in s o m e degree
with the extent of t r a d e . . . die quantity of currency bears no fixed propor-
tion to the quantity of c o m m o d i t i e s ; ... the effective currency des Country
h n g t ab von der quickness der circulation u n d der Z a h l der exchanges per- 20
formed in a given t i m e , as well as u p o n its n u m e r i c a l a m o u n t u n d all t h e
circumstances, which h a v e a t e n d e n c y to q u i c k e n or to retard the rate of
circulation, r e n d e r the s a m e a m o u n t of currency m o r e or less a d e q u a t e to
the wants of trade. ... above all, the same a m o u n t of currency will be m o r e
or less a d e q u a t e , in proportion to the skill which the great m o n e y dealers 25
possess in m a n a g i n g a n d economising the use of the circulating m e d i u m ,
(p. 63) D i e addition von 4 - 5 millions steri, (von Seiten der country banks)
zur Papiercirculation dieses L a n d e s g e m a c h t zu sehr geringer expense fr
die parties issuing it, ungefhr 100,000 bezahlt davon in stamps to the
R e v e n u e u n d wahrscheinlich, u n t e r d e n j e t z i g e n U m s t n d e n , no corre- 30
sponding deposits of gold or B a n k of England notes gehalten von d e n c o u n -
try banks fr ihre a d d i t i o n a l issues. Diese parties also, u n t e r d e m Schutz
der Gesetze, befhigt zu schaffen in d e m lezten J a h r oder 15 M o n a t e n , u n d
fast ganz frei von Risiko fr i h r e n Credit, issues of that article z u m a m o u n t
von m e h r e r e n millions, operating, erst, u n d in their h a n d s , als Capital for 35
their own benefit u n d , when used as such by t h e m , falling i n t o a n d in suc-
cession m i x i n g itself with the mass of circulation deren W e r t h im A u s -
t a u s c h fr alle a n d r e n W a a r e n graduell lowered im V e r h l t n i zur V e r m e h -
r u n g dieser Masse, (p. 71) Das Comit schliet: Excess v o n Papiercircula-
tion im L a n d e , lezte Basis des high price of bullion u n d d a n n des low state 40
of c o n t i n e n t a l exchanges, dieser Excess z u z u s c h r e i b e n d e m M a n g e l eines
186
g e n g e n d e n check u n d control in d e n issues des paper der Bank of Eng-

land u n d ursprnglich der Suspension der cash p a y m e n t s , die wahre u n d
n a t u r a l control n u r die convertibility at will. (p. 73) ( D e r A p p e n d i x , die
M i n u t e s of E v i d e n c e s i e h e n a c h h e r p. 52) |
187
|32| Charles Bosanquet:

Practical Observations on the Report
of the Bullion-Committee.
2 ed. L o n d o n 1810.
In d e m early part of 1809 rasche Depression des Wechselkurses, gleichms- 5

sig stieg der Prei von goldbullion, - u n d die variation, w h e n at the high-
est, October u n d N o v e m b e r , b e i n a h e 20%. Die ffentliche a t t e n t i o n hier-
auf gezogen d u r c h ein Pamphlet, published late in 1809, z u n c h s t im
M o r n i n g Chronicle von D . R i c a r d o The high price etc", (p.2) A u s d e n Ta-
feln zu H e r r n M u s h e t s P a m p h l e t folgt, da von N o v e m b e r 1796 bis Juli 10
1799 der exchange sehr zu G u n s t e n Englands u n d G o l d at the m i n t p r i c e .
Zwischen E n d e 1799 u n d 1802 der exchange gegen L o n d o n u n d der Gold-
prei betrchtlich b e r d e n mintprice. V o n E n d e 1802 bis E n d e 1808 die
exchanges fr 6 J a h r e betrchtlich zu G u n s t e n Englands, u n d der Prei of
G o l d stationr zu 2% b e r d e m mintprice. E n d e 1808 fielen die e x c h a n - 15
ges u n d stieg der Prei des Golds. Bis 1809 also alles in O r d n u n g , (p. 10)
N a c h d e m Bericht des Bullionkomitees all excess of depression on the ex-
change, beyond the expense of conveyance, of gold is to be attributed to depre-
ciation of o u r currency, (p. 16) At a t i m e when the absence, at least, if
n o t the scarcity of gold is the ground of complaint, they r e a s o n on its oper- 20
ations as a vis mediatrix, as if it still formed t h e circulating m e d i u m , a n d
was every where attainable. T h e y speak of increased exportation from re-
d u c e d prices as a general c o n s e q u e n c e , wholly disregarding t h e operation
of embargoes, non-intercourse e n a c t m e n t s , licences, orders of council, a n d
M i l a n decrees, in the particular case. At a m o m e n t w h e n we were c o m - 25
pelled, to receive corn, even from our enemy, without the slightest stipula-
tion in favour of o u r own manufactures, and to pay n e u t r a l s for bringing it,
188
Aus Ch. Bosanquet: Practical observations
Mr. R i c a r d o tells u s , that the export of b u l l i o n a n d m e r c h a n d i z e , in pay-

m e n t of the c o m we m a y import, resolves itself entirely i n t o a question of
interest, a n d that, if we give coin in e x c h a n g e for goods, it m u s t be from
choice, n o t necessity. Whilst providing against famine, he tells u s , that we
5 should n o t import m o r e goods t h a n we export, unless we h a d a r e d u n d a n c y
of currency etc. (p. 47) R i c a r d o vergleicht die B a n k of E n g l a n d u n t e r d e m
Restriktionsakt einer G o l d m i n e . Sie w r d e d a h e r gleichmssig die Preisse
h e b e n , wie das P r o d u c t erstrer, zu der existirenden currency n o c h in Circu-
lation geworfen. A b e r w a r u m bringt die E n t d e c k u n g einer G o l d m i n e die-
10 sen Effect hervor? It would produce it, b e c a u s e t h e proprietors would issue
it, for whatever services, without any e n g a g e m e n t , to give an e q u a l value
for it again to t h e holders, or any wish, or any m e a n s , of calling b a c k a n d
annihilating t h a t which they have issued. By degrees, as t h e issues increase
they exceed t h e wants of circulation; gold p r o d u c e s no benefit to t h e holder
15 as gold; he c a n n o t eat it, n o r clothe himself with it; to r e n d e r it useful, he
m u s t e x c h a n g e it either for such things as are i m m e d i a t e l y useful, or for
such as p r o d u c e revenue. T h e d e m a n d a n d c o n s e q u e n t l y t h e prices of c o m -
modities a n d real properties, m e a s u r e d in gold, increases, a n d will contin-
u e t o increase s o long a s t h e m i n e c o n t i n u e s t o p r o d u c e . U n d dieser selbe
20 Effect wird equally follow, whether, u n d e r t h e c i r c u m s t a n c e s I have
supposed, t h e issue be gold from a mine or paper from a Govemmentbank. All
this I distinctly a d m i t ; b u t , in all this statement, there is n o t one p o i n t of
analogy to t h e issues of t h e B a n k of England. T h e principle on w h i c h t h e
Bank issues its notes is t h a t of loan. Every n o t e is issued at t h e requisition
25 of s o m e party, who b e c o m e s i n d e b t e d to t h e B a n k for its a m o u n t , a n d gives
security to r e t u r n this n o t e , or a n o t h e r of e q u a l value, at a fixed a n d n o t re-
m o t e period ... u n d ihre loans an die Regierung sind anticipations of t h e
taxes a n d i n s t a l m e n t s of loans, to be repaid by the p u b l i c . . . Es kostet Z i n -
sen, to take a n o t e out of t h e Bank. (p. 5 1 - 3 ) In t h e case of an excessive is-
30 sue of gold b e y o n d t h e wants of circulation, t h e excess is b r o u g h t to m a r k e t
to be m a d e productive, it grows cheap, a n d c o m m o d i t i e s grow dear. In t h e
case of an excess of b a n k p a p e r t h e r e m e d y is m o r e s i m p l e "the surplus
would revert to u s " , (p. 53) H a t die B a n k zu viel N o t e n ausgegeben, . .
50,000 , die von e i n e m b a n k e r z u m a n d e r n als Deposits w a n d e r n u n d ab-
35 sorb, in its passage all t h e best bills in t h e m a r k e t ... t h e case will be speed
ily altered, t h e d e m a n d for discounts at the Bank of England is diminished
on t h e morrow, to t h e extent of the m u l t i p l i e d a c c o m m o d a t i o n afforded by
t h e excess, whilst its call on t h e p u b l i c for t h e p a y m e n t of d i s c o u n t e d bills
falling d u e is u n d i m i n i s h e d , (p. 58,9) T h e r e d u n d a n c y of n o t e s reverts,
40 therefore ... to the Bank, m o r e being paid in t h a n are t a k e n out, a n d the
a m o u n t in circulation is d i m i n i s h e d . T h e r e c u r r e n c e of a d e m a n d for n o t e s
189
by the first class of discounters ... will indicate at o n c e t h e a b a t e m e n t of

the excess, (p. 59) D i e effectual u n d rapid operation of this control over t h e
B a n k issues receives satisfactory illustration by reference to t h e a m o u n t of
b a n k n o t e s in circulation at the periods i m m e d i a t e l y preceding a n d follow-
ing the issue of dividends, the increased circulation arising from an issue 5
on each of these occasions of upwards of 5 millions being within very few
days hardly perceivable, (p. 59, 60) Z u r Periode der grten ||33| Depression
des Wechselkurses, im Herbst 1809, belief sich der Betrag der b a n k n o t e s ,
eingeschlossen die von 1 u n d 2 u n d Bankpostbills, nicht 20 Millions.
D e r increased a m o u n t of currency b e r d e n von 1793 war d a h e r 3 millions 10
u n d der increased a m o u n t of p a y m e n t s an die Regierung allein b e r
60 millions. Die currency n u n ein wenig m e h r als % des Betrags dieser Z a h -
l u n g e n , w h r e n d sie vor d e m Krieg exceeded i t . . . Gegenwrtig der totala-
m o u n t of B a n k n o t e s in circulation is cancelled zwischen 3 u n d 4 x jedes
J a h r in p a y m e n t s to the revenue, (p. 90) V o n 1790 an h a t G r o b r i t a n n i e n 15
aufgehrt genug K o r n fr seinen eignen C o n s u m zu p r o d u c i r e n . (p. 92)
S a g t b e r die v o n d e m C o m m i t t e e g e r a t h n e , i n 2 J a h r e n v o r z u n e h m e n d e
r e s u m p t i o n of c a s h p a y m e n t : Persuaded as I am t h a t b o t h the rate of ex-
c h a n g e a n d price of gold are controuled at present by the foreign expenses
of g o v e r n m e n t . . . K a n n er weder sehn Schwierigkeit, die B a a r z a h l u n g auf- 20
z u n e h m e n , w h e n those expenses have ceased, noch, supposing t h e m to
c o n t i n u e , begreifen greater facility in resuming t h e m at t h e expiration of
2 years t h a n is now experienced. (p. 102) Z e i g t d u r c h e i n e Tafel, die von
1 7 9 0 - 1 8 1 0 , d a die fluctuations in d e m exchange have exactly conformed
to those in the price of wheat, a n d consequently to the i m p o r t a t i o n , the ex- 25
t e n t of which has b e e n regulated by the price, (p. 132) D e r present state of
t h e exchange is an effect of the foreign prices of the government, operating
u p o n a small favourable b a l a n c e of trade, according to the c o m m o n accep-
t a t i o n of the expression, (p. 132) the c o n t i n u a n c e of gold in circulation de-
p e n d s m u c h m o r e on the d e n o m i n a t i o n t h a n on the a m o u n t of notes. 30
(p. 134)
190
Aus D. Ricardo: The high price of bullion
Ricardo. (David)
The high price of Bullion a proof of the
depreciation of banknotes.
4. ed. L o n d o n . 1811.
So lange n u r die e d l e n Metalle als Geld gebraucht, h a t j e d e s L a n d die d e m

Stand seines H a n d e l s entsprechende Proportion, also keine V e r s u c h u n g zu
Import u n d E x p o r t desselben, (p. 1) Gold u n d Silber h a b e n wie a n d r e W a a -
ren e i n e n i n n e r n W e r t h . (1. c.) Das in der Welt g e b r a u c h t e G o l d u n d Silber
mag sehr scarce oder sehr a b u n d a n t sein, es n d e r t die n u r seinen relati-
ven W e r t h zu a n d e r n W a a r e n , aber n i c h t seine Eigenschaft circulirendes
M e d i u m z u sein, oder seine proportionelle Vertheilung u n t e r d e n n a t i o n s ,
(p. 2) Avancirt eine N a t i o n im Fortschritt z u m R e i c h t h u m rasch die an-
dern, so erhlt sie grre Portion edler Metalle, alle L n d e r m t e n i h r e n
respectiven Tribut d a z u beitragen, (p.3.) E b e n s o u m g e k e h r t . (I.e.) So lang
die relative Situation der L n d e r unalterirt bliebe, w r d e n die exports u n d
imports aller L n d e r sich balanciren, z u s a m m e n g e n o m m e n , die n t h i g e n
Z a h l u n g e n w r d e n durch Wechsel geschehn, b u t n o m o n e y would pass, be-
cause it would have the same value in all countries, (p. 3, 4) W r d e e i n e
G o l d m i n e in e i n e m dieser Lnder entdeckt, so wrde die currency dieses
Landes lowered in Folge der increased quantity edler Metalle brought into
circulation, sie wrde d a h e r nicht m e h r d e n s e l b e n W e r t h h a b e n , wie die
der a n d e r n Lnder. G o l d u n d Silber w r d e n (in coin or bullion) exportirt
werden, d e n M a r k t verlassen, wo sie wohlfeil, d e n s u c h e n wo sie theuer.
Die wrde so lang geschehn, als die M i n e produktiv u n d die zwischen Ca-
pital u n d G o l d vor der E n t d e c k u n g der M i n e i n j e d e m L a n d e existirende
Proportion wieder hergestellt u n d G o l d u n d Silber i n j e d e m L a n d restored
to one value. F r das Gold wrden W a a r e n eingefhrt werden, (p. 4) D a s -
191
selbe w e n n eine Bank, wie die von England, N o t e n ausgiebt. D a s circulat-

ing m e d i u m lowered, goods verhltnimssig im W e r t h e steigend, das
e q u i l i b r i u m zwischen dieser u n d a n d r e n N a t i o n e n n u r hergestellt d u r c h
die Exportation of part of the coin. (p. 5.) Dieser Export von G o l d u n d coin
vortheilhaft; d e n n es ist beneficial to us to exchange that c o m m o d i t y , 5
which is superfluous, for others which m a y be m a d e productive, (p. 6) Das
law gegen Ausfuhr von coin, whrend die von bullion erlaubt ist, h a t die
T e n d e n z d e n bullionprei b e r d e n des coined gold z u h e b e n . W r e das
Gesetz strikt ausfhrbar, so wrde vielleicht 1 U n z e u n c o i n e d gold kosten
2 U n z e n coined G o l d (p. [6,]7) Verhielten sich die e n t s p r e c h e n d e n curren- 10
cies von England, Frankreich, H o l l a n d wie 10, 5, 4, so m a g diese Propor-
t i o n (dieser a m o u n t edler Metalle) verzwei, drei, h u n d e r t f a c h t werden,
bleibt die Proportion n u r die von 10, 5, 4, n e i t h e r country would be con-
scious of an excess of currency. A n d e r s wenn die V e r m e h r u n g n u r in e i n e m
L a n d e statt fnde, (p. 7, 8) W e n n in F r a n k r e i c h eine U n z e G o l d werthvoller 15
als i n E n g l a n d u n d d a h e r m e h r W a a r e n c o m m o n t o b o t h countries kaufen
wrde, wrde Gold von E n g l a n d n a c h Frankreich geschickt, G o l d wre die
cheapest exchangeable c o m m o d i t y i n the english market, d e n n w e n n G o l d
t h e u r e r in F r a n k r e i c h als in England, m s s e n W a a r e n wohlfeiler sein, we
should not therefore send t h e m from the dear to the cheap market, s o n d e r n 20
u m g e k e h r t , they would c o m e from the cheap to the dear market, a n d would
be exchanged for our gold. (p. 8) Die Bank k n n t e fortfahren ihre N o t e n
a u s z u g e b e n u n d das specie be exported m i t Vortheil fr das L a n d , so lange
ihre N o t e n payable in specie on d e m a n d , weil sie nie m e h r N o t e n ausge-
b e n k n n t e als d e n W e r t h des coin, das o h n e die b a n k circulirt h a b e n 25
wrde. Wollte die b a n k exceed diesen Belauf, so der Excess ihr r e t u r n e d
fr specie, weil u n s r e currency, being thereby d i m i n i s h e d in value, vor-
theilhaft exportirt werden k n n t e u n d n i c h t in der Circulation zurckge-
h a l t e n . F h r e die B a n k fort zu re-issue die r e t u r n e d notes, so wieder G o l d
verlangt, der Wechselkurs wrde ungnstig werden u n d G o l d b u l l i o n would 30
rise, in a small degree, above its mintprice, weil es legal ist bullion u n d ille-
gal coin zu exportiren, die Differenz = der c o m p e n s a t i o n of t h e risk,
(p. 8 - 1 0 ) Persistirte die Bank, so k n n t e ihr j e d e G u i n e a e n t z o g e n werden.
W e n n sie, to supply die deficiency ihres stock of gold goldbullion zu d e m
advanced price kaufte, die kein remedy, g u i n e a s wrden weiter verlangt 35
werden, aber nicht z u m Export, sondern u m sie e i n z u s c h m e l z e n u n d sie
der Bank zu d e m advancirten Prei als b u l l i o n zu verkaufen, (p. 10) D i e
Bank m t e schlielich e i n e n Theil ihrer N o t e n der Circulation e n t z i e h n ,
bis der brigbleibende Theil d e n W e r t h des goldbullion erreicht u n d
folglich den der currencies der a n d r e n Lnder. Aller Vortheil des Exports 40
des G o l d b u l l i o n wrde d a n n aufhren u n d keine V e r s u c h u n g seine b a n k -
192
Aus D. Ricardo: The high price of bullion
notes fr guineas a u s z u t a u s c h e n , (p. 11) It appears, da die t e m p t a t i o n

Geld auszufhren in exchange fr goods, oder an unfavourable balance of
trade, never arises but from a redundant currency, (p. 1 1 , 12) W i e gro z . B . der
K o r n m a n g e l , der Export des Geldes limitirt by its increasing scarcity. Mori-
5 e y . . . can never be exported to excess; even in a war wie dieser, w h e n o u r
e n e m y endeavours to interdict all c o m m e r c e with us, t h e value which the
currency would bear, from its increasing scarcity, would prevent t h e expor-
t a t i o n of it from being carried so far as to occasion a void in the circula-
tion, (p. 1 3 , 1 4 ) If we consent to give coin in exchange for goods, it m u s t be
10 from choice, not necessity. We should not i m p o r t m o r e goods t h a n we ex-
port, unless we h a d a r e d u n d a n c y of currency, which it therefore suits us to
m a k e a part of our ||34| exports. T h e exportation of the coin is caused by its
cheapness, a n d is n o t the effect, b u t the cause of an unfavourable b a l a n c e : we
should n o t export it, if we did n o t send it to a better market, or if we h a d
15 any c o m m o d i t y which we could export m o r e profitably, (p. 14) It resolves
itself entirely into a question of i n t e r e s t . . . it is only after a c o m p a r i s o n of
the value in their m a r k e t s a n d in our own, of gold a n d other c o m m o d i t i e s ,
a n d because gold is cheaper in the L o n d o n m a r k e t t h a n in theirs, that for-
eigners prefer gold in exchange for their corn. (p. 15) W e n n wir agreed to
20 pay a subsidy to a foreign power, so G e l d n u r ausgefhrt, w e n n keine W a a -
ren da which could m o r e cheaply discharge t h e p a y m e n t . T h e interest of in-
dividuals would r e n d e r the exportation of t h e m o n e y unnecessary, (p. 16)
Specie will be sent abroad to discharge a d e b t only w h e n it is s u p e r a b u n -
dant, only w h e n it is the cheapest exportable c o m m o d i t y . ... depreciation
25 des circulirenden M e d i u m s die nothwendige Folge seiner s u p e r a b u n d a n c e ;
u n d im c o m m o n state der n a t i o n a l currency ist diese depreciation counter-
acted by the exportation of the precious metals, (p. 17) W h e n the gold coin
was debased, previously to the recoinage in 1774, gold a n d silver b u l l i o n
rose above their mintprices, a n d fell i m m e d i a t e l y on the gold coin attain-
30 ing its present perfection, (p. 26.) D i e expenses der U e b e r s c h i c k u n g von
Gold sind die u t m o s t limits of an unfavourable exchange, (p. 28) Z a h l e i c h
aber in paper m o n e y , da der b u l l i o n m e r c h a n t c a n n o t send it abroad, he
will consider whether it will purchase as m u c h gold or silver bullion as is
c o n t a i n e d in the coin for which it is a substitute; if it will do this, paper will
35 be [as] acceptable to h i m as coin; b u t if it will n o t , he will expect a further
p r e m i u m for his bill, equal to t h e depreciation of the paper. So lange d a h e r
das circulirende M e d i u m besteht aus coin u n d e b a s e d oder at will conver-
t i b l e m Papiergeld, k a n n der Wechselkurs n i e m e h r b e r oder u n t e r p a r
sein, t h a n the expences a t t e n d i n g the transportation of the precious metals.
40 A b e r w e n n es aus depreciated p a p e r m o n e y besteht, fllt der Kurs n o t h w e n -
dig according to the degree of the depreciation. D e r Wechselkurs d a h e r a
193
tolerably accurate criterion, um zu beurtheilen das d e b a s e m e n t der cur-

rency, proceeding either from a clipped coinage, or a depreciated paper-
money, (p. 28,9) D u r c h die Restriktionsakte ist die Bank von alien checks
befreit u n d sie h a t die M a c h t of increasing or decreasing t h e papercur-
rency. (p. [31 ,]32) Dreiundzwanzig J a h r e vor der S u s p e n s i o n der Baarzah- 5
l u n g e n 1797 war der Durchschnittsprei des G o l d b u l l i o n 3 /. 17 s. 1% d. per
oz. ungefhr 2% d. u n t e r d e m mintprice; u n d fr 16 J a h r e vor 1774 war er
nie viel b e r f 4, das gold coin war debased by wearing, (p. [33,]34) Jezt, da
die b a n k d u r c h nichts m e h r von overissues abgehalten, h a t G o l d b u l l i o n ris-
en von 3 17 s. 7% d. zu 4 /. 10 sh. u n d war krzlich so h o c h wie 4 s. 13 10
per oz. (p. 36) T h e s a m e cause which has p r o d u c e d a difference von
1 5 - 2 0 % in b a n k n o t e s w h e n compared with gold bullion, m a y increase it to
50%. (p. 36) Jeder Z u w a c h s des Papiergelds jezt degrades it below the value
of gold a n d silver bullion, below the value of t h e currency of other c o u n -
tries, (p. 37) D e r Effect derselbe als der producirt wrde from clipping our 15
coins, (p. 37) D i e n e u e n G u i n e a s w r d e n m e h r werth sein; b u t it would n o t
be the value of the new guinea which h a d increased, b u t t h a t of the de-
based guineas which h a d fallen, (p. 37,8) Thornton selbst sagt: "It is the m a i n -
t e n a n c e of o u r general exchanges, or, in other words, it is t h e a g r e e m e n t of
t h e m i n t price m i t d e m bullion price of gold, which seems to be the true 20
proof that the circulating paper is n o t depreciated." (p. 38) W h e n the m o -
tive for exporting gold occurs, while the Bank do not pay in specie, a n d
gold c a n n o t therefore be obtained at its mintprice, the small quantity t h a t
c a n be procured will be collected for exportation, a n d b a n k n o t e s will be
sold at a d i s c o u n t for gold in proportion to their excess. In saying however 25
t h a t gold is at a high price, we are mistaken; it is n o t gold, it is p a p e r which
has c h a n g e d its value, (p. [38,]39) An unfavourable t r a d e . . . is l i m i t e d by its
effects on the exchange. T h a t limit is probably 4 oder 5 %. This will n o t ac-
c o u n t for a depreciation of 15 oder 20%. (p. 43) b a n k n o t e s are at a dis-
count, (p. 44) T h e m o n e y of a particular country is divided a m o n g s t its dif- 30
ferent provinces by the same rules as the m o n e y of the world is divided
a m o n g s t t h e different n a t i o n s of which it is composed. E a c h district will re-
tain in its circulation s u c h a proportionate share of the currency of th
country, as its trade, and consequently its p a y m e n t s , m a y require, c o m p a r e d
to the trade of the whole; a n d no increase can take place in the circult- 35
ing m e d i u m of o n e district, without being generally diffused, or calling
forth a proportionable quantity in every other district. It is this w h i c h keeps
a country b a n k n o t e always of the s a m e value as a B a n k of E n g l a n d n o t e . If
in L o n d o n , wo B a n k of England notes allein current, eine million d e m
a m o u n t der Circulation hinzugefgt wird, wird die currency cheaper als else- 40
where or goods dearer. Sie werden daher von d e m L a n d n a c h d e m Lon-
194
Aus D. Ricardo: The high price of bullion ...
don m a r k e t gesandt, to be sold at high prices, oder was wahrscheinlicher,

die country banks werden Vortheil n e h m e n von der relative deficiency in
der country currency, u n d der Betrag ihrer N o t e n increase in d e m s e l b e n
Verhltni wie die Bank of England h a d d o n e ; prices would t h e n be gener-
5 ally and n o t partially affected, (p. 48,9.) E b e n s o u m g e k e h r t . (1. c.) the coun-
try b a n k s could never increase the a m o u n t of their notes, unless to fill up a
relative deficiency in the country currency, caused by the increased issues
of the B a n k of England, (p. 49) T h e Bank of E n g l a n d is the great regulator
of the country paper, (p. 50) It is only during ||35| the interval of t h e issues
10 of the Bank, a n d their effect on prices, t h a t we should be sensible of an a b u n -
dance of m o n e y , interest would, during t h a t interval, be u n d e r its n a t u r a l
level; b u t as soon as the additional s u m of notes or of m o n e y b e c a m e ab-
sorbed in the general circulation, the rate of interest would be as high, a n d
new loans would be d e m a n d e d with as m u c h eagerness as before the addi-
15 tional issues, (p. 54,5.) T h e circulation can never be overfull. If it be one of
gold a n d silver, any increase in its quantity will be spread over the world. If it
be o n e of paper, it will diffuse itself only in t h e country where it is issued. Its
effects on prices will t h e n be only local a n d n o m i n a l , as a c o m p e n s a t i o n by
m e a n s of the exchange will be m a d e to foreign purchasers, (p. 55.) As the in-
20 crease of b a n k n o t e s does n o t add t o . . . the capital, as it n e i t h e r increases our
exportable c o m m o d i t i e s , o u r m a c h i n e r y , or our raw materials, it c a n n o t add
to our profits nor lower interest, (p. 56) There will be a violent and an unjust
transfer of property, b u t no benefit whatever will be gained by the com-
munity, (p. 57) The r e m e d y which I propose for all the evils in our currency,
25 is that the B a n k should gradually decrease the a m o u n t of their N o t e s in cir-
culation u n t i l they shall have rendered the r e m a i n d e r of e q u a l value with
the coins w h i c h they represent, or, in other words, till the prices of gold
and silver bullion shall be brought down to their m i n t p r i c e . (p. 58)
Appendix.
30 (Gegen eine Kritik in der E d i n b u r g h Review.)
A balance of trade m a y be favourable whilst a b a l a n c e of p a y m e n t s is unfa-

vourable. It is the balance of payments only w h i c h operates on t h e exchange,
(p. 69) Is it conceivable that m o n e y should be sent abroad for the purpose
merely of rendering it dear in this country a n d cheap in another, a n d by
35 such m e a n s to ensure its return to us? (p. 71) After c o m p a r i n g t h e relative
value of coffee, sugar, ivory, indigo, a n d all other exportable c o m m o d i t i e s
in the two m a r k e t s v o n E n g l a n d u n d F r a n k r e i c h , if I persist in sending
195
m o n e y , what further proof can be required of m o n e y being actually the

cheapest of all these c o m m o d i t i e s in the english market, a n d therefore the
m o s t profitable to be exported? W h a t further evidence is necessary of the
relative r e d u n d a n c e a n d cheapness of m o n e y between F r a n c e a n d England,
t h a n t h a t in F r a n c e it will p u r c h a s e m o r e corn, m o r e indigo, m o r e coffee 5
etc m o r e of every exportable c o m m o d i t y t h a n in England? (p. 72,3) Eng-
land, in c o n s e q u e n c e of a b a d harvest, would c o m e u n d e r the c a s e . . . of a
country having b e e n deprived of a part of its c o m m o d i t i e s , a n d therefore
requiring a d i m i n i s h e d a m o u n t of circulating m e d i u m . T h e currency,
which was before equal to h e r p a y m e n t s would now b e c o m e s u p e r a b u n d a n t 10
a n d relatively cheap, in the proportion of Y part of her d i m i n i s h e d p r o d u c -
50
tion; the exportation of this s u m , therefore, would restore t h e value of her

currency to the value of t h e currencies of other countries. T h u s . . . a b a d
harvest operates on the exchange in no other way t h a n by causing the cur-
rency which was before at its j u s t level to b e c o m e r e d u n d a n t u n d so ist das 15
principle, da an unfavourable exchange m a y always be traced to a
relatively r e d u n d a n t currency most fully exemplified, (p. 74,5.) If we can
suppose t h a t after an unfavourable harvest, w h e n E n g l a n d has occasion for
an u n u s u a l i m p o r t a t i o n of corn, a n o t h e r n a t i o n is possessed of a supera-
b u n d a n c e of t h a t article "but has no wants for any c o m m o d i t y whatever," it 20
would u n q u e s t i o n a b l y follow that such n a t i o n would n o t export its corn in
exchange for c o m m o d i t i e s : b u t n e i t h e r would it export corn for m o n e y , as
that is a c o m m o d i t y which no n a t i o n ever wants absolutely, b u t relatively,
(p. 75) it is only in c o n s e q u e n c e of civilization a n d refinement t h a t paper is
m a d e to perform the s a m e office between the c o m m o n w e a l t h of n a t i o n s , as 25
it so advantageously performs between individuals Of t h e s a m e country.
(P. 81)
196
Aus D. Ricardo: Reply to Mr. Bosanquet's Practical observations
Ricardo. (David)
Reply to Mr. Bosanquet's
Practical Observations on the Report of the
Bullion Committee.
5 L o n d o n . 1811
Das principle ist nicht, d a gold as a c o m m o d i t y m a y n o t rise above its val-

ue as coin, b u t t h a t it c a n n o t c o n t i n u e so, b e c a u s e t h e convertibility of
coin into b u l l i o n would soon equalize their value, (p.41) D i e b a n k h a t oft,
wie . . 1795, b o u g h t foreign gold above t h e m i n t p r i c e , at t h e s a m e t i m e
10 t h a t they c o u l d have o b t a i n e d gold in bars, n o t exportable, at a c o m p a r a
tively c h e a p e r price. T h e y m i g h t flatter themselves t h a t , by n o t p u r c h a s i n g
english gold, they w o u l d lessen t h e t e m p t a t i o n to m e l t g u i n e a s , (p. 45) T h a t
c o m m o d i t i e s would rise or fall in price, in p r o p o r t i o n to t h e increase or d i m
i n u t i o n of m o n e y , I a s s u m e as a fact which is incontrovertible, (p. 49) D i e
15 ganze N a t i o n i m p o r t i r t n i c h t K o r n , s o n d e r n die importers. Selbst b e i d e r
H u n g e r s n o t h also die n i c h t eingefhrt, unless h e could sell c o m i n Eng-
land for m o r e gold t h a n he was obliged to give for t h e p u r c h a s e of it. ... As
far as those two c o m m o d i t i e s are concerned, do n o t these t r a n s a c t i o n s as
certainly i n d i c a t e t h a t gold is dearer in F r a n c e , as t h a t corn is dearer in
20 England? (p. 70,1) it is a b u n d a n t l y certain that o u r currency is n e i t h e r by
ourselves n o r by foreigners estimated at its b u l l i o n value, (p. 79) D i e Be-
h a u p t u n g , d a n u r eine b e s t i m m t e Z a h l von n o t e s i m c o m m e r c e blei-
ben, ||36| die a n d e r n an die b a n k z u r c k k e h r e n m s s e n , sagt R i e : If m o n -
ey, however a b u n d a n t l y issued, could retain its value, s u c h m i g h t be t h e
25 effects; b u t as, w h e n once it is b r o u g h t into circulation, depreciation c o m -
m e n c e s , t h e e m p l o y m e n t for t h e a d d i t i o n a l s u m would r e t a i n it in t h e cur-
197
rency. (p.[85,]86) W r e Bosanquets Prinzip richtig: not a B a n k n o t e could

ever have b e e n p e r m a n e n t l y kept in circulation, n o r would the discovery of
the m i n e s of A m e r i c a have a d d e d one guinea to the circulation of England.
T h e additional gold would, according to this system, have found a circula-
t i o n already a d e q u a t e , a n d in which no m o r e could be admitted. (p. 88) 5
D i e refusal to discount any bills ausser d e n e n fr b o n a fide transactions,
erfolglos, gesezt selbst die Bank h a b e die Mittel solche bills zu u n t e r s c h e i -
den, a greater portion of p a p e r currency m i g h t be called into circulation,
n o t t h a n the wants of c o m m e r c e could employ, b u t greater t h a n what could
r e m a i n in the c h a n n e l of currency without depreciation. Dieselbe 1000 I. 10
N o t e k a n n 20 transactions in E i n e m Tag settlen. Sie m a g z a h l e n fr ein
Schiff, der seller des Schiffs k a n n d a m i t z a h l e n his ropemaker, dieser die
russian m e r c h a n t s for h e m p etc. N o w as e a c h of these was a b o n a fide
transaction, a bill m i g h t have b e e n drawn by each, a n d the b a n k , by their
rule m i g h t d i s c o u n t t h e m all; so that 20,000 m i g h t be called into circula- 15
tion to perform those p a y m e n t s for which 1000 was equal, (p. 88,9)
W h e n we speak of an excess of b a n k n o t e s , we m e a n that portion of the
a m o u n t of t h e issues of the Bank, which can now circulate, but could not,
if the currency were of its bullion value. (p. 101) Obgleich Steuern die
Preisse von e i n e m Theil der W a a r e n e r h h n m g e n , folgt nicht, d a m e h r 20
G e l d erfordert, sie zu circuliren. Der a m o u n t of m o n e y which is received
by g o v e r n m e n t in the shape of taxes, is t a k e n from a fund which would
otherwise have b e e n e x p e n d e d on c o n s u m a b l e c o m m o d i t i e s . ... whatever
the government e x p e n d e d would cause a d i m i n i s h e d e x p e n d i t u r e in the
people to the s a m e a m o u n t : the s a m e a m o u n t of c o m m o d i t i e s would be cir- 25
culated, a n d the s a m e m o n e y would be a d e q u a t e to their circulation,
(p. 1 1 9 - 1 2 1 ) Griffe das Volk zur Z a h l u n g seiner Steuern n i c h t n u r sein
E i n k o m m e n , sondern sein Capital an, so wrde der aggregate a m o u n t of
p r o d u c t i o n s also d i m i n i s h ; a n d if the m o n e y which was before necessary
for their circulation were to c o n t i n u e of the same a m o u n t , it would b e a r a 30
larger proportion to the goods u n d it m i g h t therefore be expected t h a t c o m -
m o d i t i e s would rise; b u t we m u s t n o t forget that the a m o u n t of m o n e y in a
country is regulated by its value, and as its value would in this case be di-
m i n i s h e d , it would b e c o m e relatively excessive to the m o n e y of other c o u n -
tries, a n d the excess would therefore be exported, (p. 121) 35
198
Aus Th.Tooke: An inquiry into the currency principle
Tooke (Thomas)
An Inquiry into the Currency Principle;
the Connection of Currency with Prices,
and the Expediency of a Separation
s of Issue from Banking.
2 ed, L o n d o n 1844.
Will e x a m i n e the grounds on which it is c o n t e n d e d t h a t other evils, besides

the danger of n o n convertibility a n d insolvencies of b a n k s of issue, arise
out of the present system as c o m p a r e d with the currency principle system,
10 and that the test of good or b a d m a n a g e m e n t of the country b a n k s of issue
consists, n o t in the a m o u n t of their reserves in gold a n d available securi-
ties, c o m p a r e d with their liabilities, b u t in t h e conformity of the variations
of their circulation to those of the circulation of t h e b a n k of England; while
the test of t h e m a n a g e m e n t of the Bank of E n g l a n d is in the conformity of
15 the variations in t h e a m o u n t of its circulation to those of t h e efflux or in-
flux of the precious metals, (p. 3)
Ch. I. Statement of the Currency Principle.
Ch. II. Mode of Operation of a Metallic Currency.
According to the Currency principle, every export of the precious metals

20 u n d e r a metallic circulation, would be a t t e n d e d with a contraction of the
a m o u n t and value of the currency, causing a fall of prices, u n t i l t h e degree
of contraction a n d c o n s e q u e n t fall of prices should be such, as by i n d u c i n g
199
a d i m i n i s h e d i m p o r t a n d increased export of c o m m o d i t i e s , to cause a re-

flux of t h e metals, a n d a restoration of prices to their p r o p e r level. So, on
the other h a n d , an influx of the precious metals would raise prices, till they
reached a level at which the converse of the process would take place. This
oscillating process of a rise a n d fall of prices with every influx or efflux of 5
the precious metals, i n d e p e n d e n t l y of circumstances c o n n e c t e d with t h e
cost of p r o d u c t i o n of c o m m o d i t i e s , a n d the ordinary rate of c o n s u m p t i o n ,
would be ||37| perplexing enough, and any thing b u t c o n v e n i e n t to the com-
mercial, or the m a n u f a c t u r i n g , or the agricultural c o m m u n i t y . Die Advoka-
t e n der D o k t r i n versichern i n d e , da, w e n n diese oscillations a u c h hufig, 10
the scale of t h e m would be m o r e contracted, every divergence being m o r e
quickly checked, (p. 6, 7) Sie unterstellen, da precious metals, gold a n d
silver, a n d b u l l i o n s y n o n y m sind m i t currency u n d m o n e y u n d d a das
convertible t e r m s sind. D a h e r jeder Export edler Metalle fr sie = Contrac-
tion u n s r e r Currency, A d d i t i o n zu der fremden. U n d Preisse h n g e n n a c h 15
i h n e n ab von der quantity of m o n e y , die sich daher respectiv in d e n 2 Ln-
d e r n n d e r n , (p.8) In j e d e m Land, wie England u n d Frankreich, ist ein sur-
plus or floating stock von Gold u n d Silber, seeking a m a r k e t , w h e t h e r for in-
ternal purposes or for export. W e n n von d i e s e m Q u a n t u m exportirt wird,
der a m o u n t so wenig abstracted von der currency, wie an e q u a l value of tin 20
or zinc, or lead or iron. A u c h ein Theil des coins in d i e s e m Z u s t a n d , (p. 9) I
am ready to a d m i t t h a t gold is a c o m m o d i t y in such general d e m a n d t h a t it
m a y always c o m m a n d a market, t h a t it can always buy all other c o m m o d i -
ties; whereas, other c o m m o d i t i e s c a n n o t always b u y gold. T h e m a r k e t s of
the world are o p e n to it as m e r c h a n d i s e at less sacrifice u p o n an emer- 25
gency, t h a n would attend an export of any other article, which m i g h t in
quantity or k i n d be b e y o n d the u s u a l d e m a n d in the country to which it is
sent. (p. 10) Zu u n t e r s c h e i d e n zwischen Gold als W a a r e , i. e. capital, u n d
gold considered as currency circulating in the shape of coin a m o n g the
public. (1. c.) As this country is n o t only a large c o n s u m e r of the precious 30
m e t a l s for purposes other t h a n m o n e y , b u t is also an entrept for receiving
from the m i n e s , a n d distributing the greater portion of t h e q u a n t i t y appli-
cable to the c o n s u m p t i o n of other countries, the bullion trade, totally i n d e -
p e n d e n t l y of supplying the currency, m u s t of necessity be very considera-
ble. In resorting to this entrept t h e metals can only be considered as 35
m e r c h a n d i s e in transit, seeking a m a r k e t for c o n s u m p t i o n e i t h e r in this
country or abroad. Ausser d e m stock nthig fr diesen purpose, t h e r e m u s t
be ein sehr betrchtlicher a m o u n t of the precious metals applicable a n d
applied as t h e m o s t convenient m o d e of adjustment of i n t e r n a t i o n a l balan-
ces, being a c o m m o d i t y m o r e generally in d e m a n d , a n d less liable to flue- 40
tuations in m a r k e t value t h a n any other, (p. 12, 13)
200
Also keine extravagante A n n a h m e , da u n t e r a perfect metallic circula-

tion fluctuations, within moderately short periods, to the extent von m i n -
destens 5 - 6 Mill. St., perfectly extrinsic of t h e a m o u n t or value of t h e
coin circulating as m o n e y in the h a n d s of t h e public, u n d ganz o h n e E i n -
5 flu auf general prices of c o m m o d i t i e s u n d equally without general prices
having b e e n a cause of s u c h fluctuations, (p. [13,] 14) the coins only, which
enter into, i. e. form part of the internal circulation of t h e country, can be
designated as currency, while bullion can only be viewed in the light of
capital. (1. c.) Der U n t e r s c h i e d zwischen bullion als W a a r e oder Capital u n d
10 coins as m o n e y or currency zeigt sich z . B . in F l l e n wie that of H a m b u r g ,
wo das m o n e y current fr alle gewhnliche expenditure of income h a u p t -
schlich besteht aus einer M e n g e fremder M n z e n , passing from [hand] to
h a n d at a conventional value, whrend alle m e r k a n t i l i s c h e n Z a h l u n g e n are
m a d e by transfers von Kapital, deposited in the form of fine silver, a n d
15 called b a n k - m o n e y . Hier oft sehr great fluctuations in d e m a m o u n t of sil-
ver in der b a n k u n d folglich von b a n k m o n e y , o h n e any corresponding
variations in d e m Betrag of m o n e y in circulation for current purposes of
expenditure by the c o m m u n i t y , or any variation as arising from that cause
in the general prices of their c o m m o d i t i e s , (p. 15)
20 Ch. III. Mistaken view by the Currency theory

of the Working of the existing system.
Sie u n t e r s c h e i d e n i r r t h m l i c h b a n k n o t e s von allen a n d e r n c o m p o n e n t

parts des circulating m e d i u m , u n d rangiren es ausschlielich m i t coin u n -
ter d e m N a m e n m o n e y . (p. 17) Banknotes n e n n e n sie Papiergeld u n d da sie
25 der quantity of m o n e y e i n e n direkten Einflu auf d e n Stand des H a n d e l s ,
des Vertrauens, des Credits, u n d der Preisse zuschreiben, fr sie sehr wich-
tig j e d e V e r m e h r u n g oder V e r m i n d r u n g von b a n k n o t e s , fr sie in der
M a c h t der b a n k s of issue die Circulation n a c h d e n variations in d e m
a m o u n t of bullion oder d u r c h die exchanges zu regeln, (p. 17,18) Sie ver-
30 wechseln in Gold convertible N o t e n m i t Zwangspapier, (p. 19)
Ch. IV. Distinctive properties ascribed to banknotes.
Die Circulation der B a n k of England n o t e s u n t e r bankers, sei es zwischen

der Bank of E n g l a n d u n d d e n westendbankers u n d d e n city Aktiengesell-
schaftbankers, oder die circulation der c o u n t r y b a n k n o t e s , in settlements
201
a m o n g e a c h other sind rein conventional transfers of capital, die, m i t d e m

clearing u n t e r d e n b a n k e r s der city, m i g h t all be effected d u r c h E x c h e q u e r -
bills wie in t h e case of t h e b a n k s of Edinburgh, oder d u r c h cheques auf die
B a n k von England. D i e countrybanknotes b e r den lowest d e n o m i n a t i o n s
(in use im retailtrade u n d in der Z a h l u n g von wages) sind meist angewandt 5
in d e n provision m a r k e t s u n d in cattle u n d horse fairs, wo frher bills of ex-
change gebraucht w u r d e n u n d wieder gebraucht werden k n n t e n , (p. 22) |
|38| Ch. V. Deposits und Cheques.
Es sind n i c h t die Deposits, sondern die transfers of t h e m , d u r c h die

c h e q u e s , die constitute the actual i n s t r u m e n t s of interchange, u n d effect 10
p a y m e n t s z u s a m m e n m i t b a n k n o t e s . Sie perform die functions von G e l d
fr die transactions, zu d e n e n sie gebraucht werden, n o c h besser als bank-
notes, (p. 23) A m u c h larger a m o u n t of payments in d e n m e t r o p o l i t a n dis-
tricts is effected by drafts on bankers t h a n by b a n k n o t e s , (p.25)
Ch. VI. bills of exchange. 15
Mr. Lewis Loyd, e x a m i n i r t vor d e m H o u s e of Lords' C o m m i t t e e on t h e R e -

s u m p t i o n of C a s h p a y m e n t s in 1819 gab folgende Evidenz: Er b e g a n n zu re-
sidiren in M a n c h e s t e r 1789. 1787 oder 88 wurden dort N o t e n ausgegeben
d u r c h a bank, die failed. Die der einzige V e r s u c h in Lancashire country-
n o t e s auszugeben. Die circulation gefhrt d u r c h B a n k of E n g l a n d n o t e s 20
u n d "Wechsel, erstre zu leztren = 1 : 1 0 . Diese Wechsel circuliren von H a n d
zu H a n d , till they are covered m i t e n d o r s e m e n t s . ... Die die provisions
kauften gingen auf die fairs u n d markets m i t bills ready drawn in their fa-
vour, sehr oft fr specific s u m s wie 10 /. Die bills gewhnlich gezogen at
2 m o n t h s ' date u n d were considered als c a s h p a y m e n t s . Sie waren bills 25
drawn on L o n d o n by countrybankers u n d remitted to L o n d o n as suited the
convenience of the parties who received t h e m . (p. 27,8) Diese bills werden
d u r c h B a n k o f England N o t e n m e h r u n d m e h r verdrngt d u r c h d e n great
increase der s t a m p d u t i e s . (ib.) If by an alteration in an opposite direction
die s t a m p d u t y on bills of exchange were r e d u c e d or abolished, w h r e n d 30
that on promissory n o t e s on d e m a n d r e m a i n e d the same u n d still m o r e , if
it were raised, there would be a considerable change in practice, by m a k i n g
the smaller p a y m e n t s a m o n g dealers in bills of exchange as a substitute for
b a n k n o t e s (p. 29) longdated bills are sometimes n o t u s e d for purposes of
c i r c u l a t i o n , - t h e y are simply written evidence of a debt which is discharged 35
202
at maturity, without passing into third h a n d s , (p. 31) W e n n m a n sagt, d a

bills of e x c h a n g e require the intervention of b a n k n o t e s for the u l t i m a t e
payment, so ist das a m e r e fiction, d e n n in fact the adjustment takes place
by settlement u n d a small a m o u n t of b a n k n o t e s for the b a l a n c e effects the
5 liquidation, was d u r c h a draft auf die B a n k of E n g l a n d oder wie in Schott-
land d u r c h exchequerbills ebenso gut g e s c h e h n k n n t e , (p. 31,2) Sie ber-
sehn u n d verwechseln ganz d e n distinctive character of the i n s t r u m e n t s of
interchange which are used in the distribution a n d e x p e n d i t u r e of i n c o m e s ,
as c o m p a r e d with that of the i n s t r u m e n t s which are u s e d in the distribution
10 and e m p l o y m e n t of capital, (p. 33)
Ch. VII. Distinction of circulation as between

dealer and dealer, and between dealer and consumer.
T h e great bulk of the wholesale trade of the country is carried on a n d ad-

justed by settlements or sets-off of debts and credits, the written evidences of
15 which are in bills of exchange (including in t h a t t e r m all promissory n o t e s
payable to order after date), while current p a y m e n t s for what are called
cash sales are mostly discharged by cheques; the u l t i m a t e b a l a n c e only,
arising out of the vast m a s s of such transactions, requiring liquidation in a
comparatively small a m o u n t of b a n k n o t e s , (p. 35) D e r G r u n d ist, da all
20 the transactions zwischen dealers u n d dealers ( T o o k e s c h m e i c h e l t sich
d i e n e u g e f u n d e n z u h a b e n , sieh G a n i l h ) , b y which are t o b e u n d e r s t o o d
all sales from the p r o d u c e r or importer, t h r o u g h all t h e stages of i n t e r m e -
diate processes of m a n u f a c t u r e or otherwise to the retail dealer or the ex-
porting m e r c h a n t , are resolvable into m o v e m e n t s or transfers of capital.
25 (p. 35, 36) D i e b a n k e r s h a b e n doppeltes Geschft: 1) Kapitalien zu sam-
m e l n von d e n e n , die kein u n m i t t e l b a r e s e m p l o y m e n t dafr h a b e n u n d es
zu distribute or transfer zu denen, die es h a b e n . Die ist eine Circulation
of Capital.Der andre Zweig ist to receive deposits of the i n c o m e s of their
customers u n d to pay o u t the a m o u n t , as it is wanted for e x p e n d i t u r e , by
30 the latter in the objects of their c o n s u m p t i o n . D i e ist eine circulation of
currency, (p. 36) Die E i n e C o n c e n t r a t i o n des Capitals auf der e i n e n u n d
Distribution desselben auf der a n d r e n Seite, die andre A d m i n i s t r a t i o n der
Circulation fr local purposes of the district, (p. 37)
203
Ch. VIII. Regulation of the Circulation

by the foreign exchanges.
Ch. IX. Scotch banking. Regulation by foreign Exchanges

and Distinction between Capital and Currency.
Ch. X. Charges against the Management 5

of the Bank of England.
Ch. XI. The Bank of England has not the power

to add to the circulation.
Bei d e m A u s g e b e n von 1 notes, there m i g h t be s u c h a preference on the

part of the public for 11, notes over sovereigns, that gold coin would go 10
back to the B a n k instead of the small notes, (p. 64) Zu u n t e r s c h e i d e n zwi-
schen issues on securities u n d government b a n k n o t e s or assignats".
N u r ||39| leztre k n n e n be increased in a m o u n t at the will of the issuers.
(P. 66)
Ch. XII. On the Connection between the amount 15

of the Currency and The Prices of Commodities.
W e n n eine Regierung Papiergeld ausgiebt, inconvertible a n d compulsorily

current, it is usually in Z a h l u n g fr 1) the personal e x p e n d i t u r e of t h e Sov-
ereign or t h e governing power; 2) public works u n d buildings, 3) salaries of
civil servants, 4) m a i n t e n a n c e of military u n d naval establishments. So ge- 20
schaffnes Papier u n d so paid away von der Regierung, n o t being r e t u r n a b l e
to t h e issuer, will constitute a fresh source of d e m a n d , a n d m u s t be forced
into a n d p e r m e a t e all the channels of circulation. J e d e fresh issue b e r d e n
P u n k t at which former issues h a d settled in a certain rise of prices a n d of
wages, a n d a fall of the exchanges, is soon followed by a further rise of 25
c o m m o d i t i e s a n d wages, a n d a fall of the exchanges; the depreciation being
in t h e ratio of the forcibly increased a m o u n t of the issues, (p. 69, 70) Diffe-
renz dieses Papiergeld m i t d e n b a n k n o t e s of E n g l a n d n i c h t n u r in der con-
vertibility, sondern a u c h in der m o d e of issue. T h e latter are issued to those
only who, being entitled to d e m a n d gold, desire to have n o t e s in prefer- 30
204
enee; a n d it d e p e n d s u p o n the particular purposes for which the notes are

employed, whether a greater or a less q u a n t i t y is required. T h e quantity,
therefore, is an effect, a n d not a cause of d e m a n d , (p. 70) D i e effects von in-
creased issues von Zwangspapier ist exactly analogous to a progressive de-
5 terioration of the coin. (p. 70) In a convertible state of the currency, given
the actual a n d contingent supply of c o m m o d i t i e s , the greater or less de-
m a n d will depend, not u p o n the total quantity of m o n e y in circulation, b u t
u p o n t h e quantity of m o n e y constituting t h e revenues, valued in gold, of
the different orders of the state u n d e r the h e a d of rents, profits, salaries a n d
10 wages, destined for current expenditure, (p. 71) T h e power of p u r c h a s e by
the c o n s u m e r s d e p e n d s u p o n their i n c o m e s . . . Of the revenues or i n c o m e s
of the c o m m u n i t y devoted to i m m e d i a t e e x p e n d i t u r e , by far the largest pro-
portion consists of wages, from those des skilled artizan, der 5 l. u n d m e h r
die W o c h e gewinnt, t o those der day labourers u n d c o m m o n w o r k m e n von
15 2 0 - 7 sh. E i n k o m m e n per W o c h e . Jeder increase daher of incomes, wovon
wages d e n largest Theil bilden, will raise general prices, a n d a fall of wages
will depress t h e m , supposing no alteration in t h e cost of production, or in
the actual a n d contingent supply, (p. [71,]72) G i v e n the cost of production,
a n d barring the effect of vicissitudes of the seasons, a n d other casualties af-
20 fecting the supply, the quantity c o n s u m e d , at certain prices, which is t h e
test of effectual d e m a n d , will, as I have said, d e p e n d u p o n that p o r t i o n of
the i n c o m e s der different orders der c o m m u n i t y which m a y be destined for
expenditure in i m m e d i a t e objects for c o n s u m p t i o n , (p. 72) Die bills of ex-
change sind der effect of price. T h e prospect of advantage supplies t h e m o -
25 tive, a n d the credit of the buyer constitutes the power of p u r c h a s e , while
the bill of e x c h a n g e is a m e r e written evidence or a c k n o w l e d g m e n t of t h e
debt, a c c o m p a n i e d with a promise to pay t h e a m o u n t at s o m e definite pe-
riod, (p. 73) T h e principle of limitation, therefore, to the m a i n t e n a n c e of an
advanced price of any particular article, in c o n s e q u e n c e of actual or appre-
30 h e n d e d deficiency of supply, is not the quantity of money in existence in the
country, b u t the quantity of money in the hands or pockets of the consumers des-
tined for expenditure in that article, (p. 74,5)
Ch. XIII. On the Connection between the rate

of Interest and Prices.
35 A general r e d u c t i o n in the rate of interest is equivalent to or rather consti-

tutes a d i m i n u t i o n of the cost of p r o d u c t i o n . This is m o r e especially a n d
very obviously a necessary effect where m u c h fixed capital is employed, as
205
in the case of manufactures, b u t it likewise operates in all cases where an

outlay of capital is required, according to the length of t i m e ordinarily oc-
cupied in bringing the c o m m o d i t i e s , whether raw p r o d u c e or finished
goods, to market; the d i m i n i s h e d cost of production, h e n c e arising would,
by the c o m p e t i t i o n of the producers, inevitably cause a fall of prices of all 5
t h e articles into the cost of which interest of m o n e y entered as an ingre-
dient. ... the very r e d u c e d rate of interest which has prevailed in d e n lezten
2 J a h r e n m u s t have operated as one of the contributing causes der great re-
d u c t i o n of prices of s o m e of o u r most important m a n u f a c t u r e s which has
occurred coincidently with r e d u c t i o n in the rate of interest. ... also n i c h t 10
h i g h prices Folge von low rate of interest, (p. 81) D e r progressive Fall im
Zinsfu v o n 1 8 4 0 - S c h l u 1842, w h e n it reached its lowest point, was ac-
c o m p a n i e d by a m a r k e d fall in most der leading articles of c o n s u m p t i o n
(the greatest depression of prices coinciding with the lowest rate of interest,
viz. 1%) u n d by n u m e r o u s failures. E b e n s o fall in d e m Zinsfu zwischen 15
1818 u n d Schlu von 1822 a c c o m p a n i e d by a still greater fall in t h e price
of c o m m o d i t i e s , (p. 84) ||40| A u f commodities u n d securities wirkt ein low
rate of interest entgegengesezt. A low rate of interest is almost s y n o n y m o u s
with a h i g h price of securities; whrend its necessary t e n d e n c y ist to r e d u c e
die Waarenpreisse d u r c h V e r m i n d r u n g der Productionskosten. In d e n 3 20
lezten J a h r e n a u c h a rise in den Preissen der public funds, der shares u n d
securities generally, u n d a fall in d e n markets for c o m m o d i t i e s , (p. 86)
Ch. XIV. Distinction between Issuing

and Non issuing banks.
D a s einzig plausible A r g u m e n t fr distinction zwischen issuing u n d n o n is- 25

suing b a n k s in their t e n d e n c y to issue money in excess (d. h. to m a k e ad-
vances of capital in excess) is, that in the competition, sei es n e u e r b a n k s
of issue, to get a portion of the existing circulation, oder etablirter b a n k s to
get an increased share at the expense of neighbouring b a n k s , they are in-
duced, with a view of getting out their notes, to m a k e advances to an u n d u e 30
extent a n d u p o n insufficient securities, (p. 94) So lange b a n k n o t e s c o n t i n u e
in credit, so u n v e r d i e n t a u c h immer, u n d in circulation, u n d e r the impres-
sion of their being strictly convertible, the a m o u n t c a n n o t be excessive.
T h e quality m a y , u n s u s p e c t e d by the holders, be bad, w h e n the quantity
m a y n o t be m o r e t h a n sufficient to answer the purposes of c o n v e n i e n c e for 35
which alone there is a call for any circulation or currency whatever, (p. 97)
206
Ch. XV. Review of the Currency Principle

in its application to our banking system.
W e l c h e M a c h t h a t die Bank of influencing t h e exchanges? N u r by a forci-

ble action on their securities k n n e n sie so auf sie wirken, as to arrest a
5 drain or to resist an excessive influx. By a forcible action on securities is
m e a n t a great advance in the rate of interest on t h e one h a n d , or a great re-
d u c t i o n of it on the other. A n d the rationale of such operation on the rate
of interest is, that it renders disposable capital in the o n e case scarce, and in
the other a b u n d a n t ; forcing it from foreign countries in the former, a n d to
10 t h e m in the latter case. T h e effect of t h e pumping in or forcing out of bullion
by this m e a n s is infallible, (p. 102,3) Ist der U e b e r z e u g u n g , da u n d e r a
complete separation of the functions of issue a n d banking, the transitions
(in d e m rate of interest) would be m o r e abrupt a n d violent t h a n u n d e r the
existing system, (p. 105) Die distinction set up by the currency theory zwi-
15 sehen b a n k n o t e s a n d other forms of paper credit, h a t n u r Realitt fr die
lowest d e n o m i n a t i o n of notes, which are required in the transactions b e -
tween dealers a n d c o n s u m e r s ; d. h. in d e m retail trade, a n d in the p a y m e n t
of wages, (p. 121)
Postscript.
20 (vom F r h l i n g 44 die R e d e ) Die speculation which has attracted m o s t at-

tention, n a m e l y t h a t in coffee has h a d its rise in H o l l a n d , a n d has e x t e n d e d
in its effects to other towns on the Continent, as well as to this country; the
prices abroad, however, being full as high as here, or if anything, higher.
U n d die der Fall von fast allen Artikeln which h a b e n krzlich hier zu
25 L a n d e ein Steigen erfahren, ebenso, w e n n n i c h t n o c h m e h r , auf d e m Conti-
nent. N u n , n a c h der currencytheorie, m t e n prices abroad depressed sein
u n d at a m u c h lower range als hier, seeing the large quantity of t h e pre-
cious m e t a l s which has b e e n abstracted from t h e m to form the a c c u m u l a -
tion of b u l l i o n now existing in the coffers of the B a n k of England.
30 (p. [133,]134)
207
Appendix.
E i n e H a u p t f a l l a c y ist: the prices of c o m m o d i t i e s d e p e n d u p o n supply a n d

d e m a n d ; now, given t h e supply, prices d e p e n d u p o n the d e m a n d . But m o n -
ey is the i n s t r u m e n t of d e m a n d ; therefore, any increase of m o n e y m u s t be
an increase of d e m a n d , a n d m u s t consequently raise prices; a n d as bank- 5
n o t e s are m o n e y , an increase of b a n k n o t e s m u s t increase the d e m a n d for,
a n d raise the prices of commodities, (p. 135)
J. Mill in seiner Vergleichung aller goods auf der e i n e n u n d allen Geldes
auf der a n d e r n Seite, die sich wechselseitig g e g e n e i n a n d e r a u s t a u s c h e n ,
bersieht, d a es die Productionskost der e d l e n Metalle u n d n i c h t ihre 10
Q u a n t i t t ist, die constituirt ihren W e r t h u n d d e t e r m i n e s t h e prices of
c o m m o d i t i e s m i t reference to the cost of p r o d u c t i o n of t h e latter m e a s u r e d
in metallic value, (p. 136) M a n k a n n zugeben, d a das Geld, in d e n Ta-
schen oder h a n d s der consumers, going to m a r k e t to supply their i m m e -
diate wants, has an influence on prices, (p. 136) 15
A person having the r e p u t a t i o n of capital e n o u g h for his regular busi-
ness, a n d enjoying ||41| good credit in his trade, if he takes a s a n g u i n e view
of a rise of price of the article in which he deals, a n d is favoured by circum-
stances in the outset a n d progress of his speculation, m a y effect purchases
to an extent perfectly e n o r m o u s compared with his capital. T h e c o n d i t i o n s 20
requisite are that the m a r k e t should be a large one, a n d the article suscepti-
ble of great fluctuation of price, from political or physical causes ... Bei-
spiel what occurred im T h e e t r a d e 1839, als die disturbances in C h i n a aus-
b r a c h e n u n d i m corntrade zwischen 1838 u n d 42. U n t e r d e n frhesten
speculations, fr Steigen im Theeprei, in Folge of o u r dispute m i t C h i n a 25
1839, waren verschiedne retailgrocers u n d teadealers. A l l g e m e i n vorherr-
s c h e n d war im trade die N e i g u n g to get into stock, (fr m e h r e M o n a t e Vor-
rath anzuschaffen); die m e h r sanguinischen b e n u z t e n i h r e n Credit b e i d e n
importers u n d wholesaledealers u m Q u a n t i t t e n z u kaufen beyond t h e esti-
m a t e d d e m a n d of their own business. Da die Kufe zuerst ostensibly u n d 30
vielleicht wirklich g e m a c h t waren fr legitimate purposes u n d in d e n G r e n -
z e n ihres regelmssigen Geschfts, k o n n t e n sie kaufen o h n e die B e d i n g u n g
of any deposit; w h r e n d als solche b e k a n n t e S p e k u l a n t e n are required to
pay 2 I. per chest, to cover any probable difference of price which m i g h t
arise before the expiration of the prompt, which, for this article, is 35
3 m o n t h s . O h n e , daher, die Auslage eines einzigen farthing of actual capi-
tal or currency in any shape, they m a d e purchases to a considerable extent;
u n d m i t d e m profit realised on the resale of a part of these purchases, they
were enabled to pay the deposit on further q u a n t i t i e s w h e n required, as was
208
the case w h e n the extent of the purchases attracted attention. So ging die
Spekulation voran at advancing prices (100 % u n d m e h r ) till nearly the ex-
piration of the p r o m p t u n d wren n u n wirklich wie erwartet alle future
supplies abgeschnitten worden, so h t t e n die Kerls ihr fortune g e m a c h t .
5 ... A b e r statt dieses gnstigen result w u r d e n 2 oder 3 cargoes tea which h a d
b e e n transhipped, admitted, contrary to expectation, to entry on their arriv-
al here, a n d it was found that further indirect s h i p m e n t s were in progress.
So die Zufuhr vermehrt b e r die B e r e c h n u n g der S p e k u l a n t e n u n d gleich-
zeitig der C o n s u m vermindert durch d e n h o h e n Prei. D a h e r violent reac-
10 tion auf d e m Markt; die Spekulanten gezwungen zu Preissen zu verkaufen,
die sie disabled from fulfilling their engagements u n d verschiedne von
i h n e n failed. U n t e r diesen Einer, m i t e i n e m Capital von n i c h t b e r 1200
which was locked up in his business, der es fertig gebracht h a t t e 4000
chests zu kaufen, value b e r 80,000 /., woran der Verlust b e r 16,000 l. war.
15 (p. 1 3 6 - 3 8 ) In der K o m s p e k u l a t i o n zwischen 1 8 3 8 - 4 2 , eine Person b e g a n n
sein Geschft m i t 5000 /., aber begnstigt d u r c h die U m s t n d e in t h e prog-
ress of his operation, kaufte zu solchem Umfang, da als er stopped seine
Verpflichtungen sich beliefen zu 5 0 0 , 0 0 0 - 6 0 0 , 0 0 0 /. U n d diese specula-
tions involving e n o r m e Kufe auf kleines oder gar kein Capital ausgefhrt
20 1839 u n d 1840, w h e n the m o n e y m a r k e t was in its m o s t contracted state
oder als there was the greatest scarcity of m o n e y . (p. 138) G i e b t n u n ein:
Paper communicated by Mr. Pennington.
Ueber die T r e n n u n g des issue u n d b a n k i n g D e p a r t m e n t . G e s e z t es entstehe

durch u n g n s t i g e n Wechselkurs d e m a n d u p o n the b a n k for bullion for ex-
25 portation. Diese k a n n satisfied werden, sei es d u r c h R e d u c t i o n der n o t e s in
den h a n d s des public, oder d u r c h r e d u c t i o n der deposits bei der bank.
W e n n das erste, d a n n erfllt die T r e n n u n g der B a n k in 2 d e p a r t m e n t s d e n
gehofften Zweck; w e n n das leztre, d a n n , in so far as relates to the increase
or d i m i n u t i o n of b a n k n o t e s in t h e h a n d s of the public, by t h e action of t h e
30 foreign exchange, no satisfactory result will have b e e n p r o d u c e d . Im lezt-
ren Fall kein Vortheil in der Regulation der Circulation von der Separation
resultirt. Gesezt, d a die D e m a n d for bullion for exportation 3 m i l l i o n s
(unterstelle, d a dieses der bullion a m o u n t im b a n k i n g d e p a r t m e n t ist) ex-
cedirt u n d diese d e m a n d auf das deposit d e p a r t m e n t fllt, so dieses redu-
35 cirt auf die necessity, either of forcibly realizing a portion of its securities,
or of stopping p a y m e n t at a t i m e when the circulating d e p a r t m e n t was a b u n -
dantly provided with specie, (p. 1 3 9 - 1 4 1 ) O h n e solche frmliche Tren-
n u n g dieselbe A k t i o n auf die currency, resultirend von der strikten Obser-
209
vanz der rule, da die b a n k shall not, u p o n any occasion, issue b a n k n o t e s

b e y o n d a certain a m o u n t (z. B. 12 Mill. ) except u p o n t h e deposit of bul-
lion, (p. 143) W e n n die b a n k 5 Mill. /. fonds verkauft, um sie in a n d r e n
securities u n d c o m m e r c i a l loans u n d discounts zu investiren at o n e t i m e
t h e additional fund m i g h t be employed in c o m m e r c i a l loans a n d discounts, 5
at a n o t h e r t i m e a great part of it might be withdrawn from the public, a n d
held by the Bank, in b a n k n o t e s a n d specie; thus creating an alternate a b u n -
d a n c e a n d scarcity of m o n e y in the h a n d s of t h e public, at the pleasure of
the bank", (p. 145) Herr ||42| Torrens will, da w e n n die 3 Mill./, b a n k n o t e s
z. B., held by t h e b a n k i n g d e p a r t m e n t ihr entzogen w r d e n , so w r d e n sie io
in das circulating d e p a r t m e n t gezahlt in exchange for gold u n d das bank-
ing d e p a r t m e n t wrde 2 Mill./. z . B . von seinen 6 Mill. die es in deposit
hat, verkaufen, um to recover a reserve equal zu % seiner deposits. So Con-
traction der Circulation hervorgebracht u n d a limitation of the power to
overtrade in discounts a n d loans, (p. 146) 15
Supplement Chapter.
Er lugnet d u r c h a u s n i c h t die power of banks of issue to add to the

circulating m e d i u m , including in that t e r m deposits a n d bills of exchange.
I merely d e n i e d that b a n k s of issue h a d that power (the local circulation
being supposed to be full) in a greater degree t h a n n o n - i s s u i n g b a n k s . 20
Beide k n n e n add z u m circulating m e d i u m durch bills of exchange u n d
deposits. Beide waren i n s t r u m e n t a l durch an u n d u e extension of credit in
1835,36, to an excessive circulation of bills of exchange, (p. 158) T h e mis-
chief of c o m m e r c i a l revulsions from overtrading, whenever traceable to
the b a n k s , has b e e n from over advances of capital, on insufficient or incon- 25
vertible securities, or both. Banks, whether of issue or not, m a y in the com-
petition for business, m a k e advances to persons undeserving of credit,, and
m a y discount large a m o u n t s of doubtful bills, thus adding to the circulat-
ing m e d i u m , without adding directly to the a m o u n t of t h e circulation, i. e.,
of notes. A d v a n c e s so m a d e are, as I have before observed, likely to be 30
recklessly employed, a n d prices m a y experience a temporary inflation from
credit so u n d u l y extended. A creation of bills of e x c h a n g e a n d deposits
m u s t be the certain c o n s e q u e n c e : and the circulation of bills of e x c h a n g e
while t h e b a n k s are in credit, might sustain the e x t e n d e d transactions for
s o m e t i m e , without the intervention of b a n k n o t e s , (p. 1 5 7 - 9 ) G e s e z t 35
5 Mill. N o t e n Deposita, in Folge u n g n s t i g e n Wechselkurses, w r d e n d e m
B a n k i n g d e p a r t m e n t entzogen; es would m e e t this d e m a n d by taking t h e
5 millions of b a n k n o t e s to the circulating d e p a r t m e n t , in e x c h a n g e for
210
gold. Das circulating d e p a r t m e n t h t t e so 5 Mill, weniger b u l l i o n u n d das

banking so viel weniger N o t e n . But the a m o u n t of b a n k n o t e s in t h e h a n d s
of the public (was sie g r a d e c i r c u l a t i o n n e n n e n ) would be exactly the
same as it h a d been. Die Ausfuhr dieser 5 mill, bullion k n n t e vielleicht
5 den exchange verbessern, aber sicher wre die n i c h t geschehn in d i e s e m
Fall d u r c h Contraction der Circulation, (p. 162,3) Setze, die bank, die j e z t
als r e i n e s b a n k i n g I n s t i t u t h a n d e l n wird, wolle n i c h t lnger h a l t e n eine so
unverhltnimssig groe Reserve (wie sie 1844 w a r ) ; sie m a c h e a forcible
operation d u r c h R e d u c t i o n des rate ihrer p e r i o d i s c h e n Vorschsse auf 1 %
10 u n d ihres rate of discount auf 1% D i e h t t e n o t h w e n d i g den Effect of
forcing a large a m o u n t of capital out of the country, from absolute despair
of e m p l o y m e n t within it. It would go into t h e foreign dividend paying
funds, s u c h as the french, d u t c h etc stocks u n d into the foreign railway
shares u n d other investments abroad. Aber n a c h V o l l e n d u n g der O p e r a t i o n
15 u n d der Effect gefhlt in d e m Export von 5 millions bullion, wrde die
Operation of any further d e m a n d for gold sehr sensibel auf d e n m o n e y m a r -
ket wirken. Die necessity for adopting precautionary m e a s u r e s , in calling
in or selling securities, would be urgent, so that the m o n e y dealers a n d oth-
ers might, having relied u p o n c o n t i n u e d a b u n d a n c e of m o n e y , be exposed
20 to be t a k e n by surprise a n d called u p o n by their depositors, payable on de-
m a n d , for s u m s which m i g h t oblige t h e m in their t u r n to call in their ad-
vances. T h e bank would be applied to for discount, b u t it m i g h t refuse alto-
gether or raise the rate very highly. U n d e r these circumstances then, there
would be a severe pressure on the m o n e y market, a n d a rise in the rate of
25 interest weit b e r 5%. (p. 163,4)
211
F
R. Torrens.
On the Operation of the Bank Charter Act
of 1844 as it affects commercial Credit.
2. ed. L o n d o n 1847. |
|43| coin u n d b a n k n o t e s u n t e r s c h e i d e n sich d a d u r c h von d e n a n d r e n In- 5

Strumenten des interchanges wie Cheques etc, da sie, w e n n sie d u r c h
100 H n d e passiren, sie j e d e s m a l finally schliessen j e d e successive transac-
tion; ein c h e q u e for 100 drawn against a b a n k d e p o s i t k a n n a u c h vielmal
pass v o n purchasers to vendors, aber keine der successive transactions ist
geschlossen, u n t i l the last recipient has received, in coin or notes, the 10
a m o u n t it represents, or has h a d that a m o u n t placed to his credit in the
books of t h e bank. Ferner: coin u n d b a n k n o t e s h a b e n eine i n d e p e n d e n t
existence; deposits u n d cheques h a b e n eine d e p e n d e n t u n d representative
existence, a n d would cease to be, on the abolition of the c o n s t i t u e n t bodies
which they represent, (p. 5) D e r t e r m value, angewandt auf die currency, h a t 15
3 B e d e u t u n g e n : 1) currency verglichen m i t W a a r e n . In d i e s e m Fall ihr
W e r t h g e m e s s e n d u r c h die general scale of prices; steigt oder fllt, wie die
Preisse der W a a r e n fallen oder steigen. 2) currency, actually in h a n d , ver-
glichen m i t d e m s e l b e n a m o u n t of currency to be received u p o n a future
day. D e n n ihr W e r t h gemessen d u r c h d e n Zinsfu, der Zinsfu being de- 20
t e r m i n e d by t h e ratio between the a m o u n t of liable capital a n d t h e d e m a n d
for it. 3) currency des e i n e n Landes verglichen m i t der des a n d e r n ; in die-
s e m Fall ihr W e r d e n ausgedrckt d u r c h d e n rate of foreign e x c h a n g e u n d
steigt oder fllt je n a c h d e m a given a m o u n t der currency des e i n e n L a n d s
will p u r c h a s e a greater or less a m o u n t of the currency of other countries. 25
(p. 5, 6.) D i e u n m i t t e l b a r e Ursache des Steigens oder Fallens im W e r t h der
currency des E i n e n L a n d e s im Bezug z u m a n d e r n ist eine gnstige oder
212
Aus R. Torrens: On the operation of the bank charter act of 1844 ...
ungnstige Bilanz der foreign p a y m e n t s . S c h u l d e t A m e r i c a eine Bilanz an

England, so m u Gold von A m e r i c a n a c h E n g l a n d gesandt werden; diese
transmission n i c h t o h n e Kosten; ein K a u f m a n n in Newyork, der eine
Schuld von 100oz. gold zu zahlen h a t m u in Newyork 101 oz. z . B . geben
5 (100 + t h e cost of transmission) fr e i n e n W e c h s e l von 100 oz. zahlbar in
L o n d o n . G o l d in Newyork ist so depreciirt in relation zu gold in L o n d o n .
Aber was verursacht n u n die gnstige oder u n g n s t i g e Bilanz of foreign
payments? D i e comparative scale of prices, which d e t e r m i n e s t h e proportions
worin different countries d e m a n d the p r o d u c t i o n s of e a c h other. Sind die
10 Preisse der brittischen W a a r e n so, d a die quantities die zu diesen Preissen
in A m e r i c a verkauft werden k n n e n , eine S u m m e realisiren = der realisirt
d u r c h die Q u a n t i t t amerikanischer W a a r e n , die d e n british c o n s u m e r s are
willing to p u r c h a s e zu d e n Preissen, wozu die a m e r i c a n producers can af-
ford to sell t h e m , t h e p a y m e n t s b a l a n c e , no specie is transmitted, 100 o u n -
15 ces of gold in either country purchases a bill for 100 o u n c e s in the other,
the currencies of t h e two countries are at par. D i e e q u i l i b r i u m disturbed
by an alteration of prices u p o n either side. Steigen die Preisse der britti-
schen W a a r e n (oder fallen die P r o d u c t i o n s k o s t e n der a m e r i k a n i s c h e n )
o h n e e n t s p r e c h e n d e n rise in d e n Preissen of a m e r i c a n p r o d u c e , so der Con-
20 s u m brittischer W a a r e n vermindert in A m e r i c a , u n d wir exportiren n i c h t
m e h r genug, um wie frher u n s r e I m p o r t s zu zahlen. Specie would now be
transmitted u n d die currency of England, as c o m p a r e d , n i c h t m i t british
c o m m o d i t i e s , sondern m i t a m e r i c a n currency, would be depreciated to t h e
extent of the cost of the transmission of t h e ' m e t a l s . . . . J e d e Alteration also
25 in d e n Preissen der W a a r e n , die 2 L n d e r a u s t a u s c h e n , t e n d s to disturb das
e q u i l i b r i u m der currencies ... the cost of transmitting the metals m u s t
constitute the limit to the variation of value. - Sobald der W e r t h der cur-
rency angefangen h a t zu fallen, in relation to foreign currencies, b e g i n n t er
zu steigen in relation to domestic p r o d u c t i o n s . D e r fall, in relation to for-
30 eign countries, verursacht e i n e n Export der e d l e n Metalle, die d u r c h diesen
Export verursachte Contraction lt die Preisse fallen u n d so steigt die cur-
rency gegen die W a a r e n . Dieer rise in the value der currency as c o m p a r e d
with domestic c o m m o d i t i e s dauert, bis die Preisse sinken to the level at
which exports b a l a n c e imports, a n d the currency is restored at par. ... t h e
35 only m a i n t a i n a b l e a m o u n t of the m e d i a of exchange, is t h a t which is re-
quired to bring prices to the level at which exports b a l a n c e imports,
(p. 6 - 1 1 ) T h e currency m a y be rendered r e d u n d a n t d u r c h 2 verschiedne
Ursachen, n m l i c h d u r c h a n increase i n d e m a m o u n t der circulation, w e n n
die Q u a n t i t t der W a a r e n dieselbe bleibt, u n d d u r c h eine V e r m i n d e r u n g i n
40 der Q u a n t i t t der W a a r e n , w e n n der Betrag der Circulation derselbe bleibt.
Die failure des Kartoffelcrop in Ireland u n d des cotton crop in A m e r i c a
213
h o b die prices der leading articles of c o n s u m p t i o n ; u n d dieser rise of prices

war dasselbe als ein Fall im W e r t h der currency im V e r h l t n i zu d e n W a a -
ren. Again, das Steigen in d e n Preissen, u n d der Fall im W e r t h des Geldes
auf d e m englischen Markt, m a c h t e n es vortheilhafter fr a m e r i c a n provi-
sions zu z a h l e n by the transmission of specie, als d u r c h die von goods; u n d 5
sobald die transmission von specie begann, the value of any given quantity
of gold auf d e m british m a r k e t b e c a m e of less value, by the cost of car-
riage, ||44| t h a n the s a m e quantity of gold in the a m e r i c a n m a r k e t . Die fail-
u r e im potatoe crop, die V e r m i n d e r u n g in der quantity der verkaufbaren
W a a r e n h a t t e d e n s e l b e n Effect, d e n eine V e r m e h r u n g der Circulation her- 10
vorgebracht h a b e n wrde, wre die Q u a n t i t t der W a a r e n dieselbe geblie-
ben, (p. 19) It is scarcely necessary to repeat t h a t t h e currency b e c o m e s re-
d u n d a n t w h e n its value is r e d u c e d b o t h in relation to c o m m o d i t i e s a n d to
foreign countries, (p. 19) Obgleich banks of issue have no p e r m a n e n t power
over the a m o u n t of the circulation, yet they have, for periods m o r e or less 15
limited, the power of forcing it (the currency) above or depressing it below
t h e level to which the action of the exchanges m u s t ultimately force it to
conform, (p. 24) Es k m m t alles auf die Scale of prices an at which inter-
n a t i o n a l debts liquidate e a c h other. (1. c.) a b a n k e r who receives deposits,
grants discounts, a n d opens credits, can n e i t h e r h o n o u r the c h e q u e s pre- 20
sented for p a y m e n t , n o r adjust his balances with other bankers, unless he
retain in his coffers a sufficient reserve in coin or notes, z.B. % . . . Also klar,
da every increase im Betrag der Circulation m u increase d e n Betrag der
n o t e s in den coffers der Banks u n d diese Institute befhigen ihre A c c o m -
m o d a t i o n zu verdreifachen b e r den a m o u n t of their increased reserves. 25
W h e n the banks of issue increased their circulation in the face of an ad-
verse exchange, the overtrading in currency caused a corresponding over
trading in all the forms of auxiliary m o n e y of w h i c h currency forms t h e ba-
sis. T h e aggregate a m o u n t of the m e d i a of exchange was increased n o t only
by an u n d u e a m o u n t der N o t e n c i r c u l a t i o n , sondern a u c h by an u n d u e 30
a m o u n t of discounts a n d credits, (p. 27,8) Vor der Separation der b a n k war
das bullion in ihren coffers gleich anwendbar z u r Z a h l u n g von N o t e n u n d
von Deposits. Seit der T r e n n u n g , the bullion against which n o t e s are issued
is held by the issue d e p a r t m e n t , for the sole purpose of securing t h e
convertibility of the n o t e circulation; while the b a n k i n g d e p a r t m e n t is c o m - 35
pelled to provide for the p a y m e n t of its deposits by keeping, like any other
non-issuing bank, a reserve in coins a n d notes, bearing s o m e proportion to
its liabilities. So, d u r c h die separation der functions, h a t die b a n k zwei re-
serves, statt Einer, eine in bullion fr die liabilities consisting of notes u n d
die andre of coin a n d notes fr die liabilities consisting of deposits. D i e 40
giebt d e m public eine doppelte Sicherheit, (p.28,9) D a s A r g u m e n t der m i s -
214
Aus R.Torrens: On the operation of the bank charter act of 1844 ...
conceptionists k m m t darauf h i n a u s : T h e directors of the B a n k of E n g l a n d

are likely to r e n d e r the banking d e p a r t m e n t insolvent, a n d it was therefore
unwise to deprive t h e m of the power of endangering the solvency of the de-
p a r t m e n t of issue, (p. 30,1) Drive out, durch A u s g a b e von E i n p f u n d n o t e n ,
5 the gold now in t h e channels of circulation, a n d h e l d by the scotch a n d
irish b a n k s , and it m i g h t b e c o m e necessary, in order to secure the
convertibility of t h e b a n k note, that t h e reserve of treasure in t h e issue de-
p a r t m e n t der Bank of E n g l a n d should be doubled, (p. 39)
215
Hubbard. (John Gellibrand)

The Currency and the Country.
L o n d o n . 1843.
(Auch Currencykerl.)
Ch. I. Definition of Currency. 5
T h e general a d o p t i o n of b a n k i n g expedients m a y effect a d i m i n u t i o n in the

a m o u n t of circulation, coincidently even with an increase in the a m o u n t of
bills of exchange; for the latter, which would represent t h e extending trans-
actions of the country, are based not on circulation, b u t on credit; gold
being only the m e a s u r e a n d the standard of the value they represent, (p. 5) 10
Ch. II. Objections to the metallic system considered.
Ch. III. On the influence of variations

in the circulation upon prices of commodities.
L u g n e t that prices were subject to rise a n d fall in proportion as the

a m o u n t of currency rose a n d fell", (p. 28) Price is the m o n e y value of c o m - 15
m o d i t i e s . Variation of price m a y result from a change in t h e value either of
m o n e y or of c o m m o d i t i e s . . . m o n e y m a y vary in value, either from changes
in the cost of p r o d u c i n g the precious metals, from an increase or decrease
of t h e quantity of the precious metals in the m a r k e t of the world, or from a
local alteration of the standard. T h e primary a n d u l t i m a t e criterion of price 20
216
Aus J. G. Hubbard: The currency and the country
is the ||45| cost of p r o d u c t i o n : the qualifying a n d i m m e d i a t e regulator of

price is the proportion of supply a n d d e m a n d , (p. 33,4) Die Circulation von
Papiergeld in R u l a n d stiegen von 200 Millions of rubles in 1799 auf
600 millions in 1811; das pood of rye-flour stieg von 70 auf 200 copecs; der
5 W e r t h des silver ruble expressed in assignats von 1 auf 4 paper rubles u n d
der exchange auf H a m b u r g fiel von 26 shillings auf 10. (p. 35) Obgleich der
I m p o r t von bullion kein sichres Z e i c h e n des G e w i n n s auf d e m foreign
trade, in A b w e s e n h e i t of any explanatory [ c a u s e ] , it does p r i m a facie repre-
sent a portion of i t . . . das bullion m u s t first c o m e h o m e , t h a t it m a y after-
10 wards be lent. In this way silver paid to us by the Brazils m a y be lent to
Spain, a n d gold paid by Russia m a y be lent to the U n i t e d States, (p. 41,2)
Gesezt in einer Periode of steady trade, fair prices, full currency giebt ein
schlechter Herbst Veranlassung zu einer Ausfuhr von 5 Mill, bullion u n d
I m p o r t von K o r n z u d e m s e l b e n Belang. D i e Circulation ist vermindert u m
15 d e n s e l b e n Betrag. Die I n d i v i d u e n m g e n n o c h ebenso viel Circulation
hold, aber die deposits der m e r c h a n t s bei i h r e n bankers, die balances der
b a n k e r s bei i h r e n moneybrokers u n d die reserve in their till, will all be di-
m i n i s h e d u n d das i m m e d i a t e result dieser r e d u c t i o n i m Betrag des u n b e -
schftigten Capitals will be a rise in the rate of interest, z . B . von 4 auf 6%.
20 T r a d e being in a s o u n d state, confidence will n o t be shaken, b u t credit will
be m o r e highly valued. T h e increased rate of interest m a y deter some from
trading with borrowed capital, less business will be d o n e , a n d the cost of ar-
ticles, in the p r o d u c t i o n of which m u c h capital a n d t i m e are employed, will
be e n h a n c e d according to the proportion which interest of capital m a y b e a r
25 to the other items of the cost. T h e m e r c h a n t a n d capitalist will be i n d u c e d
to withdraw their capital from foreign loans to l e n d it here, a n d the former
will sell his goods a b r o a d for cash, a n d buy on credit, t h u s reversing his for-
m e r practice. T h e d i m i n u t i o n in the circulating m e d i u m will in the first in-
stance be m e t by a d i m i n u t i o n in the n u m b e r of transactions to which it is
30 required to give effect, a n d the i n t r o d u c t i o n of foreign capital, or of capital
previously lent to foreigners, will supply the deficiency of circulation, u n t i l
a favourable b a l a n c e of trade restore the former position, (p. 42,3) M a n ver-
sichert anderseits, da das u n m i t t e l b a r e , in fact, das einzig wichtige result
der contraction der Currency a fall of prices sein werde. A b e r warum? Es
35 k n n t e n u r aus einer der 3 U r s a c h e n g e s c h e h n - verminderte Productions-
kost, vermehrte Zufuhr, Abnehmende Nachfrage. D e r h o h e Zinsfu v e r m i n d e r t
weder die Productionskost, n o c h vermehrt er die Zufuhr u n d a decreased
d e m a n d for export is not t h e n a t u r a l c o n s e q u e n c e of a recent excessive i m -
port, (p. 43,4) T h e R u s s i a n will n o t wear 2 cotton shirts, n o r the A m e r i c a n
40 two wollen coats, where o n e sufficed, b e c a u s e we m a y have t a k e n a greater
quantity of wheat from the one, or of rice from the other; the a d d i t i o n a l
217
capital they have acquired, so far as it creates a d e m a n d for external pro-

duce, is as likely to attract the sugars of C u b a a n d the wines of F r a n c e as
the cottons a n d woollens of England. Zugegeben da indirekt C u b a m a y be
thus stimulated to take m o r e British hardware, and F r a n c e m o r e british lin-
en, b u t when? a n d in what degree? (p. 44) Aber, sagt m a n , an export of 5
five millions in gold would cause a fall of prices, "because m o n e y , in which
prices are m e a s u r e d , is less in quantity." measure... w h e n u s e d as an attri-
b u t e of m o n e y , m e a n s indicator of value. Preisse in England sind g e m e s s e n
d u r c h das St., d. h. by a gold coin enthaltend 123,274 grains; w e n n es
heit ein Stck T u c h ist 5 werth, so heit es, es besizt d e n W e r t h von 10
616,370 grains of standard gold. T h e reason assigned above m a y be para-
phrased t h u s : "prices m u s t fall because c o m m o d i t i e s are e s t i m a t e d as being
worth so m a n y o u n c e s of gold; and the a m o u n t of gold in this country is
d i m i n i s h e d . " A b e r G o l d is the currency of the c o m m e r c i a l world. T h e state-
m e n t that a bale of cloth is worth 5 oz. of gold conveys t h e same idea of 15
value to m e n in L o n d o n , Paris, Petersburg and New-York. T h e efficiency of
gold as an indicator of value is unaffected by its quantity being greater or
smaller in any particular country. Gelnge es durch A n w e n d u n g von bank-
ing expedients die ganze, Papier u n d Metall, Circulation dieses L a n d e s
l
auf / zu reduciren, prices would r e m a i n unaltered, (p. 44,5) Es h a n d e l t sich
2 20
hier n u r um eine local d i m i n u t i o n of m o n e y ; the cost of p r o d u c i n g gold has
n o t altered; t h e s u m of gold in the m a r k e t of the world r e m a i n s u n c h a n g e d ;
the relative value of gold to c o m m o d i t i e s m u s t also r e m a i n u n c h a n g e d ...
m a n b e h a u p t e t , da die transmission von 5 millions von sovereigns von
E n g l a n d n a c h F r a n c e grade die Preisse in Frankreich steigen m a c h e n wird, 25
th
wie der Influx von Peru raised t h e m in the 1 6 century. A b e r d a m a l s , d u r c h
die Operations des H a n d e l s Gold u n d Silber diffused d u r c h alle L n d e r
Europas u n d da less labour procured them from the mines, so, wherever they
went, they were exchanged for a less portion of commodities. If F r a n c e in this
m a n n e r d o u b l e d h e r former metallic currency, her c o m m o d i t i e s , if they re- 30
m a i n e d u n a l t e r e d in quantity, would have doubled in price; b u t h e r prices
would be established, n o t with reference to the currency of F r a n c e alone,
b u t with reference to the precious metals in the m a r k e t of t h e world, for the
currencies of all countries would be u p o n an e q u i l i b r i u m . A n d e r s w e n n
jezt von E n g l a n d n a c h Frankreich 5 ||46| Mill. St. fliegen. D e r Export ge- 35
schieht weil E n g l a n d die W a a r e n braucht, die es von F r a n k r e i c h imports
u n d F r a n c e will receive in i m m e d i a t e p a y m e n t n o t h i n g b u t gold, which,
possessing an universal a n d defined value, can be transferred either on
loan, or in p a y m e n t , to every other country with which she trades. D i e
S u m m e edles Metall im Weltmarkt, also a u c h ihr Verhltni zur M a s s e der 40
W a a r e n bleibt unverndert. England did n o t procure this gold at a less cost
218
of labour from the m i n e s , n o r did she e x c h a n g e it with F r a n c e for a less

portion of c o m m o d i t i e s . If merged in seine Circulation wren die 5 mil-
lions n u t z l o s fr Frankreich; die aber n u r der Fall, w e n n no other m e a n s
of disposing of t h e m can be found. Aber die m e a n s are provided. Die A b -
5 straktion der 5 Mill., die in England den a m o u n t of disposable capital ver-
m i n d e r t u n d d e n Zinsfu erhht, hat in F r a n k r e i c h d e n entgegengesezten
Effect. England b e k m m t so ein Borger u n d F r a n k r e i c h a lender to other
countries u n d speziell zu England. F r a n c e wird vielleicht a u c h e i n e n T h e i l
der 5 millions in t h e p u r c h a s e of foreign c o m m o d i t i e s a n w e n d e n . Also der
10 H a u p t u n t e r s c h i e d : das G o l d das F r a n k r e i c h im 16' Jh. von S p a n i e n kaufte,
kaufte es m i t a less amount of commodities; d e h a l b all h e r c o m m o d i t i e s
rose to the same level of prices. M i t E n g l a n d ist die n i c h t der Fall, all h e r
c o m m o d i t i e s , daher, bleiben u n a l t e r e d i n price, (p. 4 6 - 4 8 ) M a n k a n n zuge-
ben, da ein Fall in d e m Preisse der W a a r e n would be the u l t i m a t e conse-
15 q u e n c e of an efflux of bullion, not again restored by the course of trade and in-
ternational credits, aber kein Beispiel of a country so alternating from the
freest c o m m e r c i a l intercourse to complete isolation as to exemplify the
operation of this theory, (p. 49) M a n sagt, da efflux of bullion creates a
panic, a n d t h a t p a n i c lowers prices". Panic vermindert prices aber wie? By
20 a u g m e n t i n g the n u m b e r of sellers u n d so disturbing the d u e proportion
between supply a n d d e m a n d . . . b u t why an efflux of bullion should create a
p a n i c , if it be n o t the result of an illmanaged currency, a n d if trade were
previously sound. E b e n s o sagt m a n influx of bullion fhre zur specula-
tion ... speculation is an additional d e m a n d fr W a a r e n , n o t for i m m e d i a t e
25 c o n s u m p t i o n , b u t for hoarding, eine d e m a n d to satisfy which the supply is
n o t proportional, a n d prices inevitably rise. But wo die affinity zwischen an
a u g m e n t e d currency u n d Speculation? Jezt, Juli 1843, 12 millions of bul-
lion in der Bank, Zinsfu u n t e r 2 %, u n d da ist no appearance of any specu-
lative m o v e m e n t . . . the low rate of interest ist eine wichtige consideration
30 fr d e n speculator; er m a y expect to keep his corn or cotton 2 years u n d ob
er in dieser Periode 5 oder 10% Z i n s zu zahlen, m a y d e t e r m i n e h i m to
adopt or to r e l i n q u i s h the speculation. E i n h o h e r Zinsfu k a n n prevent, ein
niedriger will n i e induce speculation, unless, indeed, it be warranted by
weightier considerations, (p. 52,3) H u b b a r d zeigt in e i n e r Liste v o n 1834
35 ( M a r c h ) bis 1843 (Dec.) d e n a m o u n t of bullion in der bank, d e n Zinsfu
u n d die Preisse von Baumwolle, Baumwollgarn, Baumwollcloth, Wolle,
Wollencloth, Lein, Flachs, Indigo, Eisenbars, Z i n n p l a t t e n , Kupfer, Talg,
Zucker in e a c h quarter des Jahres, Kaffe, Seide. D a s R e s u l t a t d i e s e r Liste
ist f o l g e n d e s :
219
Bullion Zinsfu. Prei von 15 Artikeln

in der Bank. stieg fiel blieb
statio-
nr
1834 1 March. 9,104,000 2% 5
1835 dto 6,274,000 3 7 7 1
1836 7,918,000 3 11 3 1
1837 4,077,000 5% 5 9 1
1838 10,471,000 2% 4 11 0
1839 1 Sept. 2,684,000 6 8 5 0 10
1840 Uune. 4,571,000 4 5 9 1
1 Dec. 3,642,000 5 7 6 2
18411 Dec. 4,873,000 5 3 12 0
1842 1 Dec. 10,603,000 2 2 13 0
1843.1 June 11,566,000 2% 1 14 0 (p.56) 15
T h e experience of the past zeigt, da die largest fluctuations in the

a m o u n t of bullion have b e e n u n a t t e n d e d with any perceptible effect on pri-
ces; b u t (other causes n o t interfering) a contracted currency i n d u c e s a high
rate of interest, a n d an e x p a n d e d circulation i n d u c e s a low rate of interest.
20
(P- 57,58) I
|47| Ch. IV. of the amount of the currency.
Juli 1838 war der Zinsfu 3% u n d von d e n dividends recently deposited

in the Bank 278,000 w u r d e n withdrawn in d e n folgenden 4 W o c h e n . Juli
1839 war der Zinsfu 6% u n d der a m o u n t withdrawn in 4 W o c h e n war
1,564,000. (p. 62, note.) Zeigt u n d b e r e c h n e t in einer A u f s t e l l u n g , d a 25
1838 von 55 millions von Papiergeld a s s u m e d to have b e e n necessary for
working the various banks in the U n i t e d K i n g d o m (Irland mitgerechnet)
a b o u t 13 millions were issued u p o n bullion or Gold coin, the r e m a i n i n g
42 millions being issued u p o n securities of s o m e sort or other bearing in-
terest. Das goldcoin des U n i t e d K i n g d o m r e c h n e t er auf 33 mill. S t , u n d 30
da 8,300,000 von den b a n k s gehalten wurden gegen ihre issues, bleiben
2 4 , 7 0 0 , 0 0 0 , m i t d e n obigen 55 millions of paper m a c h t der entire a m o u n t
of the Currency 79,700,000. (p. 67) Fallen die Preisse allgemein, so: t h e
superfluous currency returns to the bankers in increased deposits, the
a b u n d a n c e of u n e m p l o y e d capital lowers the rate of interest to a m i n i m u m , 35
u n d dieser Stand der Dinge dauert bis either a return of higher prices or a
m o r e active trade call the d o r m a n t currency into service, or u n t i l it is ab-
sorbed by investments in foreign stocks or foreign goods, (p. 68)
220
Ch. V. of a single bank of issue, (p. 70 sqq.)
Ch. VI. objections to a single bank of issue

considered (p. 80 sqq.)
It is very easy to i m a g i n e c i r c u m s t a n c e s u n d e r w h i c h n o t e s m i g h t be t h r u s t
5 i n t o , a n d m a i n t a i n e d for a t i m e , in circulation. . B. an a d v e n t u r e r is in
d u c e d , by a l o a n at low interest from an issuing b a n k , to build a mill, which
h e mortgages t o t h e m a s security; h e draws the a m o u n t o f t h e l o a n i n t h e
notes o f t h e b a n k - t h o s e n o t e s h e pays t o t h e t r a d e s m e n a n d w o r k m e n who
build t h e mill, a n d w h e n built, h e pays with t h e s a m e n o t e s his l a b o u r e r s '
10 wages a n d his t r a d e s m e n ' s bills; a n d all this while the b a n k profits by their
circulation, (p. 85)
Ch. VII. Of Silver as a Standard of Value,

(p. 90 sqq.)
Ch. VIII. Plan of a single bank of issue,

(p. 96 sqq.)
221
Leatham (William) (banker) (Wakefield,

Yorkshire) Letters on the Currency addressed
to Charles Wood-M.P. (Chairman
of the Committee of the house of commons
now sitting;) 5
ascertaining for the first time, on true

principles, the amount of inland
and foreign bills of Exchange,
in circulation for several
consecutive years, and out at one time. 10
etc etc.
2 ed. L o n d o n . 1840.
D i e W e c h s e l sind ein c o m p o n e n t der currency greater in a m o u n t t h a n all

the rest put together, 4 fach = d e m a m o u n t der notes der B a n k of E n g l a n d
u n d der c o u n t r y b a n k s . (p. 3, 4) H a t copirt die parliamentary returns von 15
bill stamps fr 1824 u n d 25, u n d das lezte h a l b e J a h r v o n 1826 u n d das er-
ste halbe von 1827, m i t Ausschlu von Irland; h a t a s s i g n e d j e d e m s t a m p
t h e a m o u n t of bill it will cover, taking the medium u n d n i c h t d e n highest
a m o u n t ; u n d h a t unterstellt den average der bills drawn zu 2 m o n t h s date,
d a n n d e n D u r c h s c h n i t t aller periods g e n o m m e n , so g e k o m m e n z u m Resul- 20
tat, d a die a m o u n t s von Wechseln, zu einer Zeit circulirend, ist
7 0 , 2 4 7 , 5 4 9 , aber, w e n n das average date zu 3 m o n t h s unterstellt u n d der
year's r e t u r n d u r c h 4 statt d u r c h 6 dividirt, ist das Result 102 m i l l i o n s /.st.
222
Aus W. Leatham: Letters on the currency... to Ch. Wood
of bills o u t at one t i m e n u r in England u n d Schottland m i t A u s n a h m e von

Irland u n d foreign bills. D i e also fr die Periode vor 1827. Seit der Zeit
grosser Z u w a c h s des H a n d e l s , (p.5) this e n o r m o u s superstructure of Bills of
exchange rests u p o n the base formed by the a m o u n t of b a n k n o t e s a n d gold;
5 a n d when, by events, this base b e c o m e s too m u c h narrowed, its solidity a n d
very existence is endangered, (p. 8) Schzt m a n die ganze currency u n d d e n
a m o u n t der liabilities der Bank u n d Countrybankers, payable on d e m a n d , I
find a s u m of 153 millions, which, by law, can be converted into gold u n d
dagegen 14 millions Gold to m e e t diese d e m a n d , ( p . l l ) p. 13 s c h z t er die
10 S u m m e n i c h t a u f 153, s o n d e r n auf 218 m i l l i o n s Sterling, (p. 13) ( N m -
lich: 7 millions b a n k deposits as returned, 17 Millions b a n k n o t e s , 12 ditto
c o u n t r y b a n k n o t e s , 5 ditto estimated for Ireland a n d Scotland, 22 ditto Sav-
ingsbankdeposits at 14 days' notice, 20 ditto countrybanks deposits,
135 mill, bills of exchange, as estimated. H i e r m t e m a n n u n n o c h h i n z u -
15 fgen 17 Mill. Exchequerbills.) N a c h der Restriction der B a a r z a h l u n g e n
von 1797 w u r d e n die issues der B a n k of E n g l a n d e n o r m u n d ebenso die
profits, so da d u r c h ein W a c h s t h u m der dividends zu 10%, u n d die divi-
sion besides von large b o n u s e s a m o n g the proprietors, every few years, t h e
original 100 (per Aktie) rose to about 2 9 5 . (p. 22) ||48| In ganz G r o b r i -
20 t a n n i e n 1179 bankers, englische 697, schottische 262, Welch 66 u n d irische
154. (p. 31) I have often said, a c o n t i n u e d course of observations of the va-
riations from t i m e to t i m e of the a m o u n t of n o t e s out of my b a n k s , in the
agricultural districts, would give the variations in the price of corn. I well
r e m e m b e r being surprised at a decrease found in my circulation, which
25 could only be a c c o u n t e d for by the taking off t h e Property Tax, which h a d
previously t a k e n o u t a portion of notes to pass t h e tax from the h a n d s of
the payer to the R e c e i v e r - G e n e r a l , (p. 34) D i e W e c h s e l sind of i m m e n s e
i m p o r t a n c e in our c u r r e n c y . . . sie sind n i c h t u n d k n n e n n i c h t gestellt wer-
den u n t e r eine control, except by preventing die a b u n d a n c e of m o n e y , u n d
30 low rates of interest or discount, which create a part of t h e m , a n d encour-
age their great a n d dangerous expansion. It is impossible to decide what
part arises o u t of real b o n a fide transactions, s u c h as actual bargain a n d
sale, or what part is fictitious, and m e r e a c c o m m o d a t i o n p a p e r , d. h. where
one bill is drawn to take up another r u n n i n g , in order to raise a fictitious
35 capital, by creating so m u c h currency. In t i m e s of a b u n d a n c e , a n d cheap
money, this I know reaches an e n o r m o u s a m o u n t etc. (p. 43,4) Er h a t a u -
sser d e m ffentlichen S t a m p r e g i s t e r n o c h b e n u z t the return von der lead-
ing bill brokers' firm in der City, of the average result of 7 days' business,
and I find it presents % as composed of foreign bills, (p. 55) I find, t h e n , the
40 a m o u n t of bills fr das ganze J a h r 1839 (inland a n d foreign) ist
528,493,842 u n d der a m o u n t of bills out at o n e t i m e in the above year
223
132,123,460/. St. (p. 56) Durchschnittscirculation von bills

1815 = 1 1 9 , 3 7 3 , 2 7 5 (nmlich der G e s a m m t b e t r a g 477,493,100. Da n u n
das average date wozu bills gezogen sind, 3 m o n t h s ist, so ist zu dividiren
d u r c h 4); 1824 = 5 8 , 1 0 7 , 4 5 0 ( G e s a m m t c i r c u l a t i o n von bills
232,429,800), 1825 = 6 5 , 0 9 4 , 8 5 0 ( G e s a m m t c i r c u l a t i o n 260,379,400) von 5
Mitte 1826-Mitte 1827 = 51,836,750 (Gesammtcirculation
207,347,000), 1835 = 73,693,817 ( G e s a m m t c i r c u l a t i o n 294,775,269),
1836 = 88,822,225 (Gesammtcirculation 355,288,900) 1837
83,317,150 (Gesammtcirculation 333,268,600), 1838
8 5 , 4 8 6 , 8 5 0 ( G e s a m m t c i r c u l a t i o n 341,947,400), 1839 = 9 8 , 5 5 0 , 7 5 0 10
( G e s a m m t c i r c u l a t i o n 394,203,000) (p. 5 8 - 6 2 )
224
Reflection. Heft VII, Seite 48
Aus . Marx: Reflection
Reflection.
D i e U n t e r s c h e i d u n g d e s H a n d e l s z w i s c h e n d e a l e r s u n d d e a l e r s einer
seits, u n d d e a l e r s u n d c o n s u m e r s a n d e r s e i t s , d e r e r s t e t r a n s f e r v o n K a p i
t a l , d e r zweite A u s t a u s c h v o n E i n k o m m e n g e g e n C a p i t a l , d e r e r s t e m i t
5 s e i n e m e i g n e n m o n e y u n d d e r zweite m i t s e i n e r M n z e - d i e s e U n t e r -
s c h e i d u n g v o n A . S m i t h wichtig u n d v o n T o o k e , wie f r h e r s c h o n i m R e -
p o r t d e s B u l l i o n C o m m i t t e e h e r v o r g e h o b e n . A l l e i n w a s fehlt, ist d i e s e
B e z i e h u n g z w i s c h e n d i e s e n b e i d e n A r t e n s o w o h l d e s t r a d e s , als d e s G e l -
d e s . 1 ) Alle K r i s e n z e i g e n f a k t i s c h d a d e r H a n d e l z w i s c h e n d e a l e r s u n d
10 d e a l e r s b e s t n d i g die G r e n z e b e r s c h r e i t e t , die i h m d e r H a n d e l z w i s c h e n
d e a l e r s u n d c o n s u m e r s sezt. Alle S t z e , w o r i n die O e k o n o m e n die U n -
mglichkeit der Ueberproduktion beweisen, wenigstens einer universel-
l e n , b e z i e h t s i c h , wie S i s m o n d i s c h o n r i c h t i g g e z e i g t h a t g e g e n M a c C u l -
l o c h , n u r a u f d e n H a n d e l z w i s c h e n d e a l e r s u n d d e a l e r s , d i e wird u m s o
15 klarer, w e n n m a n bedenkt, d a der A u s t a u s c h zwischen dealers u n d con-
sumers zu % wenigstens der Austausch zwischen den Arbeitern u n d den
r e t a i l d e a l e r s u n d P r o f e s s i o n i s t e n ist, d a d i e s e r A u s t a u s c h a b e r w i e d e r
abhngt von dem Austausch zwischen Arbeitern und industriellen Kapi-
t a l i s t e n , d e r s e i n e r s e i t s w i e d e r b e d i n g t ist d u r c h d e n A u s t a u s c h z w i s c h e n
20 d e a l e r u n d d e a l e r . C e r c l e vicieux. 2) D e r A u s t a u s c h z w i s c h e n d e a l e r s
u n d d e a l e r s ist a l l e r d i n g s , wie A . S m i t h sagt, n o t h w e n d i g b e s c h r n k t
d u r c h d e n A u s t a u s c h z w i s c h e n d e a l e r s u n d c o n s u m e r s , d a die P r e i s s e ,
w o z u d e n l e z t r e n v e r k a u f t wird, d i e definitiven P r e i s s e s i n d , d i e r c k -
w r t s w i e d e r s a l d i r e n m s s e n die i n d e r v o r h e r g e g a n g n e n T r a n s a k t i o n
25 a u f g e w a n d t e n P r o d u c t i o n s k o s t e n n e b s t Profiten. I n d e i s t a u f d e n S a t z
v o n A . S m i t h die g a n z e O e k o n o m i e d u m m v e r e i n f a c h t w o r d e n v o n P r o u -
d h o n u . s . w . D i e S a c h e ist n i c h t s o e i n f a c h . D ' a b o r d : D e r H a n d e l zwi-
s c h e n d e a l e r s u n d d e a l e r s i n E n g l a n d . B . ist k e i n e s w e g s b e s c h r n k t
durch den H a n d e l zwischen dealers u n d consumers in England, sondern
227
plus ou moins durch den zwischen dealers u n d consumers auf d e m gan-

z e n W e l t m a r k t . Z . B . D i e i n d i s c h e C o m p a g n i e , o d e r o s t i n d i s c h e Kauf-
l e u t e s c h i c k e n I n d i g o a u f d e n L o n d o n e r M a r k t . H i e r findet e i n e V e r s t e i -
g e r u n g d e s s e l b e n s t a t t . D i e ist e i n e t r a n s a c t i o n z w i s c h e n d e a l e r s u n d
d e a l e r s . D e r K u f e r d e s I n d i g o verkauft e i n e n T h e i l i n F r a n k r e i c h , i n 5
D e u t s c h l a n d e t c , w o sie v o n d e n r e s p e c t i v e n H n d l e r n u n d F a b r i k a n t e n
g e k a u f t w e r d e n . O b sie s c h l i e l i c h d e n P r e i d e s I n d i g o s h e r a u s b r i n g e n ,
h n g t v o m Verkauf des lezten Fabrikats an d e n C o n s u m e n t e n ab, der
vielleicht a u f d e n j o n i s c h e n I n s e l n sizt o d e r i n A f g h a n i s t a n o d e r i n A d e -
laide. Es wre also falsch zu sagen, d a der H a n d e l zwischen dealers 10
u n d dealers innerhalb einer N a t i o n durch den zwischen dealers u n d con-
s u m e r s i n n e r h a l b e i n e r N a t i o n b e g r e n z t ist. W i e d i e s e r H a n d e l ||49| u n i -
versell ist, s o ist e r l i m i t i r t d u r c h d e n H a n d e l z w i s c h e n d e a l e r s u n d c o n -
sumers auf d e m Weltmarkt und um so mehr, je m e h r der H a n d e l
z w i s c h e n d e a l e r s u n d d e a l e r s selbst auf e i n e r g r o s s e n S t u f e n l e i t e r s t a t t - 15
findet u n d die N a t i o n e i n e n e m i n e n t e n P o s t e n a u f d e m W e l t m a r k t ein-
n i m m t . Zweitens. D a die A r b e i t e r k l a s s e d e n g r t e n T h e i l d e r C o n s u m -
e r s a u s m a c h t , s o k n n t e g e s a g t w e r d e n , d a i m M a a s s e , wie d a s
E i n k o m m e n d e r A r b e i t e r k l a s s e a b n i m m t , n i c h t i n e i n e m L a n d , wie P r o u -
d h o n meint, sondern auf dem Weltmarkt, so schon das Miverhltni 20
zwischen Production u n d Consumtion, also die U e b e r p r o d u k t i o n herbei-
g e f h r t wird. D i e z u m g r o s s e n T h e i l r i c h t i g . W i r d a b e r m o d i f i z i r t d u r c h
d e n s t e i g e n d e n L u x u s d e r b e s i t z e n d e n K l a s s e n . U n d e s w r e s o falsch
d i e s e n S a t z a b s o l u t a u f z u s t e l l e n , als wollte m a n s a g e n , d a d e r H a n d e l
d e s P f l a n z e r s d u r c h d e n C o n s u m s e i n e r N e g e r b e s t i m m t ist. Drittens. 25
D e r H a n d e l zwischen dealers u n d dealers producirt z u m grossen Theil
d e n H a n d e l z w i s c h e n d e a l e r s u n d c o n s u m e r s . . . W e n n die F a b r i k a n
t e n s e h r g r o s s e B e s t e l l u n g e n v o n S p e k u l a n t e n e r h a l t e n , A r b e i t e r s e h r be
schftigt, steigt d e r A r b e i t s l o h n , steigt i h r C o n s u m ; b e i E i s e n b a h n b a u -
s p e k u l a t i o n e n s e h r g r o s s e r definitiver C o n s u m e r z e u g t , v o n d e m s i c h 30
s c h l i e l i c h zeigt, d a e r r e i n u n p r o d u k t i v " w a r . W i r f i n d e n a u c h fak-
tisch, d a der H a n d e l zwischen dealers u n d consumers meist schlielich
s c h e i t e r t a n d e m z w i s c h e n d e a l e r s u n d d e a l e r s . D i e Crisis t r i t t i m m e r
z u e r s t i n d e m e r s t e n ein, oft n a t r l i c h , n a c h d e m s c h o n d i e b e s c h r n k t e n
K r f t e d e r C o n s u m t i o n versehn, oft a b e r nur, w e n n d i e Z u f u h r s t e i g t b e r 35
d i e a n g e b l i c h e S c h t z u n g , (. B . b e i K o r n s p e k u l a t i o n e n ) Viertens. D i e
U e b e r p r o d u k t i o n n i c h t a u s s c h l i e l i c h z u r c k z u f h r e n a u f die d i s p r o p o r -
tionate Production, sondern auf das Verhltni zwischen der Klasse der
Kapitalisten u n d der der Arbeiter.
3 ) W a s n u n d a s Geld a n g e h t , d a s i n b e i d e n d i s t i n c t e n F o r m e n d e s 4 0
H a n d e l s v o r k o m m t , die c u r r e n c y i m e i g e n t l i c h e n H a n d e l , u n d d i e cur-
228
rency im Austausch von E i n k o m m e n gegen Waaren, d. h. Capitaltheile,

s o g e n g t e s n i c h t die T r e n n u n g z w i s c h e n b e i d e n f e s t z u s t e l l e n , e s h a n -
delt sich a u c h u m i h r e B e z i e h u n g u n d W e c h s e l w i r k u n g . D a s G e l d d e r
Privatleute, der Consumenten, erstens smmflicher politischer u n d ideo-
5 l o g i s c h e r S t n d e , z w e i t e n s d e r G r u n d r e n t n e r , d r i t t e n s d e r s. g. K a p i t a l i -
s t e n (der n i c h t i n d u s t r i e l l e n ) , d e r S t a a t s g l u b i g e r u . s . w . , selbst der A r -
b e i t e r (in d e n s a v i n g s b a n k s ) , k u r z d e r Ueberschu d e r E i n n a h m e d e r
Nicht Handeltreibenden Klassen der Bevlkerung ber ihre tgliche
A u s g a b e u n d b e r d e n T h e i l v o n G e l d , d e n sie selbst n t h i g g l a u b e n , i m -
10 m e r zur Disposition zu h a b e n , also in Reserve bei sich halten (hoarden),
d i e s e r U e b e r s c h u b i l d e t d i e H a u p t q u e l l e d e r Deposits, die i h r e r s e i t s
w i e d e r d a s H a u p t f u n d a m e n t d e s Handelgeldes b i l d e n . D i e t r a n s f e r s , d i e
K r e d i t o p e r a t i o n e n , k u r z die g a n z e G e l d b e w e g u n g i n n e r h a l b d i e s e r H a n -
delswelt b e r u h n a u f d e n D e p o s i t s d e r z u m g r o s s e n T h e i l n i c h t h a n d e l -
15 t r e i b e n d e n B e v l k e r u n g . In [xxx] d. M i c r e d i t w e r d e n sie d e m H a n d e l
e n t z o g e n . D a s C a p i t a l wird u n p r o d u c t i v g e m a c h t , i n d e m die M i t t e l b e r
die V e r f g u n g d e s s e l b e n sich i n n e r h a l b d e r h a n d s d e r d e r P r o d u c t i o n
v o r s t e h n d e n K l a s s e n v e r n i c h t e t finden. A n d r e r s e i t s , i n d e m d i e s e K l a s -
s e n fr i h r e T r a n s a k t i o n e n u n t e r sich d a s G e l d b e d r f e n , d e r B a n k e r
20 nicht m e h r dem Epicier Geld p u m p t und d e m Fabrikanten, vermindert
sich m i t d e m E i n k o m m e n a u c h die c u r r e n c y i n d e r H a n d d e s C o n s u m e n -
t e n selbst u n d s o d r i n g t die K l a g e b e r G e l d m a n g e l a u s d e r H a n d e l s w e l t
i n die W e l t d e r C o n s u m e n t e n . 4 ) E s ist falsch z u s a g e n , d a i n Z e i t e n d e r
C r i s e d e r m a n g e l n d e C r e d i t alles u n d die c u r r e n c y n i c h t s ist. E s v e r s t e h t
25 sich a u s d e m o b e n a n g e g e b n e n G r u n d v o n selbst, d a i n s o l c h e n Z e i t e n
die C u r r e n c y d e m a m o u n t n a c h a m g r t e n ist, e b e n weil i h r e G e s c h w i n -
d i g k e i t a b g e n o m m e n h a t e i n e r s e i t s u n d z w e i t e n s , weil b a a r e s G e l d i n
e i n e r M a s s e v o n T r a n s a c t i o n e n e r f o r d e r t ist, w o e s f r h e r n i c h t e r f o r d e r t
w a r . A b e r e b e n d e w e g e n tritt die g r o s s e D i f f e r e n z z w i s c h e n d e m
30 a m o u n t o f m o n e y u n d d e m W e r t h d e r t r a n s a c t i o n s h e r v o r , die m i t n u r
v e r h l t n i m s s i g g e r i n g e m B e t r a g v o n c u r r e n c y erledigt w e r d e n . E s fehlt
a l s o f a k t i s c h a n c u r r e n c y u n d n i c h t a n K a p i t a l . D a s K a p i t a l wird e n t -
w e r t h e t u n d ist u n v e r w e r t h b a r . W a s h e i t a b e r h i e r u n v e r w e r t h b a r ? E s
ist n i c h t v e r w a n d e l b a r i n C u r r e n c y u n d i n d e r A u s t a u s c h b a r k e i t b e s t e h t
35 e b e n s e i n W e r t h . A b e r t r o t z alle d e m ist d a s K a p i t a l v o r h a n d e n . D i e Sa-
c h e zeigt s i c h h a u p t s c h l i c h i n d e m N i c h t d i s c o n t i r e n d e r W e c h s e l , a u c h
d e r e r die a u f b o n a fide t r a n s a c t i o n s b e r u h e n . U n d d e r W e c h s e l ist d a s
Handelsgeld, das W e r t h reprsentirt der H a n d e l s k a p i t a l i e n . Die convert-
ibility d e r Noten in Gold ist d a s w e n i g s t e , die failure d e r B a n k n o t e n er-
40 s c h w e r t n u r d i e H a n d e l s k r i s e n . D i e w i r k l i c h e S c h w i e r i g k e i t ist d i e incon-
vertibility der Waaren, d. h. d e s wirklichen Kapitals in G o l d u n d N o t e n ,
229
w e w e g e n die P h n o m e n e 1793 u n d 1825, u n d 1847 w o d a , w o wirkliches

C a p i t a l war, d u r c h A u s g e b e n v o n E x c h e q u e r b i l l s u n d N o t e n g e h o l f e n
w e r d e n k o n n t e , o b g l e i c h m a n n i c h t b e h a u p t e n wird, d a d i e s e bills u n d
n o t e s C a p i t a l w a r e n . Sie w a r e n blos C u r r e n c y . D i e C r i s e h r t e n i c h t auf,
a b e r die G e l d k r i s e h r t e auf. D i e convertibility d e r n o t e s h a t d a h e r als 5
H i n t e r g r u n d die convertibility d e r securities, n i c h t n u r i m B a n k e r g e -
schft, s o n d e r n a u c h i m H a n d e l . A b e r selbst s e c u r i t i e s , die i h r e r N a t u r
n a c h fr convertible gelten, G o v e r n m e n t s e c u r i t i e s u n d s h o r t bills, h r e n
a u f c o n v e r t i b e l z u s e i n . E s h a n d e l t sich h i e r s c h e i n b a r g a r n i c h t u m die
W a a r e n . A b e r um die convertibility d e r W e r t h z e i c h e n , die sie r e p r s e n t i - 10
r e n . D i e W a a r e n h r e n a u f G e l d z u sein, sie s i n d n i c h t c o n v e r t i b e l i n
G e l d , d i e s e r M a n g e l wird n a t r l i c h auf d a s G e l d s y s t e m g e s c h o b e n , a u f
e i n e besondre F o r m d e s s e l b e n . E r b e r u h t auf d e r E x i s t e n z d e s G e l d s y -
s t e m s wie d i e s e s a u f d e r j e t z i g e n W e i s e der P r o d u c t i o n b e r u h t . D i e con-
vertibility d e r ||50| n o t e s in G o l d ist h i e r s c h l i e l i c h n t h i g , weil die con- 15
vertibility d e r W a a r e n i n G e l d n t h i g ist, d . h . weil die W a a r e n e i n e n
T a u s c h w e r t h h a b e n , d e r n o t h w e n d i g eine besondre E x i s t e n z h a t , die v o n
d e n W a a r e n u n t e r s c h i e d e n ist, d . h . weil b e r h a u p t d a s S y s t e m d e s P r i -
v a t a u s t a u s c h s s t a t t f i n d e t . D i e D e p r e c i a t i o n d e s G e l d e s u n d die D e p r e -
c i a t i o n d e r W a a r e n s t e h n faktisch s o g a r i n u m g e k e h r t e m V e r h l t n i . 20
A b e r die N o t e n k n n e n b l o s g e g e n G o l d d e p r e c i i r e n , weil die W a a r e n g e -
g e n N o t e n d e p r e c i i r e n k n n e n . W a s h e i t b e r h a u p t die D e p r e c i a t i o n
d e r N o t e n ? d a die W a a r e n , d . h . i h r W e r t h , sich j e d e n A u g e n b l i c k i n
G o l d u n d Silber m u v e r w a n d e l n l a s s e n k n n e n u n d j e d e s Z w i s c h e n -
glied z w i s c h e n W a a r e n u n d G e l d , j e d e s S u b s t i t u t n u r S u b s t i t u t u n d 25
d a r u m g r a t i s bleibt. D i e H a u p t f r a g e bleibt a l s o i m m e r die inconvertibility
der Waaren, d e s Kapitals selbst. Es ist B l d s i n n v o n d e n E i n e n , die sa-
g e n : E s fehlt n i c h t a n G e l d , s o n d e r n a n K a p i t a l . D i e c u r r e n c y ist gleich-
gltig. D e n n e s h a n d e l t sich e b e n h i e r v o m U n t e r s c h i e d z w i s c h e n K a p i -
t a l , d . h . W a a r e n u n d G e l d ; e s h a n d e l t sich d a r u m , d a d a s e i n e n i c h t 30
n o t h w e n d i g d a s a n d r e a l s s e i n e n Vertreter, a l s s e i n e n Prei i n d e r H a n -
delswelt m i t sich fhrt, d a e s a u f h r t G e l d z u sein, c i r c u l i r e n z u k n -
n e n , W e r t h z u sein. U n d e s ist l c h e r l i c h , w o d a s K a p i t a l als Nebensache
e r s c h e i n t , d a s G e l d a l s N e b e n s a c h e d a r z u s t e l l e n . A n d r e r s e i t s ist d e r U n -
s i n n n o c h g r s s e r v o n d e r a n d r e n Seite. Sie g e b e n zu die inconvertibility 35
d e s K a p i t a l s u n d s e m o q u e n t d e l a convertibilit d e s n o t e s . A b e r sie wol-
l e n d i e a u f h e b e n d u r c h diese o d e r j e n e K n s t e l e i u n d M o d i f i c a t i o n a m
Geldsystem. Als w e n n i n d e m D a s e i n j e d e s b e l i e b i g e n G e l d s y s t e m s d i e
inconvertibility d e s K a p i t a l s n i c h t s c h o n e n t h a l t e n , j a a l s w e n n sie i m
D a s e i n der Producte in der Gestalt des Capitals nicht schon enthalten 40
w r e . Will m a n d i e n d e r n , auf dieser B a s i s , s o r a u b t m a n d e m G e l d
230
die E i g e n s c h a f t e n G e l d z u sein, o h n e d e m K a p i t a l d i e E i g e n s c h a f t z u ge
b e n , s t e t s a u s t a u s c h b a r u n d z w a r z u s e i n e m fair p r i c e z u b l e i b e n . I n d e m
Dasein des Geldsystems ist n i c h t n u r die M g l i c h k e i t , s o n d e r n s c h o n d i e
W i r k l i c h k e i t der T r e n n u n g g e g e b e n u n d d a e s d a ist, beweist, d a d i e
5 U n v e r w e r t h b a r k e i t d e s K a p i t a l s , e b e n weil e s d a s G e l d e r z e u g t , s c h o n
m i t d e m Kapital, also m i t der ganzen Organisation der Production gege-
b e n ist. E s i s t a b e r e b e n s o falsch z u s a g e n , b l o s d i e K r e d i t s c h w i n d e l h a -
b e n d i e s e n D r u c k a u f d e n G e l d m a r k t h e r v o r g e b r a c h t . D a s G e l d als sol-
ches bedingt seinerseits wieder d a s Creditsystem. O d e r dieselbe U r s a c h e
10 schafft b e i d e . D i e B i r m i n g h a m e r s i n d n a t r l i c h E s e l , w e l c h e d i e I n c o n -
v e n i e n c e n d e s G e l d e s d a d u r c h a u f h e b e n w o l l e n d a sie viel G e l d m a -
chen, oder den Standard des Geldes depreciiren. Auch Proudhon, Gray
u . s . w . s i n d E s e l , die d a s G e l d b e i b e h a l t e n w o l l e n , a b e r s o , d a e s n i c h t
die E i g e n s c h a f t e n d e s G e l d e s b e s i t z e n soll. D a i m G e l d m a r k t die G e -
15 s a m m t c r i s e eclatirt, s m m t l i c h e Widersprche d e r b r g e r l i c h e n P r o d u c -
t i o n , als S y m p t o m e , d i e a l l e r d i n g s a c c i d e n t e l l w i e d e r U r s a c h e w e r d e n , s o
n i c h t s e i n f a c h e r , als d a d i e b o r n i r t e n , a u f b r g e r l i c h e m B o d e n b l e i b e n -
d e n R e f o r m e r , d a s G e l d r e f o r m i r e n wollen. Sie h a l t e n die T r e n n u n g zwi-
s c h e n d e m P r o d u c t u n d s e i n e r A u s t a u s c h b a r k e i t b e i , i n d e m sie d e n
20 W e r t h u n d d e n P r i v a t a u s t a u s c h b e i b e h a l t e n . Aber sie wollen das Zeichen
dieser Trennung so arrangiren, da es die Identitt ausdrckt. 5) D i e a b s o -
l u t S i m p l e n , d . h . die b i e d r e n u n w i s s e n d e n D e m o k r a t e n , k e n n e n d a s
Geld b l o s i m H a n d e l z w i s c h e n d e a l e r s u n d c o n s u m e r s . D i e S p h r e , i n
d e r die C o l l i s i o n e n s p i e l e n , die R u i n e , d i e G e l d k r i s e n u n d die g r o s s e n
25 Geldtransactions, sind i h n e n d a h e r u n b e k a n n t . Die S a c h e erscheint die-
s e n S i m p l e n , d a h e r , wie alles i h n e n e r s c h e i n t , e b e n s o e i n f a c h u n d einfl-
tig, als sie selbst s i n d . I n d i e s e m H a n d e l z w i s c h e n d e a l e r s u n d c o n s u m -
ers s e h n sie e i n e n b i e d e r m n n i s c h e n A u s t a u s c h v o n W e r t h e n g e g e n
W e r t h e , w o r i n die F r e i h e i t d e r e i n z e l n e n I n d i v i d u e n i h r e h c h s t e p r a k t i -
30 s e h e B e s t t i g u n g e r h l t . V o n K l a s s e n g e g e n s a t z ist in d i e s e m A u s t a u s c h
n i c h t d i e R e d e . E i n H a n d e l s m a n n tritt d e m a n d e r n , e i n m o n e y e d Indivi-
d u u m dem andren gegenber. D a jedes Individuum moneyed sein m u ,
u m i n d e n C o n s u m t i o n s h a n d e l t r e t e n , d . h . l e b e n z u k n n e n , ist n a t r l i c h
e i n e V o r a u s s e t z u n g , die v o n selbst d a m i t g e g e b e n ist, d a j e d e s Indivi-1
35 d u u m a r b e i t e n u n d s e i n V e r m g e n ||51| wie S t i r n e r s a g t , w i r k e n l a s s e n |
m u . Z u n c h s t ist e s e i n h i s t o r i s c h e s F a c t u m , w a s N i e m a n d l e u g n e n
k a n n , d a in allen bisherigen, auf d e m Unterschied u n d Gegensatz von
Kasten, S t m m e n , Stnden, Klassen u.s.w. b e r u h n d e n Gesellschaftsord-
n u n g e n , das Geld ein wesentliches Ingredienz dieser Organisation u n d
4 0 d a s G e l d s y s t e m j e d e s m a l i h r Verfall u n d i h r e B l t h e w a r . E s w r e a l s o
nicht an u n s zu beweisen, d a das Geldsystem auf d e m Klassengegen-
231
satz beruht, es wre an den Simplen nachzuweisen, d a das Geldsystem,

aller b i s h e r i g e n G e s c h i c h t l i c h e n E r f a h r u n g z u m T r o t z , a u c h o h n e d e n
K l a s s e n g e g e n s a t z e i n e n S i n n h a t , d a d i e e i n e G l i e d aller b i s h e r i g e n
G e s e l l s c h a f t s o r d n u n g fhig ist, f o r t z u l e b e n i n e i n e m Z u s t a n d , d e r alle
b i s h e r i g e G e s e l l s c h a f t s o r d n u n g v e r n e i n t . S o l c h e A u f g a b e an die a b s o l u t 5
S i m p l e n z u stellen, w r e g a r z u s i m p e l . Sie m a c h e n alles m i t e i n f a c h e n
S y l b e n a b . D a r i n b e s t e h t i h r e spezifische G r s s e . D a s G e l d s y s t e m u n d
d a s g a n z e j e t z i g e S y s t e m ist i n i h r e n A u g e n s o brav, s o d u m m , wie sie
selbst s i n d .
A b e r v e r s e t z e n wir u n s w i e d e r m i t t e n in i h r e n b e l i e b t e n t r a d e z w i s c h e n 10
c o n s u m e r s u n d d e a l e r s h i n e i n . D a r b e r h i n a u s s e h n sie n i c h t , w e d e r b e i
S e i t e , n o c h vor, n o c h r c k w r t s .
W a s ist e s w o m i t die freien I n d i v i d u e n b e i m E p i c i e r e i n k a u f e n ? D a s
Aequivalent oder das Werthzeichen ihres E i n k o m m e n s . D e r Arbeiter
t a u s c h t d e n A r b e i t s l o h n , d e r F a b r i k a n t d e n Profit, d e r C a p i t a l i s t d e n 15
Z i n s , d e r G r u n d e i g e n t h m e r die R e n t e , i n G o l d u n d Silber u n d N o t e n
v e r w a n d e l t , b e i m E p i c i e r , b e i m S c h u s t e r , b e i m M e t z g e r , b e i m Bcker
a u s . U n d w a s t a u s c h t d e r S c h u s t e r , d e r E p i c i e r u . s . w . g e g e n d e n vergol-
d e t e n A r b e i t s l o h n , G r u n d r e n t e , Profit, Z i n s a u s ? S e i n C a p i t a l . E r ersezt,
r e p r o d u c i r t u n d erweitert es in d i e s e m A k t . 20
A l s o i n d i e s e m s c h e i n b a r s o e i n f a c h e n A k t t r e t e n erstens s m m t l i c h e
K l a s s e n v e r h l t n i s s e h e r v o r , s i n d v o r a u s g e s e z t , die K l a s s e d e r L o h n a r b e i -
ter, d e r G r u n d e i g e n t h m e r , d e r i n d u s t r i e l l e n , d e r n i c h t i n d u s t r i e l l e n K a -
p i t a l i s t e n . A n d r e r s e i t s i s t v o r a u s g e s e z t u n d vor a l l e m , die E x i s t e n z d e r
b e s t i m m t e n gesellschaftlichen Verhltnisse, was d e m R e i c h t h u m d e n 25
C h a r a k t e r d e s C a p i t a l s giebt u n d K a p i t a l v o n R e v e n u e s c h e i d e t . D i e
Einfachheit verschwindet mit der Vergoldung.
U n d d a d e r A r b e i t e r s e i n e n L o h n i n G e l d a u s g e z a h l t e r h l t , wie d e r
G r u n d e i g e n t h m e r s e i n e R e n t e n u n d d e r F a b r i k a n t s e i n e n Profit, s t a t t
i n N a t u r a l v e r p f l e g u n g , i n N a t u r a l l e i s t u n g e n u n d i n b a r t e r , d a s zeigt n u r , 30
d a das Geldsystem eine h o h e Entwicklung u n d grre Scheidung u n d
T r e n n u n g d e r K l a s s e n v o r a u s s e z t als d a s F e h l e n d e s G e l d s y s t e m s , die
vorgeldlichen Gesellschaftsstufen. O h n e Geld keine Lohnarbeit, d a h e r
a u c h k e i n Profit u n d Z i n s i n d e r a n d r e n F o r m , d a h e r a u c h k e i n e G r u n d -
r e n t e , die n u r ein T h e i l v o m Profit ist. 35
I n d e r F o r m v o n G e l d , v o n G o l d , Silber o d e r N o t e n , s i e h t e s m a n aller-
d i n g s d e m E i n k o m m e n n i c h t m e h r a n , d a e s d e m I n d i v i d u u m n u r als
e i n e r b e s t i m m t e n K l a s s e z u g e h r i g , als e i n e m K l a s s e n i n d i v i d u u m , zu-
k o m m t , wenn es dasselbe nicht gebettelt oder gestohlen, also doch von
e i n e m E i n k o m m e n dieser Art entwendet h a t u n d ein Klassenindivi- 40
d u u m , a u f r a t h e r g e w a l t s a m e W e i s e vertritt. D i e V e r g o l d u n g o d e r Ver-
232
s i l b r u n g v e r w i s c h t d e n K l a s s e n c h a r a k t e r u n d b e r t n c h t i h n . D a h e r die
scheinbare Gleichheit - m i n u s d e m Geld - in der brgerlichen Gesell-
schaft. D a h e r a n d r e r s e i t s wirklich i n e i n e r G e s e l l s c h a f t , w o r i n d a s G e l d -
s y s t e m v o l l s t n d i g e n t w i c k e l t ist, d i e w i r k l i c h e b r g e r l i c h e G l e i c h h e i t
5 d e r I n d i v i d u e n , s o weit sie G e l d b e s i t z e n , w e l c h e s a u c h die E i n k o m m e n -
q u e l l e sei. E s ist n i c h t m e h r , wie i n d e r a n t i k e n G e s e l l s c h a f t , n u r v o n P r i -
vilegirten d i e o d e r j e n e s e i n t a u s c h b a r , s o n d e r n alles ist z u h a b e n v o n
a l l e n , j e d e r Stoffwechsel v o r n e h m b a r v o n j e d e m , j e n a c h d e r M a s s e
Geld, worin sein E i n k o m m e n sich u m w a n d e l n k a n n , H u r e n , Wissen-
10 schaft, P r o t e c t i o n , O r d e n , B e d i e n t e , S p e i c h e l l e c k e r , alles T a u s c h p r o -
d u c t e s o g u t wie Kaffee u n d Z u c k e r u n d H r i n g e . B e i m S t a n d h n g t d e r
G e n u d e s I n d i v i d u u m s , s e i n Stoffwechsel, v o n d e r b e s t i m m t e n T h e i -
l u n g d e r A r b e i t a b , d e r e s s u b s u m i r t ist. Bei d e r K l a s s e n u r v o m allge-
m e i n e n T a u s c h m i t t e l , d a s e s sich a n z u e i g n e n w e i . I m e r s t e n F a l l tritt e s
15 als g e s e l l s c h a f t l i c h b e s c h r n k t e s S u b j e k t in d e n d u r c h s e i n e gesellschaft-
liche S t e l l u n g b e s c h r n k t e n A u s t a u s c h . I n d e m z w e i t e n als E i g e n t h m e r
d e s a l l g e m e i n e n T a u s c h m i t t e l s g e g e n a l l e s , w a s die G e s e l l s c h a f t g e g e n
diesen Reprsentanten von allem zu geben hat. In d e m Austausch von
Geld gegen W a a r e n , in diesem H a n d e l von dealers u n d consumers, ist
20 der F a b r i k a n t s o w e i t c o n s u m e r , wie er b e i m E p i c i e r k a u f t , a l s s e i n A r b e i -
t e r u n d d e r B e d i e n t e h a t d i e s e l b e W a a r e wie d e r H e r r fr d e n s e l b e n
G e l d w e r t h . A l s o i m A k t dieses A u s t a u s c h e fllt d e r |[52| b e s o n d r e C h a -
r a k t e r d e s i n G e l d v e r w a n d e l t e n E i n k o m m e n s w e g u n d alle K l a s s e n i n d i -
viduen verwischen sich u n d verschwinden in der Kategorie des Kufers,
25 d e r h i e r d e m V e r k u f e r g e g e n b e r tritt. D a h e r d i e I l l u s i o n i n d i e s e m A k t
des Kaufens u n d Verkaufens nicht das Klassenindividuum, sondern das
kaufende Individuum schlechthin, ohne Klassencharakter, zu sehn.
A b g e s e h n n u n z u n c h s t v o n d e m spezifischen C h a r a k t e r d e s E i n k o m -
m e n s , d e r i m G o l d u n d Silber s o w e n i g e r s c h e i n t , wie d e r G e r u c h d e s
30 Urins in der Steuer auf H u r e n h u s e r , von der der rmische Kaiser H a -
drian sagte: n o n olet! D e r C h a r a k t e r erscheint wieder in der Q u a n t i t t
d e s z u r D i s p o s i t i o n s t e h n d e n G e l d s . I m G a n z e n u n d G r o s s e n ist d e r
Kreis der Einkufe bestimmt, durch den Charakter des E i n k o m m e n s
selbst. D e r U m f a n g u n d die A r t d e r G e g e n s t n d e , die die g r t e K l a s s e
35 d e r c o n s u m e r s , die A r b e i t e r k a u f e n , ist d u r c h d i e N a t u r i h r e s E i n k o m -
m e n s selbst b e s c h r i e b e n . A l l e r d i n g s k a n n d e r A r b e i t e r i n S c h n a p s s e i n
Salair versaufen, statt seinen K i n d e r n Fleisch u n d Brod zu kaufen, was
e r bei d e r N a t u r a l z a h l u n g n i c h t k a n n . S e i n e p e r s n l i c h e F r e i h e i t ist s o -
m i t erweitert, d . h . d e r H e r r s c h a f t d e s S c h n a p s e s ist e i n g r r e r Spiel-
4 0 r u m g e w h r t . A n d r e r s e i t s k a n n die A r b e i t e r k l a s s e fr d a s , w a s sie b e r
die n o t h w e n d i g e n S u b s i s t e n z m i t t e l h i n a u s e r b r i g t , s t a t t F l e i s c h u n d
233
B r o d , sich B c h e r u n d l e c t u r e r s u n d M e e t i n g s k a u f e n . Sie h a t ein g r -

r e s M i t t e l die a l l g e m e i n e n M c h t e d e r Gesellschaft, wie die i n t e l l e k t u e l -
l e n , sich a n z u e i g n e n . W o die A r t des E i n k o m m e n s n o c h b e s t i m m t ist
d u r c h die A r t d e s E r w e r b s selbst, n i c h t blos, wie j e z t d u r c h die Q u a n t i t t
d e s a l l g e m e i n e n T a u s c h m e d i u m s , s o n d e r n d u r c h die Q u a l i t t s e i n e s E r - 5
w e r b s selbst, s i n d die B e z i e h u n g e n , i n die e r z u r G e s e l l s c h a f t t r e t e n u n d
sie sich a n e i g n e n k a n n , u n e n d l i c h b o r n i r t e r u n d d a s gesellschaftliche
O r g a n fr d e n Stoffwechsel m i t d e n m a t e r i e l l e n u n d geistigen P r o d u k t i o -
n e n d e r G e s e l l s c h a f t v o n v o r n h e r e i n auf e i n e b e s t i m m t e W e i s e u n d
e i n e n b e s o n d r e n I n h a l t e i n g e s c h r n k t . D a s G e l d , als d e r h c h s t e A u s - 1 0
d r u c k d e r K l a s s e n g e g e n s t z e , verwischt d a h e r z u g l e i c h die r e l i g i s e n ,
stndischen, intellektuellen u n d individuellen Unterschiede. Vergebens
b e s t r e b t e n sich die F e u d a l e n z . B . d e n B o u r g e o i s g e g e n b e r , d u r c h L u -
x u s g e s e t z e , d i e s e a l l g e m e i n nivellirende M a c h t d e s G e l d e s p o l i t i s c h ein-
z u d m m e n u n d zu b r e c h e n . D e r q u a l i t a t i v e K l a s s e n u n t e r s c h i e d ver- 15
schwindet so in d e m Akt des Handels zwischen consumers u n d dealers
i n d e m quantitativen U n t e r s c h i e d , d e m M e h r o d e r w e n i g e r v o n G e l d ,
w o r b e r d e r K u f e r g e b i e t e t u n d i n n e r h a l b d e r s e l b e n K l a s s e bildet d e r
q u a n t i t a t i v e U n t e r s c h i e d d e n qualitativen. S o G r o b r g e r , M i t t e l b r g e r ,
Kleinbrger. 20
234
Aus Reports - Minutes of evidence... 1810
Reports etc from Committees of the House.

1810.
( I l l , 1810) ( M u s e u m Brit.)
I) Minutes of Evidence Taken before the Select Committee

5 appointed to enquire into the Cause of the high price
of gold bullion, and to take into consideration
the state of the Circulating Medium, and of the Exchanges
between Great Britain and Foreign Parts.
1) Aaron Asher Goldsmid. Partner in the house

io of Mocatta et Goldsmid, Bullion Brokers.
Der gegenwrtige Prei von standard gold ist 4 . 1 0 : Spanische d o u b l o o n s

u n d portugiesische G o l d m n z e n (Dollars) aber n i c h t N a p o l e o n s d o r s u n d
d u t c h ducats (das spanische G o l d schlechter als der englische standard, das
portugiesische ungefhr von d e m s e l b e n value intrinsique.) t h e u r e r wie eng-
15 lische Standard bar gold, weil there is a greater variety of m a r k e t s in the
present circumstances for Spanish a n d portugal coin, t h a n for french et
dutch. (p. 35) I m m e r im M a r k t n u r E i n Prei fr G o l d u n d Silberbullion,
when there is n o t e n o u g h d o n e to constitute a market, no prices are print-
ed, (p.36) all o u r sales g e h n d u r c h das bullionoffice der Bank. (I.e.) State in
20 detail the m o d e in which such a transaction is m a d e with an individ-
u a l ? - T h e Bullion is received from o n e individual a n d delivered to a n o t h e r
at the price fixed by u s ; a n d the whole of the transaction is recorded in the
Books of the Bullion Office in the Bank, with the n a m e s of the parties, the
235
a m o u n t sold, a n d the p r i c e . - I s n o t every quantity of b a r gold, which by

your intervention passes from o n e individual to another, deposited for
s o m e t i m e in the Bank, a n d assayed t h e r e ? - Y e s . (1. c.) Erklrt d a sein
H a u s der einzig b e d e u t e n d e dealer in gold sei. (p. 37) D e r rate of brokerage
ist %% to e a c h party. (I.e.) F r o m w h o m in general do you receive the gold 5
which you s e l l ? - I t h i n k that during the last years the chief i m p o r t s have
b e e n from the Westindies, principally in D o u b l o o n s , n a m e n t l i c h von Ja-
m a i k a m e r c h a n t s ; diese large importation daher, in c o n s e q u e n c e of the
price of gold being so high here, it is m o r e advantageous to m a k e the r e t u r n
in bullion t h a n bills. A u s s e r d e m , in d e n lezten 15 M o n t h s , m a t e r i a l q u a n - 10
tity of gold erhalten von bullion retail dealers in this country, who collect
t h e m in small quantities a n d sell t h e m to us in the wholesale. (1. c.) D e r po-
litische Z u s t a n d von Spanien u n d Portugal m a g beigetragen ||53| h a b e n
S d a m e r i k a n i s c h e s G o l d n a c h England durch die westindischen Inseln zu
bringen, (p. 38) Das G o l d von i h m hauptschlich verkauft an d u t c h a n d 15
french m e r c h a n t s , fr Export, (p. 39) Do you K n o w any i n s t a n c e of gold
having b e e n seized, on its arrival in F r a n c e or H o l l a n d ? - I do not; I believe
it is on a c c o u n t of its greater facility of access that gold is preferred as an
article of export, (p. 43) You have already stated the difference between
gold which is our standard, a n d bankpaper, to be as between 3.17. 10 to 20
4 . 1 0 or nearly 16%; if a person therefore at H a m b u r g h sends over a bill
for a 100 guineas, how is it p a i d ? - I stated that the difference b e t w e e n the
m a r k e t a n d t h e m i n t price was about 16% b u t I did n o t m a k e any dis-
t i n c t i o n between b a n k p a p e r a n d the coin; the bill c a n be p a i d either by the
exportation of gold a n d silver or other c o m m o d i t i e s , or t h e p u r c h a s e of a 25
bill h e r e . - T h e simple question I ask is this; if I take a bill from H a m b u r g h ,
drawn u p o n L o n d o n for a 100 guineas, in what does t h e acceptor pay
m e ? - I t is in his power to pay either in coin or in b a n k n o t e s , or in any other
c o m m o d i t y which you conceive to be of an a e d e q u a t e value. In p o i n t of
fact what can I d e m a n d of h i m ? - I suppose that b a n k n o t e s are a legal ten- 30 (
d e r . - T h i s being paid in paper what m u s t I do to get gold for the further
traffic of my c o r r e s p o n d e n t ? - I f it is your design to export gold, you cer-
tainly m u s t p u r c h a s e it either in foreign coin or in gold in bars m e l t e d from
foreign coin, or foreign bars of gold. (p. 43) I
236
2) Binns. (S. T.) (Manager des Hauses W. et J. Wood,

bullion dealers.)
Describe generally the particular n a t u r e of your t r a d e . - P e o p l e bring b u l -

lion to o u r h o u s e for sale, a n d some c o m e to buy; when we have any q u a n -
5 tity of foreign coin we apply to the brokers who sell for u s . (p.44) Light coin
we m e l t into bars. (1. c.) Ihre H a u p t k u f e r sind b u t t o n m a k e r s a n d china-
dealers or persons employed in gilding china, a n d jewellers. (1. c.) G o l d for
exportation (portugies.) c o m m a n d s a higher price t h a n that which c a n n o t
be sworn off. (1. c.) W i r w e n d e n d e n broker an z u m Verkaufen, n i c h t z u m
10 Kaufen. - Y o u b u y in small quantities a n d sell in l a r g e ? - Y e s . - W h a t class
of people bring light guineas to you, t h e shopkeepers, or the b a n k e r s e t c ? - I
c a n n o t say. (p. 45)Das as light gold e i n g e s c h m o l z e n e C o i n wird d e n Gold-
s c h m i e d e n verkauft u n d in Manufakturartikeln verarbeitet. H a t in d e m lez-
ten J a h r von 1 0 0 0 - 2 0 0 0 leichte guineas eingeschmolzen, (p. 46) Als fair
15 difference between d e n purchases u n d sales in dieser line betrachtet, je
n a c h d e m Stand des M a r k t s von ]/ bis 1%. E i n e leichte G u i n e a , w e n n i h m
2
offered, produces m o r e to the person offering it t h a n a g u i n e a in paper.

(I.e.)
3) Merle (William) (banker und goldrefiner)
20 - W a s E u e r Geschft? - O u r general dealings are in supplying the gold-

smiths with G o l d a n d Silver, for t h e purposes of their m a n u f a c t u r e ; at
the same t i m e I sell a great deal of silver to the m e r c h a n t s , a n d gold also
for Exportation, (p. 46)
Sie h a b e n gold of all qualities u n d descriptions. (1. c.) H a t seit der
25 reeoinage viele T a u s e n d e von leichten G u i n e a s gekauft for t h e purpose of
melting t h e m down into bars u n d sending t h e m to the b a n k . Die B a n k of
England zahlt 3 . 1 7 . 6 u n d er 3.17.2 oder 3.17.2, d a n n war 2 d. for melt-
ing u n d profit of 1 d. (p. 47) Gold fr exportation is sold zu 4 . 1 0 . I sell
gold m u c h lower to the trade here. (1. c.) D i e B a n k giebt n u n fr s t a n d a r d
30 gold 4 /. (p. 48) E r h a l t e n foreign coins a u c h from m e r c h a n t s , sent over to
t h e m as remittances, (p. 51) Yet a great deal of african gold (dust) this last
year. (1. c.) I could afford to sell the gold for 8 s. an o u n c e less t h a n I am
obliged to do now, if I was allowed to m e l t guineas, (p. 53) W h a t do you
conceive to be the cause of t h e disappearance of g u i n e a s from circulation
35 within the last six m o n t h s ? - I can only give my o p i n i o n ... I have no
doubt they are collected up to be sent abroad; I have h e a r d it has b e e n the
237
practice of a n u m b e r of people to attend a m o n g the butchers in W h i t e c h a p -

el a n d other markets, and to give a p r e m i u m for t h e m ; i n d e e d there is a
salesman in Smithfield from w h o m I used to receive a great deal of light
m o n e y , a n d who has asked me whether I would n o t give a p r e m i u m for it,
which I refused, and he said he could procure 5 % u p o n it. (p. 53) 5
4) A. A. Goldsmid. (iterum Crispinus)
G e g e n Mitte des Jahres 1808 die m e r c h a n t s trading to t h e Brazils a n d Por-

tugal purchased gold a n d silver bullion, instead of selling it as before,
(p. 55) Die french armies, in their progress t h r o u g h t h e C o n t i n e n t carry
gold in order to pay t h e d e m a n d s u p o n t h e m . (p. 56) 10
5) Lyne (Ch.)
Was der G r u n d der Gold u n d Silberausfuhr n a c h Brasilien? - D i e appre-

h e n s i o n of a rupture between this country u n d N o r t h a m e r i c a , creating a
great desire on t h e part of o u r manufacturers a n d dealers in cotton to pur-
chase the cotton in t h e Brazils to import into this Country. K n n t e die 15
n i c h t geschehn d u r c h Z i e h n von Wechseln? - N e i n , there being no takers
for s u c h bills on England; a n d the importer of cotton m a k e s his purchase
m o r e readily by sending cash this country. (p. 58) |
|54| 6) Th. Hughan. (Member of the House. Merchant,

trading to the Westindies.) 20
D e r trade zwischen J a m a i c a u n d den Spanish settlements is very m u c h in-

creased, since an interruption was given to the c o m m e r c e carried on be-
tween A m e r i c a a n d those countries; it has also b e e n e x t e n d e d considerably
since the c o m m e n c e m e n t of the french u s u r p a t i o n in Spain, (p. 63) Seit
1808 oversupply in d e n Spanish markets, the sale der englischen goods da- 25
h e r n u n heavy daselbst, (p. 64)
238
7) J. L. Greffulhe. (general merchant,

trading chiefly to the Continent.)
N a c h H o l l a n d viel colonial produce verkauft, m i t grossem Profit. - Brazil

cotton kostet in E n g l a n d das Pfund 2 s. ist zu A m s t e r d a m 6 u n d zu Paris
5 8 sh. werth. (p. 67) Behauptet, da die exchanges influirt n u r d u r c h com-
mercial causes, (p. 70) Begreift ein surplus von forced Papercurrency. But I
do n o t conceive this to be applicable to the B a n k p a p e r currency of this
k i n g d o m , which from its n a t u r e , a n d from the m a n n e r in which it ought to
be, a n d I believe is issued, can scarcely in my opinion, be carried to an ex-
10 cess; it is only called forth by the real wants of trade a n d circulation, and is
always represented by a valuable consideration. I conceive, t h a t as long as
bills of u n d o u b t e d solidity are sent into the B a n k for discount, the B a n k
are fully justified in issuing their notes against those bills, without any fear
of the a m o u n t of t h e i r currency b e c o m i n g excessive, (p. 71) D o you t h e n
15 conceive, t h a t to whatever extent t h e b a n k affords facility of discount, ei-
ther to the g o v e r n m e n t or to individuals, provided the security be good, a n d
payable at fixed dates, that no excess of circulation in b a n k p a p e r can possi-
bly take place! - I conceive t h a t t h e wants of t h e circulation are of course
confined to a certain s u m ; whatever proportion of that s u m is invested by
20 the b a n k in g o v e r n m e n t securities, will d i m i n i s h in the s a m e proportion
the calls of t h e public u p o n t h e b a n k for discounts; t h e a m o u n t of notes,
therefore, in circulation will r e m a i n the s a m e . T h e point where, in my
opinion, t h e b a n k ought to stop in such purchases of g o v e r n m e n t securi-
ties, is when good responsible bills are no longer sent into the b a n k by t h e
25 public for discount; that I conceive to be a certain sign of t h e wants of cir-
culation being fully supplied ... the securities d i s c o u n t e d by the b a n k
should be payable at short and fixed periods. ... the country banks s n d i -
gen i n d e m sie in der practice sind of issuing notes u p o n the security of
goods, houses, a n d lands, in addition to the ordinary d i s c o u n t of bills of ex-
30 change, (p. 72)
8) Mr. (Anonymus) A continental merchant.
a shilling flemish m e a n s 6 stivers beo of H a m b u r g h , u n d 16 stivers beo

sind 1 M a r c beo. F r 27 marcs 12 stivers b e o k a n n m a n h a b e n 1 M a r c of
Cologne weight of silver, perfectly fine, without any alloy. 65 U n z e n eng-
239
lisch Standardsilber e n t h a l t e n 8 marcs of Cologne fine silver, (p. 73) D e r

Wechselkurs von L o n d o n auf H a m b u r g 29. (d. h. 29 s h . fl[emish] fr
1 /.St.) der von H a m b u r g auf L o n d o n ist 28. W h a t is the cause of this dif-
ference between the course from H a m b u r g h u p o n L o n d o n , a n d t h a t from
L o n d o n u p o n H a m b u r g h ? - T h e major part of the exchange operations 5
between H a m b u r g h a n d L o n d o n being carried on at H a m b u r g h , the course
of exchange is principally fixed there, and receives its first i m p u l s e at
H a m b u r g h ; the course from L o n d o n u p o n H a m b u r g h is regulated in a
great m e a s u r e by t h a t from H a m b u r g h u p o n L o n d o n : t h u s w h e n t h e r e are
m o r e bills t h a n required for actual payments, m e r c h a n t s employ their capi- io
tal partly in purchasing of surplus bills, a n d sending t h e m to L o n d o n to get
returns; they have, therefore, to take into their calculation the a m o u n t of
interest on the bills so sent, as well as on those received in return, together
with two brokerages and a c o m m i s s i o n to the L o n d o n m e r c h a n t , was, z u m
rate von 5%, without any other profit, Differenz von 1 sh. flemish per I. 15
m a c h t . Sind die difficulties of c o m m u n i c a t i o n grsser u n d die p e n a l re-
strictions increase t h e dangers a n d difficulties of s u c h transactions, an ad-
ditional advantage g e n o m m e n von d e n fremden adventurers going into
such transactions; u n d so, when those difficulties existed to the greatest ex-
tent, t h e difference of exchange was full 2 s. flemish. (p. 73,4) (|55| Die 20
b a n k giebt Credit (die von H a m b u r g ) , w e n n das Deposit g e m a c h t wird, fr
a m a r c weight of fine silver 27 m a r k s 10 stiv. beo u n d if t a k e n out, at
27 marks 12 stiv. (p. 75)
7) John Whitmore (Governor der Bank of England)
T h e B a n k never force a n o t e in circulation, a n d there will n o t r e m a i n a 25

n o t e in circulation m o r e t h a n the i m m e d i a t e wants of the public require;
for no banker, I p r e s u m e , will keep a larger stock of b a n k n o t e s by h i m t h a n
his i m m e d i a t e p a y m e n t s require, as he can at all t i m e s p r o c u r e t h e m ,
(p. 79) Supposing G o l d to be drawn from the Bank to be t h e n m e l t e d a n d
exported, would there n o t be a r e d u c t i o n of your paper in c o n s e q u e n c e of 30
n o t e s having b e e n brought in to exchange for Gold, a n d t h e n cancelled?
- Y e s , provided we did n o t reissue an equal a m o u n t . - W e could reissue an
e q u a l a m o u n t by the purchase of exchequerbills or Bullion, or by dis-
c o u n t s ; being the only articles on which we m a k e advances. (p. 80)
240
8) Wieder der continental merchant" called in.
Ausser d e m B e n e h m e n des F e i n d e s , der O c c u p a t i o n von H o l l a n d u n d

N o r d d e u t s c h l a n d d u r c h die F r a n z o s e n etc u n d der G e g e n m a a r e g e l n i n
England wirkten folgende U r s a c h e n auf d e m C o n t i n e n t auf d e n e x c h a n g e
5 gegen England: Very considerable s h i p m e n t s from the Baltic, which were
drawn for a n d the bills negotiated i m m e d i a t e l y on t h e s h i p m e n t s taking
place, without consulting the interest of t h e Proprietors in this Country
m u c h , by deferring s u c h ngociation till a d e m a n d should take place for
such bills; the c o n t i n u e d difficulty a n d u n c e r t a i n t y in carrying on the cor-
10 r e s p o n d e n c e between this country a n d the C o n t i n e n t ; the curtailed n u m b e r
of h o u s e s to be found on the C o n t i n e n t willing to u n d e r t a k e s u c h opera-
tions, either by accepting bills for english account, drawn from the various
ports where the s h i p m e n t s take place, or by accepting bills drawn from this
country, either against property shipped, or on a speculative idea t h a t t h e
15 exchange either ought or is likely to rise; t h e length of t i m e t h a t is required
before goods c a n be converted into cash, from the circuitous routes they
are obliged to take; the very large s u m s of m o n e y paid to foreign ship own-
ers, which in s o m e instances, such as on the article of h e m p , has a m o u n t e d
to nearly its p r i m e cost in Russia; the want of m i d d l e m e n , who, as for-
20 merly, used to employ great capitals in e x c h a n g e operations, who, from the
increased difficulties a n d dangers to which s u c h operations are n o w s u b -
ject, are at present rarely to be m e t with, to m a k e c o m b i n e d e x c h a n g e oper-
ations, which t e n d to anticipate probable u l t i m a t e results. (p. 82) Is it n o t
the b a l a n c e of p a y m e n t s , a n d n o t t h e b a l a n c e of trade, w h i c h affects the ex-
25 change? - Ja, but in this, as in most other cases, u l t i m a t e results are antici-
pated by the speculations of individuals. (p. 85)
9) John Whitmore. (iterum) und John Pearse

(Deputy Governor of the Bank of England)
Pearse. the c o m m i t t e e do n o t s e e m to be aware that to the extent of dis-

30 counting bills, which forms a very i m p o r t a n t part of t h e occasion of the is-
sues of Bank notes, care is t a k e n in the first instance t h a t they shall be bills
of real value, representing real transactions, a n d t h a t they are all d u e with-
in the period of two m o n t h s ; that parts of t h e m are b e c o m e d u e every day;
so that unless renewed discounts take place, the p a y m e n t s of those bills as
35 they b e c o m e d u e would of itself take out of circulation such quantities of
241
B a n k n o t e s as would deprive persons of the m e a n s to s u c h e x t e n t of taking

gold out of the b a n k . (p. 95)
Whitmore. I have already stated t h a t we never forced a B a n k n o t e into cir-
culation, a n d the criterion by which I j u d g e of t h e exact proportion to be
m a i n t a i n e d is, by avoiding as m u c h as possible to d i s c o u n t what does n o t 5
appear to be legitimate mercantile paper. T h e b a n k n o t e s would revert to us
if there was a r e d u n d a n c y in circulation, as no o n e would pay interest for a
b a n k n o t e |[56| t h a t he did n o t want to m a k e use of.
Mr. Pearse. In discounting bills that are sent to us for t h a t purpose, for
which a d i s c o u n t is t a k e n at the rate of 5 % per a n n u m , if t h e r e was with t h e 10
public an excess of Banknotes, those bills would be sought for d i s c o u n t by
the public at a r e d u c e d rate, a n d would n o t m a k e their a p p e a r a n c e at the
b a n k . We have daily evidence in our discounting of t h e i n d i c a t i o n s of the
a b u n d a n c e or scarcity in the quantity of Banknotes, by the applications for
d i s c o u n t s , . . . b e s o n d e r s d u r c h unsre Erfahrung an the Tuesdays a n d W e d n e s - 15
days in j e d e r W o c h e , in c o n s e q u e n c e of our d i s c o u n t i n g L o n d o n paper
on t h e Thursdays only, producing by that operation, invariably, a certain
degree of scarcity the two preceding days, a n d a plenty t h e day following.
(P. 97)
W h i t m o r e bleibt b e i d e r A n s i c h t a u c h b e i e i n e m Z i n s f u v o n 3 , 2 , j a 20
a n y %. n o b o d y would pay any interest of m o n e y , unless it were for the
purpose of employing it for speculation u n d die Bank of E n g l a n d d i s c o u n -
tirt solchen persons nicht. (p. 98)
The cause o f the alarm (sagt M r . P e a r s e b e i e i n e r d i s t r e s s i n t h e k i n g -
d o m , a r i s i n g f r o m failures d e r c o u n t r y b a n k s , u n d d e m c o n s e q u e n t a l a r m 25
u n d h o a r d i n g v o n coins) being satisfactorily ascertained to arise from a
d i m i n u t i o n of t h e circulating m e d i u m , it would [be] obviously advisable
that the B a n k should endeavour to supply the deficiency thereby occa-
sioned. (p. 111,2) W h a t is the criterion by which the B a n k regulates the
a m o u n t of its advances to G o v e r n m e n t so as to guard against t h e possibil- 30
ity of any excess in the issue of its p a p e r ? - T h a t G o v e r n m e n t will n o t find
it necessary to apply to the Bank for a c c o m m o d a t i o n by advance on its
securities, i n a s m u c h as in c o n s e q u e n c e of any excess of b a n k p a p e r in cir-
culation they would be able to sell such securities in t h e o p e n market.
(p. 118) W i e wird das berflssige Papier u n t e r d e m Restriktionsakt zu- 35
rckkehren? - By a d i m i n i s h e d application for discounts a n d advances
u p o n government securities, which would in effect r e d u c e the n u m b e r of
b a n k n o t e s in circulation, (p. 121)
242
10) Thomas Richardson, (billbroker.)
In some parts of the country there is b u t little circulation of bills drawn

u p o n L o n d o n as in Norfolk, Suffolk, Essex, Sussex etc, b u t there is a
considerable circulation of country b a n k n o t e s , principally optional notes.
5 In Lancashire u m g e k e h r t . I receive bills to a considerable a m o u n t from
Lancashire in particular, a n d remit t h e m to Norfolk, Suffolk, etc where the
bankers have large lodgements, and m u c h surplus m o n e y to advance on
bills for discount. Do y o u n o t send bills drawn in L o n d o n by one m e r c h a n t
u p o n a n o t h e r ( g e n a n n t n o t e s ) to be d i s c o u n t e d in t h e c o u n t r y ? - Y e s to a
10 considerable a m o u n t . - H o w do you get your r e m i t t a n c e s for those bills that
you send to be d i s c o u n t e d ? - I n bills t h a t h a v e 3 or 4 days to run, or by or-
ders for cash on b a n k e r s in L o n d o n . (p. 122) Are the bills so d i s c o u n t e d
on behalf of the country b a n k s , s u c h as t h e B a n k of E n g l a n d would refuse
to d i s c o u n t ? - A t least % of t h e m , on a c c o u n t of their having m o r e t h a n
15 65 days to run. A u s s e r d e m : Some h o u s e s have m o r e occasion for dis-
c o u n t t h a n others; the B a n k only take a limited account. T h e business of
some houses arises principally at o n e period of the year w h e n they m a k e
their sales; they t h e n want larger a c c o m m o d a t i o n s t h a n the b a n k would af-
ford t h e m , a n d m a n y of t h e bills being indirect, by which I m e a n n o t dis-
20 countable at the Bank without 2 L o n d o n indorsements. (p. 123) Supposing
the supply of cash to increase through t h e increase of country ||57| b a n k -
notes, do you conceive that y o u could o b t a i n a proportionable increase in
the supply of bills founded on real transactions of c o m m e r c e ? - Y e s , to
m o r e t h a n double the a m o u n t of the increase; by taking bills which have
25 from 3 to six m o n t h s to r u n . (p. 125)
11) Sir F. Baring.
T h e question is too general in speaking of goods bills founded on real m e r -

cantile transactions etc, there are m a n y instances of clerks n o t worth 100
establishing themselves as m e r c h a n t s , a n d receiving (since the restriction)
30 an a c c o m m o d a t i o n from the Bank, by d i s c o u n t i n g what is called good bills
to the a m o u n t of 5 oder 10,000 I. such a d e m a n d I am inclined to consider
as created by the Bank, and n o t arising o u t of a regular course of trade,
such as would exist if t h e restriction was removed, (p. 132)
243
12) Mr. Humble Clerk des Bullionoffice der Bank.
Zerfllt in 2 D e p a r t m e n t s , the first is for the purpose of weighing a n d as-

certaining the value of the bullion in which t h e B a n k is concerned; t h e oth-
er in which individuals only are concerned. How c a m e this office at the
B a n k to have any cognizance of bullion transactions between individu- 5
als? - It has b e e n so long established that I c a n n o t answer that question; it
h a s b e e n established upwards of 100 years. I u n d e r s t a n d it to have b e e n in-
stituted merely for the purpose of a c c o m m o d a t i o n a n d safety between m e r -
c h a n t a n d m e r c h a n t , as a place of deposit; it u s e d formerly to be called the
Warehouse, it is only of late years t h a t it has b e e n called the bullion of- 10
fice.-Oo you keep any account of those transactions which pass between
i n d i v i d u a l s ? - O n l y m e m o r a n d u m s in a wastebook. T h e b u l l i o n is deposited
generally by shipmasters, a n d lies in that office for the owners to w h o m it is
consigned; we keep separate books for entering those deposits ... W h e n a
sale takes place, that is transacted by the Broker between the seller a n d 15
buyer, he giving a contract to each; the parties c o m e to t h e office, a n d in
their presence t h e package is opened, the bullion weighed, we deliver the
quantity sold to t h e buyer, a n d receive from h i m the price, which we deliv-
er over to the seller. (p. 146)
13) Richardson (again). 20
Die bankers h a l t e n % weniger N o t e n als vor 8 J a h r e n im Verhltni zu der

zu m a c h e n d e n Z a h l von Z a h l u n g e n . To what cause do you ascribe that
d i m i n u t i o n ? - To the m o r e ready m e t h o d in which they c a n borrow bank-
notes for the day, t h r o u g h the m e a n s of brokers. - Is it your practice to be
an i n t e r m e d i a t e person for these purposes? - Very frequently; oft z u m a m o u n t 25
von 20 u n d 30,000 I. per Tag. Diese Praxis h a t sehr increased. A u s s e r d e m
jezt viel m e h r bills in circulation als frher. (p. 147) F r o m our general in-
tercourse m i t d e n bankers we can borrow of o n e to pay, the other at an
h o u r ' s notice. (p. 148) Are you sufficiently a c q u a i n t e d with t h e b a n k i n g
business to state the m o d e of their m a k i n g their daily p a y m e n t s ? - I f a per- 30
son has a s u m of m o n e y at his banker's, he draws his drafts, a n d of course
receives the notes at any m o m e n t he pleases; b u t if in the course of t h e day
he has, for instance 10,000 to pay, with perhaps only 1000 I. at his b a n k -
er's, he pays in the drafts he receives that day from others, to m a k e up the
s u m he requires, for which he also draws; which drafts the bankers do not 35
usually pay the b a n k n o t e s u p o n , b u t take t h e m to the clearing h o u s e at
244
4 o'clock, when each b a n k e r settles the difference between h i m and each

other banker, a n d the b a l a n c e is uniformly paid t h a t evening in bank-
notes. How is the practice of settling with the bankers at the W e s t e n d of the
T o w n ? - T h e clerks of t h e citybankers, a n d the b a n k e r s at the Westend of the
5 town ||58| bring their d e m a n d s m u t u a l l y u p o n e a c h other, which are always
discharged on b o t h sides in banknotes. (p. 148) Do you know of any alter-
ation in t h e h o u r at which the b a n k now takes from the b a n k e r s the s u m
daily d u e to t h e m on the ground of Bank-charges? Yes, at 4 o'clock. F r h e r
as soon after n i n e as they could agree u p o n the s u m . D i e gro saving in
10 the u s e of t h e n o t e s to the banker. In Folge dieses change ist er fhig to pay
the b a n k in a great m e a s u r e by the m e d i u m of drafts u p o n the bank, which
have b e e n paid in by his customers for bills discounted by t h e m on the
same day, instead of paying the B a n k in Bank of E n g l a n d notes. (p. 148)
Has it n o t b e e n a c u s t o m for young m e n of inconsiderable property to buy
15 goods for m a n u f a c t u r e r s at u n u s u a l l y long credits, for the purposes of car-
rying to St. D o m i n g o or S o u t h A m e r i c a u p o n speculation, a n d for w h i c h
they give in p a y m e n t bills at from twelve to eighteen m o n t h s d a t e ? - I t is
the custom. How do persons receiving those bills contrive to convert
t h e m into m o n e y for t h e purposes of their own t r a d e ? - B y lodging t h e m
20 with good houses, a n d drawing other bills against t h e m at 2 or 3 m o n t h s ,
a n d renewing t h e m w h e n they b e c o m e d u e , a n d so on till t h e p a y m e n t is
fulfilled. (p. 149)
14) W. Thomas (Inspector of the Clearinghouse

in Lombardstreet.)
25 Tglich im D u r c h s c h n i t t , m i t A u s n a h m e der settling days u n d I n d i a

prompts, im D u r c h s c h n i t t in das H a u s gebracht, drafts z u m Belauf von
4,700,000. Erfordert z u r Z a h l u n g der Bilanz d u r c h s c h n i t t l i c h 220,000 in
b a n k n o t e s . An d e n settling days at the Stock e x c h a n g e der G e s a m m t b e t r a g
der drafts paid ungefhr 14 millions. Das clearinghouse existirt seit 35 J a h -
30 ren. (p. 151)
245
II.) Report (und Minutes of Evidences,

(9 March bis 27 April 1797) und Accounts
und Papers) of the Lords' Committee
of secrecy. Order of council
26 Februar 1797; relating to the Bank. 5
Ordered by the House of Commons,

to be printed. 6 Februar 1810.
246
Aus Reports from committees... 1847-1848 ... Minutes of evidence
Commercial distress 1847-8.

Reports from Committees (1847-8).
Eighteen volumes.
Second Volume Part I.
5 E n t h l t zwei R e p o r t s f r o m t h e secret c o m m i t t e e o n c o m m e r c i a l d i s t r e s s ,
with the m i n u t e s of Evidence.
(Session 18 November 1847 und 5 September 1848)
(Citirt n a c h d e n i n d e n E x e m p l a r e n d e s M u s e u m g e s c h r i e b e n e n Z a h -
len.)
io First Report, etc
gedruckt auf Befehl des H a u s e s 8 J u n e 1848.
Minutes of Evidence.
a) Adam Hodgson
(8 F e b r u a r 1848) (einer der Direktors der A k t i e n b a n k von Liverpool.)

15 Anfang 1847 nichts in d e m trade von Liverpool, das b e s o n d r e a t t e n t i o n
auf sich zog; there h a d b e e n a very u n u s u a l l y large increase in the spinning
of cotton, aber in Liverpool nichts to m a r k the period peculiarly. Im April
galt der trade als in a s o u n d state; t h a t was generally stated to the Govern-
247
m e n t as the o p i n i o n of all the g e n t l e m e n in the d e p u t a t i o n . D e r erste U m -

stand, der u n s auffiel, war eine A n k n d i g u n g der Bank of E n g l a n d that our
discounts with t h e m m u s t be d i m i n i s h e d %, as they ran off; das war in der
lezten W o c h e April, (p. 25) D i e gab very general alarm in Liverpool. Kauf-
leute u n d a n d r e bankers k a m e n zu u n s u n d beschlossen eine D e p u t a t i o n 5
an die Regierung zu schicken zu klagen b e r die B a n k of E n g l a n d . Das an-
n o u n c e m e n t wirkte besonders s c h l i m m , weil die Z a h l u n g e n in Liverpool
lezthin waren viel m e h r in bills als in cash; u n d die Kaufleute, die gener-
ally der b a n k a large proportion of cash brachten, um d a m i t ihre acceptances
zu zahlen, h a d latterly b e e n ||59| able to bring only bills w h i c h they h a d re- 10
ceived for their cotton a n d other produce u n d die increased sehr rasch wie
die difficulty increased; b u t we saw t h a t it would m a k e t h e restriction n o c h
viel m e h r severely. Diese bills waren nicht b e r 3 m o n t h s ' date, wie die
die rule for cotton p a y m e n t s . T h e acceptances, die die B a n k h a d to pay for
t h e m e r c h a n t s , were acceptances drawn chiefly u p o n t h e m from abroad, 15
a n d they have b e e n a c c u s t o m e d to m e e t those acceptances by whatever
p a y m e n t they received for their produce. Die bills, die die m e r c h a n t s
b r a c h t e n , statt des cash wie sonst, waren bills of various dates u n d of va-
rious descriptions, eine betrchtliche Z a h l b a n k e r s ' bills, of three m o n t h s '
date, the large bulk being cotton bills. Sie waren fast n u r bills originating 20
in E n g l a n d u n d received by m e r c h a n t s in p a y m e n t for the p r o d u c e sold by
the m e r c h a n t s , (p. 26) Diese bills waren accepted, wenn b a n k e r s ' bills d u r c h
L o n d o n b a n k e r s u n d sonst by m e r c h a n t s in every trade, brasilischen, a m e -
rikanischen, c a n a d i s c h e n , westindischen u.s.w. Frage. 21) T h e n , in lieu of
p a y m e n t s in cash, t h e m e r c h a n t s drew u p o n each other, and- substituted 25
p a y m e n t s , by m e a n s of those bills, for p a y m e n t s in c a s h ? - N o , n o t at all;
die Kaufleute zogen n i c h t aufeinander; sondern die parties im I n n e r n , die
Product von d e n Kaufleuten gekauft h a t t e n , remittirten dieselben bills auf
L o n d o n b a n k e r s , of bills on various parties in L o n d o n , or bills u p o n any-
body. (p. 27) In Liverpool h a t ein Kufer stets das R e c h t zu z a h l e n in 30
cash oder in bills (bis 3 m o n t h s ' date); wenn n i c h t das G e g e n t h e i l abge-
m a c h t ist. W e n n er diese bills wohlfeil discountiren k a n n , so t h u t ers bei
G u r n e y oder sonstwo in L o n d o n u n d zahlt d a n n cash fr sein p r o d u c e .
K a n n er sie n i c h t discount u n t e r 5 %, so zahlt er in bills. Ist der rate u n t e r
5% so gewinnt er by discounting below that rate u n d d u r c h Z a h l u n g in 35
baar. (p. 27) Besondere Klassen von bills werden sehr oft erneuert; so die
w o d u r c h der H a n d e l n a c h der Sdwestkste von A m e r i c a b e s o n d e r s ge-
fhrt wird; sie sind gezogen d u r c h die F a b r i k a n t e n auf d e n Liverpool m e r -
chant, der correspondents a n der Sdwestkste h a t u n d a n dessen H a u s die
goods consignirt sind. Diese bills ursprnglich m e i s t gezogen auf 40
6 m o n t h s , (p. 28) Die A n k n d i g u n g der Bank of E n g l a n d verursachte, d a
248
fr die bills, received for the sale of p r o d u c e i m p o r t e d in this country, der

T e r m i n , der sonst hufig b e r 3 m o n t h s war, abgekrzt wurde. (1. c.) D i e
B a n k of E n g l a n d gab i h n e n a small relaxation. W r e die n i c h t geschehn, I
t h i n k a great m a n y solvent houses, with bills in their cases, would have
5 stopped p a y m e n t . D i e war die peculiarity der crisis v o m April. A n d e r s
wars im O k t o b e r . . . it ist n i c h t allein der a m o u n t der notes die zu h a b e n
sind, der auf Preisse wirkt, b u t the removal of the apprehension, that by
a n d by, if the alarm continues, n o t h i n g will be got. (p. 29) Am 13' M a i war
die pressure betrchtlich abated u n d it gradually passed away. (p. 30) Sep-
10 t e m b e r fallirten betrchtliche firms im corntrade. (p. 30) N e u e U n t e r h a n d -
l u n g e n m i t der b a n k d e n 4, 5 etc October, (p. 31) Im G a n z e n m a n a g i r t e n
wir die Reserve in solcher form as would interfere the least m i t der circula-
tion; sie h a t t e n d a m a l s 100,000 /. at call m i t certain billbrokers, die were
u n a b l e , w h e n applied to, to return us m o r e t h a n 25,000 /. S o n n t a g 17 Oct.
15 spt in der N a c h t , k a m ein director der royal b a n k of Liverpool u n d ein D i -
rektor einer a n d e r n A k t i e n b a n k i n m e i n H a u s , u n d zeigten an, d a die
R o y a l B a n k would n o t o p e n its doors the following day. (p. 31) 18 Oct.
M o n t a g we h a d a r u n u p o n u s , ebenso verschiedne a n d r e banks in Folge
der stoppage der royal Bank. D a u e r t e 3 Tage. Sie h n l i c h e n N a m e n wie die
20 Royal B a n k das b r a c h t e i h n e n die depositors auf d e n Hals. Verloren so am
18' 50,000 /. u n d im Laufe der W o c h e ungefhr 100,000 alles die, so
weit sie sich versichern k o n n t e n , n u r d u r c h d e n r u n . (p. 32.) D i e B r a n c h der
B a n k of E n g l a n d verweigerte sich, e i n e n W e c h s e l v o m 23 Okt., falling d e n
26, indossirt von der B a n k of F r a n c e zu discontiren. (1. c.) D i e Crise v o m
25 April u n t e r s c h i e d sich wesentlich von der von October. ... Im October war
keine failure von solvent houses. (1. c.) W e n n die B a n k h a d looked n h e r
auf die Z e i c h e n der Zeit A u g u s t 1846, wrde sie d e n D i s c o u n t n i c h t v o n
3 auf 3 herabgesezt u n d ihn frher wieder e r h h t h a b e n , (p. 33) I have nev-
er seen s u c h perfect discouragement thrown u p o n c o m m e r c i a l m a t t e r s as I
30 have seen in t h e last year; I have b e e n 30 years in business, a n d I have nev-
er witnessed the feeling of helplessness a n d hopelessness so strong as in
the last year; there were heavier losses in 1825, b u t I never saw a greater
feeling of discouragement, (p. 34) D i e importers of corn sehn im allgemei-
n e n auf sehr grosse profits or losses; d e n Zins, d e n sie zu zahlen, berck-
35 sichtigen sie d a h e r weniger als P e r s o n e n in irgend e i n e m a n d e r e n G e -
schft, (p. 36) H60j more calamities have occurred in Lancashire and in
L o n d o n , wo bill u n d B a n k of England notes h a u p t s c h l i c h circuliren, als in
d e n districts wo c o u n t r y b a n k n o t e s have b e e n issued. (p. 41) The insol-
vent houses have probably h a d to m a k e greater sacrifices previous to their
40 actual stoppage t h a n solvent houses have b e e n called u p o n to m a k e ; b u t
solvent h o u s e s have participated very largely in t h e losses of insolvent
249
houses. (1. c.) Im F r h l i n g (April) schien n o c h alles in g u t e m Z u s t a n d des

Credits; aber da war die peculiarity, d a fast j e d e r c o m m e r a n t engagirt war
in E i s e n b a h n e n u n d eine so grosse e x p e n d i t u r e fand statt in E i s e n b a h n e n
u n d almost all mercantile h o u s e s h a d b e g u n to starve their business m o r e
or less for investments in railways, aber im D u r c h s c h n i t t k e i n e u n s o u n d ex- 5
t e n s i o n of credit; there h a d b e e n a starving of business, by taking part of
their c o m m e r c i a l capital for railways, (p. 41,[42]) U n t e r d e m jetzigen Sy-
stem, losing a few millions to pay for corn, a n d to ratify t h e exchanges, de-
ranges the whole c o m m e r c i a l state of the country, (p. 42) Um in Folge des
Exports von bullion, to restore the exchanges, leidet die G e s a m m t h e i t der 10
internal transactions des L a n d e s . (1. c.) Die pressure im April u n d Oktober
producirt d u r c h die A n k n d i g u n g der Bank of E n g l a n d schuf in fact an ob-
struction in t h e way of the u s u a l convertibility of bills of e x c h a n g e u n d
die p r o d u c e d die great evils in Liverpool u n d Lancashire, (p. 43)
207.) Should y o u say t h a t the railway calls h a d h a d a great effect in pro- 15
ducing the pressure which there was in April a n d O c t o b e r ? - I should say
t h a t they h a d h a d hardly any effect at all in producing t h e pressure in
April; I should i m a g i n e t h a t up to April, a n d u p , perhaps, to the s u m m e r ,
they h a d increased the power of bankers in some respects rather t h a n
d i m i n i s h e d it; for the e x p e n d i t u r e h a d not b e e n nearly so rapid as t h e calls; 20
the c o n s e q u e n c e was, t h a t m o s t of t h e banks h a d rather a large a m o u n t of
railway m o n e y in their h a n d s in the beginning of the year. In the s u m m e r
that m e l t e d gradually away, a n d on the 31 Dec, it was materially less. O n e
cause of t h e pressure in October was the gradual d i m i n u t i o n of the railway
m o n e y in the b a n k e r s ' h a n d s ; between the 22 April a n d t h e 31 D e c , the 25
railway balances in our h a n d s were r e d u c e d % u n d die railwaycalls h a t t e n
diesen Effect in ganz G r o b r i t a n n i e n ; they have b e e n gradually draining
the deposits of bankers, a n d the a m o u n t s of credit balances in the banks.
... our lodgments for d e p o s i t s - I m e a n not m o n e y passing in a n d out of the
a c c o u n t b u t steadily r e m a i n i n g as deposits, u p o n which interest is paid, 30
s o m e being in small s u m s and others in large ones, v e r m i n d e r t e n sich zwi-
schen 22 April u n d 31 D e c e m b e r um % u n d waren t a k e n out, as we believe,
for i n v e s t m e n t in railway securities. O u r creditbalances v e r m i n d e r t e n sich
gleichzeitig um %. D i e credit balances waren das result of t h e workings of
the general account, which is a m i x t u r e of cash a n d bills u n d d a r u m a 35
steady d i m i n u t i o n for a b o u t a couple of years; evidently persons taking
t h e m o u t of the Bank, thinking that they would get m o r e interest by placing
t h e m out in railway debentures, where they could get 5 % u p o n good secu-
rity; the b a n k i n g power of the country has b e e n most essentially affected by
t h a t circumstance, a n d t h a t m u s t be a d d e d to the other causes of pressure. 40
(p.43,4) D e r drain auf die deposits hatte 1% J a h r e vor dieser lezten pressure
250
Aus Reports from committees...- 1847-1848 ... Minutes of evidence
b e g o n n e n . (1. c.) Am E n d e des P r o z e b e i andrer P r o d u c t i o n h a t m a n was

a u s z u t a u s c h e n m i t F r e m d e n , b e i E i s e n b a h n e n n i c h t . So das floated capital
sunk. (p. 45) E r k l r t d e n j e z t s e h r n i e d r i g e n Z i n s f u a u s der a l m o s t per-
fect D e s t r u c t i o n of c o m m e r c e , and t h e almost total w a n t of m e a n s of e m -
5 ploying m o n e y . (1. c.) W a s in April u n d October s c h a d e t e war die lessened
facility for converting a certain species of circulation i n t o m o n e y . (p. 46) It
h a s b e e n o u r h a b i t to keep at least % of all of o u r deposits, a n d all m o n e y
0
we have of o t h e r persons, in our bill case, in bills t h a t are falling d u e from

day to day, a n d that forms a very large part of our reserve; so m u c h so, that
10 during t h e t i m e of t h e r u n , t h e bills falling d u e were almost e q u a l to t h e
a m o u n t of t h e r u n u p o n us day by day. (p. 53) D i e T h e i l u n g der B a n k in
2 d e p a r t m e n t s giebt d e m issue d e p a r t m e n t k e i n e Controlle b e r die Circu-
lation, s o n d e r n n u r b e r das Banking D e p a r t m e n t . A b e r m a n a g e m e n t
bleibt in d e m b a n k i n g d e p a r t m e n t der B a n k of E n g l a n d , (p. 56) W r e die
15 b a n k in i h r e m b a n k i n g d e p a r t m e n t z u m E n d e of its reserve g e k o m m e n ,
u n d Z a h l u n g einstellen m s s e n , w r d e das eine p a n i c geschaffen h a b e n
u n d d a h e r e i n e n r u n fr G o l d auf das issue d e p a r t m e n t , (p. 61) D i e pres-
sure entsprang aus real d i m i n u t i o n des m o n i e d capital des L a n d e s , verur-
sacht theils d u r c h die necessity of paying in gold for imports from all parts
20 of t h e world, a n d partly from t h e absorption of floating i n t o fixed capital,
a b g e s e h n von aller O p e r a t i o n des Bankakts von 1844. D i e 2 p a n i c s waren
incidental, (p. 63) A u f die F r a g e n d e s H e r r n H u d s o n a n t w o r t e t e er, u n d
H. fragt s e h r k l u g : O u r stocks of m a n y articles of p r o d u c e w a r e n very low;
in s o m e cases inconveniently low; in cotton almost dangerously low. P e r
25 G e s a m m t b e t r a g von cotton in h a n d 1847 war less als die C o n s u m t i o n von
1846. A l s o , s a g t H . , wie k a n n der trade starved gewesen sein, da p r o d u c e of
all kinds a b u n d a n t u n d k e i n e deficiency of m a n u f a c t u r e d goods, (p. 64,5.)
Es w u r d e n a u c h loans zu h o h e m Zinsfu, 8% . ., g e m a c h t auf railway
shares v o n Privaten, b a n k e r s u n d fireoffices. (p. 66,[67]) D i e l o a n s to so
30 great an e x t e n t by c o m m e r c i a l h o u s e s to railways i n d u c e d t h e m to l e a n too
m u c h u p o n j o i n t s t o c k u n d private b a n k s b y t h e d i s c o u n t o f paper, whereby
to carry on t h e i r c o m m e r c i a l operations, (p. 67) Cottonspeculators o h n e Ka
pital m a c h t e n p u r c h a s e s of c o t t o n | | 6 1 | u p o n s p e c u l a t i o n by drawing auf
cottonbrokers zu 500 u n d 600,000 1., b e y o n d all reasonable p r o p o r t i o n to
35 t h e capital of t h e brokers, (p. 67) T h e r e is, fr bills von verschiedner quali-
ty, no universal s t a n d a r d for t h e rate of d i s c o u n t charged by any d i s c o u n t
e s t a b l i s h m e n t oder b a n k whatever, (p. 68) 600. You h a v e stated that a vast
a m o u n t of bills were p u t in circulation, drawn by speculators u p o n cotton-
brokers i n Liverpool; does t h a t system e x t e n d t o y o u r advance o n acceptan-
40 ces u p o n colonial a n d foreign p r o d u c e as well as on c o t t o n ? - I t refers to all
kinds of colonial p r o d u c e , b u t to cotton m o s t especially. 601. Do you, as a
251
banker, d i s c o u r a g e . . . t h a t description of p a p e r ? - W e do not; we consider it

a very legitimate description of paper, w h e n kept in m o d e r a t i o n s (p. 71)
s u c h acceptances are n o t considered as exceptionable paper in the estima-
tion of the bankers of Liverpool, (p. 72) Diese Art bills oft renewed. (1. c.)
610. - 18) Lord Georg Bentinck. Am 23 Oktober hielten die L o n d o n bank- 5
ers deposits in der B a n k of E n g l a n d fr 1,988,000. Gleichzeitig im b a n k i n g
d e p a r t m e n t die n o t e s in reserve 1,176,740 l. u n d das b u l l i o n 429,384 1., zu-
s a m m e n 1,606,124 I. 613. If t h e n the L o n d o n bankers h a d required to draw
o u t their deposits, the b a n k of England m u s t have stopped p a y m e n t on the
23 O c t o b e r ? - I t h i n k so, wenn wie er 615 a n t w o r t e t : if there was t i m e for io
the bankers to c o m e to d e m a n d their deposits, there was also t i m e for some
of the bills to r u n off, w h i c h would bring fresh n o t e s into t h e Bank; there
was also t i m e for s o m e of the securities to be realized, if it were possible to
realize t h e m u n d e r s u c h circumstances. (p. 72) 620. (Die B a n k h a t t e of p u b -
lic securities 10,613,607 [p. 72]) aber: we were u p o n the p o i n t of a crisis 15
in which there would n o t have b e e n any d e m a n d for public securities u n d
das constituted the danger fr die bank. (p. 73) 624. (Gleichzeitig b e m e r k t
Bentinck b e r 8 Mill. bullion in d e m issue d e p a r t m e n t , u n a n t a s t b a r
d u r c h d e n Akt by the B a n k of England.) In your opinion, would it n o t
have b e e n at o n c e mischievous a n d disastrous, a n d a m o n s t r o u s defect in 20
the Bank Charter Act, if the Bank of England h a d stopped p a y m e n t on the
23 of October with 8,816,000 I. of bullion in their coffers? - I should t h i n k
it would. (1. c.) Z u d e m von d e n public securities, wie Sir J a m e s G r a h a m
b e m e r k t , ein grosser T h e i l davon die dead weight annuity, sehr unsaleable.
(I.e.) 642. If you take the losses from railways into account, I do n o t think I 25
should be prepared to say that the total losses of 1825 were greater t h a n the
total losses of 1847; I was confining my reply entirely to m e r c a n t i l e pro-
d u c e , (p. 74)
b) Charles Turner,
(Kaufmann zu Liverpool im East India Trade.) 30
H a u p t g r u n d der c o m m e r c i a l difficulties zu Liverpool die famine. D a d u r c h

n t h i g large i m p o r t of food to supply the c o n s u m p t i o n des L a n d e s , die
C o n s u m t i o n being increased at that period by t h e very large railway
expenditure, which gave m o r e m o n e y to a great n u m b e r of people who are
notoriously prodigal in their expenditure. Die imports of food increased by 35
t h e G o v e r n m e n t loan, u n d by different subscriptions of private individuals,
which were e x p e n d e d in the purchase of food. So grosse Bilanz der I m p o r t s
252
ber die Exports. Theils bezahlt durch d e n export von foreign stocks u n d
andre m a t t e r s der Art, z u m Theil in specie zu zahlen. D a h e r considerable
drain auf die b a n k s u n d increased application z u d e n d i s c o u n t brokers u n d
other parties fr d e n d i s c o u n t of bills; diese fingen an d e n bills g e n a u e r auf
5 die Finger zu sehn. Die facilities der houses w e r d e n sehr ernstlich curtailed
u n d die weak h o u s e s began to fail. Die die sich in engagements eingelassen
o h n e in Betracht zu z i e h n die proportion of available m e a n s that they h a d
to m e e t t h e m u n d die sich ganz auf d e n Credit verliessen, went down. D i e
vermehrte d e n schon frher gefhlten A l a r m u n d die b a n k e r s u n d others
10 finding that they could n o t rely with the s a m e degree of confidence that
they h a d previously d o n e u p o n turning their bills and other m o n e y securi-
ties into b a n k n o t e s , for the purpose of m e e t i n g their engagements, still fur-
ther curtailed their facilities, a n d in m a n y cases refused t h e m altogether;
they locked up their b a n k n o t e s , in m a n y instances, for the purpose of m e e t -
15 ing their own engagements; they were afraid of parting with t h e m . A l a r m
u n d Confusion n a h m tglich z u u n d o h n e Russel's Brief universal bank-
ruptcy, (p. 74,5) D a s G o v e r n m e n t loan, insofern es was expended in food,
which food could only be supplied from abroad, vermehrte die pressure,
(p. 75) Im Anfang 1847 waren wir sehr betrogen b e r d e n Stand des H a n -
20 dels. A great deal of overtrading zu dieser Zeit im ostindischen H a n d e l in
L o n d o n u n d Liverpool u n d i n d e m o s t i n d i s c h e n H a n d e l das m e i s t e over-
trading. D e r a m e r i k a n i s c h e trade war in e i n e m viel s o u n d e r state als 1839,
whrend der ostindische trade zu der Zeit verhltnimssig s o u n d war. D e r
Akt von 1844 h a t t e sehr wenig zu t h u n with p r o d u c i n g t h e c o m m e r c i a l dis-
25 tress. ... the e n o r m o u s a m o u n t of bills which were r e n d e r e d totally unavail-
able, of course b r o u g h t down some h o u s e s t h a t h a d a right to consider that
they h a d available m e a n s , and that crippled the resources of others to a
very great extent, (p. 51,2) If the Bank could have issued m o r e n o t e s , the
panic would have b e e n postponed; but it would have c o m e afterwards with
30 redoubled force. Specie wre zu grrem Belauf aus d e m L a n d gegangen,
d a n n ||62| p a n i c , u n d r u n fr Gold so gut wie fr notes, (p. 76) Im April war
pressure, im October die p a n i c . (1. c.) Die Regierung h t t e g u t g e t h a n ihren
Brief frher zu schreiben. D i e notorisch schwachen h o u s e s waren caput ge-
gangen u n d die pressure b e g a n to break what y o u m a y t e r m solvent houses,
35 and to occasion others to sacrifice their property to an e n o r m o u s extent,
from the impossibility of getting b a n k n o t e s for their property or for their
bills. (1. c.) W a s die bankers abhielt ihre customers zu a c c o m m o d i r e n , war
nicht der Zinsfu; if they h a d thought that they could get b a n k n o t e s at 15
oder 20%, they would have a c c o m m o d a t e d their customers, b e c a u s e
40 whatever they paid they could get from their customers, b u t it was t h e fear
of n o t being able to get t h e m at all. (p. 77) t h e b a n k s of Liverpool refused
253
altogether to discount, speciell a u c h die b r a n c h of E n g l a n d b a n k . (1. c.) We

are all aware of the events which have taken place as regards t h e M a u r i t i u s
trade u n d a n d r e trades der Art. T h e brokers have b e e n i n t h e h a b i t , n o t
only of advancing u p o n goods after their arrival to m e e t t h e bills drawn
against t h o s e goods, was vollstndig legitimate ist u n d auf bills of lading, 5
was a u c h zu e i n e m gewissen U m f a n g g e s c h e h n k a n n , s o n d e r n sie h a b e n
Vorschsse g e m a c h t auf das Product selbst, eh es verschifft, u n d in einigen
Fllen, eh es fabricirt war. I c h z.B. h a t t e gekauft bills in Calcutta fr 6 oder
7000 in e i n e m b e s o n d e r n Fall; die proceeds der bills w e n t d o w n n a c h
M a u r i t i u s , to h e l p in t h e growth of sugar; those bills c a m e to England, u n d 10
b e r 2 derselben w u r d e protestiti; d a n n als die shipments of sugar came for
ward, i n s t e a d of being h e l d to pay those bills, it h a d b e e n m o r t g a g e d to
t h i r d parties to pay previous engagements before it was shipped, in fact al
m o s t before it was boiled. ... no h o u s e has failed in I n d i a w i t h o u t t h e corre
s p o n d i n g h o u s e h e r e having gone down first. ... t h e r e were a n u m b e r of 15
h o u s e s t h a t were in t h e h a b i t of giving facilities to o t h e r h o u s e s to export
goods to I n d i a , a n d t h o s e facilities are withdrawn, (p. 78) D i e goods fr d e n
o s t i n d i s c h e n M a r k t m s s e n j e z t d e m m a n u f a c t u r e r b a a r b e z a h l t werden,
a b e r das does n o t a m o u n t t o m u c h , d e n n , w e n n der b u y e r e i n i g e n Credit i n
L o n d o n hat, so zieht er auf das H a u s u n d b e k m m t die bill discontirt; he 20
goes to L o n d o n , where discounts now are cheap; he gets t h e bill d i s c o u n t e d
u n d pays cash to t h e m a n u f a c t u r e r . . . Zwlf M o n a t e wenigstens d a u e r t es
bis der Verschiffer of goods k a n n get his return von I n d i e n . - L o n d o n e r
H u s e r h a b e n vielen M n n e r n Credit gegeben, die m i t wenig Capital i n
d e n t r a d e g e h n . Z . B . E i n M a n n m i t 10 oder 15,000 would go i n t o t h e I n - 25
d i a n trade; he would o p e n a credit with a h o u s e in L o n d o n , to a considera-
b l e extent, giving t h a t h o u s e 1%; h e , drawing u p o n t h e h o u s e i n L o n d o n ,
on t h e u n d e r s t a n d i n g t h a t t h e proceeds of t h e goods that go out are to be
r e t u r n e d to t h e h o u s e in L o n d o n , b u t it being perfectly u n d e r s t o o d by b o t h
parties t h a t t h e m a n in L o n d o n is to be kept o u t of cash a d v a n c e ; d. h. die 30
bills sind r e n e w e d bis die proceeds c o m e h o m e . . . die bills were d i s c o u n t e d
zu Liverpool, M a n c h e s t e r , L o n d o n , m a n y of t h e m lie in t h e scotch b a n k s ,
a n d never c o m e o u t at all. (p. 79) 725. do you k n o w w h a t t h e rate of dis-
c o u n t was by t h e b a n k s a n d discount brokers u p o n t e n m o n t h s ' bills, for in-
stance, in t h e M o n t h of September? - Y o u could n o t do t h e m at all, scarce- 35
ly, ... (Wenigstens 1 0 - 1 1 % waren given.) 729. W h i l e this h i g h rate of
d i s c o u n t was being given for bills, what was t h e effect u p o n t h e price of
p r o d u c e ? - P r o d u c e was to a great extent unsaleable. 730. T h e n is it a m a t -
ter of surprise to you t h a t h o u s e s of credit a n d capital, having to pay 10
oder 1 1 % d i s c o u n t for their bills, a n d having no m a r k e t for their p r o d u c e , 40
should fail? - T h e r e are very few houses t h a t h a d available m e a n s t h a t
254
have failed, m i t 1 oder 2 A u s n a h m e n . They h a d large m e a n s , b u t n o t avail-

able. Ihr g a n z e s Capital was locked up in estates in the M a u r i t i u s , or i n d i -
gofactories, or sugar factories. Having incurred liabilities zu 5 - 6 0 0 , 0 0 0 1.,
they h a d no available assets to pay their bills u n d eventually it proved t h a t
5 to pay their bills they were entirely d e p e n d e n t u p o n their credit, (p. 81)
There is o n e h o u s e which failed in L o n d o n , t h e other day; b e i m E x a m i n i -
ren ihrer Affairs e n t d e c k t e m a n Folgendes: there is a h o u s e of business at
Manchester, a n d a n o t h e r at Calcutta; they o p e n e d a credit a c c o u n t m i t
e i n e m H a u s in L o n d o n fr 200,000; d. h. die F r e u n d e dieses H a u s e s in
10 M a n c h e s t e r die W a a r e n n a c h O s t i n d i s c h e m H a u s e consignirten von Glas-
gow u n d M a n c h e s t e r , h a t t e n die power auf das H a u s in L o n d o n fr
200,000 /. zu ziehn; gleichzeitig die V e r a b r e d u n g da das corresponding
house in Calcutta auf das L o n d o n h o u s e zu 200,000 l. zu z i e h n ; with t h e
proceeds of those bills sold in Calcutta, they were to b u y other bills, a n d re-
15 m i t t h e m to the h o u s e in L o n d o n , to take up the first bills drawn from
Glasgow. So 6 0 0 0 0 0 I bills created ||63| d u r c h diese transaction, (p.85) 799.
(D'Israeli) T h e c o n t i n e n t a l exchanges were in o u r favour in October? -
The c o n t i n e n t a l exchanges certainly h a d turned, aber n i c h t so sehr von
gnstiger H a n d e l s b i l a n z , as t h a t the parties who owed m o n e y to this coun-
20 try were obliged to send bullion to pay it; they were afraid of buying bills
on this country, (p. 86) 823. D u r i n g the last year there has b e e n a great de-
preciation of property on a c c o u n t of the m o n e y p r e s s u r e ? - N o d o u b t . 824
There has been, likewise, a great difficulty in converting what was available
property into b a n k n o t e s ? - T h e r e has been, no doubt. 825. C a n n o t those two
25 causes have caused the stoppage of a h o u s e which before that t i m e was sol-
v e n t ? - N o doubt. 834. Do you consider t h a t it is a satisfactory state of
things for the c o m m e r c i a l body, w h e n interest is at 5 % in September, 8 % in
N o v e m b e r u n d 4% in d e m folgenden F e b r u a r ? - Very unsatisfactory, no
doubt. 835. No c o m m e r c e c a n be carried on satisfactorily in t h a t state of
30 t h i n g s ? - C e r t a i n l y n o t . (p. 88) D i e cotton in A m e r i c a zurckgehalten wegen
der niedrigen Preisse, wozu es in England gesunken, (p. 89) the c o m m o n
date of drafts between Calcutta a n d L o n d o n is 10 M o n t h s . (I.e.) 895. It is of
very little c o n s e q u e n c e in a m a n ' s business what rate of discount he m a y
have to pay for a few m o n t h s ; the a m o u n t in itself m a y be considerable, but
35 it bears a very small proportion to the operations of the year; his discounts
l
for one m o n t h are only / of his operations in the year, a n d whether he
u
pays 5 % or 8 % u p o n a six m o n t h s ' bill u p o n Y of his operations will only

12
m a k e a difference of 1% u n d daher it is merely a d e d u c t i o n of 1% u p o n

the operations of o n e m o n t h , (p. 92) 901. It is the u s u a l course, whenever
40 m o n e y b e c o m e s tight, t h a t the bankers will get their c u s t o m e r s to take a
bill u p o n L o n d o n . 902. T h a t acts as c u r r e n c y ? - Y e s ; the m a n m u s t go and
255
r e d i s c o u n t that if he wants b a n k n o t e s ; b u t that is o n e m o d e which a b a n k

h a s to relieve its c u s t o m e r s . 903. T h a t operates to t h e b a n k as a privilege of
c o i n i n g ? - F o r a t i m e ; it is a species of p a y m e n t , that J o n e s , Loyd et Co
a d o p t e d from t i m e i m m e m o r i a l w h e n there was a period of pressure. 904.
T h e n their drafts increase during a period of p r e s s u r e ? - I t h a s always b e e n 5
t h e case w h e n m o n e y is worth m o r e t h a n 5 %. . . . they were das m e d i u m , wo-
d u r c h b a n k n o t e s leichter zu erhalten waren, (p. 92, [93]) der b a n k e r giebt a
bill, leichter discountirbar als die bill die er n a h m von der party. ... Diese
bills von J o n e s , Loyd et Co. war of u s e eh sie d i s c o u n t e d waren. W e n n ein
M a n n das G e l d n i c h t h a b e n k a n n , n i m m t er in Z a h l u n g eine bill von 10
J o n e s , Loyd et Co. H e r r W i l s o n fragt: 912. But before t h e bill c a n be ap-
plied to c o m m o n purposes it m u s t be discounted by s o m e o n e ? - N o ; there
are certain p a y m e n t s which m u s t be m a d e in approved bills; that would be
a bill which could n o t be refused in p a y m e n t . 913. T h e n it would be
d i s c o u n t e d by a party in L i v e r p o o l ? - T h e party in Liverpool m u s t either 15
d i s c o u n t it or pay it to his banker's, who would i m m e d i a t e l y get it discount-
ed, (p. 93) Das ostindische Geschft ist gefhrt by t h e m a n u f a c t u r e r draw-
ing bills u p o n t h e L o n d o n house in the first instance, t h e goods being
consigned to a h o u s e in I n d i a , who engage to r e t u r n proceeds to that L o n -
don h o u s e ; t h a t h a s b e e n a very c o m m o n practice, (p. 95) parties p u r c h a s - 20
ing goods in India, ship the goods to this country, a n d o b t a i n advances
from t h e East I n d i a C o m p a n y , by hypothecating the bills of lading to those
goods; die schdlich d e m H a n d e l . E i n M a n n m i t 1000 c a n go a n d b u y a
very large q u a n t i t y of p r o d u c e , zu 5 bis 6000 /. he h y p o t h e c a t e s der Ostindi-
s c h e n C o m p a g n i e u n d spekulirt d a n n fr 2 oder 30001. m e h r (p. 96) 971. At 25
present, if a h o u s e in Calcutta p u r c h a s e a cargo, a n d give their own bills
u p o n their c o r r e s p o n d e n t in L o n d o n in p a y m e n t , a n d they send t h e bills of
lading h o m e to this country, those bills of lading arrive here w i t h i n
6 weeks, b u t their own bills are drawn u p o n their correspondents for
10 m o n t h s , those bills of lading which are sent h o m e i m m e d i a t e l y b e c o m e 30
available to t h e m in L o m b a r d s t r e e t for advances, a n d they have 8 m o n t h s '
u s e of t h e m o n e y before their correspondents are called u p o n to pay, (p. 97)
992. Y o u spoke of Messrs Jones Loyd et Co. bills (sagt H u d s o n ) , a n d
you said that it was d o u b t e d whether they formed any i m p o r t a n t i t e m in
the circulation; are you n o t aware that those bills very frequently passed 35
t h r o u g h 20 a n d 30 h a n d s ; that they were paid from A to B, a n d from to C
a n d so on, a n d were a m e d i u m of circulation, j u s t like b a n k n o t e s in t h e
m a n u f a c t u r i n g districts? They do form a m o s t i m p o r t a n t i t e m of circula
tion, in all places where they pass from h a n d to h a n d . (p. 98) 998. W h e n e v
er t h e r a t e of interest is high, bills of e x c h a n g e are s u b s t i t u t e d for bank- 40
notes, (p. 99) 1825 d i e Speculation m i t foreign u n d o t h e r securities
256
h a u p t s c h l i c h auf L o n d o n beschrnkt; aber m i t d e m spreading ||64| der

Stockexchanges over all the provincial towns of any m a g n i t u d e u n d der
great speculation going on in railway shares h a t occasioned great gambling
transactions a n d great loss, (p. 99) Es h a t t e zugleich das R e s u l t a t to spread
5 t h e evil a m o n g a lower grade of m e r c a n t i l e m e n , a n d a m o n g the c o m m u -
nity generally, by bringing it to their own doors, it gave facilities to persons
to buy u n d sell shares, was sie frher n i c h t gekonnt, o h n e n a c h L o n d o n zu
k o m m e n , p. 75,6. 1020. there have b e e n a b o u t 10,000 operatives in M a n -
chester thrown out of e m p l o y m e n t , (p. 100) E b e n s o die colliers u n d m i n e r s
10 von Staffordshire. (1. c.) E b e n s o 50,000 railway labourers im lezten Herbst
d u r c h die pressure des G e l d m a r k t s . (1. c.) In M a u r i t i u s the i n h a b i t a n t s
would be all starving at this m o m e n t , w e n n n i c h t fed by government,
(p. 101) mills in M a n c h e s t e r worked short t i m e ; viele von i h n e n stopped.
(101) 1037. Do n o t you t h i n k that the pressure is n o w (Februar 48) spread-
15 ing from m e r c h a n t s to t h e shopkeepers a n d l a b o u r e r s ? - Y e s , I t h i n k they
are feeling it n o w to an extent they did n o t in S e p t e m b e r a n d October.
1038. It is t h e c o n s e q u e n c e of what took place in S e p t e m b e r a n d Octo-
b e r ? - I t is the c o n s e q u e n c e of a prostration of trade which is being felt now
in railways a n d every thing else, (p. 101.)
20 c) Salt (T. C.)

(Aus Birmingham, lamp manufacturer und
general brassfounder)
D e r B i r m i n g h a m t r a d e war n i e so schlecht, [ e b e n s o ] der ostindische, west-

indische, C a n a d a trade u n d der h o m e trade; einiges business in d e n agri-
25 cultural districts ist die einzige A u s n a h m e der general depression, (p. 102)
D i e general depression grosser als 1825. (1. c.) D i e Nachfrage n a c h metals
gefallen um %. (I.e.) D e r a m o u n t of wages um m e h r als % vermindert. (I.e.)
D i e orders von d e n shopkeepers in L o n d o n u n g l a u b l i c h gefallen, (p. 103)
Grosse Z a h l der a r b e i t e n d e n Bevlkerung in B i r m i n g h a m ganz ausser Be-
30 schftigung, they press u p o n the workhouse; w o r k m e n who h a v e b e e n u s e d
to earn from 20 to 30 sh. a week, never go to t h e workhouse till they are in
an absolute c o n d i t i o n of starvation. Prior to going to the workhouse, they sell
or pledge at the pawnshop every thing they h a v e . . . after they have pledged
their goods, they sell the pledge tickets where they c a n sell t h e m , a n d they
35 are now c o m e very m u c h to that second resource, (p. 103) S c h i e b t d i e crisis
g a n z auf die bills v o n 1819 u n d 1844. (1. c.) D a s m o n e t a r y system h a t t e
diesen effect in d e m p u r c h a s e of food abroad: it c a u s e d the exportation of
257
the basis of our currency, which is very narrow a n d thus caused the derange-
m e n t of t h e e n o r m o u s superstructure of the currency ... h o b sehr d e n
W e r t h des Geldes einerseits, brach nieder den W e r t h allen E i g e n t h u m s u m
20%, stoppte gleichzeitig die A n w e n d u n g der Arbeit. W h r e n d es so den
N a t i o n a l r e i c h t h u m von der e i n e n Seite zerstrte, it stopped andrerseits die 5
creation des n a t i o n a l wealth, (p. 104) In former t i m e s . . . we have h a d a de-
pression, on the average, after every panic, of five years, a n d trade never re-
vived in its ordinary m o d e s . (1. c.) U n d e r d e m gegenwrtigen m o n e t a r y sys-
t e m , business has never r e s u m e d its course for 3 years without the
m o n e t a r y system breaking u p . (1. c.) advances m a d e u p o n english bills, 10
which are the representation of english property, in times of any pressure,
are absolutely refused, and therefore, there is a value given to gold by giv-
ing a m o n o p o l y to it, and affixing a disability u p o n english property, or
s e i n e m Reprsentativ, to obtain m o n e y facilities, (p. 105) Die bill (von
1819 u n d 44) promises a goldbasis, but it gives a basis of 14 millions of in- 15
convertible paper. It t h e n gives us gold built u p o n that, a n d t h e n it gives us
a n o t h e r paper system u p o n the top of that. (1. c.) Das System n o c h gefhrli-
cher jezt d u r c h die vast a c c u m u l a t i o n s in various countries of m o n e y
stocks, such as shares a n d public securities, together with the facilities of
c o m m u n i c a t i o n by m e a n s of share lists etc, so that any accidental specula- 20
t i o n or variation in these values would instantly t u r n the exchanges,
(p. 106)
Er will die i s s u e s increase bis es zur Prosperity k o m m t , legal t e n d e r
notes. Als S t a n d a r d der D u r c h s c h n i t t eigner Metalle die n i c h t als coin die-
n e n . Steigt ihr Prei, so das Papier deprecirt u n d die W a r n u n g . Fllt er, so 25
u m g e k e h r t . (p.[106,] 107) N u r n a t i o n a l notes. (I.e.) T h e B i r m i n g h a m trades
are retail verglichen m i t L o n d o n , (p. 108) m o n e y is very a b u n d a n t , b u t n o t
easy to be got, insoweit u n d e r present circumstances sales c a n n o t be m a d e ,
u n d die bills in existence are so m u c h d i m i n i s h e d in n u m b e r da es schwer
ist to get any quantity of bills for discount by which t h e m o n e y would be 30
obtained; aber m o n e y ist n u n zu n i e d r i g e m Z i n s zu h a b e n , (p. 109) we are
draining t h e gold, the m o n e y , from A m e r i c a , so t h a t w h e n we send our
goods to A m e r i c a , the A m e r i c a n s are as m u c h distressed at o u r having
t a k e n the m o n e y from t h e m , as we were by their having t a k e n the m o n e y
from u s ; the A m e r i c a n s export to this ||65| country till they have got t h e 35
gold back, a n d t h e n we are plunged into distress. (I.e.) H a u p t s a c h e d a der
s t a n d a r d n i c h t zugleich part des Geldes des L a n d e s bildet, weil sonst kein
Vergleichungspunkt da. (p. I l l ) metals are m o r e fixed in their p r o d u c t i o n
als andre W a a r e n , a n d are n o t liable to the extreme variation of t h e season,
(p. 113) 40
258
d) Muntz. (P. H.)

(Birmingham. General merchant.)
5 - 6 0 0 0 people in B i r m i n g h a m ganz ausser Beschftigung, die sehr grosse

Majoritt arbeitet 2 - 3 Tage die W o c h e , (p. 123) W r d e d e m Papierpfund
5 von 1819 d e n W e r t h von 13 oder 14 sh., d e n es wirklich h a t t e , gegeben ha-
b e n legal, (p. 127)
e) Gurney. (Samuel, London, billbroker)
Die pressure in April 1847 entstand v o m Export von bullion u n d large I m -

port von food u p o n a rather excited state of transaction generally, (p. 146)
10 Der Act of 1844 aggravated the misfortune, (p. 148) D e r Act von 1844 strebt
in einer Z e i t des A l a r m s d e n A l a r m zu v e r m e h r e n u n d d a d u r c h die Gefahr
der u l t i m a t e convertibility der notes, (p. 150) 1649. Supposing t h a t t h e
Bank, in c o n s e q u e n c e of t h e state of the exchanges, a n d the increase of
bullion which they have recently had, should be desirous of employing
15 3 Mill, oder 4 M i l l . of their reserve, at what rate of interest do y o u t h i n k
they could employ it u p o n good a n d sufficient s e c u r i t y ? - I n the m a r k e t in
which I operate, they could n o t employ it at all. T h e y m i g h t p u r c h a s e Con-
sols a n d Exchequerbills, a n d securities of that kind at a h i g h rate of pre-
m i u m , a n d by so m u c h , invest their m o n e y ; b u t the b a n k n o t e s so invested
20 would n o t r e m a i n in t h e h a n d s of the public, they would flow back to t h e
Bank again in 24 h o u r s . 1650. T h e n you c a n n o t devise any m e a n s by which
the Bank of E n g l a n d c a n keep their issue in a state of e q u i l i b r i u m ? - I t is
impossible, (p. 151) 1653. There was a general d e m a n d u p o n us for m o n e y
which was deposited in our h a n d s on the part of o u r country friends in Oc-
25 tober last, from all parts of the country, (p. 152) 1664. Gegenwrtig a limita-
tion of transaction a n d a great s u p e r a b u n d a n c e of m o n e y . (1. c.) Es war a
s u p e r a b u n d a n c e von N o t e n i m P u b l i c u m , aber the a m o u n t actually i n
operation war sehr small, (p. 158)
1742. S o m e t i m e s we have a very high state of credit, rapid a n d large
30 transactions, a n d t h e n we want a large a m o u n t of b a n k n o t e s . (1. c.) 1846
grre Nachfrage n a c h Capital fr E i s e n b a h n e n , h o b aber n i c h t d e n Z i n s .
There was a c o n d e n s a t i o n of small s u m s into large masses, a n d those large
masses were used in o u r market; so that, u p o n t h e whole, t h e effect was to
throw m o r e m o n e y into t h e m o n e y m a r k e t of t h e city t h a n to take it out.
35 (p. 159) 1763. W r e der h o h e Zinsfu (10% 1847 u n d 3 u n d 4% 1848)
caused by a want of capital, it is likely t h a t that want of capital would have
259
b e e n supplied in the course of 3 or 4 m o n t h s without any increase of

trade? - I do n o t think it was owing to the want of capital; it was owing to
the alarm (zur difficulty of getting notes) that existed t h a t t h e rate of inter-
est got so high. (p. 159)
1810 pressure, 1812 u n d 1815 whrend eines g a n z e n Jahres, (p. 161) D e r 5
Akt von 44 tends to greater variations im Zinsfu als o h n e s u c h act wren,
(p. 162) Die land bankers v e r m e h r e n ihre Reserven. Ihre issues d u r c h d e n
A k t restringirt to a particular a m o u n t , s e n d e n n a c h L o n d o n for a larger
a m o u n t of b a n k n o t e s u n d so die restriction u p o n the country b a n k s ' circu-
lation went to aggravate the pressure u p o n the B a n k of E n g l a n d im M o - 10
m e n t des A l a r m s , (p. 164) D e r Bankakt von 1844 k o m m t n u r in Operation
in t i m e s of severe pressure. In a n d r e n Zeiten a dead letter. (1. c.) 1892.
W h e n n o t e s go b a c k to the B a n k of England in the shape of deposits, they
are no longer n o t e s in the h a n d s of the public? - they are not, as a m a t t e r
of fact; b u t they equally bear upon the value of money; they operate as circult- 15
ing medium. 1895. T h e Bank m a y b u y Exchequerbills a n d Consols. Suppos-
ing they buy 1,000,000 I. of consols, a n d pay for t h e m in b a n k n o t e s , what
b e c o m e s of those b a n k n o t e s ; they are paid by the Bank, therefore t h e B a n k
has in fact arbitrarily increased its n o t e s to the a m o u n t of 1,000,000 I. T h e
b a n k e r s find that they have this 1 Mill. I. St. m o r e t h a n they want, a n d pay 20
t h e m on their a c c o u n t into the bank. (p. 167) 1896. the deposits of the
bankers are the s a m e things as notes in circulation, which is t h e case in
fact. (p. 168)
1902. ( M r . W i l s o n stellte diese u n d die f o l g e n d e n F r a g e n . ) If the B a n k
purchase 1,000,000 I. of securities with 1,000,000 I. of notes, a n d if y o u say 25
that those notes are returned again to the Bank, is n o t this ||66| the only
change w h i c h takes place in the m o n e y market, viz. t h a t A. B. a n d C. D.
who held 1 M i l l . of securities yesterday, hold 1,000,000 I. of n o t e s to-day,
or deposits in t h e Bank representing those notes, a n d t h e B a n k w h o before
h e l d those n o t e s now h o l d the securities; is n o t it a m e r e transfer from o n e 30
h a n d to the other? - I will take the operation at a t i m e of active use for mon-
ey; supposing t h e B a n k b u y s 1,000,000 I. of consols u n d issues 1 M i l l i o n I.
of notes, t h e n the 1 Million/, of n o t e s do n o t go back into the coffers of t h e
Bank even in t h e form of deposit, b u t they diffuse themselves in t h e tills of
the bankers, a n d there are so m a n y m o r e notes in circulation actually. 35
1903. W [ i l s o n ] fragt, ob, w e n n die bankers die notes fr active purposes
b r a u c h e n , they would n o t have sent to the B a n k a n d drawn o u t those
notes? - In Z e i t e n von actual d e m a n d for m o n e y , the b a n k e r s do n o t keep
any surplus m o n e y on their account, or at least, n o t [to] any great extent at
the Bank. 1904. (Sir W. Clay) Y o u m e a n that the creation of 1 M i l l i o n /. [of] 40
notes by the B a n k u p o n the supposition p u t to you, does, according to your
260
experience, increase the a m o u n t of m o n e y in t h e m o n e y m a r k e t to that ex-

t e n t ? - C e r t a i n l y . 1905. A n d has a distinct effect u p o n the facilities of get-
ting d i s c o u n t ? - Y e s , a n d lowers prices no doubt. 1909. (Wilson) Ob die von
der Bank ausgegebnen notes ausbleiben oder nicht, d e p e n d s u p o n the de-
5 m a n d for m o n e y ? - S u c h is the case. 1913. T h e r e is no practical dis-
tinction in the city between notes in actual circulation a n d the a m o u n t of
the deposits of b a n k e r s with the Bank; it is the s a m e thing, a n d any opera-
tion which t e n d s to increase the a m o u n t of deposit of the b a n k e r s at the
Bank of E n g l a n d is issuing so m a n y n o t e s a n d their r e m a i n i n g o u t of the
10 market; a n d the reverse is the case if t h e B a n k sell their securities a n d
withdraw their notes, t h o u g h it m a y c o m p e l t h e bankers to withdraw t h e
a m o u n t from their deposit accounts; it c o m e s to the s a m e operation; there
is less m o n e y on the deposit accounts, (p. 169) 1934. (T. Baring) D i d it
c o m e u n d e r your notice t h a t the difficulty of obtaining discounts in April
15 or in October h a d any effect u p o n t h e export t r a d e ? - A very decided effect
in checking the export trade, (p. 171)
f) Palmer. (John Horsley.) (Director der Bank of England)
1944. D u r i n g the whole period von Mitte April (1847) bis zu d e m 25 Okt.
(47) (wo die limitation of 14 M i l l i o n e n fr die bankissues d u r c h M i n i s t e r
20 suspendirt) the foreign exchanges were in favour of the country, (p. 172)
2023. Are y o u in favour of the Bank of E n g l a n d holding foreign stocks? -
Except t h a t there is greater risk of fluctuation in foreign stocks, a benefit
would be derived from the b a n k holding foreign stocks and m a k i n g foreign
p a y m e n t s by selling t h e m , instead of sending over bullion, (p. 177) 2033.
25 Wirkt der Zinsfu n i c h t b e d e u t e n d auf d e n foreign exchange? - Ja. 2034.
M a y n o t a favourable rate of exchange be m a i n t a i n e d by the rate of interest
being higher in this country t h a n on the c o n t i n e n t ? - It is the only m o d e of
correcting the foreign exchanges, (p. 178) Zwischen April u n d October
1847 3 M i l l . f G o l d der b a n k entzogen v o m internal alarm, ging in the in-
30 terior des country, (p. 180) 1832 die W u c h e r g e s e t z e abgeschafft fr bills zu
3 m o n t h s , 1837 fr bills at any date. (p. 188)
g) Bevan. (Robert C. L. Londonbanker.)
Die bankers die am 23 Okt. (47) zur Regierung gingen, verlangten, d a der
b a n k erlaubt werde 3 M i l l i o n e n b e r die l i m i t a t i o n auszugeben, (p. 193)
261
h) Bates. (Jos.) (partner in the house of Barings.)
Viele der Huser, die sugar estates hatten, wurden ruinirt d u r c h die Sugar-
bill, (p. 209)
i) Morris (Governor der Bank of England) und
Prescott (Deputy Governor.) 5
D e r erste A c c o u n t u n t e r d e m Bankakt war am 31 Aug. 1844, am 7 Septem-

ber (44) das M i n i m u m des Zinsfusses war 2%%, niedriger als die B a n k of
E n g l a n d ihn je gestellt hatte, (p. 223) Die Bank, von d e m m o n e y received
on a c c o u n t of the Exchequer, d a m i t die Geld n i c h t in d e n Bankcoffers ac-
c u m u l i r e bis zur Zeit seiner Vertheilung in der F o r m der dividends, 10
m a c h t e (wie gewhnlich) loans an das P u b l i c u m , etwas u n t e r d e m rate of
discount, m i t der Absicht, to i n d u c e the public to take advances in the
shape of loans, repayable at or before the ||67| period of the dividends, rath-
er t h a n in the form of discounts of bills, which, in m a n y cases would n o t
b e c o m e d u e u n t i l after the dividends were paid. (p. 224) Diese loans betru- 15
gen am 9 Okt. 1847: 4,544,000 l. u n d am 14', d e m Tag n a c h d e m die Z a h -
lung der dividends b e g o n n e n , waren sie reducirt auf 1,507,000 /., t h e divi-
d e n d s providing the public [with t h e m e a n s ] of paying the loans, a n d the
p a y m e n t of the loans enabling the bank to m e e t the dividends a n d m a i n -
tain their reserve. T h e loans o u t s t a n d i n g after the 16 October were chiefly 20
on bills of exchange which, owing to the discredit arising from n u m e r o u s
failures, the pressure of railway calls, a n d other disturbing circumstances,
the borrowers were u n a b l e to redeem. Most of these loans were renewed at
increased rates of interest, a n d additional loans were m a d e to parties who
declared themselves u n a b l e to m e e t their engagements without receiving 25
s u c h assistance from the bank. Alles verlangte Geld von der Bank, without
considering t h a t the B a n k was limited in its operations, j u s t as any other
b a n k i n g company, (p. 225) Zwischen d e m 15 Sept. u n d 15 N o v . 1847 gab
die Bank of E n g l a n d 2,300,000 I. extraordinary aid n i c h t i n c l u d e d in t h e
general a c c o m m o d a t i o n t h a t we were giving to the public in the u s u a l way. 30
(p. 226) F r food ausgefhrt 1847 wenigstens 9 Mill. I. Gold, (7,500,000 I.
A
von der b a n k u n d 1,500,000 von other sources.) (p. 228) Am 31 October
1846, 10,000 sovereigns were shipped to A m e r i c a ; in t h e M i d d l e of A u g u s t
1847 the export ceased, except for a trifling a m o u n t , (p. 245) V o m 31 Okto-
262
ber 1846 bis 7 A u g u s t 1847 war in r u n d e n S u m m e n 4 Mill. /. St. (p. 246) |

3632. (Wilson fragt Morris) supposing we h a d a m e t a l l i c currency altogeth-
er, would it vary in proportion to the export of bullion? - Supposing we
call currency, that which is out with the public, the total circulation of the
5 country would n o t decrease in proportion to the export of bullion, b e c a u s e
the bankers, in c o n s e q u e n c e of m o n e y being m o r e valuable, would have an
i n d u c e m e n t to h o l d smaller reserves t h a n they held at t i m e s w h e n the cir-
culation was full, and m o n e y n o t so valuable, (p. 300, 301) die drains wir-
k e n zuerst auf die reserves der bankers; sie h a l t e n in Z e i t e n des G e l d b e r -
10 flusses larger reserves als n t h i g zu ihren tglichen transactions, sei es d a
sie die G e l d b e i der Bank of E n g l a n d oder b e i sich h a l t e n . D i e reserves
der private b a n k e r s sind in d e n h a n d s der B a n k of E n g l a n d u n t e r der F o r m
von deposits. Die erste Operation eines drains scheint n u r auf die B a n k of
England zu sein, but it would also be acting u p o n the reserves of the b a n k -
15 ers, i n a s m u c h as it is a withdrawal of a portion of the reserves which they
have in the B a n k of England. E b e n s o wrde es auf die Reserves aller c o u n -
trybankers wirken, (p. 301) Am 1 August 1846 war die circulation
20,495,000 n o t e s with t h e public u n d am 3 April 1847 war sie 19,855,000,
also ungefhr 200,000 /. less; w h r e n d 5 Mill./. G o l d h a d gone. (p.301) Urn
20 den 23 Oktober waren die ffentlichen funds u n d die c a n a l u n d railway-
shares s c h o n depreciirt um 114,752,225 /. (p. 312) D e r a m o u n t of t h e falling
off in the cottontrade 1847 war = d e m g a n z e n cotton trade des L a n d e s in
1825. (p. 314) 3846 (Lord G. Bentinck.) W h e n I spoke of depreciation of
stocks a n d fixed capital, are you n o t aware t h a t all property invested in
25 stocks a n d p r o d u c e of every description was depreciated in t h e s a m e way;
that raw cotton, raw silk, u n m a n u f a c t u r e d wool were sent to the c o n t i n e n t
at the s a m e depreciated price, and t h a t sugar, coffee a n d tea were sacrificed
as at forced s a l e s ? - I n e v i t a b l e that the country should m a k e a considerable
sacrifice for the purpose of m e e t i n g the efflux of b u l l i o n w h i c h h a d t a k e n
30 place in c o n s e q u e n c e of the large i m p o r t a t i o n of food. 3848 Do n o t you
think it would have b e e n better to trench u p o n the 8 Mill. lying in the cof-
fers of t h e B a n k t h a n to have endeavoured to get the gold back again at
such a s a c r i f i c e ? - N o , I do not. (p. 315,16)
263
k) Cotton W.
(Director der Bank of England war Governor
als der Akt von 1844 passirte.) [(p. 321)]
4139.1 t h i n k t h a t there was no difficulty in getting possession of t h e legal

tender, if parties h a d sufficient security to offer, they m i g h t have b e e n com- 5
pelled to pay a large rate of interest, there was a difficulty in selling pro-
d u c e , owing to t h e fall of price that h a d t a k e n place, a n d the large a m o u n t
t h a t was forced u p o n the market, (p. 335.) |
|68| 4356 (D'Israeli) W h a t was the rate p a i d to the B a n k proprietors in
1844? - It was 7% for t h e year. 4357. U n d die D i v i d e n d e fr 1847? - 9%. io
4358. D o e s the b a n k pay t h e i n c o m e tax for its proprietors in this y e a r ? - I t
does. 4359. In 1844? - N e i n . 4360. T h e n this act has worked very well for
the proprietors. 4361. the result is, t h a t since the passing of the act, t h e div-
i d e n d of the proprietors has b e e n raised from 7 % to 9 %, a n d t h e I n c o m e
Tax, that previously to t h e act was paid by the proprietors, is n o w paid by 15
the B a n k ? - I t is so. (p. 350)
1) Pease (Joseph.)
(Near the town of Darlington, connected with the
mining and manufacturing districts
in the county of Durham.) 20
4599. ( I n d e m der A k t von 1844 beschrnkte die issue der c o u n t r y b a n k e r s

u n d rief so difficulties hervor.) W e r e the difficulties y o u speak of with re-
gard to the issues of country bankers experienced before the m i d d l e of
1846? - Yes, the country bankers in c o m m e r c i a l a n d agricultural districts
c o m p l a i n e d t h a t their issues were absorbed, a n d the price of their securities 25
n o t justifying their m a k i n g sales, a n d their reserve not allowing of their ac-
c u s t o m e d advances, they were obliged to t u r n away even their best c u s t o m -
ers, and to refuse even w h e n property was t e n d e r e d to t h e m as security,
those advances which would have enabled the parties to wait for a better
m a r k e t , and thereby they compelled a m a n on the rentday oder u n m i t t e l b a r 30
n a c h h e r , to sell, welches a u c h der Prei sei. (p. 367) 4605. As the b a n k was
obliged still to raise its rate of interest, every one s e e m e d apprehensive;
country b a n k e r s increased the a m o u n t of bullion in their h a n d s , a n d in-
creased their reserve of notes, a n d m a n y of us who were in the habit of
264
keeping, p e r h a p s a few h u n d r e d p o u n d s of gold a n d b a n k n o t e s , i m m e d i -

ately laid up t h o u s a n d s in our desks a n d drawers, as there was an u n c e r -
tainty a b o u t discounts, a n d a b o u t our bills b e i n g current in t h e m a r k e t , a
general h o a r d i n g ensued, (p. 368) 4636.1 was told of i n n u m e r a b l e cases in
5 which parties having their bills d i s c o u n t e d , accepted, in lieu of B a n k of
E n g l a n d n o t e s , drafts on L o n d o n . 4637. W o u l d y o u n o t say that was r a t h e r
an evasion a n d c o n t r a v e n t i o n of t h e A c t of 1844?It is a substitution,
(p. 371) D i e drafts auf 21 days, (upon t h e b a n k e r s in L o n d o n ) , payable to
the party, or order, (p. 371) 4 Arbeitstage in der W o c h e ist n u n das M a x i -
10 m u m b e i u n s in d e n m i n e s u n d manufactories, (p. 372) 4690. fr die lezten
10 oder 12 J a h r e in fact, t h e m a n who h a s m a d e m o n e y h a s thriven by watch-
ing t h e rise a n d fall of his stock in trade; b u t t h e profits of industry have ^
b e e n perfectly n o m i n a l . 4697. T h e n , whatever m a y have b e e n t h e cause dur-
ing t h e last 12 years, t h e result has b e e n rather in favour of the Jew a n d /
15 m o n e y d e a l e r , t h a n t h e productive classes g e n e r a l l y ? - U n d o u b t e d l y . 4692.
in d e n lezten 1 0 - 1 2 J a h r e n h a t G e l d g e m a c h t n u r der m a n , who h a s specu- ^
lated (p. 375) 4731. T h e a m o u n t of S u n d a y clothes in pledge (von Seite der
Arbeiter) I never saw equalled in t h e s a m e degree; food h a s swallowed up
everything w i t h t h e w a n t of work. (p. 578) 4732. Distress grsser als 1825. It
20 h a s b e e n a long c o n t i n u e d distress; it h a s n o w c o n t i n u e d for 15 o r i
18 m o n t h s . T h e price of provisions in 1846 was so great, that t h e poorer I
classes got i n t o debt; a n d in 1847, from t h e d e a r t h of e m p l o y m e n t , they I
were n o t able to r e d e e m themselves, a n d t h e state of things a m o n g t h e p o o r I
now is one of great poverty a n d want. (1. c.) 4777. As regards t h e value of cap- \
25 ital, it is a q u e s t i o n of discredit, and n o t a q u e s t i o n of scarcity. (381)
4 790. S o m e of my friends in L o n d o n have told me t h a t after they have tak- M
en gold as of t h e proper weight from countrybankers, they lose 2 or 300 I.
a year from its b e i n g reported by the B a n k of E n g l a n d as below weight by
their scales, (p. 382)
30 m.) Gardner (Robert.)

(Manchester spinner, manufacturer and merchant.)
( 3 0 - 4 0 years im Geschft)
4863. H a s there b e e n considerable distress at M a n c h e s t e r during t h e past

year? - T h e r e h a s indeed, to an extent I never witnessed before. Grsser
35 die difficulties als 1825. (p. 391) Die distress war the most intense upon the
poor, the working classes; b u t there h a s b e e n also a great destruction of capi-
tal; capital h a s suffered m o r e in proportion to l a b o u r t h a n it did at a n y for-
265
m e r crisis. (I.e.) ||69| 4872. Do you consider that in t h e m a n u f a c t u r i n g dis-

tricts there was a greater supply of m a n u f a c t u r e d goods t h a n was justified
by the d e m a n d ? - I think there was; i m m e d i a t e l y after the C h i n a treaty, so
great a prospect was held o u t to the country of a great e x t e n s i o n of our
c o m m e r c e with China, that there were m a n y large mills built with a view to 5
t h a t trade exclusively, in order to m a n u f a c t u r e that class of cloth w h i c h is
principally t a k e n for t h e C h i n a market, a n d our previous m a n u f a c t u r e s h a d
the a d d i t i o n of all those. 4874. How has that trade t u r n e d o u t ? - M o s t ru-
i n o u s , almost b e y o n d description; I do n o t believe that of t h e whole of the
s h i p m e n t s t h a t were m a d e in 1844 and 1845 to China, above % of the 10
a m o u n t have ever b e e n returned; in c o n s e q u e n c e of tea b e i n g the principal
article of r e p a y m e n t a n d of the expectation that was held out, we, as m a n u -
facturers, fully calculated u p o n a great r e d u c t i o n in t h e duty on tea; ... our
c o m m e r c e with no foreign m a r k e t is limited by their power to p u r c h a s e the
c o m m o d i t y , b u t it is limited in this country by our capability of c o n s u m i n g 15
t h a t which we receive in return for our manufactures. 4876. I sent o u t
s o m e goods in the first instance, a n d the goods sold at a b o u t 1 5 % loss,
from the full conviction that the price at which my agents could p u r c h a s e
tea would leave so great a profit in this country as to m a k e up the defi-
ciency in t h e sale of t h e goods there, b u t instead of profit I lost in s o m e in- 20
stances 25 a n d up to 50%. 4877. Did the manufacturers generally export
on their own account? - Principally; the m e r c h a n t s , I think, very soon saw
that the thing would n o t answer, a n d they rather e n c o u r a g e d t h e m a n u f a c -
turer to consign t h a n take a direct interest themselves. In M a n c h e s t e r im-
m e n s e Verluste auf die Spekulation in railways, (p. 393) those railways were 25
principally u n d e r the direction of lawyers a n d engineers, w h o h a d no inter-
est in t h e m b e y o n d t h a t of m a k i n g the lines. (1. c.) 4886. Will y o u state to
the c o m m i t t e e what you consider to have b e e n the causes of the d i s t r e s s ? - I
consider that t h e distress arose first, as I have stated, from the a b u n d a n c e
of m o n e y , or rather of confidence a n d the great facility with w h i c h we 30
could get discounts; almost any description of bills that h a s 6 or 8 m o n t h s
to run, could be d o n e with great ease at 3 and 3%, a n d all former expe-
rience has proved t h a t whenever t h a t is the case it p r o d u c e s the opposite ef-
fect, in the s a m e way as it did last year; I know that large I n d i a h o u s e s de-
posited at the Bank a n d obtained loans u p o n long bills t h o u g h they could 35
n o t discount t h e m , a n d therefore I attribute a good deal of the fault to t h e
Bank of England. 5005. A great m a n y of the transactions in C h i n a are bar-
tering goods for tea, or silk, a n d that is the great advantage t h a t t h e A m e r i -
cans have over us, and they are interfering with and taking away our trade,
a n d they will soon have the whole of it, because they levy no d u t y at all 40
u p o n tea; a n d we being the principal purchasers of tea there, keep the price
266
of it low, a n d t h e A m e r i c a n s e x c h a n g e it for their m a n u f a c t u r e s , a n d as

they have no duty u p o n tea whatever, it is t h e interest of t h e C h i n e s e to
have transactions with t h e a m e r i c a n s rather t h a n with us. 5080. If capital
h a d g o n e out of the m a n u f a c t u r i n g districts from any s u c h cause, (wie
5 E i s e n b a h n e n etc) would n o t that have t e n d e d to p r o d u c e a scarcity of h i g h
prices of g o o d s ? - N o ; b e c a u s e there is comparatively no d e m a n d for goods;
die P r o d u c t i o n ist gefallen um % 1847. 5092. V o n w e m waren die bills
(womit cotton gekauft) h a u p t s c h l i c h acceptirt? - V o n P r o d u c e brokers; a
person buys cotton, a n d places it in t h e h a n d s of a broker, a n d draws u p o n
10 that broker, a n d gets t h e bills discounted. 5094. A n d they are t a k e n to t h e
b a n k s of Liverpool, a n d d i s c o u n t e d ? - Y e s , a n d in o t h e r parts besides ... I
believe if it h a d n o t b e e n for t h e a c c o m m o d a t i o n t h u s granted, a n d princi-
pally by t h e Liverpool banks, cotton would never have b e e n so h i g h last
year as it was by l]/ d. or 2 d. a p o u n d .
2
15 . ) Loyd (Samuel Jones.)
5725. Have you m a d e any sort of e s t i m a t e of t h e a m o u n t of d r a i n t h e r e

was u p o n t h e country in c o n s e q u e n c e of t h e failure of food? - I have al
ways u n d e r s t o o d t h a t t h e r e was at least 30 Mill. /.St. of provisions i m p o r t e d
i n t o this country d u r i n g t h e year 1847, a n d , in a d d i t i o n to t h e large
20 increase in t h e i m p o r t of provisions, there was a very r e m a r k a b l e i n c r e a s e
in t h e i m p o r t of o t h e r c o m m o d i t i e s especially excisable c o m m o d i t i e s ,
w h i c h was supposed to be caused by t h e large wages given to p e r s o n s e m
ployed u p o n t h e railroads. |
|70| 5727. the object of t h e act is to protect convertibility of t h e n o t e u n -
25 der all c i r c u m s t a n c e s , a n d therefore of course its efficiency is n o t tried till
t h e store of b u l l i o n w h i c h is to protect t h e convertibility of t h e n o t e is ex
posed to s o m e degree of pressure.
5165. I always c o n s i d e r e d t h a t t h e n o t e s in t h e till of t h e B a n k of Eng
land a n d t h e n o t e s in t h e h a n d s of t h e public together c o n s t i t u t e d t h e cir-
30 culation. B e t r a c h t e t a u c h d i e N o t e n , die die Privatbankers a u s g e b e n dr-
fen als Circulation. 57 70. I consider that t h a t w h i c h is at t h e control a n d
c o m m a n d of t h e public is circulation, wherever it m a y be laying. 57 73. I
c a n state that as regards my own concern in M a n c h e s t e r , t h e d i m i n u t i o n of
deposits in the year 1847, as c o m p a r e d with t h e year 1846, was r a t h e r m o r e
35 t h a n 20%. 5202. W h a t we call t h e reserve of t h e B a n k of E n g l a n d is coin
or notes, w h i c h are kept in t h e Bank till, as distinguished from the securi-
ties which it holds. 5203. U n d e r t h e old m o d e , in w h i c h t h e B a n k a c c o u n t s
were kept, as there was no distinction between t h e issue d e p a r t m e n t a n d
267
the b a n k i n g d e p a r t m e n t , the reserve resolved itself entirely into t h e a m o u n t

of bullion which the B a n k h e l d ? - Y e s , I a p p r e h e n d it was so, b e c a u s e the
n o t e s t h a t the b a n k held did n o t appear. 5204. As the a m o u n t of notes
which the B a n k has the power of issuing n o w d e p e n d s u p o n the q u a n t i t y of
b u l l i o n t h a t they have in their possession, so, in fact, t h e quantity of n o t e s 5
is at t h e present m o m e n t another n a m e for the bullion t h a t they h o l d in
their possession? 5206. T h e A c t of 1819 o r d a i n e d specie p a y m e n t s , b u t it
took no m e a s u r e s toward securing or carrying out t h a t o r d i n a n c e . T h e n the
A c t of 1844 r e n d e r e d compulsory the m e a s u r e s which were necessary for
securing the convertibility of the notes. 5246. the B a n k a c t of 1844 con- 10
siders as essential t h a t the circulation of notes shall be confind to a certain
a m o u n t , at all times, irrespective of the character of t h e circulation, or t h e
objects for which the notes are issued; I want to ask your opinion, whether,
for the temporary purpose of paying the dividend, w h e n it was well k n o w n
to the Bank that they m u s t receive those notes back again within a few days 15
in the r e p a y m e n t of the advances they h a d m a d e , it was as necessary for the
B a n k to u s e strictly the same rule which the Bankact of 1844 imposes, as it
would be if those n o t e s were issued in the ordinary way in the discount of
bills, or for any other p u r p o s e s ? - T o that question I answer distinctly, yes.
5288. whenever y o u are speaking of the convertibility of t h e n o t e , I t h i n k 20
you m u s t clearly distinguish between two different causes of danger to the
convertibility; o n e is the danger from the u n s o u n d state of the foreign ex-
changes a n d the e x h a u s t i o n of the gold of the country, the other is t h e dan-
ger arising from internal p a n i c and the d e m a n d of the public for gold in-
stead of b a n k n o t e s . T h e first class of danger is o n e that is capable of being 25
dealt with on principle, a n d therefore for t h a t danger of n o n convertibility
the Legislature has provided. T h e other cause of d a n g e r it is impossible to
deal with; there is no effectual m o d e of guarding against t h e
nonconvertibility of t h e n o t e from internal p a n i c , except t h a t of n o t issuing
notes u p o n securities. 30
5299. As regards prices, in your opinion, it is equally t h e s a m e whether
t h e notes are in the reserve of the Bank or in circulation, according to the
c o m m o n n o t i o n ? - T h e r e is no difference in principle between t h e n o t e s
which the public have t h e power of calling for a n d m a k i n g use of; they all
constitute the circulation. 5300. A n d have the s a m e effect u p o n pri- 35
c e s ? - T h e same effect, in principle.
268
o) Thomas Tooke.
5307. If by the difficulties of April 1847, you allude to the pressure u p o n

the m o n e y m a r k e t , the rise in the rate of interest, a n d t h e great difficulty of
obtaining discounts at all, t h a t part of the pressure of 1847, I attribute ex-
5 clusively to the A c t of 1844.
5310. D e r A c t von 1844 wirkte, - die T r e n n u n g in die b e i d e n D e p a r t e -
m e n t s - , b y d i m i n i s h i n g the power o f the Bank, t o grant a c c o m m o d a t i o n
in c o n s e q u e n c e of the narrow limit of its b a n k i n g reserve, instead of allow-
ing the Bank, as it would have h a d the power of doing b u t for that Act, to
10 grant e x t e n d e d a c c o m m o d a t i o n at a moderately increased rate of interest;
e. g., at the t i m e of pressure in April, w h e n the reserve was r e d u c e d to
3 Mill. 1., w h i c h compelled the Bankdirectors, in their own defence, to take
measures of the u t m o s t severity of restriction; there were no less t h a n
6,250,000 I. in the issue d e p a r t m e n t , which was as little available as if it
15 h a d b e e n in China. 5321. It is the i n h e r e n t vice of the b a n k i n g system, in
whatever shape y o u have it, which includes the e m p l o y m e n t of deposits in
securities, i. e. in loans a n d advances, that there m a y be a c o m b i n a t i o n of
circumstances which m a y entail a suspension of cash p a y m e n t s . 5322. if
credit, in any shape, were to be allowed, a n d if b a n k i n g business consisted
20 in advances by loan or discount out of the deposits, t h e n I conceive y o u
might have, even u n d e r a perfectly metallic circulation, a general suspen-
sion of p a y m e n t s . V o l l k o m m e n begreifbar da in periods of confidence t h e
banks m i g h t m a k e overadvances u p o n inconvertible securities or n o t suffi-
ciently convertible securities, a n d then, u p o n a s u d d e n d e m a n d for gold for
25 foreign p a y m e n t to a very large a m o u n t , such as occurred last year, die
banks that h a p p e n e d to be the least provided etc would suspend their pay-
m e n t s a n d create a p a n i c etc. 5332. it m a y be right to observe, showing how
very little direct influence the operation of the B a n k of E n g l a n d h a s u p o n
prices, that during the height of the pressure t h r o u g h April a n d the begin-
30 ning of M a y , the speculation in the corntrade was carried to its greatest
height, a n d t h e price of wheat advanced between the m i d d l e of April a n d
the m i d d l e of May, I think, fully 20 s. a quarter. 5344. u n d 45. D i e B a n k
k a n n raise u n d r e d u c e d e n general rate of interest, n o t for any length of
time, aber for intervals of some length. |
35 [VII 5353. D u r i n g t h e average of the 10 years, von 1 8 3 3 - 1 8 4 2 , the
a m o u n t of bullion in t h e B a n k was only about 6,800,000 1., w h r e n d der
3 J a h r e 1839, 1840 u n d 1841 n u r 4,500,000 /. 5355. V o n 1 8 4 3 - 1 8 4 7 der
average 13,400,000 /. 5381. the circulation is a very small a n d insignificant
part of the whole a m o u n t of the engagements of a b a n k . Bei d e n lezten fail-
269
1
ures der banks h a t t e n sie liabilities zu sehr grossem Betrag, w h r e n d die

Circulation n u r 7 oder 8 % auf das total of their obligations war. 5383. I
c a n n o t i m a g i n e anybody can stretch his power of c o n c e p t i o n so far as to
suppose t h a t any speculations could go further t h a n the speculations in
railways went in 1844 a n d 1845. 5
5390. T o o k e giebt folgende s t a t e m e n t s b e r die C i r c u l a t i o n d e r B a n k
o f F r a n c e u n d i h r e n b u l l i o n stock:
Circulation. Coin and bullion.
' 25 March 1845 - 256,000,000 266,000,000
26 December 1845 - 269,498,000 187,334,000 10
Quarter ended 26 December 1846 - 259,459,000 72,734,792
. 25 Mrz 1847 - 249,404,000 79,535 000
4
u n d die B a n k of F r a n c e h o b i h r e n Zinsfu n u r von 4 auf 5 %. 5394. n o b o d y

till 1844 i m a g i n e d any possible a m o u n t of its own n o t e s t h a t was in a b a n k
of issue, could be considered as part of the c i r c u l a t i o n . . . there never was 15
such confusion of reasoning as t h a t which would suppose t h a t the circula-
t i o n in posse is part of that circulation which acts in any way u p o n prices.
5395. It was a s s u m e d that the circulation governed prices, a n d that prices
would, as naturally m u s t be the case, govern the exchanges; a n d t h a t by the
B a n k contracting or e x p a n d i n g the circulation, the B a n k h a d the power of 20
affecting t h e foreign e x c h a n g e s ? - Y e s . 5397. in nearly all cases of impor-
tant alterations of prices, the alteration in price has preceded the alteration
in the a m o u n t of circulation. 5449. If the a m o u n t of circulation does n o t
affect prices, b u t if the prices do affect the circulation, will you explain how
raising the rate of interest affects the exchanges without affecting t h e prices 25
of o u r c o m m o d i t i e s ? - I t affects the exchanges t h r o u g h t h e m e d i u m of the
relative rate of interest here as c o m p a r e d with the rate of interest in foreign
countries; it i n d u c e s a d i m i n i s h e d extent of credit given by this country,
a n d it i n d u c e s greater credit given by foreign m e r c h a n t s to those in this
country; it diminishes the disposition of persons on this country to invest 30
capital abroad, a n d it increases the i n d u c e m e n t to parties abroad to invest
their m o n e y in t h e securities.of this country. 5451. Z u r Zeit wo die B a n k
i h r e n Zinsfu h o b , u n d e r the letter of the G o v e r n m e n t , a great m a n y orders
for food in Lancashire, a n d in the hardware districts of Warwickshire a n d
Staffordshire, a great m a n y orders for goods were declined to be accepted, 35
b e c a u s e the rate of interest which t h e manufacturer h a d to pay for discount-
ing his bills m o r e t h a n absorbed all his profit. 5476. t h e b u l l i o n in D e c e m -
ber 1825 was 1,000,000 1., it h a d risen, in F e b r u a r y 1826, to 2,500,0001., in
A u g u s t it was between 6 u n d 7 Mill. St. u n d in a t w e l v e m o n t h it was
10 Mill. I. St. 40
270
p) John Taylor.
5510. In 1775, Sir George Savile brought in a Bill for restricting the issue
of countrypaper to 11., which in Yorkshire in particular h a d b e e n circulat-
ed to a surprising extent for smaller a m o u n t s . He speaks of paper m o n e y
5 from 5 sh. down to 6 d; a n d promissory notes were in circulation which r a n
for almost an indefinite t i m e . 5511. D i e p a p e r z u m grossen Theil ausgege-
b e n by the m a n u f a c t u r e r s ... it was u n d o u b t e d l y an abuse, i n a s m u c h as
notes were circulated for s u m s ridiculously small a n d also for indefinite pe-
riods of t i m e ; so t h a t w h e n m e n were embarrassed, it was impossible to
10 bring t h e m to the c o n d i t i o n of insolvency. 5620. D i e Proportion der g a n z e n
u n f u n d i r t e n Schuld, d.h. des G e s a m m t b e t r a g s der Exchequerbills zur jhr-
lichen Besteurung des Landes war, von 1 7 9 2 - 1 7 9 7 : 72%, von 1 7 9 8 - 1 8 0 4 :
6 3 % , von 1 8 0 5 - 1 8 1 1 : 62%, von 1 8 1 2 - 1 8 1 8 : 80%, von 1 8 1 9 - 1 8 2 5 : 67%
u n d von 1 8 2 6 - 1 8 3 2 : 5 3 % . 5621. Das Verhltni zwischen d e n E x c h e q u e r -
15 bills u n d der Circulation war: von 1 7 7 9 - 1 7 8 3 Exchequerbills averaged
7,879,450 /. u n d die Bankcirculation war 6,598,830 /. V o n 1 7 8 4 - 1 7 8 8 Ex-
chequerbills 8 , 0 1 1 , 2 5 6 u n d die Bankcirculation 8,007,220 /. V o n
1789-1793 Exchequerbills 10,345,459 /. u n d die B a n k c i r c u l a t i o n
11,219,762 /. V o n 1 7 9 4 - 1 7 9 8 Exchequerbills 10,536,912 u n d die bankcir-
20 culation 10,738,100; von 1 7 9 9 - 1 8 0 3 Exchequerbills 12,366,239 /. u n d die
Bankcirculation 15,214,750/.; von 1 8 0 4 - 1 8 0 8 Exchequerbills 13,788,176
u n d die Bankcirculation 18,271,882; von 1 8 0 9 - 1 8 1 3 Exchequerbills
20,571,425 u n d die Bankcirculation 23,102,004; von 1 8 1 4 - 1 8 1 8 die Ex-
chequerbills 27,925,850/. u n d die Bankcirculation 27,624,322. V o n
25 1 8 1 9 - 1 8 2 3 Exchequerbills 17,171,427 u n d die B a n k c i r c u l a t i o n
21,708,670; von 1 8 2 4 - 1 8 2 8 Exchequerbills 18,054,001 u n d die Bankcircu-
lation 21,039,926; von 1 8 2 9 - 1 8 3 2 Exchequerbills 19,967,152 u n d die
Bankcirculation 19,592,502. A u s d i e s e m s t a t e m e n t geht hervor, da fr die
20 J a h r e von 1 7 7 9 - 1 7 9 8 (und weiter g e h n die p u b l i s h e d r e t u r n s n i c h t zu-
30 rck) ||72| der jhrliche D u r c h s c h n i t t s b e i a u f der Exchequerbills held by the
Bank was 9,193,269 /. u n d der Durchschnittsbetrag der banknotes issued
9,140,978 /. - M i t A u s n a h m e of an occasional issue of n o t e s nearly to t h e
a m o u n t of its rest or floating capital, the B a n k of E n g l a n d v o n 1779 bis j e z t
has issued its own notes merely as substitutes for large Exchequerbills is-
35 sued by the G o v e r n m e n t , for which substitution it h a s b e e n p a i d interest to
the a m o u n t of a b o u t 50 M i l l i o n e n St.
271
. Smith. (Lehre ber das Geld)

(Citirt e r s t e n s n a c h d e r A u s g a b e v o n M. Culloch London 1828 u n d d e r
v o n d e m author of England and America" L o n d o n 1836.) ( L e z t r e r ist
Wakefield.)
Buch I. C.IV.) (t.I. ed. Mc.Culloch) 5
(nothing.)
A. S m i t h s a g t : The Increase of t h e quantity of gold a n d silver in
E u r o p e , a n d t h e increase of its m a n u f a c t u r e s a n d agriculture, are two
events which, t h o u g h they have h a p p e n e d nearly a b o u t t h e s a m e t i m e , yet
have arisen from very different causes, and have scarce any n a t u r a l c o n n e x - 10
i o n with o n e another. (p. 3 9 1 , b. 11.1.)
Buch I. (edit. Wakefield t.I)
Wakefield b e m e r k t d a s e l b s t i n s e i n e m A c c o u n t o f t h e life a n d w r i t i n g s o f
A. S m i t h : the great object der alten G e s e t z g e b u n g war to c o u n t e r a c t t h e
love of m o n e y a n d a taste for luxury, by positive i n s t i t u t i o n s ; a n d to m a i n - 15
t a i n in t h e great body of t h e people, habits of frugality, a n d a severity of
m a n n e r s . T h e decline of states is uniformly ascribed by t h e philosophers
and historians, b o t h of G r e e c e a n d R o m e , to t h e influence of riches on n a -
tional c h a r a c t e r . . . H o w opposite to this is t h e doctrine of m o d e r n politi-
cians! ... E i n H a u p t g r u n d dieser Differenz ist die difference b e t w e e n t h e 20
sources of n a t i o n a l wealth in a n c i e n t and in m o d e r n t i m e s . In ages w h e n
c o m m e r c e a n d m a n u f a c t u r e s were yet in their infancy, a n d a m o n g states
constituted like m o s t of t h e a n c i e n t republics, a s u d d e n influx of riches
272
A. Smith: (Lehre ber das Geld)
from a b r o a d was justly d r e a d e d as an evil, alarming to t h e morals, to the in-

dustry, a n d to t h e freedom of a people. (p. L X X X I I I ) W a k e f i e l d b e m e r k t
i n d e n n o t e s z u b . I ch. 5 , 6 u n d 7 , p . 1 6 1 : perhaps w e m a y attribute t o m o n -
opoly the superior value of skilful labour. Considering l a b o u r as an ex-
5 changeable c o m m o d i t y , t h e p r o d u c e of o n e day's skilful labour m a y ex-
c h a n g e for t h a t of 2 or even 10 days' r u d e labour, n o t so m u c h b e c a u s e
superior skill has cost a n t e c e d e n t toil and trouble as because t h e possession
of skill is a sort of m o n o p o l y (for it often c o m e s without any peculiar toil,
by a m e r e accident of position or education.) E i n Beispiel von d e m E i n -
10 flu von supply u n d d e m a n d auf d e n Prei folgendes, was G a r n i e r in seiner
Arbeit von A. S m i t h giebt: In F r a n c e , a farm w h i c h lets for 200 I. a year,
will n o t sell in o n e lot for m o r e t h a n 25 years' p u r c h a s e ; b u t if divided i n t o
m a n y small lots, will sell for 40 years' purchase. T h i s great difference in t h e
exchangeable value of l a n d arises from the difference between the d e m a n d
15 for considerable farms a n d for very small pieces of land. (W. p. 162) A
general rise of wages in G r e a t Britain, without any rise of wages in F r a n c e ,
would greatly affect the value of cotton goods with relation to B o r d e a u x
wines. In e i n e m sehr civilisirten L a n d wie G r o b r i t a n n i e n , wo die m e a n s
of c o m m u n i c a t i o n sehr improved, an alteration of wages can never be par-
20 tial, b u t m u s t soon e x t e n d to every part of the country; still there is no s u c h
equality between different countries. (W. p. 168) T h e variations in t h e rate
of profits m a y affect exchangeable value u n d in opposite directions too,
z . B . W h e n t h e general rate of profit is 10%, houses, let us suppose, w h i c h
are the p r o d u c e of capital a n d labour, sell for 10 years' purchase, so as to
25 yield an i n c o m e of 10%. T h e general rate of profit falls to 5%; a n d capital-
ists, m o v e d by the principle of competition, are willing to b u y h o u s e s at t h e
rate of 20 years' p u r c h a s e , so as to obtain an i n c o m e of only 5* %. Unless oth-
er objects have fallen in price with the general fall of profits, a h o u s e will
now exchange for 2 x as m u c h of other objects as it was worth before. W i t h
30 a fall of profits, something, the p r o d u c e of capital a n d labour, has risen in
exchangeable value. Anderseits. Gesezt allgemeiner fall in d e n Profits v o n
10 auf 5 %; werde g e w o n n e n d u r c h die c o n s u m e r s in t h e shape of a lower
price, so der decrease of price n i c h t derselbe fr alle W a a r e n , so as to leave
their exchangeable value unaltered, weil die Proportion von Capital z u r Ar-
35 beit n i c h t dieselbe in allen e m p l o y m e n t s ist. (p. 168,9) In einer H i n s i c h t
m i n d e s t e n s ist es in d e m province ||73| of legislation, to interfere with t h e
operations of political e c o n o m y ; in so far, t h a t is, as to prevent or correct
the hurtful effects on the p r o d u c t i o n of n a t i o n a l wealth, which arise from a
m i n u t e subdivision of l a n d e d property, whether held in fee or on lease.
40 (p. 37 W. 1.1.) In L n d e r n von grosser Parzellirung des Bodens, wie C h i n a
u n d F r a n k r e i c h u n d T r k e i - d a a large proportion of t h e people are neces-
273
sarily engaged in the very s a m e pursuits; e a c h labourer, or at most, e a c h la-

b o u r e r ' s family, cultivates the ground with a view to o b t a i n i n g food for
e a c h family, a n d p u r s u e s s o m e other occupations which are alike, or nearly
alike, for all the families. All the people ist d a h e r like o n e a n o t h e r . . . the
n u m b e r of people who follow occupations different from those of the major- 5
ity, a n d different from e a c h other, bears a small proportion to the major-
ity, the whole people daher extremely m o n o t o n o u s . As knowledge c o m e s
by comparison, a n d t h e m e a n s of comparison are in proportion to variety, a
m o n o t o n o u s people are necessarily dull and ignorant. (W. p. 38 1. c.) Birk-
beck sagt in seiner T o u r in F r a n c e : "A town d e p e n d s for subsistence on the 10
lands i m m e d i a t e l y a r o u n d it: the cultivators individually h a v e n o t m u c h to
spare; because, as their h u s b a n d r y is a sort of gardening, it requires a large
country population, a n d has, in proportion, a less superfluity of p r o d u c e .
T h u s is formed a n u m e r o u s b u t poor country p o p u l a t i o n . T h e cultivator re-
ceives p a y m e n t for his surplus produce in sous, and he expends only sous. 15
T h e t r a d e s m a n is on a par with the farmer: as they receive, so they expend;
a n d t h u s fifty t h o u s a n d persons m a y i n h a b i t a district, with a town of
10,000 i n h a b i t a n t s in the centre of it, bartering the superfluity of the c o u n -
try for the arts a n d m a n u f a c t u r e s of the town. Poor from g e n e r a t i o n to gen-
eration, a n d growing continually poorer as they increase in n u m b e r s ... 20
there is no a d v a n c e m e n t in french society; no i m p r o v e m e n t , n o r h o p e of
it." (W. p. [39,] 40) W. selbst b e m e r k t : the town's people grow poorer in
c o n s e q u e n c e of the increasing poverty of the country people. T h e greater
the surplus p r o d u c e of agricultural labour, the greater is t h e subdivision of
trades a n d professions in towns. (1. c. note) W. f h r t fort: M o n o t o n y , igno- 25
ranee, a n d stagnation, are, in like m a n n e r , t h e characteristics of t h e great
majority of the people in Ireland, Turkey, a n d C h i n a . In all those countries,
as well as F r a n c e , the greater part of society consists of a m e r e multiplica-
tion of one grower of food. Such m o n o t o n o u s , ignorant, and stagnant m a s -
ses, in which whatever affects o n e m a n affects all in the s a m e way, are well 30
suited to be governed by o n e central, a n d as regards t h e m , wholly irrespon-
sible authority. ... T h e facility with which the central a n d irresponsible gov-
e r n m e n t s of China, Turkey, a n d France, are carried on, as well as the pas-
sionate b u t u n r e a s o n i n g love of equality which, in Turkey a n d F r a n c e , at
least, seems to be n o t inconsistent with a slavish respect for the worst k i n d 35
of authority, m a y be traced to the operation of causes in political economy,
(p.40,1 I.e.) T h e F r e n c h , with their allotment system, are b e c o m i n g a n a -
tion of potatogrowers; o n e family of potatogrowers multiplied by a b o u t
8 millions, (p. 43 1. c.) In d e m B e g i n n z u s t a n d der Gesellschaft, viel L a n d ,
wenig Leut, k a n n j e d e r selbst seinen Acker b a u n . W e n i g surproduet, k a u m 40
division of e m p l o y m e n t s u n d little or no exchange. K e i n e C o m b i n a t i o n .
274
A.Smith: (Lehre ber das Geld)
N o o n e of t h e m can p e r s u a d e any of t h e others to work along with h i m .

But s o m e of t h e m are stronger t h a n others; a n d where persuasion fails, they
can use force. He who could n o t entice others to work with h i m , now c o m -
pels t h e m to work for h i m ; slavery is established, a n d , together with that
5 m o n s t r o u s evil, t h e great advantage of c o m b i n a t i o n of labour. However
shocking the m e a n s , t h e e n d obtained was good; m o r e productive labour;
surplus p r o d u c e ; the a c c u m u l a t i o n of capital, a n d the division of employ-
m e n t s ; a n d exchange, n o t only a m o n g s t e a c h b o d y of workmen, b u t
a m o n g s t t h e different bodies. All n a t i o n s , or nearly all, accordingly, have
10 u n d e r g o n e the state of slavery, s o m e t i m e s m a k i n g slaves of the people of
the country, s o m e t i m e s obtaining slaves by m e a n s either of p u r c h a s e , from
other nations, or of war; a n d it is equally r e m a r k a b l e that wherever popula-
tion has increased so as to r e n d e r land scarce, so as to provide for the c o m -
b i n a t i o n of free labour, slavery has either a s s u m e d a very ||74| mild form, or
15 has b e e n wholly abolished. It is also remarkable that slavery was revived in
A m e r i c a by n a t i o n s w h i c h h a d lately abolished it in E u r o p e . Bodies of e m i -
grants from Spain, England, and other E u r o p e a n countries, settled in
A m e r i c a , a n d took possession, in every case, of s u c h a quantity of land,
that there was enough, a n d m o r e t h a n enough, for all the settlers. W i t h
20 s u c h a b u n d a n c e of l a n d t h a t every one could readily o b t a i n a piece for
himself, t h e r e would have b e e n little c o m b i n a t i o n of l a b o u r a m o n g s t those
people, if they h a d n o t o b t a i n e d slaves who m i g h t be compelled to help
each other. All of those bodies of settlers did obtain slaves of o n e sort or oth-
er; either red m e n , the natives of the country, or black m e n purchased in
25 Africa, or criminals transported from Europe, or E u r o p e a n s n o t criminals,
who were k i d n a p p e d a n d sold like the black natives of Africa. In A m e r i c a ,
no c o m m o d i t y of w h i c h the p r o d u c t i o n requires the constant e m p l o y m e n t
of m a n y h a n d s in the s a m e work, or admits of m u c h division of employ-
m e n t s , s u c h as rice, cotton, tobacco, a n d sugar, h a s ever b e e n raised in
30 large quantities except by the c o m b i n e d l a b o u r of slaves. T h e colonizers of
A m e r i c a , o u r feudal ancestors, a n d the Jews of old, h a d o n e a n d t h e s a m e
motive for permitting t h e institution of slavery. In E u r o p e , except in those
parts where l a n d is still extremely cheap, t h a t motive h a s ceased to operate;
b u t in A m e r i c a , where land is nearly as cheap as ever, the n u m b e r of slaves
35 c o n t i n u e s to increase as fast as the n u m b e r of free m e n . In t h e U n i t e d States
of N o r t h a m e r i c a alone the n u m b e r of slaves is c o m p u t e d to be two mil-
lions, which n u m b e r , supposing e a c h slave to be worth u p o n the average
60 p o u n d s , represents a m o n e y value of 120 m i l l i o n p o u n d s St. T h e prin-
ciple of cooperation explains the origin of slavery, the abolition of slavery
40 in some countries, a n d the steady progress which slavery is m a k i n g in oth-
ers. (p. 4 4 - 4 7 ) L a b o u r is u n i t e d ... whenever e m p l o y m e n t s are divided.
275
... T h e greatest division of l a b o u r takes place amongst those exceedingly

barbarous savages who never help each other, who work separately from
e a c h other; a n d division of e m p l o y m e n t s , with all its great results, d e p e n d s
altogether on c o m b i n a t i o n of labour, or co-operation, (p. 24) 1. c. E x c h a n g e ,
t h e n , seems to have b e e n adopted by m e n , n o t from any propensity to truck 5
a n d barter, b u t as o n e m e a n s , a m o n g s t m a n y , of a u g m e n t i n g the quantity
and the variety of the p r o d u c e of labour. T h e same a c c o u n t precisely m a y
be given of the division of e m p l o y m e n t s , (p. 62,3 I.e.). It is the infinite va-
riety of wants, a n d of the kinds of c o m m o d i t i e s necessary to their gratifica-
tion, which alone renders the passion for wealth indefinite a n d insatiable. 10
(p. 64 note.) It is the surplus p r o d u c e of agriculture, b e y o n d what m a i n t a i n s
the producer, t h a t provides the m e a n s of subsistence for persons n o t en-
gaged in agriculture. W h a t proportion, therefore of the people in any socie-
ty shall engage in e m p l o y m e n t s which relate to comforts a n d luxuries, de-
p e n d s u p o n the productiveness of agricultural industry, in E n g l a n d % 15
gengt to raise food for the whole, in Frankreich % in Portugal % d a z u n -
thig. (p. 79 1. c.) while division of e m p l o y m e n t s is limited by t h e extent of
the market, the extent of the m a r k e t is, in great m e a s u r e , at least, limited
by t h e division of e m p l o y m e n t s , (p. 81 I.e.) the power of exchanging has n o t
b e e n thoroughly analyzed by any writer on the subject, (p. 82 1. c.) 20
m o n e y ( n m l i c h G o l d u n d Silber) in sufficient quantity to serve as the
only i n s t r u m e n t of exchange for a country like G r e a t Britain in o u r day,
would cost far m o r e t h a n it was worth, (p. 96. I.e.) with no i n s t r u m e n t of ex-
change b u t m o n e y , the wealth of a n a t i o n could n o t be m u c h increased
b e y o n d that degree which m a y subsist without m o n e y , with m e r e barter. 25
(1. c.) 1816 in F r a n c e die agricultural population = 20 millions u n d die
class of hired agricultural labourers, W e i b e r u n d K i n d e r eingeschlossen
= 5 m i l l i o n s . - T r e a t i n g labour as a c o m m o d i t y , a n d capital, the p r o d u c e
of labour, as another, then, if the value of those two c o m m o d i t i e s were re-
gulated by equal quantities of labour, a given a m o u n t of l a b o u r would, u n - 30
der all circumstances, exchange for that quantity of capital which h a d b e e n
p r o d u c e d by the s a m e a m o u n t of labour; a n t e c e d e n t labour would always
exchange for the s a m e a m o u n t of present labour. A b e r the value of labour,
in relation to other c o m m o d i t i e s , in so far, at least, as wages de-
p e n d ||75| u p o n share, is d e t e r m i n e d , n o t by e q u a l quantities of labour, b u t 35
by the proportion between supply a n d d e m a n d . (p. [230,] 231 1. c. note)
W r e das Product raised by capital und labour stets dasselbe, so w r d e die
Frage b e r Profits u n d wages sein, what regulates the division of t h e pro-
d u c e between capitalists a n d labourers ... aber die Product ist n i c h t im-
m e r dasselbe; sein a m o u n t , im Verhltni zu d e m capital a n d l a b o u r e m - 40
ployed, d e p e n d s on the proportion which population a n d capital b e a r to the
276
A.Smith: (Lehre ber das Geld)
land, or what m a y be termed, the field of e m p l o y m e n t for capital a n d la-

bour; and, moreover, wie p o p u l a t i o n u n d capital increase in proportion to
land, less of that which they p r o d u c e is divided between t h e m . Folgt da
das subject of profits a n d wages is n o t a m e r e question of shares or divi-
5 sion. (p. 232 1. c.) p r o d u c t i o n is limited n o t merely by capital, b u t also by
t h e field of employment for capital itself, n m l i c h L a n d . (p. 235 I.e.) wages
u n d profits d e p e n d n i c h t allein on the proportion zwischen capital u n d la-
bourers, w h i c h regulates the division of the p r o d u c e , sondern a u c h on the
a m o u n t to be divided, which is regulated by t h e proportion that p o p u l a t i o n
10 a n d capital b e a r to the field of production, (p. 236 I.e.) T h e very pressure of
people a n d capital on the field of p r o d u c t i o n , gives rise to inventions in
agriculture, or improved m o d e s of husbandry, whereby the capital and la-
b o u r p r o d u c e m o r e t h a n before on l a n d already cultivated, a n d land, which
was before considered unfit for cultivation, c o m e s to yield a r e m u n e r a t i n g
15 return. Every s u c h i m p r o v e m e n t or invention is, in effect, an e n l a r g e m e n t
of t h e field of production, (p. 237 I.e.) D i e c o m m o n conditions of society,
which exhibit different rates of profit a n d wages sind: 1) Capital in larger
Proportion zu labourers u n d small proportion zum field of p r o d u c t i o n . Verei-
nigte Staaten Beispiel. Hier wages high in share u n d in a m o u n t ; profits low
20 in share, high in a m o u n t . 2) Capital in a large proportion to l a b o u r u n d
a u c h a large proportion to the field of p r o d u c t i o n , h i g h wages u n d low prof-
its. So in F r a n k r e i c h gen E n d e des Revolutionskriegs. 3) capital in small
proportion to labourers u n d z u m field of p r o d u c t i o n . Low wages u n d high
profits; the p r o d u c e divided being great, b u t the labourers' share very small
25 Bengal z. B. wo capital has obtained e n o r m o u s profits, while wages were at
the rate of 2 p e n c e a day. 4) Capital in a small proportion to labour, a n d a
great proportion to the field of production, low wages u n d low profits; that
part of the p r o d u c e of industry which is divided between labourers and cap-
italists, being r e d u c e d to so small an a m o u n t , t h a t the capitalist, after giv-
30 ing the labourer b u t j u s t e n o u g h to provide h i m with a m o t i v e for working,
reserves for himself b u t just e n o u g h to provide h i m with a motive for con-
t i n u i n g to employ labourers. So G e n u a , V e n e d i g , Holland, besonders Eng-
land jezt. (p.237,8 I.e.) T h e field, t h e capital, a n d the people m a y increase;
yet if the e n l a r g e m e n t of the field be n o t m o r e rapid t h a n the increase of
35 capital, no alteration of profits will occur; n o r any alteration of wages, u n -
less the field be enlarged, a n d capital be increased, b o t h at the s a m e t i m e ,
m o r e rapidly t h a n people shall increase. All the e l e m e n t s of wealth m a y in-
crease absolutely, b u t without any change in their proportions to each oth-
er. T h o u g h , in s u c h a state of society, b o t h capitalists u n d labourers will in-
40 crease in n u m b e r ; t h o u g h new m e a n s of c o m m u n i c a t i o n will be formed,
t h o u g h fresh towns will arise, t h o u g h the increase of p o p u l a t i o n a n d of n a -
277
tional wealth m a y be striking, nevertheless the rate of profit m a y still be

very low, t h e rate of wages b u t just sufficient to p e r m i t an increase of la-
bourers, t h e majority of capitalists in a state of u n e a s i n e s s , a n d t h e whole
b o d y of labourers miserable and degraded. Nay, along with increasing n a -
tional wealth, the state of capitalists a n d labourers m a y grow worse, provid- 5
ed t h a t the field of p r o d u c t i o n be n o t e x t e n d e d at the s a m e rate with the in-
crease of people a n d capital. This appears to have h a p p e n e d in G r e a t
Britain during the last 20 years. W a r ceasing, great masses of capital were
no longer wasted every year, b u t were a c c u m u l a t e d at h o m e ; new m o d e s of
investment were discovered; the n u m b e r of capitalists was visibly a u g m e n t - 10
ed, signs of increasing wealth appeared in all directions. B u t as the field of
p r o d u c t i o n was n o t enlarged so rapidly as capital increased, m o r e a n d m o r e
c o m p e t i t i o n a m o n g s t capitalists m a d e the c o n d i t i o n of the ||76| greater
n u m b e r worse t h a n t h a t of the smaller n u m b e r . In like m a n n e r , with re-
spect to t h e labouring classes, together with the peace which r e m o v e d o n e 15
check to the increase of people, c a m e great i m p r o v e m e n t s in m e d i c i n e , a n d
especially in treating the diseases of children, which r e m o v e d other checks;
a n d t h u s t h e c o m m o n people increased faster t h a n the field of e m p l o y m e n t
for increasing capital. This change in the proportion b e t w e e n two of the
e l e m e n t s of p r o d u c t i o n , a n d the third or chief element, while all three were 20
rapidly increasing, explains the coincidence of rapidly increasing n a t i o n a l
wealth, with t h e greater u n e a s i n e s s of the m i d d l e class, a n d t h e greater m i s -
ery of the bulk of t h e people, (p. 2 3 9 - 2 4 1 ) W h y should any o n e resort to
less fertile soils? Clearly b e c a u s e population a n d capital h a v e increased,
without a corresponding enlargement of the field of p r o d u c t i o n , (p. 245) 25
W o h e r n i m m t m a n Zuflucht z u s c h l e c h t e m Bden? N i c h t wegen a decrease
in the fertility of t h e soils etc", n o r even a necessity for resorting to less
fertile soils, b u t a necessity for employing on the l a n d already cultivated
m o r e a n d m o r e capital with less a n d less return. B u t again, w h e n c e this n e -
cessity? Clearly from " a n increase of capital, a n d the c o m p e t i t i o n conse- 30
q u e n t of that increase." (I.e.) In all real cases, the necessity for resorting to
inferior soils or for employing m o r e capital with less r e t u r n on l a n d already
cultivated, is an effect of the increase of capital, a n d a cause of the fall in
profits. (1. c. u n d 246) Die R a t e der Profite n a h m d a h e r bestndig ab, in
Folge eines overgrown capital; d e n owners of large capitals d i e gleichgl- 35
tig, aber distress fr die owners of small capitals. ... Gurney u n d L. Lloyd
constatirten 1833, vor e i n e m C o m m i t t e e des h o u s e of C o m m o n s t h a t capi-
tal is s u p e r a b u n d a n t , n o t in proportion to labourers, b u t in proportion to
the m e a n s of profitable investment, (p. 249) Htte der Krieg n i c h t Millions
von l. St. verschlungen, die Spekulationen, z u s a m m e n m i t d e n 100,000 von 40
A u s w a n d r e m , da das english field of production is full to overflowing -
278
somehow or other an a m o u n t of capital a n d a n u m b e r of people e q u a l to

the m a s s which h a d b e e n recalled m u s t be speedily destroyed, b u t not, u n t i l
after a period of aggravated suffering amongst t h e whole b o d y of small capi-
talists, and the whole of the labouring class. In what way, by what process,
5 would take place the destruction of that p o r t i o n of capital for which there
was no profitable e m p l o y m e n t ? By m e a n s of i n v e s t m e n t without profit, or
rather, with loss; by m e a n s of u n d e r t a k i n g s in which the capital would be
what is called "sunk;" by m e a n s of "selling at less t h a n p r i m e cost." ... If
the n a t i o n a l debt of G r e a t Britain were paid off with available capital, u n d
10 if the a m o u n t of available capital were further increased by a total remis-
sion of taxes, the c o m p e t i t i o n of british capitalists o n e with a n o t h e r would
be m o r e severe t h a n ever; a n d along with so great an increase of n a t i o n a l
wealth, there would be m o r e a n d m o r e "distress;" in that case, it seems prob-
able that the supposition of Mr. Mill would c o m e to pass a n d " n o n e b u t
15 the owners of large masses of capital would be able to derive from it the
m e a n s of subsistence." (p. 249,50) G i e b t es k e i n Mittel of enlarging t h e
field of e m p l o y m e n t for capital the expediency of keeping down t h e capi-
tal within the limit of investment, for the sake of high profits (Sich E n t h a l -
ten von Ueberspekulation, to save less, a n d spend m o r e ) , a n d of keeping
20 down p o p u l a t i o n within the limit of capital, for the sake of high wages.
(p. 2 5 1 - 2 5 3 ) Die Mittel for enlarging the field of e m p l o y m e n t for british
capital a n d labour, are Colonization, a n d the I m p o r t a t i o n of food. (p. [253,]
254)
D i e f o l g e n d e n C i t a t e auf W a k e f i e l d s i n d a u s dem 2' Volume, (der F o r t -
t e
25 s e t z u n g d e s 1 B u c h s v o n A . S m i t h u n d d a s 2 e n t h l t . ) A u s d e r L i s t e die
A . S m i t h a n h n g t s e i n e m e r s t e n B u c h e r g e b e n sich folgende D u r c h -
s c h n i t t s p r e i s s e d e s W e i z e n s (in j e t z i g e m G e l d ) i n E n g l a n d (qr.):
1202-1286: 21. 19 sh. l%d. 1287-1338 1 s. 18 d. 8. 1339-1416: 1
s. 5 d. 9% 1423-1451: 1 s. 1. d. 3%. 1453-1497: 14 sh. 1499-1560 10 sh.
5
30 0 / d. 1561-1601: 2 l. 7; 5%p. V o n 1621-1636 2 l. 10 sh. V o n 1637-1700
12
2 l. 11 sh. 0%. V o n 1701-1764 2 l. 6% d. M c . C u l l o c h fgt in s e i n e r A u s -

3
g a b e , 4 B a n d N o t e (p.374 sqq.) h i n z u : V o n 1766-1775 2 /. 11 s. 3 / d. V o n 4
3
1776-1785 2 I. 7 s . 8 d . V o n 1786-1795 2 l. 1 4 s . 3 / d . V o n 1796-1805 4
AI. l s h . 2 / d . V o n 1806-1815 41. 1 7 s h . 6 d . V o n 1 8 1 6 - 1 8 2 0 (inch) 41.

2
35 10 sh. ||77| D i e affirmativen B e h a u p t u n g e n Ricardos b e r die R e n t e sind

richtig, die negativen sind falsch. Surplus p r o d u c e always constitutes rent:
still rent m a y be paid, which does n o t consist of surplus p r o d u c e . A neces-
sity for employing m o r e capital with smaller returns creates a surplus pro-
duce: nevertheless, a surplus p r o d u c e m a y be created by other m e a n s t h a n
40 necessity, (p. 216) R i c a r d o n e n n t R e n t e das surplus p r o d u c e of cultivation
over a n d above w h a t replaces capital with ordinary profits. T h e doctrine
279
t h e n applies to that l a n d only which is used for cultivation with a view to

profit, (p.217) (Z.B. l a n d oft requirirt zu ganz a n d r e n Z w e c k e n um verkuf-
liche W a a r e n darauf z u ziehn, z . B . for enjoyment, u m o n spots z u w o h n e n
t h a t are preferred for residence, Badepltze etc. [p. 216, 217]) A n d e r s e i t s
surplus p r o d u c e n u r entsteht oder n i e wchst o h n e A n w e n d u n g von m e h r 5
Capital fr a less return ist a u c h falsch, a) G e s e z t l a n d sei v o n 4 natrli-
c h e n qualities. Nr. 4 gebe kein Product = d e n Productionskosten, d a h e r
uncultivirt. Nr. 3 producirt 10 qrs, aber keine R e n t e , N r . 2 15 qrs u n d also
5 qrs R e n t u n d Nr. 1 20 qrs also 10 qrs fr rent. G e s e z t d u r c h Agrikulturver-
b e r u n g e n das Product von j e d e m Stck L a n d vermehrt um 5 qrs, obgleich 10
das angewandte Capital dasselbe bleibt in j e d e m Falle. Profits b l e i b e n d
dieselben ist das surplus p r o d u c e von N r . 1 15 qrs, das v o n N r . 2 10 qrs u n d
das von Nr. 3 das frher k e i n surplus product gab 5 qrs. Diese Verbesserun-
gen m g e n die C u l t u r von N r . 4 erlauben, a b e r k e i n e r e n t . Insoweit der in-
crease of r e n t fr Nr. 1 u n d 2 u n d die creation der R e n t e fr N r . 3 will be at- 15
tended by a resort to l a n d of inferior n a t u r a l fertility. A b e r in d i e s e m Fall ist
die Ursache der h o h e m R e n t e fr 1 u n d 2 u n d von einiger R e n t e fr 3 n i c h t
die necessity for resorting to inferior land; it would be i m p r o v e m e n t s in
agriculture, w o d u r c h das gross p r o d u c e of capital h a d b e e n a u g m e n t e d , a n d
inferior l a n d h a d b e c o m e fit for cultivation, (p. [217,] 218) Im A n f a n g ist 20
der d u r c h die V e r b e r u n g e n erreichte increase des gross p r o d u c e of agri-
culture getheilt zwischen capitalists u n d labourers, in t h e shape of higher
profits a n d higher wages. A b e r vor lang the increase of labourers, arising
from higher wages, brings wages down to t h e old level; a n d the increase of
capital, arising from higher profits, brings profits down to t h e old level. As 25
soon as this h a p p e n s , t h e whole of the increase of the p r o d u c e , arising from
improved skill, falls to the owners of land in the shape of higher rent. So
k a n n das R e n t a l eines L a n d e s verdoppelt u n d verdreifacht werden (wenn
die productiveness of agricultural capital be d o u b l e d or trebled by
improved skill) o h n e die least necessity for employing capital with a less re- 30
t u r n t h a n was o b t a i n e d by t h e least productive portion of capital before t h e
i m p r o v e m e n t of agricultural skill. During the process, i n d e e d , inferior l a n d
m a y be b r o u g h t into cultivation; not, however, b e c a u s e of any necessity for
resorting to inferior land, b u t b e c a u s e land, which formerly would not, n o w
will yield a r e m u n e r a t i n g return. In England, since the t i m e of Alfred, the 35
surplus p r o d u c e of agriculture, a n d the rent of l a n d u s e d for cultivation,
have increased enormously. If the whole increase h a d b e e n owing to a pro-
gressive necessity for resorting to inferior soils, t h e smallest returns to capi-
tal in the t i m e of Alfred, would have vastly exceeded the smallest present
returns; w h r e n d vielleicht in fact the smallest returns n o w exceed t h e 40
greatest returns in the t i m e of Alfred, or even H e n r y V I I I . (p. 219,20 b.)
280
W e n n wie in Irland the bulk of a people be brought to live u p o n potatoes, |

and in hovels a n d rags, a n d to pay, for permission so to live, all they c a n
p r o d u c e b e y o n d hovels, rags, a n d potatoes, t h e n , in proportion as they p u t
up with less, t h e owner of the land on which they live, obtains m o r e , even
5 t h o u g h t h e r e t u r n to capital a n d labour should r e m a i n u n a l t e r e d . W h a t the
miserable t e n a n t s give u p , the landlord gathers. So a fall in t h e standard of
living a m o n g s t the cultivators of the earth is a n o t h e r cause of surplus pro-
d u c e ... W h e n wages fall, the effect u p o n surplus p r o d u c e is the s a m e as a
fall in t h e standard of living; the whole p r o d u c e r e m a i n i n g the same, t h e
10 surplus part is greater; the producers have less, a n d the landlord m o r e ,
(p. 220,21) c) In E n g l a n d , w h r e n d der lezten 20 J a h r e , agricultural rents
sind gefallen, geschzt in Geld. Aber gemessen in farmproduce sind sie ge-
stiegen. G e s e z t Geldrenten seien gefallen um 40 % seit der Z e i t wo der Prei
des qr W e i z e n 100 s. war; der W e i z e n p r e i sei reducirt auf 40 sh. per qr;
15 rent having fallen ||78| 40% u n d der W e i z e n p r e i 60%, so ist R e n t e h h e r
als frher um 50 %: a farm which used to let for 100 I. in m o n e y , or 20 qrs of
wheat, now lets for 60 I. in m o n e y or 30 qrs of wheat. Jedenfalls sind die
agricultural rents, w e n n a u c h nicht so hoch, gestiegen, g e m e s s e n in farm-
produce. W o h e r ? Z u schlechterem B o d e n Zuflucht g e n o m m e n ? U m g e -
20 kehrt ein guter Theil davon ausser B e b a u u n g gesezt. Oder Verbesserungen?
Scheint n i c h t . Also was? W h r e n d der lezten 20 J a h r e , d u r c h die grre
C o n c u r r e n z u n t e r d e n kleinen Capitalists, in Folge des overgrown capital,
t h e c o n d i t i o n of english farmers sehr verschlechtert. Half as m a n y farmers,
perhaps, as t h e whole present n u m b e r a m o u n t s to, have b e e n entirely ru-
25 ined; have lost the whole of their capital; a n d h a v e b e e n succeeded by oth-
ers, most of w h o m are constantly on the verge of insolvency. Sie, die farm-
ers, like the shopkeepers of the present day, are a race of beggars w h e n
c o m p a r e d with their fathers. U n d der Z u d r a n g fr farms i m m e r gleich gro.
U n d what t h e t e n a n t gives u p , the landlord gathers, (p. 2 2 2 - 2 4 ) d) D e r Fall
30 ist again a n d again v o r g e k o m m e n , in which agricultural rents were raised
by resorting for a supply of one k i n d of food to l a n d of a superior n a t u r a l
quality. The m o o r s of L a n c a s h i r e " sagt Colonel Torrens (Colonization of
S o u t h Australia, p. 280) could n o t originally have b e e n m a d e to grow corn,
because the quantity of corn c o n s u m e d by the labourers r e c l a i m i n g a n d
35 cultivating t h e m , would have exceeded the quantity which they were capa-
ble of producing. B u t cheap corn was brought from Ireland a n d other pla-
ces; increasing wealth a n d population created an i n t e n s e a n d extensive de-
m a n d for those agricultural luxuries, which, n o t entering into t h e
subsistence of farmlabourers, are n o t e x p e n d e d in reproducing themselves;
40 a n d the c o n s e q u e n c e h a s b e e n , t h a t what was t h e b a r r e n m o o r , now bears
crops of great value, a n d pays higher rents t h a n t h e m o s t fertile corn l a n d s
281
of England, (p. 225) So war i m m e r das Territorium von G e n u a . V o n N a t u r

unfruchtbar. Seine L n d e r e i e n geben h h r e R e n t e als die fruchtbarsten
cornlands in der n i c h t far distant plain of the Po. W o d u r c h ? D u r c h impor-
t a t i o n of cheap corn raised on those m o r e fertile lands. This c h e a p n e s s of
c o m , by p r o m o t i n g wealth a n d population, has led to a d e m a n d im terri- 5
tory of G e n o a for agricultural objects, such as vegetables, fruit, oliveoil,
wine a n d silk, which t h a t l a n d is capable of producing; u n d so land, was an-
gewandt fr Korngrowing, k a u m seine Productionskosten gedeckt, viel we-
niger R e n t e gebracht h a b e n wrde, giebt n u n a large surplus p r o d u c e a n d a
h i g h rent, (the cost of p r o d u c t i o n being low by m e a n s of the low price of 10
i m p o r t e d food.) So in H o l l a n d , (p. 226,7)
t e
D i e 2 Affirmation Ricardos so weit richtig: da die necessity for e m -
ploying capital with smaller returns is not an universal cause of rent: it is
only cause of rent; a n d t h e only sort of rent of which it ever is the cause, is
p a y m e n t for the u s e of t h a t land only, which is used in growing t h e com- 15
m o n food of the people. T h e o n e cause of o n e sort of rent, p o i n t e d o u t by
the R i c a r d o theory, s e l d o m operates in any country of which the i n h a b i t -
ants are allowed to import their c o m m o n food from soils m o r e fertile t h a n
their own; a n d in proportion as it does operate in such cases, it checks or
prevents the operation of a n o t h e r cause of rent. (p. 228,9.)' 20
D i e Lage des L a n d e s , n a h oder f e m von der Stadt, h a t d e n s e l b e n Einflu
auf surproduce wie fertility, aber superior n a t u r a l fertility is constant, supe-
riority of position m a y be t a k e n away or conferred, (p. 230) V e r m e h r u n g
von Bevlkerung u n d R e i c h t h u m v e r m e h r e n d e n leztren G r u n d der R e n t e
(die situation.) p. 230 sq. In L n d e r n , wo a prodigious extent des fruchtbar- 25
sten, aber n o c h n i c h t cultivirten Lands, ist sehr h o h e R e n t e gezahlt for
s o m e land, a n d even for l a n d which is devoted to cultivation m i t a view of
profit. I n Newyork u n d d e n m e i s t e n grossen Stdten v o n N o r d a m e r i c a
G r u n d r e n t e n vielleicht so h o c h wie in L o n d o n u n d Liverpool. L a n d in der
N h e dieser Stdte fr Zufuhr z u m townspeople von p r o d u c e that will n o t 30
bear distant carriage, wie fruit, milk u n d k i t c h e n vegetables, das s.g. accom-
modation land zahlt in A m e r i c a so h o h e R e n t e wie in England. In A m e r i c a
again, l a n d which is used for growing the c o m m o n food of the people, if
n e a r to a town, or to a good road which leads to a town, yields a rent, w h e n
l a n d used for the s a m e purpose, b u t far from a ||79| town, yields n o n e ; it 35
yields as rent the whole difference between the two costs of conveying pro-
d u c e to market; eine Differenz, die sehr gro in countries, wo, for w a n t of
good road, the p r o d u c e of m o s t land c a n n o t be conveyed to m a r k e t without
a great outlay for transport. Ob in A m e r i c a die R e n t e e i n e m b e s o n d e r n
G r u n d e i g e n t h m e r gezahlt oder d e m owner = cultivator selbst t h u t nichts 40
z u r Sache. " T h e difference between the returns m a d e t o t h e m o r e p r o d u c -
282
tive portions, a n d t h a t w h i c h is m a d e to t h e least productive p o r t i o n of cap-

ital" arises in A m e r i c a u n d other countries where there is yet a b o u n d l e s s
e x t e n t of u n c u l t i v a t e d land, from difference of position. W a h r , d a in solchen
L n d e r n rent is never p a i d for superior n a t u r a l fertility... b u t land in a su-
5 perior position with respect to m a r k e t s , never c a n exist in u n l i m i t e d q u a n -
tities; it is essentially of a limited quantity, (p. 233,4)
D a s accommodation land, das F r c h t e , G e m s e etc erzeugt, die n i c h t weit
her gebracht werden k n n e n ; oder frische M i l c h von K h e n liefert o d e r
F u t t e r g r o u n d fr d i e horses etc, die L a n d zahlt R e n t e n i c h t n a c h der dif-
10 ference b e t w e e n two costs of conveying c o m m o d i t i e s to market, s o n d e r n
n a c h d e m V e r h l t n i v o n Nachfrage zur Zufuhr. Die R e n t e d a v o n n i e d r i -
ger, das a c c o m m o d a t i o n l a n d in der N h e e i n e r k l e i n e n als einer grossen
Stadt, (p. 235,6) D i e h c h s t e R e n t e wird gezahlt fr L a n d w h i c h yields
n o t h i n g in t h e shape of p r o d u c e ; fr H u s e r , W a a r e n h u s e r , factories, f-
15 feniliche G e b u d e , wharfs, docks, M a r k t p l t z e , canals, roads, theatres, plea-
suregardens. H h r e r Prei dafr gezahlt als selbst fr a c c o m m o d a t i o n
land u n d b r i n g t e i n e h h e r e R e n t e . Zufuhr gegeben. Prei oder R e n t e
hngt d a h e r von der Nachfrage a b . H n g t aber von d e m a m o u n t u n d
wealth of t o w n p o p u l a t i o n [ab], (p. 236,7) Selbst d e n R i c a r d o s c h e n Z u s a m -
20 m e n h a n g von Steigen der Preisse m i t Steigen der R e n t e a n g e n o m m e n ist
der Prei n i c h t d i e U r s a c h e der R e n t e , s o n d e r n , d i e U r s a c h e von b e i d e m ,
v o m Prei u n d von der R e n t e , ist eine n e u e Nachfrage die n i c h t could be
supplied at t h e old cost. (p. 240,1) rents m a y be increased with a fall of
price, w h e n t h e increase of rent arises from i m p r o v e m e n t s . G e s e z t eine n e u e
25 Nachfrage u n d eine n e u e Zufuhr. Ist die Zufuhr furnished d u r c h greater
returns to capital, die n e u e quantity of p r o d u c e s o m e w h a t exceed t h e
new d e m a n d , price falls. B u t unless price fall so m u c h t h a t t h e whole of t h e
new returns to capital m a y be sold in order to replace capital with profit,
t h e n whatever part dieser r e t u r n s it is n o t necessary to sell for t h a t purpose,
30 b e c o m e s increase of surplus or rent. (p. 241) In v o r a n g e s c h r i t t n e n L n d e r n
besteht ein sehr grosser T h e i l von d e m was gezahlt wird fr l a n d u s e d in cul-
tivation aus einer Z a h l u n g fr properties w h i c h have b e e n conferred by t h e
outlay of capital. Bringe das g a n z e L a n d auf s e i n e n N a t u r s t a n d zurck;
o h n e P a c h t h u s e r irgend einer Art, unfenced, u n d r a i n e d , a n d covered,
35 here, with a d e n s e forest, there, with furze a n d b r a m b l e s , a n d , in other pla-
ces, with reeds a n d rushes, or stagnant water: t h e n estimate t h e cost of re-
placing every t h i n g in its present state: allow 5 or n u r 2 % als Profit or inter-
est fr die outlay; d e d u c t diese S u m m e von der gegenwrtigen r e n t paid:
wie viel w r d e r e m a i n fr the n a t u r a l a n d i n h e r e n t powers of t h e soil?"
40 . . einiges L a n d in d i e s e m L a n d g e b r a u c h t fr growing c o m m o n food
u n d h o h e R e n t bringt, h a s b e e n reclaimed v o n der See b y a n outlay o f capi-
283
tal. Die n a t u r a l or original property dieses landes was t h a t of being covered

j e d e n Tag 2 x m i t Salzwasser. Die Fruchtbarkeit, die es j e z t besitzt ist rein
knstlich; geschaffen d u r c h die Auslage von Capital for forming a wall or
b a n k die excludes the saltwater. Die R e n t e dieses L a n d e s sehr gewachsen
in d e n lezten J a h r e n , w h r e n d Zins u n d Profit fielen. E r h a l t e n die das Ca- 5
pital auslegten in giving to this land all its fertile properties, oder ihre suc-
cessors, o b t a i n a rate of profit oder Zins, von vielleicht 100%, w h r e n d der
c o m m o n rate of interest u n t e r 4 % ist? N e i n , die rent dieses l a n d offenbar
beherrscht d u r c h dieselben Gesetze, wie die R e n t e v o n a n d e r m L a n d
which does n o t owe all its properties to an outlay of capital, (p. 245,6) 10
E b e n s o w e n n m a n ein L a n d cleart von its n a t u r a l forest. D i e n a c h h e r ent-
s t e h e n d e R e n t e ist n i c h t Profit oder Zins dieser Auslage, s o n d e r n sie will
rise or fall n i c h t n a c h d e n Gesetzen, die Profit u n d Z i n s regieren, sondern,
n a c h d e n e n die r e n t govern. In b e i d e n Fllen klar, a property w h i c h has
b e e n bestowed by labour, will rise or fall in value exactly like a n a t u r a l prop- 15
erty. (p. 246) ( D e r U n t e r s c h i e d z w i s c h e n d e r e r s t e n F o r m d e r R e n t e u n d
d e m Z i n s v o n C a p i t a l , d a s d e r E r d e einverleibt wird, n u r w i c h t i g fr d e n
P c h t e r , d e r d a s C a p i t a l einverleibt u n d d a a u c h p r a k t i s c h U n t e r -
schied.) I
|80| Buch II von A. Smith. 20
(t. II ed. von Mc.Culloch)
ch. II) On Money considered as a particular

branch of the general stock of the society,
or of the expense of maintaining
the national capital. 25
The whole expense of m a i n t a i n i n g t h e fixed capital m u s t evidently be ex-

cluded from t h e n e t revenue of the society. (p. 19) the i n t e n t i o n of t h e
fixed capital is to increase the productive powers of labour, or to e n a b l e the
s a m e n u m b e r of labourers to perform a m u c h greater quantity of work.
(p. 20) The expense of m a i n t a i n i n g the fixed capital in a great country, 30
m a y very properly be c o m p a r e d to t h a t of repairs in a private estate. (p. 21)
Es verhlt sich n i c h t so m i t der whole expense of m a i n t a i n i n g the circulat-
ing capital. V o n d e n 4 T h e i l e n woraus die leztre Capital besteht, Geld,
provisions, materials u n d finished work, sind die 3 lezten i h m bestndig
284
entzogen u n d gesezt either in das fixe Capital der Gesellschaft oder in their
stock reserved for i m m e d i a t e c o n s u m p t i o n . W a s von diesen c o n s u m a b l e
goods nicht angewandt ist in m a i n t a i n i n g t h e former, goes all to t h e latter,
a n d m a k e s a part of the n e a t revenue of the society. D a s circulirende Capi-
5 tal einer Gesellschaft ist in dieser H i n s i c h t u n t e r s c h i e d e n von d e m eines
I n d i v i d u u m s . Das eines I n d i v i d u u m s bildet k e i n e n Theil seines revenu
net, das ganz besteht in his profits. ... m o n e y ist der einzige T h e i l des cir-
c u l i r e n d e n capital der Gesellschaft, dessen m a i n t a i n a n c e can occasion
eine d i m i n u t i o n in their n e a t revenue, (p. [21,] 22) Fixes capital u n d der
10 Theil des circulirenden capital, der aus m o n e y besteht, h a b e n eine grosse
Aehnlichkeit. Kosten ihrer Verschaffung u n d E r h a l t u n g sind Abzug v o m
Reinertrag einer N a t i o n . A u c h Geld bildet k e i n e n T h e i l weder v o n gross
n o c h R e i n e i n k o m m e n der Gesellschaft, (p.23) A g u i n e a m a y be considered
as a bill for a certain quantity of necessaries a n d conveniencies u p o n all
15 the t r a d e s m e n in the n e i g h b o u r h o o d , (p.25) W i e rationell j e d e Ersparung
fr Errichten u n d repairs des capital fixe, so j e d e in der expense of collect-
ing u n d supporting des G e l d e s ein i m p r o v e m e n t des R e i n e i n k o m m e n s der
Gesellschaft, (p. 27,8) Substitution von Papier an der Stelle von G o l d u n d
Silber ersezt ein sehr kostspieliges H a n d e l s i n s t r u m e n t d u r c h ein sehr wohl-
20 feiles u n d oft ebenso convenientes. (p. 28) the whole paper m o n e y of every
kind which c a n easily circulate in any country never c a n exceed t h e value
of the gold a n d silver, of which it supplies the place, or which (the com-
m e r c e being supposed the same) would circulate there, if t h e r e was n paper
money, (p. 43) W h a t a b a n k can with propriety advance to a m e r c h a n t or
25 u n d e r t a k e r of any k i n d ist der Theil seines Capitals n u r , which he would
otherwise be obliged to keep by h i m u n e m p l o y e d , a n d in ready m o n e y for
answering occasional d e m a n d s . D a n n berschreitet das von der b a n k aus-
gegebne Papier a n W e r t h nie d e n W e r t h von G o l d u n d Silber der o h n e das
Papiergeld im L a n d circuliren wrde, (p. 49) It is n o t by a u g m e n t i n g the
30 capital of the country, b u t by rendering a greater part of t h a t capital active
a n d productive t h a n would otherwise be so, that the m o s t j u d i c i o u s opera-
tions of b a n k i n g can increase the industry of the country, (p. 77) D a s ready
m o n e y ist a very valuable part of the capital of the country, which p r o d u c e s
n o t h i n g to the country, (p. 78) Die Circulation j e d e s L a n d e s ist getheilt in
35 zwei verschiedne Zweige; die Circulation der dealers m i t einander, u n d die
Circulation zwischen d e n dealers u n d c o n s u m e r s . D i e s e l b e n Geldstcke,
paper oder m e t a l , m g e n m a n c h m a l i n der e i n e n u n d d a n n wieder i n der
a n d r e n Circulation angewandt werden, aber da sie beide zu gleicher Zeit vor-
angehn, e a c h requires a certain stock of m o n e y of one kind, or another, to
40 carry it on. T h e value of the goods circulated between t h e different dealers,
never can exceed t h e value of those circulated between t h e dealers a n d
285
c o n s u m e r s ; whatever is b o u g h t by the dealers being ultimately destined to

be sold to the c o n s u m e r s . D i e Circulation zwischen d e n dealers, as it is car-
ried on by wholesale, erheischt eine pretty large s u m for every particular
transaction. Die zwischen dealers u n d c o n s u m e r s dagegen, da es generally
l
carried ist by retail, erheischt oft sehr kleine S u m m e n wie 1 sh. oder / d. 2 5
A b e r small s u m s circulate m u c h faster t h a n large ones etc. Obgleich die
j h r l i c h e n purchases aller c o n s u m e r s daher schlielich an W e r t h gleich de-
n e n aller dealers, k n n e n sie m i t einer viel g e r i n g e m Q u a n t i t t G e l d ge-
fhrt werden; t h e s a m e pieces, by a m o r e rapid circulation, serving as the
i n s t r u m e n t of m a n y m o r e purchases of the o n e k i n d t h a n of t h e other. 10
(p. 79, 80) P a p e r m o n e y k a n n so regulirt werden, sich fast n u r zu beschrn-
k e n auf die Circulation zwischen different dealers, oder sich likewise auszu-
d e h n e n auf die zwischen dealers u n d c o n s u m e r s . W o k e i n e ||81|banknotes
u n t e r 10 /. circuliren wie in L o n d o n beschrnkt m e i s t auf die Circulation
zwischen dealers. K m m t E i n e Z e h n p f u n d n o t e in die H a n d eines C o n s u m - 15
ers, so gewechselt im ersten shop to purchase vielleicht fr 5 sh. worth of
goods, so da es oft in die H n d e eines dealers zurckkehrt, eh der
c o n s u m e r d e n 40' Theil des Geldes ausgegeben hat. Wo b a n k n o t e s ausgege-
b e n sind fr so kleine S u m m e n als 20 sh. wie in Schottland, paper m o n e y
extends itself auf e i n e n betrchtlichen Theil der Circulation zwischen deal- 20
ers u n d c o n s u m e r s . N o c h m e h r als frher der N o t e n zu 10 u n d 5 sh. cir[cu-
lirtejn. In d e n currencies von N o r d a m e r i k a paper was c o m m o n l y issued for
so small a s u m [as a] shilling a n d filled almost the whole circulation. In
s o m e paper cur[rencie]s of Yorkshire, it was issued even for so small a s u m
as a sixpence, (p. 80,1) 25
(Sieh die F o r t s e t z u n g H e f t VIII.)
286
H e f t Vili
Hl Heft Vili.
A. Smith. Fortsetzung.
Wakefield.
zu Buch II. vol. 2 der Ausgabe von Wakefield.

5 M e t a l k n n t e n i c h t statt Papier gebraucht werden, selbst w e n n es n i c h t
m e h r als W e c h s e l oder b a n k n o t e s kosten wrde, (p. 341,2) W a k e f i e l d giebt
d e m A . S m i t h R e c h t g e g e n M c C u l l o c h i n der U n t e r s c h e i d u n g des stock o f
a n a t i o n in R e v e n u e u n d Capital. A. S. s a g t er, u n t e r s c h e i d e t zwischen
d e m Theil des stock der is set apart for fulfilling the e n d of all industry
10 ( G e n u ) u n d der Portion die reservirt ist als ein M i t t e l for reproducing it-
self, a n d for producing m o r e revenue. (p. 387) E i n e N a t i o n n u r reich im
Verhltni zu der quantity of its stock which it has b e e n able, a n d is still
able to set apart as r e v e n u e . (1. c.) Aller L u x u s Englands, Parks, libraries etc
etc k m m t von past revenue, (p. 388) (ausgegeben without the least view to
15 profit.) [p. 388] the power of exchanging is in proportion to the variety of t h e
e m p l o y m e n t s to w h i c h capital a n d labour are directed; the division of e m -
ployments, nay, industry itself, is limited by the power of exchanging.
(P. 475)
287
Londoner Hefte 1850-1853. Heft Vili
Wakefield.
(zu Buch III und den Folgenden,
vol. III und IV.)
vol. III
t h e l a b o u r of slaves being c o m b i n e d , is m o r e productive t h a n t h e m u c h di- 5

vided l a b o u r of freemen. T h e labour of freemen is m o r e productive t h a n
that of slaves, only w h e n it c o m e s to be c o m b i n e d by m e a n s of greater dear-
ness of land, a n d t h e system of hiring for wages. ... N o t the pride of m a n ,
b u t his wish to o b t a i n m o r e of t h e p r o d u c e of labour t h a n he could himself
c o n s u m e , seems to have b e e n the cause of slavery. (Notes zu p. 18.) In 10
countries where l a n d r e m a i n s very cheap, either all the people are in a state
of barbarism, or s o m e of t h e m are in a state of slavery. (Note zu p. 20)
288
Aus G. de Uztariz: The theory and practice of commerce
Ustariz (Don Geronymo de) The Theory

and Practice of commerce
and maritime affairs,
written originally
s in Spanish, translated from the Original,
by John Kippax B. D.
2 vol. L o n d o n . 1751.
I. vol.)
(Dieses treatise zuerst gedruckt 1724 u n d d e m K n i g von S p a n i e n gewid-

10 m e t . Aber der H o f von M a d r i d wollte es nicht verffentlicht wissen. D i e
printed copies d a h e r vernichtet, der A u t o r aber caressed, rewarded u n d load-
ed with h o n o u r s u n d 1742 wird es ordered to be reprinted u n t e r der care
des S o h n von U., des M a r q u i s von U. D e r Alte ist i n d e gestorben.) [p. III]
Will die U r s a c h e des Verfalls des H a n d e l s in S p a n i e n u n t e r s u c h e n u n d
15 Mittel a n g e b e n i h n zu h e b e n wieder, (p. 1) O h n e extensiven u n d profita-
blen c o m m e r c e k e i n Land, sei es in m o n a r c h i e s oder republics, well p e o -
pled, plenty, or, splendor, o h n e i h n n i c h t armies, fleets, fortresses. K e i n ex-
tensive u n d profitable c o m m e r c e mglich o h n e die C o n c u r r e n z vieler
g u t e n manufactories, of silk u n d wool in particular; diese Manufactories
20 u n m g l i c h w e n n n i c h t begnstigt d u r c h indulgencies u n d e x e m p t i o n s from
the duties, m i n d e s t e n s , u p o n s o m e of the eatables c o n s u m e d by t h e work-
ing h a n d s u n d die materials employed in woven a n d other c o m m o d i t i e s , as
well as in the sale of t h e m . Z u d e m nthig a well adjusted book of rates for
289
Londoner Hefte 1850-1853. Heft VIII
the duties u p o n exports a n d imports, (p. 2) Die excessive taxes p a i d by the

m a k e r a n d v e n d e r a n d the customs at exportation, is t h e t r u e r e a s o n t h a t
our fabrics are raised to an extraordinary price: of which it is a certain con-
s e q u e n c e , t h a t as they are dearer t h a n those of other countries, there is
little or no v e n t for t h e m either at h o m e or abroad, (p. 3) W i r leiden h a u p t - 5
schlich, weil wir von F r e m d e n m e h r m e r c h a n d i s e u n d fruits gekauft, als
i h n e n verkauft h a b e n , so as to m a k e a ballance to o u r disadvantage of mil-
lions of dollars yearly. K e i n Trost, da, die customs, e r h o b e n auf die E i n -
fuhr, gestiegen; d e n n u m sie u m eine million o f dollars z u h e b e n , estimat-
ing o n e d u t y with a n o t h e r at the rate of 8 % after an allowance for frauds 10
a n d indulgences, there m u s t be drawn out of the k i n g d o m above 12 mil-
lions of dollars. U n d was unsre Exportartikel a n g e h t wie Wolle, R o h s e i d e ,
Cochinille, indigo, sosa, barilla, iron u n d several other materials, so liefern
wir i h n e n d a m i t n e u e Waffen zu u n s r e r eignen Zerstrung u n d es wre bes-
ser, sie w r d e n gar n i c h t exportirt. Also klar, da weder der increase des 15
Schatzes n o c h das ffentliche Interesse abhngt von d e n c u s t o m s p r o d u c -
ing j h r l i c h 100 oder 200,000 pistoles m o r e sondern u p o n m o d e l l i n g this
revenue by a book of rates u n d andre provisions gnstig d e m profitable
c o m m e r c e dieser k i n g d o m s u n d besonders der increase u n d der preserva-
t i o n der manufactories, (p. [6,] 7) Je grer der U e b e r s c h u der [importier- 20
ten] fremden W a a r e n b e r d e n Export unsrer W a a r e n , desto u n v e r m e i d l i -
cher der ruin, u n d misere zulezt. (p. 8) [...] ||2| A u c h der j h r l i c h e Ausflu
von M i l l i o n e n G o l d u n d Silber n a c h R o m fr I n d u l g e n z e n beitragend sehr
schdlich, (p. 13) It is a certain c o n s e q u e n c e that by o n e h a n d or other,
what is wanting of the ballance, and cannot be paid in merchandize, m u s t be 25
m a d e good from o n e n a t i o n to a n o t h e r in specie, (p. 17) In order to have an
advantageous c o m m e r c e , it is necessary we sell to foreigners m o r e t h a n we
buy of t h e m . (p. 18) S u c h t n u n a u s f h r l i c h n a c h z u w e i s e n die a u g m e n t a -
tion u n d advantage, that would accrue to the revenue, by m e a n s of m a n u -
factories, favoured by indulgences (durch Erlassung von S t e u e r n auf ihre 30
M a t e r i a l i e n etc) a n d other e n c o u r a g e m e n t s . (Ch. V I I I sqq.) by m u t u a l l y re-
lieving e a c h other's necessities, towns would b e c o m e m o r e p o p u l o u s , ( z . B .
1 6 0 0 0 l o o m s in Sevilla beschftigt, werden sie R o h s e i d e kaufen in Valen-
cia, M u r c i a etc u n d feine Wolle von Castile) better able to pay their taxes,
a n d even to b e a r higher impositions, a n d the people live easy a n d comfort- 35
able. (p. 27) D i e Stdte of the M e d i t e r r a n e a n , d e m N o r d e n u n d a n d r e n
Theilen, die d u r c h ihre eignen M a n u f a k t u r e n b l h n sind zahlreicher als
die die prosper on the foot of buying a n d selling only. (p. 29) W i r m s s e n
i m m e r z u r c k k o m m e n auf die 2 P u n k t e : Manufactures u n d a Reform of the
Duties, (p. 31) Prohibitions a n d p e n a l laws n o t sufficient to prevent extrac- 40
tion of gold a n d silver. Putting c o m m e r c e u p o n a proper footing is the only
290
Aus G. de Uztariz: The theory and practice of commerce ...
m e a n s to do it. (p. 69) M a n k n n t e die Ausfuhr von G o l d u n d Silber erlau-

ben; sie findet d o c h n u r statt d u r c h other impulses of c o m m e r c e to force it
away by violence whilst the u t m o s t vigilance is insufficient to prevent it.
(p. 70) Berechnet die Bevlkerung von Spanien, together with Majorca a n d
5 Portugal ausgeschlossen, auf 7,625,000 souls, (p. 79) ( S u c h t n u n am B e i -
spiel v o n F r a n k r e i c h , E n g l a n d , H o l l a n d a u s f h r l i c h z u zeigen, wie d u r c h
S c h u t z d e r M a n u f a k t u r etc S t a a t e n b l h e n d w u r d e n ) , ( G e h t d a n n die
spanische Restriktionsgesetzgebung durch.)
t. II)
10 Manufactories succeed better u n d e r the m a n a g e m e n t a n d at t h e risk of pri-

vate proprietors t h a n u n d e r a d m i n i s t r a t i o n to the u s e of the revenue,
(p. 255) It equally merits o u r consideration, t h a t the principal p a y m e n t s in
Spain are usually m a d e in vellon, or copper m o n e y , which create a consid-
erable charge in the carriage, a n d a loss from t h e custom, t h a t prevails, of
15 taking it by weight, at least of c o m p o u n d i n g for it by an allowance of 2, 3 or
4 %, to be p a i d in better coin. This is a case, t h a t never h a p p e n s in F r a n c e ,
E n g l a n d or H o l l a n d , (p. 352,3) It is o n e of t h e indispensable conditions, to
r e n d e r c o m m e r c e an advantage to any k i n g d o m or state whatsoever, t h a t
the trade carried on by the natives be active, at least in a great m e a s u r e ,
20 a n d n o t passive; as we find it in Spain, to our great prejudice; since every
thing i m p o r t e d into, or exported out of this k i n g d o m is u p o n foreign bot-
toms; a n d as also buying, selling a n d other m e r c a n t i l e transactions are
d o n e by foreign agents, factors, or partners; especially in the principal
b r a n c h e s of trade, subsisting between this m o n a r c h y a n d the k i n g d o m s a n d
25 states of F r a n c e , Italy, England, H o l l a n d , Sweden, D e n m a r k a n d the
H a n s e t o w n s , it is to be considered, that gains by freight, c o m m i s s i o n , fac-
torage, etc which very often a m o u n t to as m u c h as the intrinsick value of
t h e c o m m o d i t y at first h a n d , leave an advantage to foreigners, (p. 378)
291

The Economist. Jahrgang 1845.

Da j e d e r K a u f m a n n gezwungen war zu a c c u m u l a t e m o n e y in his posses-
sion from his daily receipts to m e e t p a y m e n t s falling d u e on a distant day,
or to m a k e further purchases of c o m m o d i t i e s as he required t h e m . So a
large a m o u n t of m o n e y der circulation entzogen u n d blieb zeitweise idle 5
u n d unprofitable, in the tills of individual dealers. This loss a n d i n c o n v e n -
ience led to the e s t a b l i s h m e n t of banks of deposit, (p. 216)
V o r der Errichtung von b a n k s war der a m o u n t of capital withdrawn for the

purposes of currency greater, at all times, t h a n the actual circulation of
c o m m o d i t i e s required, (p.238) Klar, d a n u r der Theil of coin oder m o n e y , 10
der in d e n H n d e n des P u b l i c u m s ist, angewandt in performing the ex-
change of c o m m o d i t i e s , d e n N a m e n Circulation verdient, w h r e n d alles
coin oder bullion, das in der H a n d von bankers oder m e r c h a n t s liegt, seek-
ing an opportunity for profitable investment is capital, - capital it m a y b e ,
withdrawn from the circulation, either permanently, by the i n t r o d u c t i o n of 15
an e c o n o m i s i n g principle; [or te]mporarily, at particular periods of t h e year,
w h e n less circulation is required, (p. 238) N o r is the [matter c]hanged in
any way because deposits are for short periods a n d always at t h e c o m m a n d
of t h e depositors; for, [if w i t h d r a w n by one, they are replaced by [an]other,
a n d the general average does n o t vary m u c h . (1. c.) ||3| I m p o r t s u n d Exports 20
v o n bullion o h n e irgend direkten Effect auf die Circulation, die currency
(selbst eine metallische vorausgesezt.) A b e r gewhnlich in d e n F l l e n wo
b u l l i o n exported oder i m p o r t e d ist, wirken dieselben Ursachen auf die
quantity of coin in circulation in entgegengesezter R i c h t u n g , [p. 239, 240]
Bullion eingefhrt, wenn es M i t t e l fr d e n K a u f m a n n ist sein Capital m i t 25
d e m mindesten Verlust zurckzubringen, wenn andre W a a r e n k e i n e n Profit
bringen. D e r u n m i t t e l b a r e Effect hiervon k a n n Verminderung der Circulation
292
Aus The Economist 1845
sein 1) d u r c h A b n a h m e der private e x p e n d i t u r e e i n z e l n e r m e r c h a n t s , deren

profits a b g e n o m m e n ; 2) V e r m i n d e r u n g der Nachfrage fr h o m e products
so lange Kaufleute keine Wahrscheinlichkeit s e h n of entering on m o r e
profitable or successful transactions u n d t h u s lowering the rate of wages,
5 lessening t h e internal d e m a n d and c o n s u m p t i o n of c o m m o d i t i e s , a n d re-
ducing prices. So A b n a h m e der internal circulation u n d verhltnimssige
Z u n a h m e der quantity of coin in deposit with t h e bankers. Kaufleute, die
das bullion importirt u n d keine Aussicht sehn sobald ihre m e r c a n t i l e spec-
ulations zu d e m s e l b e n Umfang zu e r n e u e r n wie frher, werden ihr bullion
10 (capital) in m o n e y verwandeln u n d es auf Zins a n z u l e g e n s u c h e n . In der
ersten I n s t a n z erscheint es als increased deposits bei d e n bankers, wo es
bleibt, w e n n sie Z i n s e n zahlen. W e n n nicht, findet es seinen Weg zu d e n
public funds, so d a die government securities rise, oder zu bill brokers,
um c o m m e r c i a l bills zu discount. Diese grosse C o n c u r r e n z zur A n w e n -
15 d u n g von Capital in einer Zeit, wo so wenig davon nthig, reducirt sehr d e n
Zinsfu, lessen the profits, in the first place, of large classes of traders, in-
cluding bankers, d i m i n i s h d e m a n d , a n d keep price low. Dieser Z i n s s t a n d
erst checked, bis die angewachsne c o m p e t i t i o n u n t e r d e n producers, aided
by the low rate of interest, die Productionskost so weit reducirt hat, da an
20 e x t e n d e d foreign d e m a n d was o n c e m o r e experienced, w h e n m e r c h a n t s
could again r e s u m e e x t e n d e d s h i p m e n t s with a fair prospect of benefit, u n -
til increased p r o d u c t i o n ensued, a n d a rise of price of the raw materials of
foreign p r o d u c e again encouraged a n d p r o m o t e d a large import. In der
Zwischenzeit w r d e der extreme low rate of interest in d i e s e m L a n d pro-
25 m o t e a disposition to i n v e s t m e n t in foreign securities; u n d between this
cause u n d d e n increased imports of foreign raw c o m m o d i t i e s , the surplus
capital m i g h t be at length absorbed, a n d the interest of m o n e y m i g h t rise to
the original rate. T h e increased d e m a n d for labour, the increased quantity
of c o m m o d i t i e s to be circulated, a n d the increased prices; would restore
30 the coin required for circulation to its original a m o u n t , (p. 23 9) Bullion aus-
gefhrt. W a s erst u n g n s t i g e n Wechselkurs erzeugt ist die pltzliche neces-
sity grosse M a s s e n K o r n in Fllen von schlechten H e r b s t e n einzufhren.
W e n n n u n wie 1838 der W e i z e n p r e i steigt von 50 b e r 70 sh. per qr u n d
ein I m p o r t von m e h r als 3 millions of qrs n t h i g wird, (alles u n t e r Vorsatz
35 rein metallischer currency) So Wechselkurs pltzlich gegen u n s . E d e l e M e -
talle s t r m e n a u s . Dieselbe Ursache, die z u m I m p o r t von K o r n u n d d r a i n
von bullion, n m l i c h der h o h e Kornprei fhrt zu einer increase of t h e
quantity of coin required for circulating t h e higher priced c o m m o d i t y . Co-
incident with a drain of bullion from the b a n k e r s to pay for foreign i m -
40 ports, would there also be a drain of coin to increase the internal circula-
tion. Die b a n k e r s h t t e n n o controul b e r circulation. Sie k n n t e n d e n
293
Zinsfu e r h h n , selbst allen discount verweigern u n d die gewhnliche ac-

c o m m o d a t i o n i h r e n c u s t o m e r s versagen; je m e h r sie so h a n d e l n , desto
grsserer Sporn fr andre ihre deposits zu e n t z i e h n u n d die necessities of
trade w r d e n in circulation h a l t e n a sufficient portion of coin to c o n d u c t
t h e internal exchanges. Bei K o r n fhrt der h h r e Prei n i c h t zu geringerem 5
C o n s u m , so lang die c o n s u m e r s n o c h irgend wie k n n e n . In der Zwischen-
zeit wrde der high price of food die c o n s u m t i o n of m a n u f a c t u r e s etc ver-
m i n d e r n u n d der h o h e Zinsfu wrde beitragen t o r e d u c e p r o d u c t i o n ; p e o -
ple aus Beschftigung geworfen u n d im Lauf der Zeit der h h r e Prei of
food compensirt d u r c h die smaller expenditure auf a n d r e articles u n d their 10
r e d u c t i o n of price; u n d d a n n fllt die circulation wieder auf i h r e n frheren
rate oder darunter. A b e r der erste Effect des high price u n d c o i n c i d e n t m i t
der early period of a d r a i n of bullion, wrde das actual coin in d e n H n d e n
des public zu u n d n i c h t a b n e h m e n , (p. 240)
In d e r l e z t r e n Z e i t the practice of bankers n o t allowing interest on deposits 15

has at length changed t h e character of the billbroker to t h a t of a banker,
taking deposits (money at call) at a given rate of interest from o n e m a n to
lend it by discounting bills at a higher rate of interest to others, (p. 263)
Inconvertible currency. 1) paper issued by a government for its general e x p e n d i -

ture, n o m i n a l l y paper, acting so as coin, b u t n o t convertible into s u c h coin. 20
If t h e quantity of such paper issued were always kept s o m e w h a t below t h e
smallest a m o u n t of currency required in a country at any given t i m e , so
t h a t t h e a d d i t i o n a l quantity h a d t o b e supplied b y coin u n d t h u s coin a n d
n o t e s freely circulated together, there is no reason whatever why such notes
should suffer depreciation. 2) Paper issued by a bank exclusively in t h e dis- 25
c o u n t of bills of exchange, or on loan for short periods. K a n n ausgegeben
werden to any extent t h a t legitimate transactions required, o h n e risk of de-
preciation, weil so nie eine grre Masse ausgegeben w e r d e n k[nnte,] als
shortly returnable wre zur B a n k in Z a h l u n g fr das L e i h n . D a g e g e n ist ge-
sagt worden: E i n m e r c h a n t b r a u c h t vielleicht heut[e 10] 000, aber n i c h t 30
fr any length of t i m e u n d da sie n i c h t rckzahlbar der B a n k bis z u m Ver-
fall des Wechsels oder loans so k n n e die currenc[y in dem] i n t e r i m r e d u n -
d a n t u n d so weit depreciirt sein. A b e r wenn derselbe m e r c h a n t diese
10,000 l. n u r fr einige Tage braucht, verleiht er sie vermittelst eines b a n k -
er oder billbroker z u m discount andrer bills zu n i e d r i g r e m F u s s e als der 35
charged [by] the b a n k u n d wrde so intercept solche bills oder securities on
their way to the b a n k , which in the m e a n t i m e would be ||4| receiving its
n o t e s in p a y m e n t of loans a n d bills falling d u e from day to day, and, if n o t
reissued to the s a m e extent, the currency would be contracted to the wants
294
of the day by this m e a n s , j u s t as m u c h as if the 10,000I. no longer required

by the first borrower, h a d actually and i m m e d i a t e l y [been] returned to the
bank. So k a n n keine grre quantity of n o t e s ausgehalten werden, als die
Zwecke der circulation wirklich erheischen; for the m o m e n t a m a n h e l d
5 notes for which he h a d no use, he would intercept with t h e m some interest-
bearing securities on their way to the b a n k u n d while other n o t e s were flow-
ing in, in r e p a y m e n t s of bills or loans falling d u e , he would to that extent
prevent further reissues, (p. 288,9)
10 D e r E c o n o m i s t giebt f o l g e n d e L i s t e b e r die wages of agricultural labour-

ers in 3 villages in der n e i g h b o u r h o o d of Blandford, W i m b o u r n e u n d
Poole. Die villages sind auf d e m property von Mr. G. Bankes u n d d e m Graf
von Shaftesbury. D e r M a n n (ein Correspondent der M o r n i n g Chronicle)
giebt sogar die Initials der N a m e n . Die Liste ist wie folgt:
15 [Hier folgt die T a b e l l e Seite 296]
Depreciation heit nichts als da das paper in circulation will n o t c o m -

m a n d the full quantity of coin it represents, or e x c h a n g e for t h e s a m e
quantity of other c o m m o d i t i e s as that coin would, (p. 312) We will grant
Colonel Torrens t h a t b a n k p a p e r m a y be depreciated in relation to coin to
20 t h e extent of supplying a motive to step to the b a n k a n d exchange it; b u t he
too m u s t grant t h a t sovereigns also m a y be depreciated to the extent of
supplying a similar motive to exchange t h e m . (p. 313) N o t e s of h i g h de-
n o m i n a t i o n gebraucht fr large p a y m e n t s u n d fr V e r s c h i c k u n g e n im
L a n d e selbst. (I.e.)
25 V o n J a n u a r 1841 stieg der bullion a m o u n t von 3,965,000 /. auf 5,629,000 in

J a n u a r 1842 u n d zu 11,054,000 in J a n u a r 1843; w h r e n d welcher Periode
die Gesammtcirculation des Vereinigten Knigreichs fiel von 35,660,0001. in
1841 auf 34,049,000 /. in J a n u a r 1843, obgleich Zinsfu niedrig u n d die
b a n k s jedes M i t t e l versuchten, ihre Circulation zu increase. Die b a n k e r s
30 waren so wenig fhig w h r e n d dieser Periode ihre Circulation a u s z u d e h -
n e n , d a ein b e d e u t e n d e r Theil des Influx das b u l l i o n der B a n k von der in-
ternal circulation of coin vermehrte, which h a d b e e n increased w h r e n d
der Periode sehr h o h e r Preisse u n d die eine C o n t r a c t i o n erlitt von der R e -
action der Preisse u n d der depression of trade w h r e n d 1841 u n d 42. Diese
35 M e i n u n g d a d u r c h besttigt, d a w h r e n d d e m leztern J a h r die i n c o n v e n -
ience des worn coinage zuerst d e n private b a n k s von E n g l a n d sehr sensible
wurde. 1842 u n d 43 h a t t e das coin grosse T e n d e n z to centre in L o n d o n u n d
whrend die bankers grossen Theil davon erhielten, verweigerte die B a n k
alles, was nicht vollwichtig war. D a h e r groe Klage, (p. 338,39)
295
296
a) Children b) Whole c) Men's d) Children's e) earnings f) Rent. g) Nach Abzug h) No. i) amount
family wages wages der ganzen der Rente of people to support
Familie to be each indivi-
supported. dual
5 per week
a b c d e f g h i
First
Village.
s. d. sh. s. d. s. d. s. d.
Londoner Hefte 1850-1853. Heft V I I I

10 2 4 8 8 2 6 4 1 6
3 5 8 8 1 6 6 6 5 1 3
2 4 8 8 1 7 4 1 9
2 4 8 8 1 7 4 1 9
6 8 7 sh.l, Is. 6d. l.s. 10.6. 2 8 6 8 1 0
15 2d.
3 5 7 7 1 4 5 8 5 1 1
Second
Village.
6 8 7 1, lsh6d. 1, Is. 6d.l0 1 6 8 6 8 1 0
20 6 8 7 7 1 3 5 8 8 0 8
8 10 7 7 1 3 5 8 10 0 7
4 6 7 7 1 6/ 2
5 5 6 0 11
3 5 7 7 1 6 5 5 5 1 1
Third
25 Village.
4 6 7 7 1 6 6 1
3 5 7 1,2s. 1,2s. 6d. 11.6 0 10 10 8 5 2
0 2 5 5 1 4 2 2
(P.290)
Exzerpte aus dem Economist" von 1845. Heft VIII. Seite 4
Increase or decrease of currency can affect prices 1) By an in- or decreased

supply of the precious metals ||5| 2) by an increase or decrease of depre-
ciated inconvertible paper. Im ersten Fall die A k t i o n auf Preisse allgemein
u n d gleichmssig auf alle L n d e r having c o m m e r c i a l intercourse u n d ob-
5 gleich alterirt bleibt der relative W e r t h derselbe. Im 2' F a l l ist die A k t i o n lo-
kal u n d rein n o m i n a l u n d effectually compensirt d u r c h eine e n t s p r e c h e n d e
alteration in d e n exchanges. In k e i n e m von b e i d e n F l l e n ist die A c t i o n
auf Preisse so G r u n d zu b i e t e n fr V e r m e h r u n g oder V e r m i n d e r u n g der
Imports u n d Exports, also die H a n d e l s b i l a n z zwischen 2 L n d e r n , (p. 361)
10 A currency " a u g m e n t e d without any corresponding a u g m e n t a t i o n of inter-
n a l trade," implies a quantity of notes retained in circulation, at t h e will of
t h e issuers, which the public d o n o t require. N u n das Public erhlt N o t e n
von d e n bankers n u r fr Zins, n i m m t also nur, was es b r a u c h t ; n o r do they
retain notes in i h r e m Besitz b e r das was die convenience of trade requires.
15 (p. 362) S o m e have an idea that, in every case of an influx of bullion, a
similar effect should be experienced locally t h a t is p r o d u c e d generally by
an increase of m e t a l s from the m i n e s . Die Differenz wesentlich. Im Fall
eines g e w h n l i c h e n Influx von b u l l i o n in die L a n d , verursacht d u r c h
e i n e n gnstigen Wechselkurs, ist das allgemeine Q u a n t u m von G o l d n i c h t
20 verndert n o c h its relation in value zu a n d e r n W a a r e n ; es h a t n u r eine
n e u e Distribution stattgefunden. F r die die larger quantities of m e t a l von
A m e r i c a erhielten im A u s t a u s c h fr d a h i n verschiffte W a a r e n u n d in Folge
der v e r m e h r t e n Productivitt der M i n e n , ist die a d d i t i o n a l quantity zu-
n c h s t vermehrter Profit, der sie befhigt m e h r G e l d privatim a u s z u g e b e n
25 u n d zugleich m c h t i g e s R e i z m i t t e l fr sie to increase their purchases of
goods u n d s h i p m e n t s n a c h Sdamerika. D i e a d d i t i o n a l d e m a n d for ship-
m e n t t o t h a t country, von woollens u n d cottons von E n g l a n d , W e i n u n d
Seide von Frankreich, flour u n d domestics von A m e r i c a , u n d die ver-
m e h r t e Nachfrage fr articles of c o n s u m p t i o n u n d fr securities fr invest-
30 m e n t by those who m a d e the additional profits at first, would soon increase
prices generally, im V e r h l t n i zu d e n new supplies of the m e t a l s . A b e r im
Fall von influx von bullion die Sache different. D a s fact da Kaufleute Z u -
flucht z u b u l l i o n n e h m e n u m ihr Capital h e i m z u b r i n g e n von countries w o
bullion n i c h t producirt wird, beweist da generally W a a r e n n u r z u e i n e m
35 Verlust importirt werden k n n e n . In Folge des verringerten imports the ex-
changes t u m i n o u r favour u n d zulezt Zuflucht z u bullion g e n o m m e n als
d e m m i n d e s t disadvantageous m e d i u m Capital z u transfer von d e m e i n e n
Ort z u m a n d r e n . A b e r die giebt weder power fr vermehrte Privatausgabe,
n o c h i n d u c e m e n t fr a repetition of purchases for s h i p m e n t ; u n d d a h e r u n -
40 ter solchen U m s t n d e n Z u n a h m e weder von Circulation n o c h Preissen,
sondern V e r m i n d e r u n g von beiden. So von 1 8 4 1 - 4 3 . (p. 362)
299
W e n n inconvertibles p a p e r die edlen Metalle ausgetrieben hat, k a n n es re-

d u n d a n t werden there b e i n g no m e a n s of absorption except in the existing
quantity of c o m m o d i t i e s , (p. 385)
Am 7 S e p t e m b e r (1844) (Woche n a c h d e m das n e u e Gesetz in A k t i o n getre-

ten) 5
Circulation Bullion
21,206,624 I. 15,209,060 I.
2 Nov. 21,871,806 14,038,757
Vom 2 Nov. (44) bis
22 Mrz (1845) fiel die 10
Circulation allmhlich auf 20,532,542
whrend auf 16,000,424
das bullion stieg, (p. 455)
D e r official value zeigt u n s was die W a a r e n 1694 werth waren, die Q u a n t i t t . 15
Official und declared Value der Hauptartikel exported 1840, 41 und 42. (p. 478)
Agricultural Official Real Manufactures Official Real
produce Value declared and Value declared
Value Minerals. Value.
f 20
Beef and pork 153,958 268,916 Cotton Manufac-
tures 177,837,401 47,681,381
Beer and ale 418,898 1,115,105 Cotton Yarn 33,732,270 22,139,705
Bread and Coals and Culm 4,952,784 1,974,249
biscuit 12,242 21,915 25
Butter Iron et Steel,
& cheese 189,266 548,742 wrought et
unwrought 12,664,340 7,840,755
Corn, flour
etc 55,659 145,647 30
Cows 4,646 18,022 Linen manufac-
tures 14,143,204 8,907,689
Horses 92,481 339,792 Linen yarn 4,427,558 2,344,117
Lard 31,632 42,735 Soap et candles 1,637,730 1,028,937
Tongues 6,551 12,886 Woollen manufac- 35
tures 18,241,430 16,256,549
Sheep's wool 692,660 1,264,525 Total 3 years 267,636,717 107,173,382
Total 3 years 1,557,993 3,778,321
Increase of Reduction of ]
real value real value > 40
on official on official 60% J 160,463,335
value 143% , 2,220,328 267,636,717
3,778,321
300
|6[ Butter u n d Kse also gestiegen w h r e n d dieser Periode um 193%,

Korn, M e h l etc u m 1 6 1 % , Cows u m 209%, horses u m 267%, Wolle u m
169 %, whrend gefallen sind im Preisse w h r e n d dieser Periode c o t t o n m a n -
ufactures um 78 %, coals um 60 %, iron u n d steel um 45 %, l i n e n m a n u f a c -
5 tures u m 36% u n d W o l l e n w a a r e n u m 10%. (p.479) D e r W e c h s e l i m W e r t h
des Geldes w h r e n d dieser Periode t h u t n i c h t s , d e n n welcher c h a n g e in
dieser B e z i e h u n g Platz gegriffen, refers as m u c h to one class of articles as
to another. D i e Grundrente stieg n o c h schneller. W i r h a t t e n G e l e g e n h e i t die
title deeds of an estate in der Nachbarschaft v o n Leeds zu u n t e r s u c h e n .
10 1719 war das jhrliche rental 340 /. 8 s. 4 d.; es ist n u n 2,050 /. Das L a n d al-
together u s e d fr agricultural purposes u n d der gegenwrtige W e r t h dessel-
b e n geschzt auf 150,000 /. Also die actual r e n t dieses property gewachsen
u m 600%, aber das relative rental, d . h . its power M a n u f a k t u r w a a r e n z u
kaufen, ist viel m e h r gestiegen. (1. c.)
15 T h e rent of l a n d is d e t e r m i n e d n o t only by the price of wheat per qr, b u t

also by the n u m b e r of qrs of wheat which an acre will p r o d u c e ; a n d the cost
at which it is produced, (p. 552) Let it be r e m e m b e r e d that p u s h i n g the the-
ory of Mr. M a l t h u s to its legitimate end, m a n u f a c t u r e d goods should at
length fail t h e p o p u l a t i o n as m u c h as food. T h e basis of every m a n u f a c t u r e
20 is part of the produce of the s a m e fixed quantity as food, a n d has exactly
the s a m e limit, (p. 552)
301
I
The Economist. Jahrgang 1846.

In t h e changes of industry we have a visible m e a n s of appreciating t h e
power w h i c h d e t e r m i n e s t h e opinions of m a n k i n d a n d t h e progress of so-
ciety, a n d r e d u c e s their c o n d u c t , viewed in masses or n a t i o n s to systematic
order, (p. 991) 5
D i e Z a h l von cultivated acres per h e a d war 1841:

In England und Wales 1.8 per man
Schottland 1.8.
Irland 1.5.
In G r o b r i t a n n i e n ist Y, der Agriculturists occupiers of land e m p l o y i n g 10
labourers; % occupiers not employing labourers u n d % agricultural labour-
6
ers. In I r l a n d ist n u r 7(3 der agriculturists occupiers e m p l o y i n g labourers, / 13
not employing labourers (i. e. cottiers) u n d % labourers. In I r l a n d also bei-

n a h e 72 der Agriculturbevlkerung cottiers, in E n g l a n d n u r /. In E n g l a n d
sind 2 8 % der Bevlkerung m i t P r o d u c t i o n von food beschftigt, in Irland 15
6 3 % . A b e r a u s d e m Irish Poor law C o m m i s s i o n 3 R e p o r t 1836 folgt, d a
das acreable p r o d u c e in Irland n u r % von d e m in E n g l a n d ist, also doppelt
l
die Z a h l of people engagirt um / der food hervorzubringen. A r b e i t in Ir-
2
l a n d also n u r 74 so productiv als in England. Es war frher der c u s t o m , be-

sonders u n t e r d e n n i c h t resident proprietors sehr long leases zu geben, 20
s o m e t i m e s fr j h r l i c h e rents, s o m e t i m e s fr p a y m e n t of a heavy fine. D a s
L a n d , s o e r h a l t e n von d e m m i d d l e m a n wurde von i h m sublet a n a n d r e i n
several lots, at a profitrent, - by t h e m , again, it was further subdivided a n d
relet to poorer t e n a n t s , at a still higher charge, a n d in still smaller p o r t i o n s ,
till, at length, further subdivision a n d m o r e exorbitant rents b e c a m e i m p o s - 25
sible; a n d t h u s t h e estate originally leased without precautions, to o n e ten-
ant, wurde schlielich covered m i t einer M e n g e von wretched families,
e a c h subsisting on t h e p r o d u c e of their acre, half acre, or two acres. D i e
war eine Quelle des cottier system. D i e andre: Selbst da wo der L a n d l o r d
n i c h t a b s e n t e e war u n d eigentliche m i d d l e m e n verhltnimssig rar, n i e 30
302
JL
M a a r e g e l n getroffen gegen subletting oder jointholdings, or the r u n n i n g

up of wretched hovels on the land, and, in c o n s e q u e n c e , the k i n d h e a r t e d -
ness, indolence, a n d greediness of gain, which c o m b i n e to form the charac-
ter of the irish peasant, i n d u c e d the original t e n a n t , w e n n er fand, d a
5 seine farm larger war als d u r c h a u s nthig fr die Subsistenz seiner F a m i l i e ,
small portions seinen F r e u n d e n u n d N a c h b a r n z u leihn u n d n o c h hufiger,
w e n n seine sons aufwuchsen u n d seine Tchter sich verheiratheten, to di-
vide his holding a m o n g t h e m , allowing e a c h to r u n up a separate m i s e r a b l e
shieling for himself; till, wie die P o p u l a t i o n wuchs u n d dasselbe System
10 fortdauerte, jeder m a n wurde a cottier d e p e n d e n t n u r on the p r o d u c e of a
wretched p a t c h of land, from which ejectment was u t t e r ruin. Dieser Proze
h a t h a l b Irland reducirt auf cottiers, filthy, t u r b u l e n t u n d feckless-starving
when their potato plot fails t h e m - o n l y half fed when it yields an ordinary
crop. D i e u n v e r m e i d l i c h e n Folgen dieses socialen Systems sind 2 fearful
15 p h e n o m e n a , agrarian outrages u n d evictions oder wholesale ejectments.
(p. 1217,18) U n t e r d e m System der alten leases seit 50 oder 100 J a h r e n , war
m e h r als h a l b Irland u n d e r l e t u n d i m Besitz v o n m i d d l e m e n . Seit der P e -
riode ist vielleicht % zurckgefallen in die h a n d s der landlords u n d sie h a -
b e n e i n e n a n d r e n W e g eingeschlagen, u n d das L a n d direkt verliehn a n resi-
20 d e n t farmers. D i e Folge ist, da the lower orders have all that land
gleichsam cut from under their feet; so m i t grossem W a c h s e n der Bevlke-
rung a great decrease of land. In d e n lezten 30 J a h r e n a vast n u m b e r of
farms cleared. (Evidence von J. N a p p e r vor e i n e m c o m m i t t e e des h o u s e of
C o m m o n s . ) (p. 1219) ||7| R e n t k a n n schlielich b e z a h l t werden m i t d e m
25 surplusproduce of t h e land; n u n , je grsser diese subdivisions, desto smal-
ler wird es, bis es zulezt ganz verschwindet. D e r cottier unfhig his rent zu
zahlen. Z u l e z t schuldet er vielleicht 3 years rent. D a n n s c h m e i t i h n der
L a n d l o r d heraus, (p. 1219)
Ireland presents t h e singular a n o m a l y of a people, who m u r d e r e a c h other

30 in order to o b t a i n possession of a p a t c h of land, which w h e n obtained, they
only half cultivate, (p. 1249)
( D e r E c o n o m i s t m e i n t : I n A n b e t r a c h t der wechselseitigen Lage v o n A m e -

rika u n d Africa m s s e m a n d e n Sklavenhandel b e s t e h n lassen, aber die
Sklaverei abschaffen. D i e sei der einzig richtige Ausweg.) In Leinster sind
35 531,000 acres waste land, in Ulster 1,048,000, in C o n n a u g h t 1,156,000, in
M u n s t e r 1,020,000, w h r e n d Donegal, Galway, M a y o , Cork u n d Kerry v o n
350 zu 470,000 acres e a c h h a b e n . (Land. C o m m i t . Evid. IV p. 290)
[p. 1282]
303
Sir James Steuart. An Inquiry

into the principles of Political Economy
being an essay on the science
of domestic policy in free nations.
In which are particularly 5
considered Population, agriculture, trade,

industry, money, coin, interest,
circulation, banks, exchange,
public credit, and taxes.
10
3 vol. Dublin. 1770.
vol.1
book I. On Population and Agriculture.
(Sieh die F o r t s e t z u n g n a c h h e r . )
304
Aus J. Morton: On the nature and property of soils
John Morton.
On the Nature and Property of Soils.
L o n d o n 1838.
D i e Oberflche der E r d e theilt die N a t u r u n d F a r b e des subsoil or rock,

5 worauf sie ruht. Das H a u p t m i n e r a l in d e m B o d e n eines Distrikts ist das der
geologischen F o r m a t i o n u n t e r i h m . So finden wir argillaceous soil resting
on the various clay formations, calcareous soil over the chalk, u n d oolitic
rocks a n d silicious soils, over the various sand stones. On t h e chalk, t h e
soil is white; on the r e d s a n d stone it is red etc. T h e lime, potash, a n d iron,
10 existing in various proportions im rock, are acted on by t h e a t m o s p h e r e
u n d das rock is d e c o m p o s e d ; some of it into fine i m p a l p a b l e matter, s o m e
into sand, a n d s o m e into coarse gravel or rubble, (p. 1) Die Oberflche b e -
steht aus d e n s e l b e n materials wie der subsoil, m i t Zufgung v o n vegetable
u n d a n i m a l matter, in every state of decay, intimately m i x e d with it. (p. 2)
15 earths of transportation w e r d e n gebildet d u r c h extraordinary floods which
tear up the soil a n d subsoil from the higher land a n d deposit t h e m on t h e
l a n d below, (p. 3, 4) Alluvial soils b e s t e h n in der a c c u m u l a t i o n of m i n u t e
particles of soil a n d light vegetable m a t t e r washed away from the surface of
higher g r o u n d by the water of rivers in the t i m e of floods, where t h e i r m o -
20 tion is rapid; u n d which, when they b e c o m e sluggish, they deposit on the
level g r o u n d which they overflow, (p. 5) T h e powers of n a t u r e to create veg-
etable p r o d u c t i o n s appear never to d i m i n i s h ... No loss is sustained by the
d e c o m p o s i t i o n of vegetable or a n i m a l m a t t e r in t h e soil; all is r e d u c e d to
the first e l e m e n t s of plants which give fresh energy to vegetation by again
25 entering into vegetable composition. ... the decay of o n e crop b e c o m e s t h e
n o u r i s h m e n t of the next. W h e n n a t u r e is left to herself, the a c c u m u l a t i o n
of d e c o m p o s i n g vegetable m a t t e r on the surface b e c o m e s great; a n d if t h e
soil is n o t possessed of t h e property of hastening their decay, the vegetable
305
m a t t e r is merely increased on the soil, without adding to its productive

powers, (p. 129,30) On a careful e x a m i n a t i o n findet m a n , da die P r o d u c -
t i o n von vegetables n i e e i n e n B o d e n erschpft: the yearly growth of grass
with its decay, adds yearly to its productiveness, a n d even a plentiful crop
of weeds, w h e n allowed to decay on t h e l a n d which p r o d u c t e d t h e m , has 5
t h e s a m e effect, (p. 130) D i e Produktivitt eines Bodens h n g t ganz ab von
s e i n e m n a t u r a l or artificial capability of retaining a n d transmitting its
m o i s t u r e , the vehicle at least w o d u r c h n o u r i s h m e n t is conveyed to plants.
This productive power m a y therefore n o t only be c o n t i n u e d in its greatest
vigour, b u t greatly increased by proper m a n a g e m e n t , (p. 135) To alter t h e 10
n a t u r e a n d properties of the constituents of any soil m a y be m o r e expen-
sive t h a n to m a n u r e it; b u t t h e effect of the former will be lasting, while
t h a t of the latter is transitory; the o n e p e r m a n e n t l y improves t h e n a t u r e
a n d quality of the soil, the other only imparts a temporary e x c i t e m e n t to
force a crop for a year or two. (p. 137,8) | 15
|8| In the process of vegetation, n a t u r e supplies soil, water, light a n d
heat; b u t the m a t t e r c o m p o s i n g the soil m a y n o t be in s u c h a state as to re-
ceive, a n d t r a n s m i t these in s u c h quantities as will p r o d u c e a healthy vege-
tation. M a n m a y regulate t h e supply by cultivation, a n d by altering t h e tex-
ture of the soil. W h e n t h e materials of which the soil is c o m p o s e d are in 20
proper proportion, the soil is m o s t productive; when any o n e of t h e ingre-
dients is in too great a proportion, the soil is u n p r o d u c t i v e . P u r e clay, silex,
or lime, are barren, if they are found alone; b u t if they are m i x e d together,
having a d u e portion of water, t h e influence of the sun, a n d a proper a d m i s -
sion of air, (which are the p r i m e movers in vegetable life) a f e r m e n t a t i o n 25
a m o n g s t the materials is created; a n d if vegetable a n d a n i m a l m a n u r e in a
state of d e c o m p o s i t i o n be c o m b i n e d with these, the soil which was sterile
w h e n separate will b e c o m e productive w h e n c o m b i n e d , a n d this m i x t u r e of
materials a n d m e c h a n i c a l alteration will change the texture, a n d improve
the quality of t h e soil. N e i t h e r the clay, the silex, n o r the l i m e are d e c o m - 30
posed by this process, b u t the soil c o m p o s e d of these materials in proper
proportions has the power of c o m b i n i n g with, and d e c o m p o s i n g t h e veg-
etable a n d a n i m a l matter, t h e water, a n d air which it contains, a n d p r o d u c e
results which afford the necessary food for the growth of plants. W h e n the
particles of earth w h i c h c o m p o s e the soil are separate from e a c h other, or 35
well pulverized, it holds t h e greatest quantity of free a n d available m o i s -
ture, a n d readily transmits it to plants which are growing in it; b u t w h e n
the particles of the earth are closely packed together, like new m a d e bricks,
it n e i t h e r can receive m o i s t u r e , n o r will it give o u t t h a t which it already
possesses, (p. 138,39) All m i n e r a l m a n u r e s , wie lime, chalk, marl, sand, 40
gravel, etc act on the soil merely as an alternative, by changing the constit-
306
u e n t s of the soil a n d improving its texture, a n d by giving it an increased

power of imbibing a n d d e c o m p o s i n g water, air, a n d organic matter. T h e
m o s t a b u n d a n t ingredients in soil are sand a n d clay, a n d as a m i x t u r e of
the o n e with t h e other t e n d s to improve b o t h u n d sind sie von N a t u r m e i s t
5 in great a b u n d a n c e n a h bei e i n a n d e r zu finden, (p. 140,1) T h e best way of
putting on small quantities of materials for altering the texture of t h e soil is
to m a k e a m i x t u r e of t h e m , with the m a n u r e y o u i n t e n d to apply to t h e
field; a n d these ought to be well m i x e d by laying t h e m loose together, turn-
ing t h e m several t i m e s , a n d fermenting t h e m in the m a s s . W h e n this is
10 properly d o n e , it should be carted a n d spread on the soil w h e n in fallow,
a n d be ploughed in a n d well mixed, so as to be completely incorporated
with the soil. (p. 142) perfect drainage u n d Tiefpflgen das H a u p t v e r b e s -
serungsmittel, (p. 145 sqq.) In t h e e x p e r i m e n t we h a v e m a d e to ascertain t h e
weight of a crop of straw, we find that the q u a n t i t y of wheat straw will aver-
15 age d o u b l e the weight of the wheat p r o d u c e d , so t h a t if all t h e straw be con-
verted into m a n u r e , by part of it being c o n s u m e d by s o m e a n i m a l as food,
a n d t h e r e m a i n d e r as litter, it would with proper care p r o d u c e m a n u r e suffi-
cient to keep u p , a n d with good culture increase, the productiveness of t h e
soil. T h e p r o d u c t i o n of turnips, vetches, a n d clover, by a large proportion of
20 the farm, a n d the c o n s u m p t i o n of these by sheep and o x e n will, u n d e r al-
most every c i r c u m s t a n c e , p r o d u c e a sufficient quantity of m a n u r e to k e e p
the land in a highly productive state; and if sufficient a t t e n t i o n be paid to
this part of agricultural business, a m u c h greater quantity of c o m will result
from it, even w h e n a less b r e a d t h of land is sown to c o m , a n d a greater pro-
25 portion to turnips, vetches a n d clover, (p. 170,1) An ox is said to m a k e
12 cart loads of d u n g per a n n u m , if fed on grass in t h e stall, a n d 1400 gal-
lons of u r i n e . " T h e u r i n e of 44 h e a d of cattle, with t h e aid of 2400 lbs of
rape cake, is sufficient to m a n u r e in the best m a n n e r 21 acres." (p. 173) |
|9| T h e sands of Norfolk a n d Suffolk have b e e n so m u c h improved by the
30 application of clay, marl, or chalk, a n d t h e alternate system of h u s b a n d r y ,
that a crop of turnips is now p r o d u c e d on s o m e l a n d e q u a l in value to t h e
previous fee simple of the s a m e soil; while the rich clay land in t h e vale of
the W h i t e h o r s e in Berks, a n d in the vale of Gloucester, r e m a i n s w i t h o u t
any increase of its productive powers, a n d is still cultivated with from 3 to
35 6 horses in a plough, (p. 191) It has b e e n shewn t h a t a l t h o u g h vegetables
are composed of m u c i l a g e , starch, sugar, a l b u m e n , gluten, a n d various
other substances; yet all of t h e m are reducible into carbon, oxygen, a n d hy-
drogen; a n d that water, a n d air are c o m p o s e d of these s u b s t a n c e s ; - t h a t
vegetable a n d a n i m a l m a n u r e s are d e c o m p o s e d into the same elements, as
40 those of water a n d a i r ; - t h a t any of the simple m i n e r a l s w h i c h c o m p o s e the
surface of the earth w h e n u n m i x e d with any other mineral, are unfit for the
307
growth of vegetables; b u t that when these simple materials are i n t i m a t e l y

m i x e d together that this c o m p o u n d w h e n exposed to t h e influence of the
s u n a n d a t m o s p h e r e , produces an a b u n d a n t c r o p ; - t h a t there is no process
going on at the surface of the earth amongst the materials which c o m p o s e
the cultivated soil w h i c h changes any of the m i n e r a l c o m p o n e n t parts of it 5
into a new s u b s t a n c e ; - t h a t n o n e of t h e materials c o m p o s i n g t h e soil enter
into the c o m p o s i t i o n of the p l a n t s ; - a n d t h a t t h e application of m a n u r e
does n o t always cause productiveness in soils, (p. 186,7) We therefore con-
clude, t h a t to change the constituents of the soil by the a d m i x t u r e of m i n -
eral or other matter, a n d so give to it t h a t peculiar texture w h i c h will e n a b l e 10
it to absorb a n d t r a n s m i t the m o i s t u r e which it receives, is t h e best a n d
m o s t effective m o d e of p e r m a n e n t l y improving the soil a n d increasing its
p r o d u c t i v e n e s s ; - t h a t t h e food of plants is n o t so m u c h any particular sub-
stance, or any c o m b i n a t i o n of substances, as a c o n d i t i o n of t h e soil; a n d
t h a t m a n u r e m a y t e n d to give it this condition for a t i m e , b u t its effects will 15
be transitory c o m p a r e d with other m i n e r a l m a t t e r applied to alter its tex-
ture. W h e r e this peculiar condition does n o t exist naturally in the s o i l - i t
can be m a d e so, by giving it this peculiar texture artificially, (p. 187) T h e
reason why the food of plants has n o t b e e n found o u t long ago is, b e c a u s e
it has b e e n sought for in the n a t u r e of a specific ... as no c r u d e m a t t e r can 20
enter into the small rootlets, a n d t h e sapvessels of t h e plants, therefore
n e i t h e r carbon, oil, m u c i l a g e , starch, sugar, a l b u m e n , gluten, n o r any of the
other substances c a n be of any u s e to the growth of plants, till they are
completely d e c o m p o s e d , a n d the elements of such d e c o m p o s i t i o n b e c o m e
chemically c o m b i n e d with the water and air of the soil. ... t h e food of 25
plants or the principle of vegetable life will appear to consist m o r e in the
c o n d i t i o n or constitution of the soil t h a n in any single or c o m p o u n d spe-
cific. ... wo agriculturists d e n B o d e n finden too loose a n d light, m s s e n sie
i h m geben t h e addition of some substance that will m a k e it m o r e adhesive
a n d firm; u n d wo it is too tenacious, m s s e n sie apply to it s o m e light p o - 30
rous s u b s t a n c e t h a t will m a k e it m o r e friable a n d open; u n d a n z u n e h m e n
ist das system of culture, which will m a k e a n d keep t h e soil in t h e c o n d i -
tion, which will best p r o m o t e the absorption a n d transmission of m o i s t u r e
for the use of plants, (p. 188,9) All succulent plants, a n d those that are n o t
allowed to ripen their seed; such as clover, rye, grass, vetches, turnips, cab- 35
bages, carrots, potatoes etc are said to receive a great part of their n o u r i s h -
m e n t from the atmosphere; a n d therefore do less injury to the l a n d t h a n
wheat, barley, rye, oats, pease, b e a n s , or any of the s u c c u l e n t plants w h e n
they are allowed to bring their seeds to perfection, (p. 199) T h e soil is in-
j u r e d m o r e in p r o d u c i n g the seed, t h a n in producing t h e s t e m a n d foliage, 40
or leaves. T h e foliage m a y receive m o r e of its n o u r i s h m e n t from t h e air
308
t h a n the seeds; or the seeds m a y receive m o r e of their n o u r i s h m e n t from

the soil t h a n t h e foliage ... Pasture prevents ||10| the p r o d u c t i o n of seeds
a n d encourages t h e growth of the roots, w h i c h are t h u s promoted, a n d are
constantly p u s h i n g out in search of n o u r i s h m e n t all the year r o u n d ; so t h a t
5 there is no period w h e n they lie d o r m a n t , as is the case w h e n seed is pro-
duced. All p e r e n n i a l plants t h a t p r o d u c e seed lie d o r m a n t for several
m o n t h s after they have p r o d u c e d it; and a n n u a l plants, if prevented from
yielding their seed, either by m o w i n g or pasturing, b e c o m e b i e n n i a l or even
triennial, (p. 200) the value of every rotation d e p e n d s chiefly, if n o t en-
10 tirely, on the quantity of food that is p r o d u c e d during the course, for sheep
a n d cattle, b u t particularly for sheep; and on its c o n s u m p t i o n on t h e farm,
either in the fold or in the stall. No food no cattle; no cattle no dung; no
d u n g no c o m . (p. 201,2) D e r soil over the whole of each geological forma-
tion ist n i c h t von d e m s e l b e n value. ... Die quality of t h e soil on each, is in-
15 finitely varied, a n d increases in value according to the degree of culture it
receives, a n d according to the quantity of active vegetable m a t t e r it m a y
h a p p e n to contain, (p.209,10) T h e productiveness of l a n d in m o s t cases de-
p e n d s on the kind of culture which it receives, a n d the culture best a d a p t e d
to it can only be ascertained by a knowledge of t h e effects p r o d u c e d by par-
20 ticular m o d e s of cultivation, (p. 210) H a u p t u m s t n d e sind: the n a t u r e of
t h e soil a n d subsoil; whether they are retentive or porous, dry or wet, w a r m
or cold; the situation, w h e t h e r it is exposed or sheltered, elevated or n e a r
the level of t h e sea; a n d the clima, whether it is dry or h u m i d . ... the fertil-
ity of grass lands u n d also ihr W e r t h m a y be distinguished by the variety
25 a n d quality of their n a t u r a l grasses, a n d the quantity of stock per acre they
will keep t h r o u g h o u t t h e year. D i e wird b e s t i m m t in Lincolnshire d u r c h
das Gewicht to which a field will feed an ox. "This field will only feed an
ox of 60, b u t t h a t will feed o n e of 80 or 90 or 100 stones." (p. 211) T h e rela-
tive value of land, is owing to the.,power it possesses of retaining a n d trans-
30 mitting a regular supply of m o i s t u r e for t h e u s e of plants; which by being
duly retentive, it affords in very dry weather, a n d which, by being suffi-
ciently porous, it gives n o t in too great a b u n d a n c e , w h e n the weather is
wet. (p. 211,12) In the rudest state of society, r e n t m a y be defined to be t h a t
portion of the p r o d u c e , which r e m a i n e d after m a i n t a i n i n g the l a b o u r e r a n d
35 his family, during the t i m e they were employed in producing it. (p. 213)
T h e cottagers i n Ireland pay i n m o n e y , frequently m o r e t h a n t h e m o n e y
value of % of the whole p r o d u c e , for their small farms, w h e n they have, in
most instances, b e e n at all the expence of t h e buildings a n d other a c c o m -
m o d a t i o n s , (p. 213,14) T h e farmer's rent is paid in m o n e y , a n d m a y be
l
40 reckoned at from / to % of the m o n e y value of the p r o d u c e , according to
l0
t h e k i n d a n d quality of t h e soil. Arable land pays a m u c h smaller p o r t i o n of
309
the p r o d u c e t h a n pasture or m e a d o w land. T h e latter i n d e e d w h e n very pro-

ductive, and in the n e i g h b o u r h o o d of a p o p u l o u s district, s o m e t i m e s pays
m o r e t h a n % of the p r o d u c e ; a n d even t h e n it leaves a greater r e t u r n to the
farmer t h a n that which he derives from arable l a n d of the s a m e quality. D e r
U n t e r s c h i e d h a u p t s c h l i c h von der greater expence die arable l a n d n o t h - 5
wendig requires in its cultivation. D i e fertile powers der Erde, aided by ap-
plication u n d experience, yield, to the industry of the h u s b a n d m a n , m o r e
t h a n is necessary for the expence of cultivation. D e n Theil des P r o d u c e der
brig bleibt, after the expence of p r o d u c t i o n is defrayed, k a n n der Pchter
d e m proprietor fr d e n u s e des L a n d e s zahlen; u n d die overplus variirt, 10
according to the n a t u r e a n d fruitfulness of the soil. D e r a m o u n t of rent
h n g t ab von der n a t r l i c h e n Fruchtbarkeit des Bodens; b u t as p e r m a n e n t
i m p r o v e m e n t has the effect of increasing the productive powers of the soil,
it m u s t also t e n d to increase the rent. R e n t h n g t d a h e r n i c h t n u r von der
n a t u r a l , s o n d e r n a u c h von der artificial u n d p e r m a n e n t l y improved fertility 15
des soil ab u n d w e n n diese 2 im h c h s t e n G r a d v e r b u n d e n , t h e r e will be
t h e greatest difference between t h e value of the produce a n d the expence of
production; oder in a n d r e n W o r t e n der B o d e n will die grte r e n t abwer-
fen ... D a s n a t r l i c h e P r o d u c t von W e i d e l a n d , so a r m es sein m a g , ist
worth s o m e t h i n g for sheep; or y o u n g ||11| beasts will grow on s u c h land, 20
without any other expence t h a n that of a t t e n d a n c e a n d t h e original price of
the stock; b u t land u n d e r arable culture c a n n o t pay any rent, till t h e price
of p r o d u c e exceeds the expence of the production. . . . w h e n i m p r o v e m e n t of
the soil h a s d o u b l e d or trebled the free produce (surplus), without any in-
crease in the expence of cultivation, the rent m a y also be d o u b l e d or tre- 25
bled. (p. 2 1 4 - 1 6 ) although t h e price of p r o d u c e m a y fall, a n d the e x p e n c e
of p r o d u c t i o n be increased, yet the rent even in thise case m a y be in-
creased too, if t h e productiveness of t h e soil be increased in a greater ratio,
(p. 217) If the rent is fixed at a certain portion of t h e p r o d u c e , a n d the m o n -
ey value of it regulated by the average price of s u c h p r o d u c e for t h e last 30
5 years, die die beste Regulation, (p. 217) t h e r e n t of every quality of soil
is necessarily limited by t h e surplus or free p r o d u c e , over the e x p e n c e of
cultivation, which includes the interest or profit on the capital w h i c h the
farmer employs. But t h e price of land is kept up by the small farmers tread-
ing on the heels of those above t h e m ; the occupiers of a 100 acres o u t b i d 35
those who occupy 200 a n d these again out-bid those who occupy still m o r e
extensively, as the smaller farms are always in the greatest d e m a n d , (p.217)
If t h e t e n a n t is at the expence of p e r m a n e n t l y improving t h e land he oc-
cupies, he is entitled to reap t h e fruits of his own industry, by having as
m a n y years of the increased free produce allowed to h i m , as will repay his 40
exertions a n d s u n k capital with c o m p o u n d interest, before his landlord
310
takes the advantage of the improvement, either, by reoccupying the land, or

by increasing t h e rent, (p.218) D e r B o d e n ist susceptible of a c o n t i n u e d i m -
p r o v e m e n t by every fresh application of capital judiciously employed,
(p. 221)
5 Capital applied to increase p e r m a n e n t l y the productive powers of t h e
soil, has t h e s a m e effect as if we a d d e d so m a n y acres to t h e b r e a d t h of the
estate; it does m o r e , indeed, for it gives us the power of cultivating this in-
creased energy, at t h e s a m e , or at a less expence t h a n before, as highly pro-
ductive l a n d is universally cultivated at less e x p e n c e per acre, t h a n that
10 which is poor a n d unproductive, (p. 223) T h e h i g h state of culture, which
exists in t h e L o t h i a n s a n d other parts of Scotland, a n d in the n o r t h a n d
east of E n g l a n d is, we think, entirely attributable to t h e leases w h i c h t h e
farmers h a v e of t h e l a n d they occupy for the terms of 19 or 21 years,
(p. 224)
15
311
James Steuart. (cont.)
(t.D
M u l t i p l i c a t i o n aller a n i m a l s b e r u h t auf 1) generation. 2) foods. D i e Z a h l

der Thiere ist im Verhltni zu der quantity of food producirt d u r c h die
Erde, regularly t h r o u g h o u t the year, for their subsistence. I say, regularly 5
t h r o u g h o u t the year, b e c a u s e we perceive in those a n i m a l s w h i c h p r o d u c e
in great a b u n d a n c e , s u c h as all the feathered genus, t h a t vast m u l t i t u d e s
are destroyed in winter; they are brought forth with the fruits of t h e earth,
a n d fall in proportion. ... Der M e n s c h k a n n , as some species of a n i m a l s
support life by devouring others; b u t it m u s t be observed t h a t t h e species 10
feeding m u s t always be m u c h inferior in n u m b e r to the species fed u p o n .
... W r e die E r d e daher uncultivirt, so wrde die Z a h l der M e n s c h e n n i c h t
b e r s c h r e i t e n die Proportion der s p o n t a n e o u s fruits die sie z u m i m m e d i a t e
u s e bietet, oder fr d e n der Thiere which m i g h t be the proper n o u r i s h m e n t
of m a n . T h e r e is therefore a certain n u m b e r of m a n k i n d w h i c h t h e earth 15
would be able to m a i n t a i n without any l a b o u r ... Die generative faculty
gleicht a spring loaded m i t a weight, which always exerts itself in propor-
tion to the d i m i n u t i o n of resistance: when food has r e m a i n e d for s o m e
t i m e o h n e V e r m e h r u n g oder V e r m i n d r u n g , generation will carry n u m b e r s
as high as possible; if t h e n food c o m e to be d i m i n i s h e d , the spring is over- 20
powered; the force of it b e c o m e s less t h a n nothing. I n h a b i t a n t s will d i m i n -
ish, at least, in proportion to the overcharge. If u p o n t h e other h a n d , food
be increased, the spring which stood at 0 will begin to exert itself in propor-
tion as the resistance d i m i n i s h e s ; people will begin to be better fed, they
will multiply u n d verhltnimssig als sie an Z a h l wachsen, the food will 25
b e c o m e scarce again, (p. 1 8 - 2 0 ) |
|12| P u t two or three pairs of rabbits into a field proper for t h e m , t h e m u l -
312
Aus J. Steuart: An inquiry into the principles of political economy
tiplication will be rapid; a n d in a few years the warren will be stocked: y o u

m a y take yearly from it a h u n d r e d pairs, I shall suppose, a n d keep y o u r
warren in good order: give over taking any for s o m e years, you will perhaps
find your original stock rather d i m i n i s h e d t h a n increased, for t h e reasons
5 above m e n t i o n e d . Africa yearly furnishes m a n y t h o u s a n d s for the cultiva-
tion of A m e r i c a ; in this she resembles the warren. I have little d o u b t b u t
that if all h e r sons were returned to her, by far t h e greater part would die of
hunger, (p. 20, 21) G e s e z t der M e n s c h arbeitet n u n , adds his l a b o u r a n d in-
dustry to the n a t u r a l activity of the soil: in so far he produces an a d d i t i o n a l
10 quantity of food, in so far he lays a f o u n d a t i o n for t h e m a i n t e n a n c e of an
a d d i t i o n a l n u m b e r . W i e die erste Z a h l ist in a c o n s t a n t proportion to the
s p o n t a n e o u s fruits, so die zweite in a constant proportion to agriculture,
(p. 21) Die M e n s c h h e i t so in 2 Klassen getheilt; die, die o h n e working, live
u p o n the s p o n t a n e o u s fruits of the earth, d. h. auf Milch, cattle, h u n t i n g
15 etc. D e r a n d r e Theil, der verpflichtet ist to l a b o u r the soil. (1. c.) Einige be-
c o m e servants for the sake of food, u n d d a n n b a l d slaves; for slavery is b u t
the abuse of service, established by a civil institution ... the s u b o r d i n a t i o n
of children to their parents, a n d of servants to their masters, seems to be
t h e m o s t rational origin of society a n d government. D i e Knechtschaft be-
20 ginnt, sobald die E r d e aufhrt freiwillig die M e n s c h e n zu n h r e n , (p. 22)
Multiplication ( u n t e r s t e l l t die Gesellschaft u n t e r d e m P a t r i a r c h Jakob)
will h e r e go forward, n o t in proportion to the generative faculty, b u t accord-
ing to the e m p l o y m e n t of the persons already generated, (p. 23)
M a n k i n d have b e e n , as to n u m b e r s , a n d m u s t ever be, in proportion to
25 t h e food p r o d u c e d ; a n d t h e food p r o d u c e d will be in t h e c o m p o u n d propor-
tion of the fertility of t h e climate, a n d the industry of t h e i n h a b i t a n t s ,
(p. 24) Die einzige M a n i e r superfluity d u r c h d e n L a n d m a n n erzeugen zu
m a c h e n ist to contrive different e m p l o y m e n t s for the h a n d s of the necessi-
tous, that, b y their labour, they m a y p r o d u c e a n equivalent which m a y b e
30 acceptable to the farmers, in lieu of this superfluity for these last will cer-
tainly n o t raise it, if they c a n n o t dispose of it; n o r will they dispose of it,
b u t for a proper equivalent. This is the only m e t h o d (in a free state) of
procuring a d d i t i o n a l food a n d of distributing it t h r o u g h the society ... b u t
on the other h a n d , it m u s t evidently destroy t h a t simplicity of m a n n e r s
35 which naturally reigns a m o n g n a t i o n s who do n o t labour, (p. 27) Agricul-
ture a m o n g a free people will a u g m e n t p o p u l a t i o n , only in proportion as
t h e necessitous are p u t in a situation to p u r c h a s e subsistence with their la-
bour, (p. 28) Verbessert m a n d e n Acker schneller als die wants of t h e peo-
ple erheischen N a c h t h e i l fr die agriculture. W a c h s e n die F r c h t e der E r d e
40 schneller als die Z a h l u n d die Industrie deren, die sie verzehren: if t h e
whole be n o t c o n s u m e d , t h e regorging plenty will discourage the industry
313
of the farmer. (p. 28) A b e r wenn, zugleich m i t d e m e n c o u r a g e m e n t der

Agricultur, a proper outlet be found for the superfluity, bis die n u m b e r s
u n d Industrie des Volkes, b y increasing, shall a u g m e n t t h e h o m e c o n s u m p -
tion, which again by degrees will d i m i n i s h the quantity of exportation, t h e n
the spring will easily overcome the resistance; it will dilate; i. e. n u m b e r s 5
will c o n t i n u e to increase. ... agriculture, when encouraged for the sake of
multiplying i n h a b i t a n t s , m u s t keep p a c e with the progress of industry, or
an outlet m u s t be provided for all superfluity, (p.28, 29) V e r m e h r t sich der
A c k e r b a u u n t e r e i n e m nichtindustriellen Volk, so geben die Pchter, dis-
gusted with a labour w h i c h produces a plenty superfluous to themselves, 10
which they c a n n o t dispose of for any equivalent, das W e r k auf u n d r e t u r n
to their a n c i e n t simplicity. T h e m o r e laborious will n o t furnish food to t h e
necessitous for nothing: die also, die anders n i c h t subsistiren k n n e n , will
naturally serve the industrious, a n d thereby sell their service for food. So
wird d u r c h V e r m i n d r u n g der Arbeit ein Theil des L a n d e s wieder u n c u l t i - 15
virt. D a n n m u die P o p u l a t i o n stop for want of food ... solche n a t i o n s sind
in einer moral incapacity of multiplying, (p. 29, 30) D e n T h e i l der Bevlke-
rung, der n i c h t nothwendig beschftigt ist in der P r o d u c t i o n von food,
n e n n t S t e u a r t free hands, weil ihre occupation being to p r o c u r e themselves
subsistence o u t of the superfluity of the farmers, a n d by a l a b o u r a d a p t e d 20
to the wants of society, m a y vary according to these wants, a n d these a g a i n
according to the spirit of t h e times, (p. 31) ||13| U n t e r luxury v e r s t e h t er die
C o n s u m p t i o n of any thing produced by the labour or ingenuity of m a n ,
which flatters our senses or taste of living, and which is n e i t h e r necessary
for our b e i n g well fed, well cloathed, well defended against t h e injuries of 25
weather, n o r for securing us against every thing which can h u r t u s . U n t e r
Money v e r s t e h t er any c o m m o d i t y , which purely in itself is of no m a t e r i a l
use to m a n for the purposes above-mentioned, b u t which a c q u i r e s s u c h an
estimation, from h i s o p i n i o n of it, as to b e c o m e the universal m e a s u r e of
what is called value, a n d an a d e q u a t e equivalent for any t h i n g alienable. 30
(p. 3 1 , 32) In einer Gesellschaft, wo alle a b u n d a n t l y supplied m i t food u n d
necessaries, ... those who have t h e m o n e y will cease to labour, a n d yet will
c o n s u m e ; a n d they will n o t c o n s u m e for nothing, for they will pay with m o n -
ey, (p. 32,3) the m o r e free a n d simple the m a n n e r s of a country are, caste-
ris paribus, the fewer i n h a b i t a n t s will be found in it. T h e Tartars, who freely 35
wander up a n d down a country of vast extent, multiply b u t little; eben-
so die savages in A m e r i c a , die i n h a b i t a n t s of several m o u n t a i n o u s c o u n -
tries in E u r o p e , (p. 36) W i e jezt there is a d e m a n d for t h e ingenuity of m a n ,
so in der alten Zeit for his person a n d service, (p. 38) In der alten Zeit to
m a k e m a n k i n d labour beyond their wants, to m a k e o n e part of a state work, 40
to m a i n t a i n the other gratuitously, n u r zu bewerkstelligen d u r c h Sklaverei;
314
M
Sklaverei d a h e r allgemein eingefhrt. Slavery was t h e n as necessary toward

multiplication, as it would now be destructive of it. T h e reason is plain. If
m a n k i n d be n o t forced to labour, they will only l a b o u r for themselves; a n d
if they have few wants, there will be few labour. But when states c o m e to be
5 formed a n d have occasion for idle h a n d s to defend t h e m against the vio-
lence of their e n e m i e s , food at any rate m u s t be procured for those w h o do
n o t labour; a n d as by t h e supposition, the wants of the labourers are small,
a m e t h o d m u s t be found to increase their l a b o u r above t h e proportion of
their wants. F o r this p u r p o s e slavery was calculated. H a t t e 2 excellent ef-
10 fects auf population. 1) da lives were preserved for the sake of m a k i n g
slaves of the captives, (when n u m b e r s are swept off, by any s u d d e n calam-
ity, which does n o t proportionally d i m i n i s h subsistence, a new multiplica-
tion i m m e d i a t e l y takes places.) Zweitens die slaves were forced to labour
the soil which fed b o t h t h e m a n d the idle freemen, as was the case in
15 Sparta; or they filled all t h e servile places which freemen fill now, a n d they
were likewise employed, as in Greece a n d in R o m e , in supplying with m a n -
ufactures those whose service was necessary for the state. H e r e t h e n was a
violent m e t h o d of m a k i n g m a n k i n d laborious in raising food; a n d provid-
ing this be a c c o m p l i s h e d (by any m e a n s whatever) n u m b e r s will increase.
20 ... M e n were t h e n forced to labour b e c a u s e they were slaves to others; m e n
are now forced to l a b o u r because they are slaves to their own wants,
(p. 3 8 - 4 0 )
the raising of t h e rents of lands shews the increase of industry, as it
swells the fund of subsistence c o n s u m e d by the industrious, i. e. by those
25 w h o b u y it. It m a y d e n o t e either an increase of i n h a b i t a n t s , or the d e p o p u -
lation of the land, in order to assemble t h e superfluous m o u t h s in villages,
towns etc, where they m a y exercise their industry with greater convenience.
W h i l e the land rents of E u r o p e were very low, n u m b e r s of t h e i n h a b i t a n t s
appeared to be employed in agriculture; b u t were really no m o r e t h a n idle
30 c o n s u m e r s of the p r o d u c e of it. T h e m o r e a country is in tillage, the m o r e it
is i n h a b i t e d , a n d t h e smaller is t h e proportion of free h a n d s for all t h e serv-
ices of the state. T h e m o r e a country is in pasture, the less it is i n h a b i t e d ,
b u t the greater is the proportion of free h a n d s , (p. 45) W h e n m a n k i n d is fed
u p o n t h e s p o n t a n e o u s fruits of the earth, t h e distribution of their residence
35 d e p e n d s u p o n the division of t h e lands. If these are in c o m m o n to all, t h e n
the i n h a b i t a n t s will be scattered abroad, or gathered together, according as
the p r o d u c t i o n s of the earth are equally distributed over t h e face of t h e
country, or confined to s o m e fruitful spots. H e n c e the Tartars w a n d e r with
their flocks a n d feed u p o n t h e m : h e n c e the h u n t i n g I n d i a n s are scattered
40 in small societies, t h r o u g h the woods, a n d live u p o n g a m e : h e n c e others,
who feed u p o n the fruits of t h e earth, are collected in greater n u m b e r s
315
u p o n the sides of rivers, a n d in watered values. W h e r e ||14| therefore t h e

surface of t h e earth is not appropriated, there the place producing food deter-
mines the place of residence of every one of the society. W e n n die E r d e nicht
gemeinschaftlich ist d e n e n , die auf ihre s p o n t a n e o u s fruits leben, s o n d e r n
appropriated by a few, t h e r e m u Sklaverei oder Industrie sich einfhren 5
u n t e r d e n e n die das surplus der E i g e n t h m e r verzehren ... Das object of
agriculture wird d a n n b e s t i m m e n n u r die R e s i d e n z derer, die zu d i e s e m
Zweck n o t h w e n d i g sind. In m i l d e n Climas also, wo die E r d e reichlich u n d
in grosser a b u n d a n c e producirt, da k n n e n viele be gathered into towns, da
k a n n es large cities geben, die a great proportion bear to t h e whole society. 10
Da hingegen, wo die earth's productions drftig sind, wenig considerable
towns, as t h e n u m b e r of those who are necessary for collecting the subsist-
ence, b e a r a great proportion to the fruits themselves. ... Vergleicht z . B . d e n
b u l k u n d populousness der cities der L o m b a r d e i u n d n o c h m e h r der wa-
tered provinces von Spain m i t ihrer Einwohnerzahl, so ist die Proportion 15
grsser als in F r a n k r e i c h u n d E n g l a n d u n d wieder m e h r hier als in d e n
m o r e n o r t h e r n countries u n d provinces ... t h e m o r e the climate contributes
to favour the l a b o u r of m a n , the m o r e the p r o d u c t i o n s participate of the
s p o n t a n e o u s n a t u r e . ... N u r die R e s i d e n c e der farmers ist wesentlich at-
t a c h e d to t h e place of cultivation. H e n c e , farms in some provinces, villages 20
in others. ... D i e free h a n d s zerfallen wieder in 2 conditions. D i e erste, de-
n e n das surplus der farmers direkt gehrt oder die, m i t einer r e v e n u e in
m o n e y already acquired, can p u r c h a s e it. Die zweite, those w h o p u r c h a s e it
with their daily labour or personal service. D i e der ersten c o n d i t i o n k n n e n
l e b e n where they please; die der zweiten m s s e n leben, wo sie k n n e n . D i e 25
R e s i d e n z der c o n s u m e r s b e s t i m m t in vielen Fllen die der suppliers. N u n
k o m m t a u c h n o c h der Sitz der A d m i n i s t r a t i o n h i n z u . So w e r d e n der bulk
of capitals u n d smaller cities gebildet. A n d e r s verhlt es sich m i t d e n
eigentlichen Manufacturen im Unterschied v o m Handwerk. Diese werden be-
s t i m m t in ihrer R e s i d e n z : 1) in Bezug auf den Platz u n d Situation der ta- 30
blissements an d e n sides von rivers u n d rivulets, w e n n M a s c h i n e n wrought
by water n o t h w e n d i g sind; Nachbarschaft von W a l d u n g e n , w e n n F e u e r
a n g e w a n d t wird; der Platz, der die Substanz der m a n u f a c t u r e s hervor-
bringt, wie in m i n e s , collieries, brickworks etc. 2) in Bezug auf die conve-
n i e n c y of transportation, as u p o n navigable rivers, or by great roads, 3) rela- 35
tive to the cheapness of living, consequently n o t (frequently) in great cities,
except for their own c o n s u m p t i o n . But it m u s t be observed, t h a t this last
observation can hardly ever be p e r m a n e n t : for the very e s t a b l i s h m e n t being
the m e a n s of raising prices, t h e advantage m u s t d i m i n i s h in proportion as
the u n d e r t a k i n g c o m e s to succeed. ... from the e s t a b l i s h m e n t of m a n u f a c - 40
I tures we see h a m l e t s swell into villages, and villages into towns. 4) Seaports
316
owe their e s t a b l i s h m e n t to foreign trade, (p. 4 6 - 4 9 ) O h n e diese separation

zwischen der M u t t e r E r d e u n d i h r e n laborious children, die stattfindet i m
Verhltni z u m Fortschritt der Industrie, L u x u s u n d der Geldcircula-
tion ... k a n n der Staat keine Steuern erheben. W e n i g t a x a t i o n d a h e r u n t e r
5 der feudal form of government, (p. 50) Bei der R e v o l u t i o n im 16' J a h r h u n -
d e r t die die Feudallords in die Stdte, an die Hfe zog, die Gefolgschaften,
die n u t z l o s j e d e s H a u s u n d W o h n u n g fllten, starving for want. Um sich
Geld zu verschaffen, fand der Lord es e x p e d i e n t e i n e n Theil seiner person-
al services in cash zu verwandeln; by this he lost his authority. D a n n sah er
10 sich n a c h e i n e m farmer u m , n i c h t h u s b a n d m a n , for an estate which he for-
merly c o n s u m e d in its fruits. Dieser u n d e r t a k e r b e g a n by dismissing idle
m o u t h s . N o c h grrer J a m m e r . A b e r das in der city gespendete Geld flo
in die h a n d s der industrious, die raised an e m u l a t i o n u n d die K i n d e r der
von der R e v o l u t i o n getroffnen miserable began to profit by it. T h e y b e c a m e
15 easy a n d i n d e p e n d e n t in the great city, by furnishing to the extravagance
deren u n t e r deren d o m i n i o n they were born. (p. 52) T h e proper a n d only
right e n c o u r a g e m e n t for agriculture, is a m o d e r a t e a n d g r a d u a l increase of
d e m a n d for the p r o d u c t i o n s of the earth, this works a n a t u r a l a n d benefi-
cial increase of i n h a b i t a n t s ; a n d this d e m a n d m u s t c o m e from cities, for
20 the h u s b a n d m e n never have occasion to d e m a n d ; it is t h e y who offer to
sale. (p. 54) the m o m e n t any city, town, or village begins to increase, by the
establishment of trade or manufactures, the l a n d s r o u n d a b o u t i m m e d i -
ately rise in their value, (p. 55) A n o t h e r advantage of cities is, the necessity
arising from t h e n c e of having great roads, a n d these again prove a consider-
25 able e n c o u r a g e m e n t to agriculture, (p. 57) A s t a t e s m a n should m a k e it his
endeavour to employ as m a n y of every class as possible, u n d w e n n employ-
m e n t fails in the c o m m o n r u n of affairs, to contrive new outlets for y o u n g
people of every d e n o m i n a t i o n , (p. 65,6) |
|15| Abuse of agriculture and population.
30 Multiplication n u r e i n e m Staat ntzlich, so weit die a d d i t i o n a l n u m b e r ,

d e n e n die bereits existiren u n d die d e n body politic der society bilden, n t -
zen. Producirt die additional n u m b e r n u r genug fr sich selbst, so h a t die
Gesellschaft k e i n e n Vortheil aus ihrer P r o d u c t i o n . Sind sie o h n e equiv-
alent service von a n d r e n gefttert, so sind sie a loss. (p. 82) Die political oecon-
35 omy des g o v e r n m e n t vollendet, w h e n every class in general, a n d every
individual im Besonderen, is m a d e to be aiding a n d assisting to t h e com-
m u n i t y im V e r h l t n i zur Assistenz he receives from it. E i n e perfekte society
ist also a general tacit contract, from which reciprocal a n d proportional serv-
317
ices result universally between all those who compose it. W e n n also E i n e r
gefunden wird, von d e m N i e m a n d a b h n g t u n d der von j e d w e d e m a b h n g t ,
wie der Fall b e i d e m unbeschftigten aber willigen Arbeiter, da ist e i n C o n -
traktbruch, e i n abuse. A u s d e m s e l b e n G r u n d , w e n n eine Person g a n z da-
m i t beschftigt sich selbst zu fttern, von n i e m a n d a b h n g e n d u n d having 5
n o b o d y d e p e n d i n g on h i m , we lose t h e idea of society, weil da sind no recip-
rocal obligations zwischen solch einer Person u n d d e n b r i g e n Gesell-
schaftsgliedern, (p. 83) D i e woollen m a n u f a c t u r e in E n g l a n d u n d das l i n e n
in Irland u n d Schottland ist sehr v e r m e h r t worden d u r c h die H u s l e r
(kleine t e n a n t s ) , die d e n B o d e n n e b e n b e i b a u t e n u n d fr die I n d u s t r i e die 10
H a u p t s a c h e . Sie verbesserten d e n Boden, der spter d a n n in greater farms
z u s a m m e n g e s c h l a g e n , (p. 86) Zu u n t e r s c h e i d e n zwischen agriculture as a
trade u n d agriculture as a direct means of subsisting ... W i r d im l e z t e n Fall
der p r o d u c e r m i t s e i n e m L a n d e , dessen c o n s u m e r er zugleich ist, ver-
schluckt, kein S c h a d e n fr d e n Staat ... t h u s an over e x t e n s i o n of agricul- 15
t u r e a n d division of lands b e c o m e s an abuse, a n d so, consequently, does an
over-multiplication, (p. 88) T h a t n u m b e r of h u s b a n d m e n is t h e best, w h i c h
c a n provide food for all t h e state; a n d that n u m b e r of i n h a b i t a n t s is t h e
best, w h i c h is c o m p a t i b l e with t h e full e m p l o y m e n t of every o n e of t h e m ,
t e s
(p. 89) E i n 3 Princip der P o p u l a t i o n - ausser Sklaverei u n d I n d u s t r i e - ist 20
charity. . . in S p a n i e n , (p. 90) It has b e e n said, t h a t n u m b e r s are in pro
p o r t i o n to food; c o n s e q u e n t l y , p o o r are in p r o p o r t i o n to charity, (p. 93)
m u l t i p l i c a t i o n never c a n stop b u t for want of food. (p. 94) Is it n o t plain,
t h a t w h e n t h e e a r t h i s n o t improved i t c a n n o t p r o d u c e s o m u c h n o u r i s h
m e n t for m a n as w h e n it is? On t h e o t h e r h a n d , if i n d u s t r y does n o t draw 25
i n t o t h e h a n d s o f t h e indigent, wherewith t o p u r c h a s e t h i s a d d i t i o n a l n o u r
i s h m e n t , n o b o d y will be at a considerable first e x p e n c e to b r e a k up g r o u n d s
in order to p r o d u c e it. T h e withdrawing therefore a n u m b e r of h a n d s from a
trifling agriculture forces, in a m a n n e r , t h e h u s b a n d m a n to work t h e h a r d
er; a n d by h a r d l a b o u r u p o n a small spot, t h e s a m e effect is p r o d u c e d as 30
with slight l a b o u r u p o n a great extent, (p. 105) t h e best c o r n c o u n t r y in t h e
world, provided slavery be n o t established, does n o t p r o d u c e wherewithal
fully to m a i n t a i n , as in years of plenty, % m o r e t h a n its own i n h a b i t a n t s ; for
if this should be t h e case, all t h e policy of m e n would n o t be able to prevent
the multiplication of them, u n t i l they arose nearly up to the mean proportion of 35
the produce in ordinary years, a n d it is only w h a t exceeds this s t a n d a r d , a n d
p r o c e e d s from u n u s u a l plenty, which can be exported, (p. 113) A country,
fully peopled, d.h. in einer physischen U n m g l i c h k e i t ihre n u m b e r s zu ver-
m e h r e n , ist eine chimerical u n d useless supposition. W e n n ein Volk seine
Subsistenz from abroad zieht ... lang bevor das L a n d selbst fully improved 40
i s t . . . beweist das n i c h t s fr die intrinsic fertility des soil, s o n d e r n n u r , t h a t
318
the industry of the free hands has made a quicker progress in multiplying mouths,
than that of the farmers in providing subsistence. ... agriculture ist n i c h t die
Ursache der multiplication, sondern m u l t i p l i c a t i o n ist die efficient cause
of agriculture, (p. 114) M i t der multiplication n i m m t die effective de-
5 m a n d (die ein E q u i v a l e n t zu bieten) zu u n d d a m i t das surplus des farm-
ers. Sonst sinkt leztrer h e r a b to the class of those who l a b o u r for actual sub-
sistence, (p. 115) t h e earth's s p o n t a n e o u s p r o d u c t i o n s being in small
quantity, a n d q u i t e i n d e p e n d e n t of m a n , appear, as it were, to be furnished
by n a t u r e , in the s a m e way as a small s u m is given to a y o u n g m a n , in order
10 to p u t h i m in a way of industry, a n d of m a k i n g his fortune, (p. 116) trade
has an evident t e n d e n c y towards the i m p r o v e m e n t of the world in general,
by rendering the i n h a b i t a n t s of o n e country industrious, in order to supply
the wants of another, without any prejudice to themselves, (p. 118) a ma-
chine, which abridges t h e l a b o u r of m e n , c a n n o t be i n t r o d u c e d all at once
15 into an extensive m a n u f a c t u r e , without throwing m a n y people i n t o idle-
ness. ... A b e r n u r d u r c h die suddenness ihrer Einfhrung, (p. 120) A u c h
pltzlicher F r i e d e n n a c h e i n e m Krieg wirft viele aufs Pflaster. Peace t h e n
m a y be considered as a m a c h i n e for defending a n a t i o n , at the political loss
of m a k i n g an army idle. A b e r soll der Krieg fortdauern um soldiers, sutlers
20 u n d u n d e r t a k e r s Brod zu geben? (p. 121) A b e r der Staat soll v e r s u c h e n fr
die Unbeschftigten [zu s o r g e n ] , as it is t h e public das d e n Profit etc hat.
(1. c.) As agriculture, exercised as a trade, purges the l a n d of idle m o u t h s ,
a n d p u s h e s t h e m to a new industry which t h e state m a y t u r n to her o w n ad-
vantage; so does a m a c h i n e i n t r o d u c e d into a m a n u f a c t u r e purge off h a n d s
25 which t h e n b e c o m e superfluous in that branch, a n d which m a y quickly be
employed in another, (p. 122) M a c h i n e s I consider as a m e t h o d of a u g m e n -
ting (virtually) the n u m b e r of the industrious, without the expence of feed-
ing an additional n u m b e r , (p. 123) Seid I h r die E r f i n d e r d e r M a s c h i n e n
industry in our age at least is in no danger of being overstocked in any well
30 governed state - so m a g die ganze Welt eure V e r b e r u n g e n copy, sie
bleiben scholars. Seid Ihr die scholars a n d r e r N a t i o n e n , bei der Einfhrung
von M a s c h i n e r i e , so bleibt a u c h das D i l e m m a of accepting the i n v e n t i o n
with all its inconveniencies, or of r e n o u n c i n g every foreign c o m m u n i c a -
tion. (1. c.) I
35 1161 D i e A l t e n empfahlen dringend eine gleiche distribution of l a n d s als
die beste Sicherheit fr liberty u n d die beste M e t h o d e n i c h t allein die
G l e i c h h e i t u n t e r d e n Brgern zu erhalten, s o n d e r n a u c h ihre Z a h l zu ver-
m e h r e n . D a m a l s b i l d e t e n die citizens - die Z a h l betrachtet - n i c h t % of
the state; es gab k a u m so etwas wie ein established m o n i e d interest, ge-
40 g r n d e t b e r a l l n u r u p o n trade, u n d eine extensive I n d u s t r i e . D a m a l s kein
solides E i n k o m m e n ausser d e m von L a n d . U n d m i t gleicher T h e i l u n g von
319
d i e s e m gnstig der V e r m e h r u n g der citizens u n d producirte G l e i c h h e i t .

H e u t zu Tage besteht R e i c h t h u m n i c h t allein in Land; der grte proprie-
tor h e u t ist loaded m i t debts u n d hngt vielleicht ab von der i n d u l g e n c e of
m e n , die k e i n e n acre h a b e n . Theilt daher die lands wie ihr wollt, we shall
never p r o d u c e equality by it. Die gleiche Theilung des L a n d s v e r m e h r t die 5
Z a h l der landlords. D i e A l t e n n u r darauf b e d a c h t to increase t h e citizens,
d. h. die higher classes of the state ... Die V e r m e h r u n g der lowest classes,
d. h. der slaves, never entered into the consideration of t h e public, b u t re-
m a i n e d purely a m a t t e r of private concern; a n d we find it was a question
with some, whether or n o t it was worth while to breed from t h e m at all. 10
A b e r in u n s e r n Tagen das Hauptobjekt to support the lower classes from
their own m u l t i p l i c a t i o n u n d zu d i e s e m Zweck ungleiche Theilung of prop-
erty das m e h r gnstige S c h e m a . Weil der W e a l t h der R e i c h e n in die
T a s c h e n der industrious poor fllt; w h r e n d das p r o d u c e of a very m i d d l i n g
fortune does no m o r e t h a n feed the children of the proprietor, w h o in 15
course b e c o m e very c o m m o n l y and very naturally an useless b u r t h e n u p o n
the land. (p. 125,6) t h e p r o d u c e of agriculture m u s t be estimated, n o t ac-
cording to t h e quantity of fruits only, b u t also according to the l a b o u r e m -
ployed to p r o d u c e t h e m ! ... W e l c h e Art von Agricultur die n t z l i c h s t e fr
m o d e r n e Gesellschaft, die welche producirt die greatest q u a n t i t y of fruits 20
absolutely t a k e n oder die, relativ zur labour employed? (p. 126, 127) D i e re-
turns von p a s t u r e viel grsser als die von cornfields. A b e r absolut u m g e -
kehrt. E i n acre von b e s t e m cornland producirt m e h r N a h r u n g fr m a n als
eine gleiche portion der finest pasture. Aber so b e t r a c h t e t m a n die Propor-
tion of space and produce, not of labour. Die grre relative Productivitt der 25
pasture schreibe ich der s p o n t a n e o u s operation der N a t u r , n i c h t der h h r e n
N t z l i c h k e i t dieser Art von Agricultur zu. (p. 127) t h e fewer wants, a n d the
fewer free h a n d s , the less surplus, which of course infers an agriculture less
productive, relatively to the n u m b e r s of farmers. Were, therefore, a whole
society employed in agriculture, carried on as a Distinct m o d e of subsist- 30
ing, there would be no surplus, consequently no free h a n d s ; c o n s e q u e n t l y
no work for supplying any want b u t food. (p. 129) W e n n die E i n w o h n e r
eines L a n d e s n i c h t hinlnglich vermehrt sind, k a n n die n u r aus 2 G r n -
d e n h e r r h r e n : 1) die Zeuger, die kein equivalent fr die food ihrer K i n d e r
erzeugen k n n e n ; oder 2) i n d e m die Industrie e i n e n raschern Fortschritt 35
m a c h t als die Agrikultur, k o m m e n die Industriellen zu strongly in K o n k u r -
renz m i t einander, for t h e surplus of food to be found; so steigen die
Preisse desselben u n d werden reducirt in portions too low to suffer a divi-
sion, (p. 130) S t e u a r t u n t e r s t e l l t eine Gesellschaft von 1000; 500 Pchter,
500 free h a n d s . G e s e z t by using the spade a n d rake, statt des plow a n d har- 40
row, k n n e n die lands von E n g l a n d be brought to p r o d u c e with m o r e a b u n -
320
d a n c e ; this is a m e t h o d of increasing the e x p e n c e of agriculture, which

would require a n a d d i t i o n a l n u m b e r o f h u s b a n d m e n . N u n n a c h der U n t e r -
stellung fttern 500 Pchter, obgleich scantily, die G e s a m m t e i n w o h n e r ,
d. h. 1000. K n n e n 100 free h a n d s engagirt w e r d e n P c h t e r zu werden, so
5 wird m e h r N a h r u n g producirt, das Volk besser genhrt, sie werden sich ver-
m e h r e n , d. h. ihre Z a h l wird wachsen b e r 1000. Die Gesellschaft besteht
n u n aus 600 farmers u n d 400 free h a n d s . D i e 600 p r o d u c i r e n m e h r fruits
als frher^ aber da ihre Arbeit is relatively less productive, so k n n e n sie
kein surplus = ihrer eignen C o n s u m t i o n liefern; folglich the free h a n d s nev-
10 er will be able to rise to a n u m b e r equal to theirs; die Gesellschaft wird
n i e auf 1200 k o m m e n . A b e r anderseits unterstellt, da die Gesellschaft die
I n d u s t r i e der e i n e n ihrer Hlften erheischte; d. h. aller 500 free h a n d s , to
satisfy ihre other wants a u s s e r food. U n d da die Z a h l dieser bereits redu-
cirt u n d nie m e h r rise k a n n to that proportion, so m u das Volk entweder
15 e i n e n einfachen way of living einschlagen - u n d d a n n wird nichts m i t der
v e r m e h r t e n P r o d u c t i o n erreicht. Sogar t h e b e i n g better fed hrt auf der F a l l
zu sein, the m o m e n t the e n d is obtained, d. h. sobald die i n h a b i t a n t s are
multiplied up to t h e proportion of a d d i t i o n a l food. - Anderseits vereinfa-
c h e n sie n i c h t ihre wants, b e s t e h e n die R e i c h e n auf der Befriedigung der-
20 selben Bedrfnisse wie frher, so steigt d e m a n d for work u n d so wird gege-
b e n a n additional e n c o u r a g e m e n t t o t h a t species o f labour, which h a d b e e n
d i m i n i s h e d , in taking 100 persons from industry, to throw t h e m into t h e
class of farmers? Dieses wird so sie rasch d e n spade desertiren m a c h e n ;
u n d um so rascher, als they have t a k e n to an e m p l o y m e n t less lucrative
25 t h a n t h a t of farming, according to t h e former systems? (p. 131,2) It is t h e
multiplicity a n d complexity of wants w h i c h give an e n c o u r a g e m e n t to agri-
culture, a n d n o t agriculture, or an a b u n d a n c e of food, w h i c h inspires m a n -
k i n d with a disposition to labour, (p. 132) D e r n a t r l i c h e u n d n o t h w e n d i g e
Effect der I n d u s t r i e , in trades u n d m a n u f a c t u r e s , is to p r o m o t e the increase
30 of relative h u s b a n d r y u n d vermindert das absolute p r o d u c e of agriculture,
(p. 132,3) Industry forms this species of absolute agriculture (wo die L e u t e sich
selbst n h r e n with a bit of a g a r d e n ground a n d the milk of a cow), - industry
destroys it. W h e n industry is set on foot, it gives e n c o u r a g e m e n t to ||17| agri-
culture exercised as a trade: a n d by t h e a l l u r e m e n t s of ease, which a large
35 surplus procures to the farmers, it does h u r t to t h a t species which is exer-
cised as a m e t h o d of subsistence, (p. [133,] 134) L a n d s b e c o m e m o r e gen-
erally a n d less thoroughly laboured. In s o m e countries tillage is set on foot
a n d encouraged; this is an operose agriculture, (p. 134) In j e d e m L a n d die
berflssigen M n n e r der operose agriculture verdrngt where we see
40 cornfields by degrees t u r n e d into pasture. (p. 135) those who m u s t l a b o u r
for the subsistence of the society, can be of little u s e for the defence of a
321
state in case of any exigency ... daher ... in proportion as industry has ex-
t e n d e d itself, regular armies have b e e n found necessary to [be] kept up in
t i m e s of peace in order to be h a d in times of war. (p. 136) All is now be-
c o m e c o m m e r c e , a n d seems to be regulated by t h e principles of it. (p. 137)
D i e Vertheilung des G r u n d e i g e n t h u m ganz gleich, ob es der Staat hat, ob 5
einige I n d i v i d u e n , w e n n das G a n z e n u r ist well cultivated u n d m a d e to
p r o d u c e , by a set of m e n I call farmers u n d according to t h e n a t u r e of t h e
agriculture, which m a n y different circumstances of taste a n d m a n n e r of liv-
ing has introduced, larger or smaller portions of land m u s t be allotted to
e a c h of t h e m . (p. 137) Unterstellt m a n ein n o c h n i c h t verbessertes L a n d , so 10
sind small possessions nthig, b o t h for improving the soil a n d for multiply-
ing t h e i n h a b i t a n t s . In this supposition the m o s t operose agriculture m a y
be carried on in c o m p e t i t i o n with the m o s t lucrative, (p. 137)
T h e extensive agriculture of plowing a n d sowing, is t h e proper employ-
m e n t of the country, a n d is the f o u n d a t i o n of p o p u l a t i o n in every n a t i o n 15
fed u p o n its own p r o d u c e . Cities are c o m m o n l y s u r r o u n d e d by k i t c h e n gar-
dens, a n d rich grass fields; these are the proper objects of agriculture, for
those who live in surburbs, or who are shut up within the walls of small
towns. T h e gardens p r o d u c e various kinds of n o u r i s h m e n t , which c a n n o t
be easily brought from a distance, in that fresh a n d l u x u r i a n t state which 20
pleases t h e eye, a n d c o n d u c e s to health. T h e y offer a c o n t i n u a l o c c u p a t i o n
to m a n , a n d very little for cattle, therefore are properly situated in t h e prox-
imity of towns a n d cities. T h e grassfields again are c o m m o n l y either grazed
by cows, for the p r o d u c t i o n of milk, butter, c r e a m etc w h i c h suffer by long
carriage; or kept in pasture for preserving fatted a n i m a l s in good order u n t i l 25
t h e m a r k e t d e m a n d t h e m ; or they are cut in grass for t h e cattle of t h e city.
T h e y m a y also be t u r n e d into hay with profit; b e c a u s e t h e carriage of a
bulky c o m m o d i t y from a great distance is s o m e t i m e s too expensive. T h u s
we c o m m o n l y find agriculture disposed in the following m a n n e r . In the
center stands t h e city s u r r o u n d e d by kitchen gardens; b e y o n d these lies a 30
belt of fine l u x u r i a n t p a s t u r e or hay fields; stretch b e y o n d this a n d y o u find
the b e g i n n i n g of what I call t h e operose farming, plowing a n d sowing; b e -
yond this lie grazing farms for the fattening of cattle; a n d last of all c o m e
the m o u n t a i n o u s a n d large extents of u n i m p r o v e d or ill improved g r o u n d s ,
where a n i m a l s are bred. This seems the n a t u r a l distribution, (p. 139) Urn 35
P a d u a h e r u m keine K c h e n g r t e n , sondern reiche Kornfelder, % m i t W e i -
zen, % m i t i n d i s c h e m K o r n best. G r u n d einfach. Stadt sehr gro im Ver-
h l t n i zu d e n E i n w o h n e r n ; die G r t e n alle i n n e r h a l b der R i n g m a u e r n ,
u n d der D n g e r der Stadt befhigt den B o d e n bestndig zu p r o d u c i r e n .
H e u von grren E n t f e r n u n g e n gebracht, weij die e x p e n c e of distributing 40
the d u n g ans distant field, grsser sein wrde als die es H e u by watercar-
322
riage zu transportiren. farmhouses blose H t t e n , weil der zu b e a r b e i t e n d e

R a u m sicher small i m Verhltni z u m Product; der farmer zahlt d a h e r d e n
W e r t h von % des crop d e m Landlord. (p. 140) W a r u m ist der A r b e i t s l o h n so
sehr in d e m g a n z e n civilisirten E u r o p a gestiegen? While the land re-
5 m a i n e d l o a d e d with a n u m b e r of superfluous m o u t h s , while n u m b e r s were
found in every province employed in agriculture, for the sake of subsist-
ence merely, s u c h people were always ready to employ their idle h o u r s a n d
days, for a very small consideration from those who employed t h e m . T h e y
did n o t t h e n d e p e n d u p o n this e m p l o y m e n t for their subsistence; a n d a
10 p e n n y in t h e i r pocket p u r c h a s e d s o m e superfluity for t h e m . B u t w h e n m o d -
ern policy h a s by degrees drawn n u m b e r s from t h e country, the few that re-
m a i n for t h e service of the public m u s t now l a b o u r for their subsistence;
a n d he who employs t h e m , m u s t feed t h e m , cloth t h e m ; a n d provide for all
their other wants. No w o n d e r then, if labour be dearer. (p. 147) Civil a n d
15 domestic liberty, i n t r o d u c e d into E u r o p e by t h e dissolution of t h e feudal
form of government, set trade and industry on foot; these p r o d u c e d wealth
a n d credit; these again debts a n d taxes; a n d all together established a per-
fectly new system of political economy, the principles of which it is my in-
t e n t i o n to d e d u c e a n d e x a m i n e , (p. 150) If the food p r o d u c e d surpass t h e
20 proportion of industry, t h e balance of food will be exported; if t h e industry
surpasses the proportion of food, its deficiency m u s t be supplied by i m -
ports, (p. 151)
the raising of t h e rents of l a n d s proves t h e a u g m e n t a t i o n of industry, and
the multiplication of free h a n d s ; b u t as rents m a y rise, and yet the n u m b e r
25 of i n h a b i t a n t s c o n t i n u e the s a m e as before, I infer, t h a t the revolution m u s t
t h e n m a r k t h e purging of the lands of superfluous m o u t h s , a n d forcing
these to q u i t the m o t h e r earth, in order to retire to towns a n d villages,
(p. 153) W h e n manufacturers get together in bodies, they d e p e n d
n o t ||18| directly u p o n consumers, b u t u p o n merchants. T h e situation of their
30 residence d e p e n d s u p o n circumstances relative to their o c c u p a t i o n , provi-
sion a n d transportation of their work. ... Seaports owe their e s t a b l i s h m e n t
to the increase of foreign trade, (p. 153,4) Die abusive agriculture ist, no
trade, b e c a u s e it applies no alienation, b u t is purely a m e t h o d of subsisting.
(p. 156) t h e e s t a b l i s h m e n t of trade a n d industry naturally rectifies t h e m i s -
35 application of agriculture, by purging the land of superfluous m o u t h s , a n d
thereby r e d u c e s it, as it ought to be, to a trade calculated to furnish a sur-
plus, which c o m e s to be sold for the l a b o u r of all [the] industrious. It is this
alone which c a n rivet t h e b o n d of general dependence among free men w h o
m u s t live by their industry; by m a k i n g o n e part laborious farmers, a n d t h e
40 other ingenious t r a d e s m e n a n d manufacturers. It is by the vibration of the
b a l a n c e b e t w e e n these two classes, t h a t m u l t i p l i c a t i o n a n d agriculture are
323
carried to their height. W h e n industry goes on too fast, free h a n d s multiply

above t h e standard, i. e., their scale sinks; this raises t h e price of food, a n d
gives an additional e n c o u r a g e m e n t to agriculture: w h e n this again b e c o m e s
the m o r e weighty, food b e c o m e s plentiful a n d cheap, t h e n n u m b e r s aug-
m e n t anew. (p. 157,8) E n g l a n d vielleicht das fruchtbarste L a n d in E u r o p a 5
h a t nie fr 18 m o n t h s (in einer Erndte) full subsistence fr alle seine E i n -
w o h n e r erzeugt, n o c h weniger als 10 scanty provision in d e n J a h r e n der
T h e u r u n g . (p. 158 E r k a l k u l i r t die U e b e r p r o d u c t i o n d u r c h d e n export.)
(ti)
Book II. Of trade and Industry 10
the principle of selfinterest will serve as a general key to this inquiry,

(p. 162) W i e Agricultur u n d Production, so h n g e n T r a d e u n d I n d u s t r y zu-
s a m m e n . Trade is an operation, by which t h e wealth, or work, either of in-
dividuals, or of societies, m a y be exchanged, by a set of m e n called m e r -
chants, for an equivalent, proper for supplying every want, without any 15
interruption to industry, or any check u p o n c o n s u m p t i o n . Industry is t h e
application to ingenious l a b o u r in a free m a n , in order to procure, by t h e
m e a n s of trade, an equivalent, fit for the supplying every want. (p. 166) I n -
dustrie zu u n t e r s c h e i d e n von labour, leztre k a n n forced, erstre m u volun-
tary sein. (p. 166) Schwer die Einfhrung der I n d u s t r i e in e i n e m L a n d e , wo 20
die Sklaverei besteht. Gefhrliche Concurrenz hier zwischen d e n freien Ar-
b e i t e r n u n d d e n zur I n d u s t r i e verwandten Sklaven. A troop of m a n u f a c -
turing slaves, considered in a political light, will be found all employed, all
provided for, a n d their work, w h e n brought to m a r k e t by the master, m a y
be afforded m u c h cheaper, t h a n the like performed by freemen, w h o m u s t 25
every o n e provide for himself, a n d who m a y p e r h a p s have a separate h o u s e ,
a wife, a n d children to m a i n t a i n , a n d all this from an industry, w h i c h pro-
duces no m o r e , n a y n o t so m u c h , as that of a single slave, who has no avo-
cation from labour. Why do large undertakings in the manufacturing way ruin
private industry, but by coming nearer to the simplicity of slaves? Could the sug- 30
ar islands be cultivated to any advantage by hired labour? (p. 167,8) W e -
gen dieser competition zwischen freemen u n d slaves gedeihte die Industrie
b e i d e n A l t e n nicht, wie h e u t zu Tage. (p. 168) W h i l e wants c o n t i n u e sim-
ple a n d few, a w o r k m a n finds t i m e e n o u g h to distribute all his work: w h e n
wants b e c o m e m o r e multiplied, m e n m u s t work harder: time becomes pre- 35
cious; h e n c e trade is i n t r o d u c e d . ... D e r m e r c h a n t als Mittler zwischen d e m
324
1
w o r k m a n u n d d e m c o n s u m e r , (p. 171) I walk o u t of the gates of a city in a

m o r n i n g , a n d m e e t with 500 persons, m e n a n d w o m e n , every one bringing
to m a r k e t a small parcel of herbs, chickens, eggs, fruits etc. D i e Volk m u
wenig zu H a u s zu t h u n h a b e n , weil es fr so k l e i n e n W e r t h zu M a r k t
5 k o m m t . Einige J a h r e spter finde ich n u r n o c h horses, carts u n d waggons,
carrying dieselben provisions. Entweder sind die frhren Trger n i c h t m e h r
im L a n d , s o n d e r n purged off, als nutzlos, n a c h d e m eine M e t h o d e gefunden
of collecting all their b u r t h e n s into a few carts; oder sie h a b e n m e h r ge-
winnreiche Beschftigung gefunden als carrying eggs u n d greens to m a r k e t .
10 W a s a u c h die U r s a c h e , da ist die introduction of what I call trade, n m l i c h
this collecting of eggs, fruit, fowl etc, from 20 hands, in order to distribute it to
as many more within the walls. D a d u r c h grosser Theil von Arbeit gespart;
d.h. der cart giebt 20 L e u t e n Z e i t zu arbeiten, if they incline; u n d w e n n die
Bedrfnisse wachsen, they will be ready to supply t h e m . (p. 171,2)
15 On demand.
ist dasselbe fr d e n H a n d e l , was die wants im ursprnglichen Z u s t a n d zwi-

schen farmers u n d free h a n d s waren, (p. 172.) If I d e m a n d a pair of shoes,
the s h o e m a k e r either d e m a n d s m o n e y , or s o m e t h i n g else for his own u s e .
(p. 173) Demand b e z i e h t sich i m m e r auf Waaren. E i n e d e m a n d fr m o n e y ,
20 ausser in bills, h e i t offer to sale u n d if in order to find a buyer, they lower
their price, statt zu sagen, die d e m a n d fr G e l d ist hoch, sagt m a n die de-
m a n d fr goods ist low. (p. 173) W e n n ein Schiff l a n d e t m i t W a a r e n in
e i n e m Hafen, m i t der I n t e n t i o n a n d r e in R e t u r n zu kaufen, so wird die
Operation n u r doppelt. Reciprocal demand. D e m a n d ist einfach oder z u s a m -
25 mengesezt. Einfach w e n n der demander Einer, z u s a m m e n g e s e z t w e n n mehre
Demanders sind. (p. 173) (Siehe c o n t i n . p . 2 2 ) |
325
|19|
Ricardo (David). On the Principles

of Political Economy and Taxation.
3 ed. L o n d o n 1821
I.) On Value. 5
N t z l i c h k e i t eines G e g e n s t a n d e s u n d die M a c h t a n d r e W a a r e n z u kaufen.

value in use u n d value in exchange, (p. 1) Ntzlichkeit ist nicht das Maa des
Tauschwerths, obgleich i h m nthig. (p. 2) Die W a a r e n e r h a l t e n ihren
T a u s c h w e r t h aus 2 Quellen: 1) die Seltenheit u n d 2) die Q u a n t i t t von Ar-
beit, n t h i g sie herzustellen. Einige W a a r e n , die n i c h t d u r c h die Arbeit ver- io
vielfltigt, deren W e r t h also nicht d u r c h vermehrte Zufuhr v e r m i n d e r t wer-
d e n k a n n , leiten ihren W e r t h ganz von ihrer Seltenheit ab. Er wechselt m i t
d e m w e c h s e l n d e n R e i c h t h u m u n d d e n N e i g u n g e n deren, die sie z u besit-
zen w n s c h e n . (I.e.) A n d e r s verhlt es sich m i t d e n tglich im M a r k t ausge-
t a u s c h t e n W a a r e n . V o n i h n e n sprechen wir w e n n wir von d e n G e s e t z e n des 15
W e r t h s h a n d e l n . Sie k n n e n vermehrt werden d u r c h die I n d u s t r i e u n d ihre
P r o d u c t i o n beherrscht d u r c h die Concurrenz ohne Einschrnkung. Die die
Voraussetzung bei R's Werthbestimmung, (p.3) D e r relative W e r t h der W a a -
ren also b e s t i m m t d u r c h verschiedne Q u a n t i t t derselben, die in derselben
Arbeitszeit producirt werden k a n n oder d u r c h die verhltnimssig in d e n 20
W a a r e n realisirte Q u a n t i t t von Arbeit. Jede V e r m e h r u n g der A r b e i t s q u a n -
titt v e n n e h r t also d e n W e r t h der Waare, j e d e V e r m i n d e r u n g v e r m i n d e r t
sie. (p. 4.) Der W e r t h der Arbeit u n d die Q u a n t i t t W a a r e n , die eine b e -
s t i m m t e Q u a n t i t t Arbeit kaufen k a n n , sind n i c h t identisch. D e n n das Pro-
326
Aus D. Ricardo: On the principles of political economy
duct des Arbeiters oder ein Equivalent dieses Products ist n i c h t = der Be-
l o h n u n g des Arbeiters. Also ist der W e r t h der Arbeit n i c h t das M a a der
W e r t h e , wie die auf die Q u a n t i t t der W a a r e n verwandte Arbeit, (p.5.) Also
die comparative Q u a n t i t t von W a a r e n , die ein gegebnes Q u a n t u m Arbeit
5 verschaffen k a n n , b e s t i m m t ihren vergangnen u n d gegenwrtigen relativen
Werth, (p. 9.)
D i e Arbeit ist n a t r l i c h von verschiedner Qualitt u n d schwer die Ver-
gleichung verschiedner A r b e i t s s t u n d e n in v e r s c h i e d n e n Geschftszweigen.
A b e r diese Stufenleiter bald in der Praxis festgesezt. (p. 13) (R. giebt k e i n e
10 weitre E n t w i c k l u n g h i e r b e r . ) F r kurze Perioden, wenigstens von J a h r zu
Jahr, ist die V a r i a t i o n in dieser U n g l e i c h h e i t u n b e d e u t e n d , k m m t a l s o
n i c h t in d e n C a l c u l , (p. 15)
I n die Arbeit, die d e n W e r t h der W a a r e n b e s t i m m t , e i n z u r e c h n e n die
Zeit u n d Arbeit n o t h w e n d i g das Capital zu verschaffen, das bei der P r o d u c -
15 tion angewandt wird. (p. 16) E i n g e r e c h n e t a u c h die Arbeit, die W a a r e n auf
d e n M a r k t zu bringen, (p. 18) Im Fortschritt der Gesellschaft wechselt der
W e r t h der W a a r e n b e d e u t e n d m i t dieser im Capital realisirten Arbeit. (I.e.)
O e k o n o m i e i n d e m G e b r a u c h der Arbeit verfehlt n i e d e n relativen W e r t h
einer W a a r e zu r e d u c i r e n , sei es d u r c h E r s p a m i in der Arbeit n o t h w e n d i g
20 zur M a n u f a k t u r der W a a r e selbst, oder des Capitals, m i t Hlfe dessen sie
producirt wird. (p. 19, 20) D a s H e r e i n k o m m e n eines Standard wie des Gol-
des n d e r t nichts an d i e s e m Princip. (p. 23)
D a s P r i n z i p d a die auf die P r o d u c t i o n von W a a r e n angewandte Q u a n t i -
tt Arbeit i h r e n relativen W e r t h regelt, wird betrchtlich modificirt d u r c h
25 die A n w e n d u n g v o n M a s c h i n e r i e u n d a n d r e m fixen u n d d a u e r n d e n Capi-
tal. (p.25) Erstens verschiedne Dauerhaftigkeit des fixen Capitals, zweitens
verschiedne Proportion, worin das Capital auf E r h a l t u n g der Arbeit u n d
auf M a s c h i n e r i e , W e r k z e u g e , G e b u d e verwandt ist. Diese b e i d e n U m -
stnde m a c h e n , d a n e b e n der zur P r o d u c t i o n der W a a r e n n t h i g e n Ar-
30 beitszeit a u c h das Steigen oder Fallen im Werth der Arbeit d e n W e r t h der
W a a r e n influencirt. (p. 2 5 , 26) Je n a c h d e m Capital m e h r oder m i n d e r ver-
gnglich ist, also m e h r oder m i n d e r oft reproducirt werden m u in gegeb-
n e r Zeit, h e i t es circulirendes oder fixes Capital, (p.26.) F e m e r circulirt das
Capital oder returnirt zu s e i n e m A n w e n d e r in sehr u n g l e i c h e n Z e i t e n . Z . B .
35 der W e i z e n , d e n ein Pchter z u r Aussaat kauft, ist relativ ein fixes Capital
gegen d e n W e i z e n , d e n ein Bcker kauft, u m Brod d a r a u s z u m a c h e n .
(p.26, 27) Zwei Gewerbe k n n e n also dasselbe Capital a n w e n d e n , aber sehr
verschieden getheilt sein in Bezug auf die Portion, die fixirt u n d die, die
circulirend ist. (p. 27) E i n Steigen des Arbeitslohns afficirt n a t r l i c h u n -
40 gleich zwei Capitale, v o n d e n e n das E i n e fast ganz in Arbeitslohn, das and-
re fast ganz in M a s c h i n e r i e ausgelegt ist. (1. c.) Zwei manufacturers w e n d e n
327
vielleicht dieselbe P o r t i o n von fixem Capital an, aber es ist von u n g l e i c h e r

D a u e r . (1. c.) Es k m m t hier h i n z u der Profit auf das fixe Capital, b e i der
e i n e n W a a r e , die vermittelst M a s c h i n e r i e producirt w o r d e n ist, ein Profit
der b e i A n w e n d u n g von fast n u r c i r c u l i r e n d e m Capital m i t d e m V e r k a u f
der W a a r e n selbst s c h o n ausgegeben u n d verausgabt w u r d e . . . O d e r a u c h die 5
C o m p e n s a t i o n fr die grre L n g e der Zeit, die verfliessen m u , bis die
m e h r werthvollere der b e i d e n W a a r e n z u M a r k t gebracht w e r d e n k a n n .
( p . 2 9 , 30) ( N m l i c h der M a n u f a c t u r e r der z . B . 5000 l. a n w e n d e t in Arbeit
u n d 5000 in M a s c h i n e r i e h a t an W e r t h seiner W a a r e 5500 /., also im zwei-
t e n J a h r 550 m e h r fr d e n Profit der in M a s c h i n e r i e s t e c k e n d e n 5500. D e r 10
Profit auf das fixe Capital wieder dazugeschlagen [p. 30]) W e n n der W e r t h
der W a a r e n b e s t i m m t d u r c h das vergleichensmssige Q u a n t u m auf sie ver-
w a n d t e r Arbeit, t a u s c h e n sich also W a a r e n aus in d e n e n gleiche A r b e i t s -
zeit fixirt. Profit u n d A r b e i t s l o h n sind n u r P o r t i o n e n , worin ||20| die b e i d e n
Klassen der Capitalisten u n d Arbeiter an der u r s p r n g l i c h e n W a a r e , also 15
a u c h an der gegen sie eingetauschten W a a r e t h e i l n e h m e n . D e r relative
W e r t h der W a a r e n wird d a h e r n i c h t afficirt d u r c h das V e r h l t n i zwischen
Profit u n d Arbeitslohn, (p. [20,] 21) K e i n e Alteration im A r b e i t s l o h n k a n n
e i n e A l t e r a t i o n i m relativen W e r t h der W a a r e n hervorbringen. Steigt der
Arbeitslohn, so ist dewegen n i c h t m e h r Zeit z u r Verfertigung einer W a a r e 20
erheischt, dieselbe Arbeitszeit ist n u r t h e u r e r bezahlt. Wollte E i n e r der Ca-
pitalisten d e n Prei seiner W a a r e dewegen e r h h n , so h a t der a n d r e die-
selben A n s p r c h e . D i e relative Situation der in v e r s c h i e d n e n Geschfts-
zweigen Beschftigten bleibt dieselbe vor wie n a c h d e m Steigen des
Arbeitslohns. A r b e i t s l o h n k a n n 20 % steigen u n d Profite e b e n s o sehr fallen, 25
o h n e die m i n d e s t e A l t e r a t i o n i n d e m relativen W e r t h der W a a r e n hervor-
z u b r i n g e n . (p.23) Steigt also der Arbeitslohn, so fllt der Profit. A b e r n a c h
wie vor wird [sich] die von h a u p t s c h l i c h c i r c u l i r e n d e m Capital hervorge-
b r a c h t e W a a r e z u m selben Preisse verkaufen. N u r der Profit des P c h t e r s
. B. der 5000 /. ausgelegt h a t fllt. D e r F a b r i k a n t v o n W a a r e n , zu d e r e n 30
P r o d u c t i o n M a s c h i n e r i e oder werthvolle G e b u d e o d e r lange Zeit erfordert
ist, bevor sie zu M a r k t gebracht werden k n n e n , schlgt also m i n d r e n Pro-
fit fr sein fixes Capital an, da a u c h die Rate seines Profits im A l l g e m e i n e n
fllt u n d so fallen seine Waaren im relativen [Werth] gegen die hauptschlich,
durch Arbeit hervorgebrachten. Unterstellt hier die gleiche Rate des Profits in 35
den verschiednen Geschftszweigen ... Diese U r s a c h e brigens wirkt n u r
schwach, h c h s t e n s von 6 - 7 % , d e n n profits werden wahrscheinlich k e i n e
grre allgemeine u n d p e r m a n e n t e Depression zulassen, ( p . 3 1 - 3 3 . ) ( E s ist
zu bemerken, d a Ricardo die auch anders entwickeln konnte: Gesezt
eine W a a r e werde n u r durch circulirendes Capital hervorgebracht, eine 40
a n d r e n u r d u r c h fixes. B e i d e b e s c h f t i g e n e i n C a p i t a l v o n 5000 / . Steigt
328
der A r b e i t s l o h n n u n u m 10% u n d g e s e z t d e r e r s t e M a n n g e b e 3000 / . i n

R o h s t o f f e n etc a u s , u n d 2000 i n A r b e i t s l o h n , s o steigt a l s o s e i n A r b e i t s -
l o h n z u 2200. W a r s e i n e W a a r e z u 10% f r h e r 5500, s o w i r d e r sie j e z t
v e r k a u f e n z u 5700. S e i n Profit b l e i b t n a c h wie vor 10%. D e r [zweite] F a -
5 b r i k a n t k a n n sie d a n n v e r k a u f e n z u 5500. S e i n Profit b l e i b t e b e n f a l l s
10%. A b e r d e r W e r t h s e i n e r W a a r e ist gefallen i m V e r h l t n i z u d e r er-
s t e n . O b g l e i c h d i e a u f b e i d e W a a r e n v e r w a n d t e Arbeitszeit dieselbe g e -
b l i e b e n ist. O d e r w e n n d e r erste a u f d e m s e l b e n P r e i b l e i b t , m u d e r
a n d r e s e i n e n h e r u n t e r s e t z e n . D i e als Durchschnitt r i c h t i g . A b e r d a d i e
10 A u s g l e i c h u n g n i c h t sofort g e s c h i e h t D r n g e n z u r M a s c h i n e r i e v o n Sei-
ten der Capitalisten.)
E i n e A l t e r a t i o n i n der p e r m a n e n t e n R a t e der Profite, z u e i n e m grossen
Belauf, ist der Effect von U r s a c h e n , die n u r in d e m L a u f v o n J a h r e n wir-
ken; w h r e n d A l t e r a t i o n e n in der Q u a n t i t t der Arbeit, n o t h w e n d i g z u r
15 P r o d u c t i o n von W a a r e n , von daily occurrence sind, . . . alle grossen Altera-
t i o n e n i m relativen W e r t h sind d a h e r producirt d u r c h A l t e r a t i o n e n i n der
zu ihrer P r o d u c t i o n erforderlichen Arbeitszeit, (p. 33, 34)
W a a r e n , worauf dieselbe Q u a n t i t t von Arbeit verwandt, w e c h s e l n im re-
lativen W e r t h , w e n n sie n i c h t zur selben Zeit zu M a r k t e gebracht werden
20 k n n e n ... A u c h bei g r r e m fixen Capital der h h r e W e r t h der e i n e n
W a a r e geschuldet der grren Lnge der Zeit die verflossen ist, bis sie zu
M a r k t gebracht werden k a n n . . . D i e Differenz in beiden Fllen rhrt her davon
da die Profite als Capital accumulirt sind u n d die n u r eine richtige Compen-
sation fr d i e Zeit worin profits zurckgehalten werden, (p. [34,] 35)
25 Also das Steigen des Arbeitslohns p r o d u c i r t ein F a l l e n im Prei der W a a -
r e n die h a u p t s c h l i c h p r o d u c i r t sind d u r c h fixes Capital u n d j e m e h r , j e
grsser das fixe Capital ist. (p. 35)
(Es i s t z u b e m e r k e n , d a d i e r e i n n o m i n e l l ist. Erstens. S o w e i t C a p i -
t a l , w o v o n e i n g r o s s e r T h e i l fix ist o d e r d a u e r h a f t e r o d e r d e s s e n W a a r e n
30 lngre Zeit b r a u c h e n zu M a r k t gebracht zu werden, seine W a a r e n theu-
r e r v e r k a u f t g e s c h i e h t e s wie R i c a r d o selbst sagt, n u r d a d u r c h , d a d i e
Profite als Capital accumulirt werden. D a s ist d a s s e l b e als w e n n grres
C a p i t a l a n g e w a n d t w o r d e n w r e . Zweitens. Das Steigen des Arbeitslohns
w i r k t rckwrts entwerthend auf d a s fixe C a p i t a l . D i e gethane todte Arbeit
35 wird b e s t i m m t d u r c h d i e l e b e n d i g e , a l s o a u c h d e r Profit d a v o n . Es er-
scheint hier also im Preisse, w a s im e r s t e n F a l l n i c h t gesehn wird. D e r far-
m e r v e r k a u f t z u m s e l b e n P r e i , a b e r die R a t e s e i n e s Profits h a t s i c h ver-
mindert. D e r Manufacturer verkauft zu einem niedrigem Prei. . B.
sein fixes C a p i t a l 1000 / . D i e m i t d e r A r b e i t z u s a m m e n p r o d u c i r t W a a -
40 r e n fr 2000 / . W r e n u n d e r A r b e i t s l o h n u m 10% g e s t i e g e n o d e r d e r P r o -
fit gefallen, so h t t e er n a c h wie vor zu 1500 l. s e i n e W a a r e n v e r k a u f e n
329
m s s e n , w o b e i wir auf d e n A r b e i t s l o h n 500 / . r e c h n e n wollen. A l s o

33y %. Steigt n u n d e r A r b e i t s l o h n u m 10%, s o steigt e r u m 5 0 a l s o z u
3
550 / . Bleibt ||21| fr C a p i t a l i s t e n a l s o n u r m e h r ein G e w i n n v o n 450 o b -

gleich e r i m m e r n o c h z u 2000 verkauft, n u r k m e n a u f i h n n u r m e h r
1450 l. u n d a u f die A r b e i t 550. A l s o u n g e f h r n u r m e h r G e w i n n v o n 30%. 5
S e i n e 1000 s i n d a l s o n i c h t m e h r 1333 s o n d e r n n u r n o c h 1300 w e r t h .
H t t e er in unmittelbarer Arbeit kein circulirendes Capital verwandt, so
w r d e d i e sich gezeigt h a b e n . J e z t w o a b e r e i n m a l die 1000 d a s i n d auf
die b e s t i m m t e A r b e i t v e r w a n d t w o r d e n , e r s c h e i n t d i e s e r A b z u g a n sei-
n e m Profit als e i n A b z u g am Prei der Waaren, da es in B e z u g d a r a u f 10
d i e geschaffne Capital, in B e z u g auf die gemane Arbeit n i c h t m e h r als
S t e i g e n d e s A r b e i t s l o h n s u n d F a l l e n des Profits i m V e r h l t n i z u d e m -
selben - o h n e d e n W e r t h der Waare zu alteriren - erscheinen k a n n . So
i s t d i e P h n o m e n n i c h t s als d a s R c k w i r k e n d e r W e r t h b e s t i m m u n g auf
gethane A r b e i t ; d a s n o c h a n d e r s erscheint.) 15
E b e n wurde unterstellt, d a in 2 Beschftigungen die Verhltnisse von
fixem u n d c i r c u l i r e n d e m Capital ungleich. M a n unterstelle n u n die Ver-
hltni gleich zwischen b e i d e n , aber das fixe von ungleicher Dauerhaftigkeit.
Je weniger dauerhaft fixes Capital, desto m e h r n i m m t es Theil an der N a -
tur von circulirendem. Es wird consumirt u n d sein W e r t h reproducirt in 20
krzrer Zeit, in order to preserve the capital of the m a n u f a c t u r e r . ... W e n n
fixes Capital n i c h t von einer dauerhaften N a t u r ist, so erheischt es eine
grosse Q u a n t i t t von Arbeit jhrlich to keep it in its original state of effi-
ciency; b u t the l a b o u r so bestowed m a y be considered as really e x p e n d e d
on t h e c o m m o d i t y m a n u f a c t u r e d , which m u s t b e a r a value in proportion to 25
s u c h labour. - B r a u c h e i c h 50 M a n n jhrlich, um m e i n e M a s c h i n e in
S t a n d zu halten, so bedarf ich eines additionellen Preisses fr m e i n e W a a -
ren, = d e m Prei irgend eines a n d r e n manufacturer, der 50 M a n n in der
P r o d u c t i o n a n d r e r W a a r e n a n w e n d e t e u n d n o m a c h i n e r y a t all g e b r a u c h t e .
E i n Steigen im Arbeitslohn wrde n i c h t gleichmssig afficiren W a a r e n pro- 30
ducirt m i t M a s c h i n e r i e rasch consumirt, u n d W a a r e n producirt m i t M a -
schinerie langsam consumirt. In der P r o d u c t i o n der e i n e n wrde ein gro-
sser Theil der Arbeit bestndig bertragen werden to the c o m m o d i t y
p r o d u c e d - in der a n d r e n very little would be so transferred. J e d e s Steigen
des Arbeitslohn d a h e r oder was dasselbe ist j e d e r Fall der Profite, wrde 35
verringern d e n relativen W e r t h der W a a r e n die m i t e i n e m Capital von
einer dauerhaften N a t u r producirt wren u n d verhltnimssig e r h e b e n die
m i t m e h r vergnglichem Capital producirten. E i n Fall des Arbeitslohns
wrde genau d e n contrary effect h a b e n , (p. 3 6 - 3 8 ) D a h e r h a b e n alte Lnder
bestndig Zuflucht z u r M a s c h i n e r i e u n d n e u e wenden Arbeit an. M i t j e d e r 40
Schwierigkeit fr d e n U n t e r h a l t der M e n s c h e n zu sorgen, steigt die A r b e i t
330
n o t h w e n d i g u n d m i t j e d e m Steigen i m Preisse der Arbeit ist eine n e u e Ver-

s u c h u n g da zur M a s c h i n e r i e seine Zuflucht zu n e h m e n . Diese Schwierig-
keit fr d e n U n t e r h a l t der M e n s c h e n zu sorgen c o n s t a n t in alten L n d e r n ,
in n e u e n k a n n ein grosser Zuwachs der Bevlkerung stattfinden, o h n e Stei-
5 gen im Arbeitslohn. Es k a n n h i e r ebenso leicht sein fr die 7, 8, 9' Million
zu sorgen, als fr die 2, 3, 4'. (p.39 note.) Diese s t u m m e n A g e n t e n , die M a -
s c h i n e n sind stets das P r o d u c t von viel weniger A r b e i t als die welche sie er-
setzen, selbst w e n n sie v o m selben Geldwerth sind. D u r c h ihren Einflu af-
ficirt ein Steigen im Prei der provisions weniger P e r s o n e n ; diese
10 Einsparung zeigt sich im r e d u c i r t e n Prei der M a s c h i n e n , (p. 40) Also in
d e n early stages der Gesellschaft, wo wenig M a s c h i n e r i e oder dauerhaftes
Capital angewandt wird, sind die W a a r e n , die d u r c h gleiche capitals produ-
cirt werden, fast v o n gleichem W e r t h u n d steigen oder fallen relativ zu ein-
a n d e r j e n a c h d e m m e h r oder weniger Arbeit auf ihre P r o d u c t i o n verwandt
15 wird. A b e r n a c h der Einfhrung dieser kostbaren i n s t r u m e n t s , sehr ver-
schieden der Werth der Waaren producirt durch Anwendung von gleichen Capi-
talien; u n d obgleich sie relativ zu e i n a n d e r f e m e r fallen werden, je n a c h -
d e m m e h r oder weniger Arbeit zu ihrer P r o d u c t i o n n o t h w e n d i g wird, sind
sie n o c h einer a n d r e n geringren Variation unterworfen v o m Steigen u n d
20 F a l l e n der profits u n d wages, (p. 40, 41) E i n Steigen im Prei der Arbeit
m a c h t also d e n Prei der W a a r e n fallen, die h a u p t s c h l i c h d u r c h M a s c h i -
nerie erzeugt sind u n d e i n Fallen im Preisse der Arbeit m a c h t sie steigen,
aber die fallen, die h a u p t s c h l i c h d u r c h A r b e i t erzeugt sind. (p. 45)
Zwei W a a r e n , wovon auf die E i n e 1000 /. Arbeit verwandt, auf die a n d r e
25 2000, verhalten sich in i h r e n Preissen, wie 1:2. Es ist dewegen n i c h t ge-
sagt, d a sie sich verkaufen wie 1000 u n d 2000. D i e Sache, das V e r h l t n i
bleibt dasselbe, w e n n sie sich a u c h verkaufen wie 1100 u n d 2200 oder 1500
u n d 3000. (p.46) ( S i e h c o n t i n . p . 2 9 )
1
331
|22|
Steuart. Continuatio.
(t.D
b. II.
Ob die Nachfrage einfach oder z u s a m m e n g e s e z t ist, h n g t i n d e n i c h t so 5

sehr von d e n persons als d e n interests ab. 20 people die nachfragen von
d e m s e l b e n d e t e r m i n e d interest bilden n u r eine einfache Nachfrage; sie
wird c o m p o u n d oder high, w e n n verschiedne Interessen eine Concurrenz er-
zeugen, (p. 173) Nachfrage ist gro oder klein, je n a c h der Q u a n t i t t , wo-
n a c h sie stattfindet. Sie ist hoch oder niedrig, das erstre, w e n n die Concur- 10
renz u n t e r d e n Kufern, das zweite, wenn sie u n t e r d e n Verkufern gro
ist. Die Nachfrage encouragirt Industrie. W e n n regelmssig ist die supply
im V e r h l t n i zu ihr c o m m o n l y . D i e Nachfrage wird c o m p o u n d v o n ver-
s c h i e d n e n U m s t n d e n , z . B . w e n n unerwartet, w e n n supply fails; d a n n fllt
die provision g e m a c h t fr die d e m a n d von der j u s t proportion, so c o m p e t i - 15
t i o n u n t e r d e n buyers, so Steigen des current, d. h. des g e w h n l i c h e n Prei-
sses. D a h e r sagt m a n demand raises prices. Sie sind h o c h o d e r niedrig im
V e r h l t n i zur Nachfrage, (p. 174) D i e Nachfrage h a t n i c h t i m m e r densel-
b e n Effect im E r h h n der Preisse. Zu u n t e r s c h e i d e n hier zwischen einer
Nachfrage fr Dinge von erster necessity in use u n d fr indifferent things; 20
ebenso zwischen einer Nachfrage gemacht durch die immediate consumers
u n d einer von Kaufleuten, die kaufen, um wieder zu verkaufen. In b e i d e n
F l l e n h a t die C o n c u r r e n z verschiedne W i r k u n g e n . D i n g e von absoluter
332
Aus J. Steuart: An inquiry into the principles of political economy (Fortsetzung)
N o t h w e n d i g k e i t m s s e n zu j e d e m Prei verschafft werden: c o n s u m e r s die

nicht an profit d e n k e n , s o n d e r n ihre desires befriedigen wollen, g e h n in a
stronger c o m p e t i t i o n als Kaufleute, die are a n i m a t e d by no passion u n d in
ihrer offer regulated sind by their prospect of gain. D a h e r die grosse Ver-
5 schiedenheit im Getreideprei in verschiednen J a h r e n ; d a h e r der u n i f o r m
standard of price of m e r c h a n d i z e , in fairs of distribution wie Frankfurt,
Beaucaire etc. D a h e r a u c h der Vortheil, d e n c o n s u m e r s find in m a k i n g
their provision z u r Zeit wo die Kaufleute die ihrigen m a c h e n ; d a h e r der
s u d d e n rise u n d fall im labouring cattle V i e h m a r k t in L a n d s t d t e n , wo j e -
10 der provides for himself, (p. 174,5)
On the first principles of bartering,

and how this grows into trade.
Der einfachste aller trades der ausgefhrt d u r c h bartering die nothwendigen Le-
bensmittel, (p. 175) (Also zwischen der surplus food der P c h t e r u n d d e n
15 free hands.) D e r Fortschritt h a u p t s c h l i c h z u z u s c h r e i b e n der introduction of
money. (p. 176) Die H a u p t s a c h e d a n n der taste of superfluity in d e n e n die
es besitzen. (1. c.) So lange wechselseitige Bedrfnisse are supplied by barter
ist n i c h t die geringste G e l e g e n h e i t fr Geld da. D i e die einfachste C o m b i -
n a t i o n . W e n n Bedrfnisse vervielfltigt sind, bartering b e c o m e s schwerer;
20 u p o n this money is i n t r o d u c e d . D i e ist der c o m m o n price aller D i n g e . E i n
proper equivalent in d e n h a n d s derer die want. Diese operation of buying
and selling ist etwas complexer als die erste. A l s o 1) barter, d a n n 2) sale.
W i e k o m m e n wir 3) zu c o m m e r c e ? D e r Kaufmann m u dazwischen k o m -
m e n . W a s frher wants h i e , ist jezt reprsentirt d u r c h d e n c o n s u m e r ; die
25 Industrie d u r c h d e n manufacturer; das G e l d d u r c h d e n K a u f m a n n . Der
m e r c h a n t reprsentirt das m o n e y , by substituting credit in its place; u n d
wie das Geld z u r Erleichterung des barter erfunden, so der m e r c h a n t m i t
d e m credit, d e m new refinement u p o n the u s e o f m o n e y . Diese o p e r a t i o n
von buying u n d selling j e z t trade: it relieves beide Theile von d e m g a n z e n
30 trouble of transportation u n d adjusting wants to wants, or wants to m o n e y ;
der m e r c h a n t represents b y turns d e n c o n s u m e r , d e n m a n u f a c t u r e r u n d das
Geld. D e m C o n s u m e r reprsentirt er die G e s a m m t h e i t der m a n u f a c t u r e r s ,
diesen die G e s a m m t h e i t der c o n s u m e r s u n d b e i d e n classes his credit
supplies the use of m o n e y , (p. 177,8)
35 Sobald Geld in ein L a n d eingefhrt, wird es allgemeines Bedrfni fr
alle. D i e free h a n d s fhren n u n refinements ein, u m G e l d z u m a c h e n .
Diese sind i m G a n z e n m e h r geschuldet der I n d u s t r i e u n d Erfindung der
manufacturers als d e m taste for luxury in the rich. (p. 178) Zwei grosse as-
333
sistances fr Kaufleute, besonders in der K i n d h e i t des H a n d e l s sind public

m a r k e t s for collecting the work of small dealers u n d large u n d e r t a k i n g s in
t h e m a n u f a c t u r i n g way by private h a n d s , (p. 180)
How the prices of goods are determined by trade.
Im Preisse der W a a r e n d u r c h a u s zu u n t e r s c h e i d e n zwischen d e m real value 5

der Waaren u n d d e m profit upon alienation. D r e i H a u p t u m s t n d e : 1) D a s
erste Ding, das g e k a n n t sein m u von einer m a n u f a c t u r e , w e n n sie z u m
Verkauf k o m m t , ist how much of it a person can perform in a day, a week, a
m o n t h , according to the n a t u r e of the work, which m a y require m o r e or less
t i m e to bring it to perfection. B e i m M a c h e n solcher estimates n u r zu be- 10
rcksichtigen was im Durchschnitt a w o r k m a n of the c o u n t r y m a y in general
perform, without supposing h i m the best or t h e worst in his profession; or
having any peculiar advantage or disadvantage as to the place where he
t e
works. 2) D a s 2 D i n g zu k e n n e n ist der W e r t h von des w o r k m a n s subsist-
ence a n d necessary expence, b o t h for supplying his personal wants, a n d 15
providing t h e i n s t r u m e n t s belonging to his profession, der a u c h u p o n an
average g e n o m m e n werden m u : ausser w e n n die N a t u r der work die G e -
genwart des w o r k m a n am Platz der c o n s u m t i o n erheischt ... in d i e s e m
Falle Preisse regulirt d u r c h U m s t n d e relative to every particular place.
3) D e r W e r t h der materials, die d e n Rohstoff fr d e n Arbeiter b i l d e n ... 20
Diese 3 Articles gekannt, ist der Prei of m a n u f a c t u r e b e s t i m m t . Er k a n n
n i c h t lower sein als der a m o u n t von allen 3, d . h . als der real value. W a s er
h h e r ist, ist der Profit des manufacturer. Dieser i m m e r im V e r h l t n i to
d e m a n d u n d f l u c t u i r t d a h e r m i t d e n U m s t n d e n . D u r c h die extensive deal-
ings der m e r c h a n t s . . . der Prei u n d die Profits in der b a l a n c e von d e m a n d 25
u n d work g e n a u b e s t i m m t , (p. 1 8 1 - 8 3 ) Foreign trade, passive a n d active.
(p. 184)
Of double Competition.
W h e n competition viel strker auf der e i n e n Seite des Contracts als auf der
a n d r e n ist, h e i t sie simple u n d ist s y n o n y m m i t der compound demand. 30
Diese Art c o m p e t i t i o n ist implicirt im T e r m high demand oder w e n n gesagt
wird, d a demand raises prices. Double competition ist, w e n n , in e i n e m gewis-
sen G r a d , sie stattfindet auf b e i d e n Seiten des contract at o n c e , or vibrates
alternately von einer Seite zur andren. Sie restrains prices to the adequate val-
ue of the merchandize, (p. 196) Die simple c o m p e t i t i o n u n t e r s c h e i d e t sich 35
334
d a d u r c h von der c o m p o u n d d e m a n d , d a sie a u c h u n t e r d e n Verkufern

stattfinden, also a u c h Waarenpreisse sinken m a c h e n k a n n ... Solange
double c o m p e t i t i o n prevails ist die b a l a n c e von work u n d d e m a n d perfect,
(p. 197.) D a s V e r h l t n i zwischen Nachfrage u n d Zufuhr ist selten anders
5 als relativ u n t e r Kaufleuten, d e n n sie sind supposed zu kaufen ||23| u n d zu
verkaufen, n i c h t aus Nothwendigkeit, sondern von a view to profit. Ihre
Nachfrage ist great or small according to prices; da k a n n grosse Nachfrage
fr grain sein zu 35 sh per qr u n d keine d e m a n d at all zu 40 s h . . . Sehr ver-
ndert wird die Sache, w e n n consumers oder m a n u f a c t u r e r s , die erstren
10 sich u n t e r die m e r c h a n t b u y e r s die zweiten sich u n t e r die m e r c h a n t s sellers
e i n m i s c h e n , (p. 201) Im Verhltni als das Steigen der Preisse can stop de-
m a n d oder das Sinken der Preisse c a n increase it, will c o m p e t i t i o n prevent
either the rise or the fall from being carried b e y o n d a certain length,
(p. 203)
15 Profit ist positiv, w e n n er d e n loss von k e i n e m einschliet. Results von
V e r m e h r u n g der I n d u s t r i e ; ist relativ, w e n n der eine verliert, was der a n d r e
gewinnt; compound aus b e i d e n z u s a m m e n g e s e z t . (p. 206) D e r article of
food u n t e r d e n lower classes, trgt eine sehr h o h e Proportion zu allen
a n d r e n Artikeln ihres C o n s u m s ; eine V e r m i n d e r u n g auf d e n Prei of s u b -
20 sistence d a h e r u n e n d l i c h wichtig fr m a n u f a c t u r e r s , who are obliged to b u y
it. 30 oder 4 0 % auf d e n Prei des Getreides v e r m e h r t % der whole expence
der g a n z e n lower working c l a s s e s . . . d a h e r das keeping food cheap, u n d
n o c h m e h r t h e preserving it at all times at an e q u a l standard, ist die Quelle
des wealth of H o l l a n d , (p. 216)
25 Of the Balance of Work and Demand.
the quantity supplied should be in proportion to the q u a n t i t y d e m a n d e d ,

i. e. wanted. Solange die Bilanz Preisse in a d e q u a t e m Verhltni z u r real
expence of m a k i n g the goods, with a small a d d i t i o n for profit to the m a n u -
facturer a n d m e r c h a n t , (p. 217) Die Bilanz ist overturned 4fach: 1) die
30 Nachfrage n i m m t ab, das work bleibt dasselbe. 2) das work vermindert, die
Nachfrage bleibt dieselbe. 3) D i e Nachfrage n i m m t zu u n d das work re-
m a i n s . 4) D i e Nachfrage bleibt dieselbe u n d das W o r k increases. N i m m t
die Nachfrage a b u n d work r e m a i n s the s a m e : W e n n C o n c u r r e n z u n t e r d e n
Verkufern des work fallen die Preisse u n t e r d e n reasonable s t a n d a r d der
35 Bilanz. W e n n sie nicht in C o n c u r r e n z treten, bleiben sie stationr. D e r re-
m a i n d e r of t h e work will lie u p o n h a n d . D i e ein S y m p t o m of decaying
trade. Bleibt das W e r k dasselbe u n d die Nachfrage steigt, so d i e S y m p t o m
von w a c h s e n d e m L u x u s oder von increase im foreign trade. ... So oft die
335
perfect b a l a n c e der Nachfrage u n d das work overturned by the force of a

simple c o m p e t i t i o n ist. E i n e s von B e i d e n nthig: Entweder ein T h e i l der
Nachfrage wird n i c h t befriedigt, oder ein Theil der W a a r e n n i c h t verkauft.
(p.218) N t h i g dagegen sind die ^vibrations of the b a l a n c e of work a n d de-
m a n d . W h e n it vibrates in m o d e r a t i o n , a n d by short alternate risings and 5
sinkings, t h e n industry a n d trade go on prosperously a n d are in h a r m o n y
with e a c h other; b e c a u s e b o t h parties gain. (p. 223) profits on b o t h sides
fluctuate according to d e m a n d , b u t never get t i m e to consolidate with, a n d
swell the real value, a n d never altogether disappear, a n d starve t h e work-
m a n , (p. 223) W a r u m , in a trading u n d industrious n a t i o n , t i m e necessarily 10
destroys diese b a l a n c e between work a n d d e m a n d ? (p. 225) M i t d e m Fort-
schritt der I n d u s t r i e geht H a n d in H a n d die V e r m e h r u n g der Subsistenz,
das principal a l l u r e m e n t to labour. ... Sobald der progress der Agrikultur an
additional expence verlangt, which the natural return, at the stated prices of sub-
sistence, will not defray, agriculture comes to a stop u n d so would n u m b e r s , 15
trieben die c o n s e q u e n c e s der Industrie sie n i c h t forward, in spite of small
difficulties. Die I n d u s t r i o u s vermehren sich so. F o o d b e c o m e s scarce. D i e
E i n w o h n e r enter into c o m p e t i t i o n for it. ... Die profits deren steigen, die
food ready to sell h a b e n ; die Bilanz fr diesen Artikel bleibt overturned
eine Zeitlang, d a h e r werden diese profits consolidated mit dem Prei u n d give 20
e n c o u r a g e m e n t to a m o r e extensive i m p r o v e m e n t of the soil. ... Diese Ver-
m e h r u n g des value of subsistence h e b t nothwendig d e n price of all w o r k . . .
dieser nothwendige rise in d e m Prei der Arbeit k a n n d e n foreign export af-
fect oder nicht. W e n n er t h u t , so m u der price of subsistence, at any rate,
brought d o w n . . . A l s o . . . nothwendige a u g m e n t a t i o n u p o n prices der I n d u - 25
strie, herbeigefhrt d u r c h eine sehr natrliche Ursache, das Wachsthum der
Bevlkerung, das einschliessen m a g a m o r e expensive improvement des soil
d. h. an extension of agriculture. Diese V e r m e h r u n g k a n n die Nachfrage fr
many Zweige der M a n u f a k t u r stop, also d e n Fortschritt der I n d u s t r i e u n d
w e n n dieselben U r s a c h e n fortfahren in h h e r e m G r a d e zu wirken, k n n e n 30
sie ein Theil der frhren Nachfrage abschneiden, d e n M a r k t discredit,
o p e n a door to foreign c o n s u m p t i o n u n d A r m u t h u n d distress p r o d u c i r e n .
(p. 2 2 6 - 2 8 ) In der K i n d h e i t einer M a n u f a c t u r eine I n d u s t r i e oft gehalten
d u r c h die berflssigen M u l e r auf d e m L a n d . But w h e n t h e s e provinces
c o m e to be purged of their superfluous m o u t h s , spinning (z.B.) b e c o m e s a 35
trade, a n d the spinners m u s t live of it. M u s t n o t t h e n prices naturally rise?
U n d w e n n these are n o t supported d u r c h d e n statesman, oder if assistance
n i c h t gegeben wird diesen poor manufacturers, to e n a b l e t h e m to increase
their dexterity, in order to c o m p e n s a t e what they are losing in c h e a p n e s s ,
will n o t their industry fail? Will n o t the poor spinners be extinguished? 40
(p.228,9) E i n 3 ' G r u n d einer n o t h w e n d i g e n V e r m e h r u n g , u p o n the intrinsic
336
value of goods proceeds from taxes, (p. 229) Also dieselbe U r s a c h e which
stops the progress of industry, gives an e n c o u r a g e m e n t to agriculture,
(p. 229 St. b e m e r k t , d a d i e seiner frhren Entwicklung zu widersprechen
scheine)
5 I d e d u c e t h e origin of the great subordination u n d e r the feudal govern-
m e n t , from t h e necessary dependence of t h e lower classes for their subsist-
ence. They c o n s u m e d t h e p r o d u c e of the land, as t h e price of their subordi-
nation, not as the reward of their industry in m a k i n g it p r o d u c e . I d e d u c e
m o d e r n liberty from the i n d e p e n d e n c e of t h e s a m e classes, by the i n t r o d u c -
10 tion of industry, and circulation of an adequate equivalent for every service.
(p. 240) T h e equality of t h e democracy secures liberty, aber die m o d e r a t i o n
in expence discourages industry; von der a n d r e n Seite die Ungleichheit der
M o n a r c h i e endangers liberty, die Fortschritte des L u x u s befrdern ander-
seits Industrie. D a s d e m o k r a t i s c h e System das beste for giving birth to for-
15 eign trade; das m o n a r c h i s c h e , for the refinement der l u x u r i o u s arts u n d for
p r o m o t i n g a rapid circulation of i n l a n d c o m m e r c e , (p. [242,] 243) industry
m u s t give wealth, a n d wealth will give power, if he who possesses it be left
the m a s t e r to employ it as he pleases, (p. 245)
Security, Ease and Happiness,

20 no inseparable Concomitants of Trade and Industry.
D i e R e p u b l i k von Lykurg der m o s t perfect p l a n of political e c o n o m y , any

where to be m e t with, either in a n c i e n t or m o d e r n times, (p. 250)
Methods of lowering the price of manufactures,

in order to make them vendible in foreign markets.
25 D e r rise in the price of the first necessity operates, w e n n der Fortschritt der
I n d u s t r i e rascher als der der Agrikultur, (p. [283,] 284) Infant trade, t a k e n in
a general acceptation, m a y be u n d e r s t o o d to be t h a t species, w h i c h h a s for
its object the supplying the necessities of the i n h a b i t a n t s of a country; b e -
cause it is c o m m o n l y a n t e c e d e n t to the supplying the wants of strangers.
30 (p. 301) I
|24| W h i l e trade was carried on by the exchange of c o n s u m a b l e c o m m o d -
ities, this operation little interested the state: c o n s u m p t i o n t h e n was e q u a l
on b o t h sides; a n d no b a l a n c e was found u p o n either. B u t so soon as the
precious m e t a l s b e c a m e an object of c o m m e r c e , a n d when, by being
35 r e n d e r e d an universal equivalent for every thing, it b e c a m e also the measure of
337
power between nations, t h e n the acquisition, or at least t h e preservation of a

proportional quantity of it, b e c a m e , to the m o r e p r u d e n t , an object of the
last i m p o r t a n c e , (p. 327) W h e n a n a t i o n , which has enriched herself by a re-
ciprocal c o m m e r c e in m a n u f a c t u r e s with other n a t i o n s , finds t h e b a l a n c e
of trade t u r n e d against her, it is her interest to p u t a stop to it altogether. 5
(p. 328) t h e prerogative of princes in former times, was m e a s u r e d by the
power they could constitutionally exercise over the persons of their sub-
jects; that of m o d e r n princes, by the power they have over their purse.
t e
(p. 335) D i e 3 Klasse von E i n w o h n e r n in e i n e m L a n d , die seiner Verthei-
diger, giebt no real equivalent for what they receive, i. e. none which can circu- 10
late or pass from hand to hand; b u t still they are usefully employed as m e m -
bers of a society m u t u a l l y tied together by the b a n d of reciprocal
d e p e n d e n c e s (p. 348)
W h i l e t h e r e was little circulation of m o n e y in E u r o p e , a n d few taxes,
there was small profit to be m a d e in following of kings, t h e s e were m o r e 15
formidable to their e n e m i e s , t h a n profitable to their friends. T h e great m e n
of the state lived u p o n their lands, a n d their g r a n d e u r r e s e m b l e d t h a t of the
Prince; it consisted in the n u m b e r a n d d e p e n d e n c e of their vassals ...
W h e n princes find their great m e n all a b o u t t h e m , all asking, a n d all de-
p e n d i n g for different m a r k s of their favour, they m a y perceive t h e great 20
c h a n g e of their situation, p r o d u c e d by luxury a n d a swift circulation. Diese
R e v o l u t i o n war n i c h t pltzlich, sondern das W e r k vieler J h d t e . 3 H a u p t s t a -
ges w h r e n d dieser Period: Erste whrend der Grsse der Feudalregierung,
t h e n t h e great Barons were to be consulted, a n d engaged to c o n c u r in t h e
King's wars, because it was they who paid the expence, a n d suffered the 25
greatest loss. D a s waren die days of liberty... when we consider t h e condi-
t i o n of the great only. In diesen T a g e n selten troubles oder d i s t u r b a n c e s im
Staat, selten Kriege gegen d e n Knig gefhrt, w e n n n i c h t supported by the
e
g r a n d e e s . . . Die 2' Phase b e g a n n m i t der Zeit der I n d u s t r i e u n d d e m spring-
ing up of trade. S u c h Princes, deren subjects sich zu b e r e i c h e r n b e g a n n e n 30
auf K o s t e n a n d r e r n a t i o n s , found, on one side, the m e a n s of limiting t h e
power of t h e great lords, in favour of the extension of public liberty. T h e
lords, on t h e other side, when they wanted to disturb the p u b l i c t r a n q u i l -
lity, did not, as formerly, vindicate their own privileges, so m u c h as they
c o m b i n e d with t h e people, a n d moved t h e m to revolt, on p o p u l a r consider- 35
ations. D i e die period of confusion, out of which has arisen certain deter-
m i n e d forms of government; some drawing nearer to the m o n a r c h i c a l , oth-
ers nearer to the popular form, according as the power of Princes h a s b e e n
m o r e or less able to support itself, during the shock of the revolution, a n d
te
the overturn of the balance between public and private opulence. D i e 3 und last 40
stage ist fixed at the period w h e n the proportion of the public revenue became
338
adequate to the mass of national wealth; w h e n general laws were m a d e to

govern, a n d n o t t h e arbitrary power of t h e great. T h e grandees now, from
being a bridle on royal authority, are often found d e p e n d e n t u p o n it for
their support, t h e extraordinary flux of m o n e y into t h e treasury, e n a b l e s
5 princes to keep splendid courts, where every k i n d of pleasure a n d a m u s e -
m e n t is to be h a d . This draws together t h e r i c h m e n of t h e state; t h e e x a m -
ple of the sovereign p r o m p t s these to an i m i t a t i o n of his e x p e n c e , this
i m i t a t i o n increases c o n s u m p t i o n , w h i c h in its t u r n a u g m e n t s t h e Kings in-
c o m e , as it d i m i n i s h e s t h a t of every other person. W h e n t h e great m e n of a
10 k i n g d o m have e x h a u s t e d their estates in paying a regular court to t h e
Prince, leben sie n a c h h e r auf seine Tasche in i h r e m decline. ... F r d e n
Verlust ihrer U n a b h n g i g k e i t getrstet d u r c h eine M a s s e a n d r e r advan-
tages, (p. 35658)
Of the vibration of the Balance of Wealth

15 between the Subjects of a modem state.
t h e great characteristic of w h a t we call liberty, is t h e circulation of an ade-

q u a t e equivalent for every service, (p. 359) Zu u n t e r s c h e i d e n b e i einer
t e
c o n s u m a b l e c o m m o d i t y erstens der intrinsic worth u n d 2 der useful value.
D i e erstre . B. das Silber in e i n e m silbern Flechtwerk. D e r intrinsic worth
20 von einer silk, woollen o d e r l i n e n m a n u f a c t u r e ist less t h a n t h e primitive
value employed, b e c a u s e it is r e n d e r e d a l m o s t unserviceable for a n y o t h e r
use b u t t h a t for w h i c h t h e m a n u f a c t u r e is i n t e n d e d . D e r useful value dage
g e n must be estimated according to the labour it has cost to produce it; t h e la
b o u r employed in t h e modification represents a p o r t i o n of a m a n ' s t i m e ,
25 which having b e e n usefully employed, h a s given a form to s o m e s u b s t a n c e
which has r e n d e r e d it useful, o r n a m e n t a l , or in short, fit for m a n , m e d i a t e
ly or i m m e d i a t e l y , (p. 361,2) By real money is m e a n t what we call coin, or a
modification of t h e precious metals, which by general a g r e e m e n t a m o n g
m e n u n d u n t e r A u t o r i t t des Staats carries along with it its own intrinsic
30 value. By symbolic money I u n d e r s t a n d what is c o m m o n l y called credit, or
an expedient for keeping a c c o u n t s of debt a n d credit b e t w e e n parties, ex-
pressed in t h o s e d e n o m i n a t i o n s of m o n e y w h i c h are realized in t h e coin.
B a n k n o t e s , credit in bank, bills, b o n d s , a n d m e r c h a n t s books (where credit
is given and taken) are s o m e of t h e many species of credit i n c l u d e d u n d e r t h e
35 t e r m symbolical money, (p. 365) T h e u s e of symbolical m o n e y is no m o r e
t h a n to e n a b l e those who have effects, w h i c h by their n a t u r e c a n n o t circu-
late (and which, by t h e bye, are t h e principal cause of inequality) to give an
a d e q u a t e circulating equivalent for t h e services they d e m a n d , to the full ex-
339
t e n t of all their worth. In a n d r e n Worten, it is a m e t h o d of m e l t i n g down, as

it were, t h e very causes of inequality, a n d of rendering fortunes
equal. ||25| t h e patrons therefore of agrarian laws a n d of universal equality,
instead of crying down luxury a n d superfluous c o n s u m p t i o n , ought r a t h e r
to be contriving m e t h o d s for rendering t h e m m o r e universal. ... that charm- 5
irtg leveller d i s s i p a t i o n , t h a t nurse of industry, (p. 367)
Circulation
represents t h e successive transition of m o n e y , or transferable c o m m o d i t i e s ,

from h a n d to h a n d , a n d their return, as it were in a circle, to the p o i n t from
which they set out. (p. 374) Fortune at quadrille (ein K a r t e n s p i e l ) , (wenn io
3 Spieler ihre boxes e m p t y h a b e n u n d all the circulating m e d i u m h e a p e d
up before the winner) forms stagnations of the circulating equivalent, as in-
dustry a n d frugality form t h e m in a state. At this period of the g a m e , m u s t
n o t the players stop, or m u s t they n o t fall u p o n a way of drawing b a c k their
m a r k s into circulation? If they borrow back from the winner, this repre- 15
sents loan. If they buy back their m a r k s with m o n e y from their purses, it
represents what I call throwing solid property i n t o circulation, (p. 376) D e r
circulating fund m u also be constantly kept up to the proportion of the oc-
casions for it. It is impossible to d e t e r m i n e t h e proportion of coin neces-
sary for carrying on the circulation of a c o u n t r y . . . the solution der Frage 20
h n g t nicht allein von der quantity des coin ab, s o n d e r n a u c h der disposi-
tion deren, die seine Besitzer sind, a n d as these are constantly changing,
the question thereby b e c o m e s insoluble, (p. 376)
Circulation considered with regard to the me and fall

of the Price of Subsistence and Manufactures. 25
( G e g e n H u m e u n d M o n t e s q u i e u gerichtet.)
There is no real or a d e q u a t e proportion between the value of m o n e y a n d
of goods; a n d yet in every country we find o n e established. H o w is this to
be a c c o u n t e d for? ... We are now to e x a m i n e what it is, w h i c h in all c o u n -
tries m u s t d e t e r m i n e t h e standard prices of these articles of the first neces- 30
sity; since the value of t h e m does necessarily influence t h a t of all others.
... w h e n we suppose a c o m m o n standard in the price of any thing, we m u s t
suppose t h e alienation of it to be frequent a n d familiar. ... in countries
where simplicity reigns (und grade da m t e m a n die E n t s c h e i d u n g dieser
340
Frage s u c h e n , weil da keine complication of c i r c u m s t a n c e s die prices of

subsistence hebt) ist es k a u m mglich to d e t e r m i n e any s t a n d a r d for the
price of articles of the first necessity. ... in solchen Z u s t n d e n der Gesell-
schaft the articles of food a n d necessaries are hardly found in c o m m e r c e :
5 no person p u r c h a s e s t h e m ; b e c a u s e t h e principal o c c u p a t i o n of every body
is to procure t h e m for himself. W h a t answer would a Scotch h i g h l a n d e r
have given any o n e , 50 years ago, who should have asked h i m , for how
m u c h he sold a quart of his milk, a d o z e n of his eggs, or a load of his turf?
I n m a n y provinces, u n a c q u a i n t e d with trade a n d industry, there are m a n y
10 things which b e a r no d e t e r m i n e d price; b e c a u s e they are s e l d o m or never
sold. Sale alone can determine prices, a n d frequent sale can only fix a standard.
N o w the frequent sale of articles of the first necessity m a r k s a distribution
of i n h a b i t a n t s in labourers u n d free h a n d s . ... o h n e I n d u s t r i e k e i n sale of
articles of subsistence, also no standardprice d e t e r m i n e d . ... t h e sale of sub-
15 sistence implies a superfluity of it in the h a n d s of the seller, a n d a proper
equivalent for it in the h a n d s of the buyer, w e n n n i c h t G e l d so wer superflu-
ity of the p r o d u c e of s o m e other sort of i n d u s t r y . . . by t h e exchange of super-
fluities upon certain articles, a man procures to himself a sufficiency upon every
one. This represents that gentle d e p e n d e n c e which u n i t e s the m e m b e r s of a
20 free society. A u s dieser Analyse folgt; da die prices of articles of the first ne-
cessity, d e p e n d rather u p o n the o c c u p a t i o n a n d distribution of the classes of
i n h a b i t a n t s , t h a n either u p o n the a b u n d a n c e of those necessaries, or of t h e
m o n e y t o p u r c h a s e t h e m ; since m a n y examples m a y b e found, where these
articles have b o r n e little or no price, even in countries where m o n e y was
25 n o t wanting. T h e reason therefore of low prices, is n o t the vast a b u n d a n c e
of the things to be sold, b u t t h e little occasion any b o d y h a s to b u y t h e m ;
every o n e b e i n g provided for t h e m in o n e way or another, w i t h o u t being
obliged to go to market. ... it is only in countries of industry where t h e
standard prices of articles of first necessity can be d e t e r m i n e d u n d in die-
30 sen they b e a r no d e t e r m i n e d proportion whatever, to t h e q u a n t i t y of gold
a n d silver in t h e country ... Hier wird v i e l m e h r der standard price of
subsistence b e s t i m m t 1) d u r c h die Z a h l derer, die g e z w u n g e n sind sie zu
kaufen, (weil sie n i c h t selbst sie produciren) 2) d e n degree of e m p l o y m e n t
found for those who are obliged to p u r c h a s e t h e m . D i e Zahl der buyers of
35 subsistence nearly d e t e r m i n e s the quantity sold; weil es ein n o t h w e n d i g e r
Artikel ist u n d verschafft werden m u in einer d e t e r m i n e d proportion for
every o n e : u n d je hufiger der sale, desto m e h r ist der Prei b e s t i m m t .
... D e r Standard h n g t aber von d e n faculties der buyers [ab] u n d diese
m s s e n wieder b e s t i m m t w e r d e n by t h e extent o f t h o s e of t h e greatest n u m -
40 bers of t h e m , d . h . by the extent of t h e faculties of the lower classes of the
people. D i e der G r u n d , w a r u m Brod, in der greatest famine, n i e b e r ein
341
b e s t i m m t e n Prei steigen k a n n ; d e n n berschritte er die faculties der great

classes of a people, their d e m a n d m u s t be withdrawn, which would leave
the m a r k e t overstocked for the c o n s u m p t i o n of the rich, consequently, s u c h
persons, who in t i m e s of scarcity are forced to starve, c a n only be such,
whose faculties fall, unfortunately, u n t e r d e n standard of those of t h e great 5
class ... the faculties therefore, of those who l a b o u r for a physical neces-
sary, m u s t , in industrious nations, d e t e r m i n e the standard value of subsist-
ence, |[26| a n d t h e value in m o n e y they receive for their work, will deter-
m i n e the standard of their faculties, which m u s t rise of fall according to the
proportion of t h e d e m a n d for their labour. ... Die Lehre von M o n t e s q u i e u 10
u n d H u m e reducirt sich auf folgende 3 Stze: 1) die Preisse der W a a r e n
sind stets proportional z u r M e n g e des Geldes im L a n d . So d a die a u g m e n -
t a t i o n of wealth, even fictitious, such as paper, affects t h e state of prices, in
proportion to its quantity. 2) T h e coin a n d current m o n e y in a country, is the
representation of all the labour a n d c o m m o d i t i e s of it. So t h a t in proportion 15
as there is m o r e or less of this representation (money) there goes a greater
or less quantity of t h e thing represented ( c o m m o d i t i e s etc) to t h e s a m e
quantity of it. F r o m this it follows, that 3) Increase c o m m o d i t i e s , they b e -
c o m e cheaper; increase m o n e y , they rise in their value. ... (Sieh auch
L o c k e u n d den S p e c t a t o r fr den 19 October 1711, wo diese L e h r e n sich 20
schon finden) (p. 3 9 4 - 3 9 9 ) Es ist die complicirte O p e r a t i o n v o n d e m a n d
u n d competition, die d e n standard price von j e d e m D i n g b e s t i m m t . W e n n
viele Arbeiter da sind u n d little d e m a n d , work will be cheap. W e n n das A n -
wachsen of wealth d a h e r d e n effect h a t of raising d e m a n d , work will increase
in its value, weil there c o m p e t i t i o n is implied; b u t if it h a s only t h e ef- 25
feet of augmenting d e m a n d , prices will stand as formerly. Was wird dann aus
der additional quantity of coin, or paper money? In b e i d e n Fllen wird es in
die Circulation gehn, im Verhltni zu dem rise oder augmentation of de-
mand; m i t d e m Unterschied, d a es im erstren Fall die Preisse h e b e n wird,
im 2' nicht, weil die Zufuhr in proportion als vermehrt unterstellt ist. 30
... A b e r w e n n trotz der a u g m e n t a t i o n of wealth der state of d e m a n d o h n e
Variation bleibt, t h e n t h e additional coin will probably be locked u p , or con-
verted into plate; weil die die es h a b e n , n o t being inspired with a desire of
increasing their c o n s u m p t i o n , u n d n o c h weniger m i t d e m generous senti-
m e n t of giving their m o n e y away, their riches will r e m a i n without p r o d u c - 35
ing any m o r e effect t h a n if they h a d r e m a i n e d in the m i n e . As for t h e paper
money, sobald es gedient h a t the first purpose of supplying the d e m a n d of
h i m who borrowed it (because he h a d at t h a t t i m e no coin) it will return
upon the debtor in it, and become realized; b e c a u s e of t h e little u s e found for
it in carrying on circulation. Let the specie of a country, therefore, be aug- 40
m e n t e d or diminished, in ever so great a proportion, c o m m o d i t i e s will still
342
rise a n d fall according to t h e principles of d e m a n d a n d competition, a n d

these will constantly d e p e n d u p o n the inclinations of those who have prop-
erty or any k i n d of equivalent whatsoever to give; b u t never u p o n t h e q u a n -
tity of coin they are possessed of. Let the quantity of the coin be ever so
5 m u c h increased, it is the desire of spending it a l o n e , which will raise prices.
Let it be d i m i n i s h e d ever so low, while there is real property of any d e n o m -
i n a t i o n in the country, a n d a c o m p e t i t i o n to c o n s u m e in those who possess
it, prices will be high, by t h e m e a n s of barter, symbolical m o n e y , m u t u a l
prestations a n d a t h o u s a n d other inventions. ... if this country has a c o m -
10 m u n i c a t i o n with other nations, there m u s t be a proportion between the prices
of m a n y kinds of m e r c h a n d i z e , there a n d elsewhere u n d die s u d d e n aug-
m e n t a t i o n or d i m i n u t i o n of t h e specie, supposing it could of itself operate
the effects of raising or sinking prices, would be restrained in its operation
by foreign competition. ... M a n n e h m e das Beispiel von grain. ... D i e pro-
15 portion of wealth, found in t h e h a n d of t h e lowest class of t h e people, con-
stantly regulates t h e price of it; consequently, let the rich be ever so wealthy,
the price of subsistence can never rise above the faculties of the poor.
... those of the lowest class of the people, who purchase subsistence, m u s t buy
it with the returns they receive from t h e rich for their industry. N o w if t h e
20 quantity of the wealth of the latter, does n o t regulate their d e m a n d for the
service of the former, m u s t it n o t follow, t h a t the price of grain, as well as of
every other thing offered for sale, m u s t d e p e n d u p o n the degree of c o m p e t i -
tion a m o n g the rich for the labour of the poor, i. e. u p o n the d e m a n d for in-
dustry, a n d n o t on t h e quantity of wealth in the country? (p. 4 0 0 - 4 0 2 ) Es
25 ist ein fact, da z u r Zeit als G r i e c h e n l a n d u n d R o m a b o u n d e d in wealth,
w h e n every rarity, u n d die work der choicest artists was carried to an exces-
sive price, an ox was b o u g h t for a m e r e trifle u n d grain was cheaper perhaps
t h a n ever it was in Scotland. ... Die d e m a n d ist proportioned, n o t to t h e
n u m b e r of those who c o n s u m e , b u t of those who buy; now those who con-
30 s u m e , are all the i n h a b i t a n t s , b u t those who buy, are only the few i n d u s -
trious who are f r e e . . . In G r i e c h e n l a n d u n d R o m Sklaverei. T h o s e who were
fed d u r c h die Arbeit ihrer eignen slaves, der Sklaven des Staates oder
d u r c h u m s o n s t u n t e r das Volk vertheiltes grain, h a d no occasion to go to
market; sie did not enter into c o m p e t i t i o n with t h e buyers. ... die few m a n -
35 ufactures t h e n known, m a d e wants in general less extensive; consequently,
the n u m b e r of the industrious free was small, a n d they were the only per-
sons who could have occasion to p u r c h a s e food a n d necessaries: conse-
quently, the c o m p e t i t i o n of the buyers m u s t h a v e b e e n small in proportion,
a n d prices low. . . . f e r n e r die ||27| m a r k e t s w u r d e n supplied theils von d e m
40 surplus produced auf d e n lands der great m e n , l a b o u r e d by slaves; who
being fed from the lands, the surplus cost in a m a n n e r n o t h i n g to the pro-
343
prietors; u n d da die Z a h l derer die occasion h a t t e n zu kaufen, sehr gering,

this surplus was sold cheap. A u s s e r d e m , the grain distributed to t h e people
gratis, m u t e nothwendig d e n M a r k t downhalten, da ein T h e i l davon
m a n c h m a l superfluous d e n e n , die i h n erhielten u n d folglich c o m e t o b e
sold in c o m p e t i t i o n with t h a t raised at private expence. D a g e g e n fr a fine 5
m u l l e t oder an artist etc grosse Concurrenz u n d daher Preisse ausserordent-
lich steigend. T h e luxury of those times, t h o u g h excessive, was confined to
a few, a n d as m o n e y , in general, circulated b u t slowly t h r o u g h the h a n d s of
t h e m u l t i t u d e , it was constantly stagnating in those of t h e rich, w h o found
no m e a s u r e , b u t their own caprice, in regulating the prices of what they 10
wished to p o s s e s s . . . H u m e m t e seinen Satz so a u s d r c k e n : t h a t t h e price
of every c o m m o d i t y is in proportion to the s u m of m o n e y circulating in the
m a r k e t for t h a t c o m m o d i t y , which is almost my proposition in other words:
for the m o n e y to be employed in the purchase of any c o m m o d i t y , is j u s t
the m e a s u r e of t h e d e m a n d . But even here, the m o n e y in t h e m a r k e t des- 15
tined only for the p u r c h a s e of a particular c o m m o d i t y , does n o t regulate t h e
price of it. N o t h i n g b u t the finishing of the transaction, i. e. t h e c o n v e n t i o n
between the buyer a n d seller, can d e t e r m i n e the price, a n d this m u s t de-
p e n d u p o n inclination, n o t weight o f m o n e y . . . Die circulation j e d e s Lan-
des m u i m m e r sein in proportion to the industry of the inhabitants, producing 20
the commodities which come to market: whatever part of these c o m m o d i t i e s is
c o n s u m e d by the very people who p r o d u c e t h e m , enters n o t into circula-
tion, n o r does it in any way affect prices. If the coin of a country, therefore,
falls below the proportion of the produce of industry offered to sale, industry
itself will c o m e to a stop; or inventions, wie symbolical m o n e y , will be fall- 25
en u p o n to provide an equivalent for it. But if the specie be found above
t h e proportion of the industry, it will have no effect in raising prices, n o r
will it enter into circulation: it will be hoarded up in treasures, where it must
wait n o t only the call of a desire in t h e proprietors to c o n s u m e , b u t of t h e
industrious to satisfy this call. ... whatever be the quantity of m o n e y in any 30
n a t i o n , in correspondence with the rest of the world, there never c a n re-
m a i n , in circulation b u t a quantity nearly proportional to t h e c o n s u m p t i o n
of the rich, a n d to the labour a n d industry of the poor i n h a b i t a n t s . ... diese
proportion n i c h t b e s t i m m t by the quantity of m o n e y actually in t h e c o u n -
try. ... Sonst, w e n n das greatest p r o d u c e of industry must be sold for what 35
specie is found in t h e country, let the sum be ever so small, d a n n ebenfalls,
the smallest p r o d u c e of industry must be sold for all the specie found in the
country, let the sum be ever so great. Folglich im ersten Fall m t e n wir vor-
aussetzen, d a die Industriellen nie fr e i n e n b e r e n Prei from a b r o a d su-
c h e n werden u n d im zweiten, da das monied people must spend all they 40
have in supplying their m o s t m o d e r a t e wants, a n d never seek
344
Exzerpte aus James Steuart:
An inquiry into the principles of political economy ...
Heft VIII. Seite 27
for cheaper m e r c h a n d i z e t h a n what they can find at h o m e . Consequently

there can be no foreign trade, n o r c a n there be any h o a r d i n g , (p. 4 0 3 - 8 )
Selbst w e n n ein L a n d v o n aller C o m m u n i c a t i o n m i t F r e m d e n abgeschnit-
ten, ist die Verhltni zwischen Preissen u n d m o n e y n i c h t richtig. Weil
5 there are many ways of alienating goods or natural produce, without the assist-
ance of specie. I m m e n s e quantities of b o t h m a y be c o n s u m e d by barter, or
in lieu of service, where m o n e y is never h e a r d of: now all this p o r t i o n alien-
ated, enters into t h e m a s s of what is called p r o d u c e a n d m a n u f a c t u r e s
which c o m e t o market; b u t c a n have n o influence u p o n t h e specie, n o r c a n
10 specie have any u p o n it, since the m o n e y r e m a i n s inactive during those
operations. ... any individual, das d u r c h mortgaging of his lands, e i n e n
grossen Theil des specie seines L a n d e s z u s a m m e n g e l i e h n hat, will raise
prices in seiner Nachbarschaft, by m a k i n g an extraordinary d e m a n d for
work; u n d der R e s t desselben Landes, drained of their circulating value,
15 m u s t d i m i n i s h their d e m a n d ; consequently prices will fall elsewhere,
(p. 409,10) E i n proper equivalent for labour u n d m a n u f a c t u r e s k a n n in o n e
sense, be called a representative; b u t there is no necessity for the equivalent
to consist in coin. M e a t u n d drink sind equivalent fr personal service ...
alienation k a n n a u c h o h n e coin geschehn. Coin h a t a n intrinsic value: u n d
20 w e n n es in ein L a n d k m m t , fgt es seinen W e r t h h i n z u , als w e n n ein
Theil Territorium were a d d e d to it: aber it has no title to represent any
thing vendible, by preference, or to be considered as t h e only equivalent for
all things alienable. It is m a d e a c o m m o n price, on no other a c c o u n t t h a n
b e c a u s e of its rarity, its solidity, its being of a n a t u r e to circulate, and to
25 suffer a correct division without end, a n d to carry its value along with it,
which is a proper equivalent for every thing; a n d at the s a m e t i m e it is by
its n a t u r e little liable to vary. . . . t h e r e m a y be vast ||28| quantities of coin in
a country of little industry; and, vice versa, coin is constantly an equivalent,
b u t never a representation, m o r e t h a n any other equivalent which m a y be
30 contrived. ... Increase the m o n e y , n o t h i n g can be c o n c l u d e d as to prices; es
hngt davon ab, ob people seine A u s g a b e n vermehrt im V e r h l t n i zu
i h r e m wealth; a n d although they should, t h e m o m e n t their a d d i t i o n a l de-
m a n d has t h e effect of producing a sufficient supply, prices will return to
the old standard. B u t d i m i n i s h the quantity of specie employed in circulation,
35 you b o t h retard this, a n d h u r t the industrious; b e c a u s e we suppose the
former quantity exactly sufficient to preserve b o t h in the j u s t proportion to
the desires a n d wants of the i n h a b i t a n t s , (p. 4 1 0 - 1 3 )
347
Circulation with foreign nations, the same thing

as the balance of trade, (p. 414.)
Let this trade c o n t i n u e long, they will n o t only c o m e at the e n d of their

metals, b u t they m a y even succeed in exporting their l a n d s . ... T h e Corsi-
cans have exported, i. e. sold, the best part of their island to G e n o a ; a n d 5
now, after having spent t h e price in wearing d a m a s k a n d velvet, they want
to bring it back, by confiscating the property of the G e n o e s e , who have
b o t h paid for the island, a n d drawn back t h e price of it by t h e b a l a n c e ot
their trade against these islanders, (p. 419)
t. II. 10
book II. (Schlu, tome II)
All n a t i o n s will e n d e a v o u r to throw their ready m o n e y , n o t necessary for

their own circulation, i n t o t h a t country where the interest of m o n e y is high
with respect to their own, a n d where consequently the value of property in
l a n d is low; since they m a y either draw a high interest from it, or m a k e the 15
acquisition of solid property, (p. 5) M i t Papiergeld the richest n a t i o n in
E u r o p e m a y be the poorest in circulating specie. (p. 6)
what were the effects of riches before the introduction of trade and industry?
(p. 12) A t h e n s possessed, before the P e l o p o n n e s i a n war, a treasure of
10,000 talents; a n d 50 years afterwards, all A t h e n s , in t h e land, h o u s e s , 20
slaves, m e r c h a n d i z e , n a t u r a l produce, moveables, a n d ready m o n e y . . . did
n o t a m o u n t to t h e value of 6000. These treasures were spent in t h e war, a n d
they h a d b e e n laid u p for n o other purpose. D a r u m : war i n a n c i e n t t i m e s ,
h a d the effect t h a t industry has now: it was the only m e a n s of m a k i n g
wealth circulate, (p. 13) In d e n sptren Z e i t e n in R o m fortunes were m a d e 25
by corruption, fraud, concussion, rapine, a n d penury; n o t by trade a n d
industry. Seneca a m a s s e d in 4 years 2,400,000 I. St. An a u g u r was worth
3 mill. I. ... we know of no s u c h circulation. Every revolution was violent:
t h e powerful were rapacious a n d prodigal, the weak were poor a n d lived in
t h e greatest simplicity: consequently, the objects of t h e desires of t h e rich 30
were i m m e n s e l y dear; a n d t h e necessaries for the poor were excessively
cheap. ... D i e articles zu m o n s t r o u s prices waren n u r s u c h as could n o t be
increased according to d e m a n d , wie purple, wool, etc. W r e das r m i s c h e
R e i c h m i t order u n d tranquillity regiert worden, wrde dieser taste of lux-
348
ury Geld in die h a n d s der n u m e r o u s classes gebracht h a b e n , das die Z a h l

der industrious v e r m e h r t by purging the lands; folglich of increasing t h e
d e m a n d for vendible subsistence, folglich of raising the price of it. A n d e r -
seits die a d e q u a t e proportion between services a n d rewards given by the
5 public, would have checked the other b r a n c h of circulation, n m l i c h , rap-
ine u n d corruption: u n d industry receiving a regular e n c o u r a g e m e n t ,
every article of extraordinary d e m a n d for delicate aliments, birds, fishes,
fruits etc would have b e e n supplied with sufficient a b u n d a n c e u n d wre
folglich gefallen im Prei. (p. 14, 15)
10 Erst m i t der I n d u s t r i e sind wieder die regulren A r m e e n der R m e r b e i
u n s a u f g e k o m m e n . Dring t h e R o m a n empire, there was a very great flux
of m o n e y into t h e coffers of the state, which proceeded m o r e from r a p i n e
t h a n from taxes. Consequently, it was an easy m a t t e r to keep up large bod-
ies of regular forces. (p. 21) societies o n c e established, a n d living in peace,
15 pass from o n e degree of refinement to another, i. e., m a n daily b e c o m e s
m o r e laborious, (p. 30) he who would carry simplicity to the u t m o s t length,
ought to proscribe all alienation; consequently all d e p e n d e n c e a m o n g m e n ;
consequently all s u b o r d i n a t i o n ; every o n e ought to be entirely d e p e n d e n t
u p o n his own labour, a n d n o t h i n g else. (p. 31)
20 Industry destroys simplicity of m a n n e r s in h i m who gives an equivalent
for an article of superfluity; a n d the equivalent given frequently gives rise
to a s u b o r d i n a t e species of luxury in the w o r k m a n , (p. 34) B u t the industry
of a n c i e n t t i m e s was very different, where t h e m u l t i t u d e of slaves ready to
execute whatever was d e m a n d e d , either by t h e state or by their masters, for
25 the equivalent of simple m a i n t e n a n c e only, prevented wealth from ever fall-
ing into the h a n d s of industrious freemen; and he who has no circulating
equivalent to give for satisfying a desire of superfluity, m u s t r e m a i n in his
former simplicity. T h e l a b o u r therefore of those days p r o d u c i n g no circula-
tion, could n o t corrupt the m a n n e r s of the people, (p. 35.) ( C o n t . S i e h
30 p . 41) I
349
|29|
Ricardo. (David, contin. von p. 21)

Entsprechend der Vertheilung des ganzen Products einer farm zwischen d e n
3 Klassen, Grundeigenthmer, Kapitalist u n d Lohnarbeiter ist das Steigen oder
Fallen von rents, Profits und wages zu b e s t i m m e n u n d n i c h t e n t s p r e c h e n d 5
d e m W e r t h , wozu die P r o d u c t in e i n e m M e d i u m (Geld) das variable ist,
geschzt w e r d e n mag. D e r rate von profit, rent, wages n i c h t b e s t i m m t
d u r c h die absolute Quantitt von Product, das irgend eine der Klassen erhlt,
s o n d e r n d u r c h die Q u a n t i t t von Arbeit nthig die P r o d u c t zu erhalten.
D a s G e s a m m t p r o d u c t k a n n verdoppelt werden d u r c h V e r b e r u n g e n in der 10
Agrikultur u n d Industrie. Verdoppelt sich gleichmssig rent, profit, wages,
so h a b e n sie verhltnimssig keine V e r n d e r u n g erlitten. A b e r w e n n eines
der 3 nicht verhltnimssig T h e i l h a t an d e m increase, so fllt es trotz der
absoluten V e r m e h r u n g der Q u a n t i t t des Antheils. (p. 49)
rent, profit, wages - ihrer R a t e n a c h betrachten - wechseln n u r d u r c h 15
die Variations in i h r e m share am G e s a m m t p r o d u c t . (p. 52)
II.) On rent.
R i c a r d o u n t e r s u c h t die R e n t e u m z u s e h n , o b die A . S m i t h s c h e A n s i c h t
richtig ist, d a d i e appropriation of land u n d die c o n s e q u e n t creation of
rent eine variation in d e m relativen W e r t h der W a a r e n v e r u r s a c h e n wird, 20
u n a b h n g i g von der zu ihrer P r o d u c t i o n n t h i g e n Arbeit, (p. 53)
Rent ist der Theil des Erdproducts d e m Landlord gezahlt fr d e n use der
original u n d indestructible powers des Bodens. Z u u n t e r s c h e i d e n v o m Zins
u n d Profit des Capitals, der d e m Landlord gezahlt wird fr das der Erde in-
350
Aus D. Ricardo: On the principles of political economy (Fortsetzung)
corporirte Capital, (p. 53,4) Bei d e m first settling of a country, worin Ueber-
flu von r e i c h e m u n d fruchtbarem Land, k e i n e R e n t e g e z a h l t . . . Sowenig
wie fr Luft u n d W a s s e r . . . H t t e alles L a n d dieselben Eigenschaften, wre
es u n b e g r e n z t in Q u a n t i t t , u n d u n i f o r m in Qualitt, so wrde, ausser fr
5 peculiar advantages of situation, nichts fr seinen G e b r a u c h gezahlt wer-
d e n ... R e n t e fr s e i n e n G e b r a u c h wird n u r gezahlt, weil im Fortschritt der
Population L a n d von geringrer Qualitt oder u n g n s t i g e r gelegen, in Cul-
tur gerufen w i r d . . . Jeder Schritt im Fortschritt der Bevlkerung, der ein
L a n d zwingt zu B o d e n von schlechtrer Qualitt Zuflucht zu n e h m e n , steigt
10 die R e n t e fr das fruchtbarere L a n d . . . Ursprnglich gehrt das ganze N e t -
p r o d u k t d e m cultivator u n d m a c h t die profits seines stock a u s . . . D e r casus
derselbe, w e n n gleiche additional Portion von Capital m i t weniger P r o d u c t
auf d e m s e l b e n B o d e n a n g e w a n d t . . . Rente stets die Differenz zwischen dem
Product erhalten von der Anwendung von 2 gleichen quantities von Capital und
15 Arbeit... D e r G r u n d : Es k a n n nicht zwei verschiedne rates of profit geben.
Bringt die erste Portion von Capital von 1000 /. d e m Pchter 100 qrs W e i -
te
zen, die 2 von 1000 l. n u r 85, so verlangt der G r u n d h e r r n a c h Ablauf der
lease 15 qrs rent. Er wrde die 1000 l. fr 85 qrs return n i c h t a n w e n d e n ,
w e n n er eine vortheilhaftre A n w e n d u n g dafr finden k n n t e . Der c o m m o n
20 rate of profit would be in that proportion u n d w e n n der original t e n a n t re-
fused, wrde sich e i n e a n d r e Person finden, willig alles, was diesen rate des
profit excedirte, d e m G r u n d e i g e n t h m e r z u g e b e n . . . I n b e i d e n Fllen (An-
w e n d u n g v o n g l e i c h e n C a p i t a l i e n auf u n g l e i c h f r u c h t b a r e L n d e r e i n
o d e r u n g l e i c h f r u c h t b a r e A n w e n d u n g zweier g l e i c h e n C a p i t a l i e n a u f d a s -
25 selbe L a n d ) zahlt das capital last employed keine R e n t e . . . R e n t r h r t u n -
vernderlich h e r von der A n w e n d u n g einer additional quantity of labour
m i t a proportional less r e t u r n . . . W e n n land von inferior quality in Cultur
gesezt wird, steigt der Tauschwerth ( P r e i ) seines Products, weil mehr Arbeit
zu seiner Production erheischt ist. Der Tauschwerth aller Waaren, manufacturirt
30 und Product der mines oder des land ist stets regulirt n i c h t d u r c h die less
quantity of labour t h a t will suffice for their p r o d u c t i o n u n d e r circumstan-
ces highly favourable a n d exclusively enjoyed by those who have peculiar
facilities of p r o d u c t i o n ; but by the greater quantity of labour n e c e s s a r i l y
bestowed on their production by those who have no such facilities; by those who
35 c o n t i n u e to p r o d u c e t h e m u n d e r the most unfavourable circumstances; m e a n -
i n g - by the most unfavourable circumstances, the most unfavourable under which
the quantity of produce required, renders it necessary to carry on the produc-
tion ... A u f d e m besten L a n d dasselbe Product erhalten m i t derselben Arbeit
wie zuvor, aber der Werth erhht in Folge der v e r m i n d e r t e n returns erhalten
40 von d e n e n die frische Arbeit u n d stock auf m i n d e r fruchtbares L a n d ver-
w e n d e n ... die Vortheile von fruchtbarem L a n d b e r unfruchtbares n i c h t
351
verloren, s o n d e r n b e r t r a g e n v o m cultivator, oder v o m c o n s u m e r auf d e n

landlord ... A b e r da m e h r Arbeit erheischt fr das unfruchtbarere L a n d
u n d da wir n u r d u r c h die L a n d befhigt sind to furnish ourselves m i t der
a d d i t i o n a l supply of raw p r o d u c e , so bleibt ||30| der comparative W e r t h des
P r o d u c t s fortwhrend b e r s e i n e m frhern level ... D i e U r s a c h e also, 5
w a r u m das P r o d u c t steigt, ist n i c h t die d e m landlord gezahlte R e n t e , son-
d e r n die v e r m e h r t e Arbeit, die angewandt ist in der P r o d u c t i o n of t h e last
p o r t i o n obtained. D e r K o r n p r e i regulirt d u r c h die Q u a n t i t t Arbeit ausge-
legt auf seine P r o d u c t i o n auf d e m L a n d das k e i n e rent zahlt. K o m theuer,
n i c h t weil R e n t e gezahlt, s o n d e r n R e n t e gezahlt, weil K o r n t h e u e r . . . D a s 10
surplus, das das L a n d in der form of rent abwirft, ist kein V o r z u g dessel-
ben, s o n d e r n N a c h t h e i l desselben, a b n e h m e n d e powers desselben ... D a s
land ist n u r p r e - e m i n e n t for its limited powers. . . . neufabrizirte M a s c h i n e -
rie n i c h t u n f r u c h t b a r e r wie die alte. Diese w r d e sonst R e n t a b w e r f e n . . .
D i e Arbeit der N a t u r in der Agrikultur gezahlt nicht, weil sie viel, s o n d e r n 15
weil sie wenig t h u t . . . D e r M e n s c h m u perform m o r e by t h e sweat of his
brow, a n d n a t u r e perform l e s s . . . I m V e r h l t n i als die N a t u r b e c o m e s nig-
gardly in h e r gifts, she exacts a greater price for h e r work. W h e r e she is m u -
nificently beneficent, she works gratis. ... Die N a t u r t h u t sehr viel fr
m a n - im G e g e n s a t z zu . S m i t h - in m a n u f a c t u r e s . D i e powers of wind 20
a n d water bewegen u n s r e M a s c h i n e r i e u n d assist navigation; die pressure
d e r a t m o s p h e r e u n d die elasticity of steam, die u n s die wundervollsten en
gines t r e i b e n lassen, sind G a b e n der N a t u r ; n i c h t zu s p r e c h e n von d e n Ef
fects der H i t z e in softening a n d m e l t i n g metals, of t h e d e c o m p o s i t i o n der
A t m o s p h r e in d e m P r o z e of dying and fermentation. In j e d e r M a n u f a k - 25
t u r giebt die N a t u r d e m M e n s c h e n ihren Beistand u n d zwar g r a t i s . . . D a s
Steigen der R e n t e der Effect des w a c h s e n d e n R e i c h t h u m s des L a n d e s u n d
der Schwierigkeit N a h r u n g fr seine Bevlkerung zu verschaffen. Es ist ein
S y m p t o m , aber n i e eine U r s a c h e des R e i c h t h u m s . R e i c h t h u m k a n n rasch
steigen u n d rent stationr b l e i b e n oder fallen. R e n t steigt am schnellsten, 30
wo das disposable l a n d in s e i n e n Productivkrften a b n i m m t ; R e i c h t h u m
wchst a m schnellsten i n L n d e r n , w o das disposable l a n d a m fruchtbar-
sten, I m p o r t a t i o n a m wenigsten restringirt u n d w o d u r c h V e r b e s s e r u n g e n
i n der Agrikultur P r o d u c t i o n s vermehrt werden k n n e n o h n e Z u n a h m e i n
der proportional q u a n t i t y of labour u n d wo d a h e r das W a c h s t h u m der 35
R e n t e l a n g s a m . . . R e n t e bildet also k e i n e n c o n s t i t u e n t part of price. ... Al-
les was die portion last employed von Capital u n d A r b e i t produktiver
m a c h t , vermindert die Rente... So wirkte die Abnahme von Capital in e i n e m
L a n d , weil m i t ihr Bevlkerung, also Nachfrage fr corn a b n e h m e n w r d e ,
wovon die Folge wre fallender Prei u n d v e r m i n d e r t e Cultivation. ... So 40
wirkt a u c h das Wachsthum von Capital und Bevlkerung, w e n n von Verberun-
352
gen in der Agricultur begleitet, die die N o t h w e n d i g k e i t rmres L a n d zu culti-

viren, v e r m i n d e r n o d e r d a v o n dispensiren d e n s e l b e n a m o u n t of capital auf
reichres L a n d zu v e r w e n d e n . . . N a c h einer Periode allerdings w r d e Fall im
Prei des R o h p r o d u c t s vermehrte Profite u n d A c c u m u l a t i o n , also ver-
5 m e h r t e A n w e n d u n g v o n Arbeitern, W a c h s t h u m der Bevlkerung, Stei-
g e n d e Nachfrage n a c h K o r n , u n d schlielich wieder Steigen der R e n t e auf
o d e r b e r i h r e n alten level [ b e w i r k e n ] . . . D i e V e r b e r u n g e n i n der Agricul-
t u r von doppelter Art, d i e welche die Productivkrfte des L a n d e s v e r m e h -
r e n u n d die, welche es befhigen, d u r c h V e r b e r u n g e n in der M a s c h i n e r i e
10 dasselbe P r o d u c t m i t weniger Arbeit zu e r h a l t e n . . . D i e erste Art . B. ge
schicktere r o t a t i o n of crops o d e r die b e r e W a h l v o n D n g e r . Sie befhigen
u n s dasselbe P r o d u c t v o n weniger L a n d zu e r h a l t e n . . . Es ist aber nicht
nthig, da Land ausser Kultur gesezt wird, um die Rent zu reduciren. Es ge-
n g t d a z u , d a successive portions of Capital auf d e m s e l b e n L a n d m i t dif-
15 ferent results a n g e w a n d t werden u n d d a die Portion, welche das geringste
Resultat giebt, z u r c k g e z o g e n wird ... Die V e r b e r u n g e n in der Agrikultur
befhigen poorer land mit less cost zu cultiviren... D i e a n d r e A r t von V e r b e -
r u n g sind m e h r gerichtet auf die formation of the capital applied to the land,
than to the cultivation of the land itself. ... weniger Capital, d. h. weniger Ar-
20 beit wird auf das L a n d verwendet werden, aber um dasselbe P r o d u c t zu er-
halten, m u dieselbe A u s d e h n u n g v o n L a n d b e b a u t w e r d e n . . . diese Ver-
b e r u n g e n k n n e n verringern d e n T a u s c h w e r t h des Products, o h n e die
Kornrente zu v e r m i n d e r n , obgleich sie die Geldrente v e r m i n d e r n . Ob sie d i e
K o r n r e n t e v e r m i n d e r n h n g t davon ab, ob die difference zwischen d e m
25 p r o d u c e o b t a i n e d by different portions of capital be increased, stationary
or d i m i n i s h e d . . . . w e n n die i m p r o v e m e n t s befhigen die g a n z e E r s p a r n i
on that p o r t i o n of capital zu m a c h e n , w h i c h is least productively employed,
Cornrent would i m m e d i a t e l y fall, weil die Differenz zwischen d e m produc-
tivsten und dem unproductivsten Capital fallen wrde und diese Differenz consti-
30 tuirt die Rente... W a s also vermindert die U n g l e i c h h e i t des P r o d u c t s ||31| er-
h a l t e n v o n successiven portions von Capital auf dasselbe o d e r n e u e lands
verwandt, strebt die rent zu v e r m i n d e r n , u n d was diese U n g l e i c h h e i t ver-
m e h r t , bringt n o t h w e n d i g die entgegengesezte W i r k u n g hervor u n d strebt
sie zu e r h h n . . . D e r landlord ist doppelt benefitted d u r c h difficulty of p r o -
35 d u c t i o n . 1) erhlt er einen, grren share u n d zweitens ist die W a a r e , worin
e r gezahlt wird von g r r e m W e r t h e . (p. 5 5 - 7 5 ) D a s s e l b e w a s v o n R e n t o f
l a n d gilt v o n r e n t o f m i n e s , (p. 7 6 - 7 9 ) R e n t fllt i m m e r auf d e n C o n s u -
m e n t e n u n d n i e auf die Pchter, (p. 113) Eine Steuer on rent fllt g a n z auf
rent, auf d e n landlord u n d k a n n auf k e i n e Klasse von C o n s u m e n t e n [be
40 s h i f t e d ] . . . E i n e Steuer auf R e n t w r d e die Cultur von frischem L a n d n i c h t
discouragiren, weil solches L a n d k e i n e rent zahlt, also die Steuer n i c h t auf
353
es fallen wrde ... Sie wrde die Cultur discouragiren, weil sie zugleich
e i n e Steuer auf die profits des Landlords w r e . . . Die Steuer, soweit sie auf
die r e m u n e r a t i o n fiele, die der Landlord erhlt fr d e n u s e of his stock ex-
p e n d e d on t h e farm w r d e in e i n e m progressiven L a n d auf d e n Consumenten *
des R o h p r o d u k t s fallen ... D a s Capital verausgabt auf die buildings u n d 5
other fixtures etc m u d e n gewhnlichen Profit des Capitals abwerfen;
b r a u c h t e das aber nicht, w e n n diese Steuer n i c h t auf d e n P c h t e r fiele u n d
d a n n wrde der wieder n i c h t d e n gewhnlichen Profit von s e i n e m stock ha-
ben, w e n n er sie n i c h t d e m c o n s u m e r belasten k n n t e , (p. 1 9 1 - 9 4 ) Zehnten
sind eine Steuer auf das gross produce des Landes. Sie afficiren L a n d , das 10
d u r c h eine Steuer auf die R e n t e n i c h t getroffen wird u n d e r h h e n d e n
Prei des R o h p r o d u c t s , was j e n e n i c h t alteriren k a n n . Z e h n t e n treffen alles
L a n d im Verhltni zu d e m Product, das es erzeugt. Sie sind d a h e r an
e q u a l tax. ... Im stationren Z u s t a n d der Gesellschaft, wo der K o r n p r e i u n -
vernderlich, e b e n s o diese Steuer. In d i e s e m Fall dasselbe wie Steuer auf 15
Rohprodukt. In e i n e m retrograden Z u s t a n d der Gesellschaft oder im progres-
siven, wo V e r b e r u n g e n in der Agricultur, v e r m i n d e r n sich die Zehnten im
Geldwerth. In e i n e m progressiven Z u s t a n d o h n e grosse Verbesserungen, wo
der K o m p r e i steigt, werden die Zehnten schwere Last im G e l d w e r t h . . . E i n e
Steuer wachsend m i t d e m gross i n c o m e u n d fallend auf das n e t i n c o m e u n - 20
ertrglich. Z e h n t e n sind Y von d e m gross u n d n i c h t von d e m R e i n p r o d u k t
w
des L a n d e s u n d daher, wie die Gesellschaft fortschreitet im R e i c h t h u m ,

m s s e n sie, obgleich in derselben Proportion z u m gross p r o d u c e , a larger
a n d larger proportion of the n e t produce werden, (p. 1 9 5 - 9 8 )
Grundsteuer. 25
W e n n erhoben i m Verhltni z u r G r u n d r e n t e u n d wechselnd m i t j e d e r Va-

riation of rent ist nichts als eine Steuer auf die Grundrente. Afficirt d a n n
n i c h t d e n Prei des R o h p r o d u c t s , fllt ganz auf d e n L a n d l o r d . . . A b e r w e n n
auf alles cultivirte L a n d gelegt, ist sie eine Steuer auf das P r o d u c t u n d h e b t
d e h a l b den K o r n p r e i . . . D a s leztbebaute L a n d b r c h t e o h n e E r h h u n g 30
des Preisses des Products d e m Pchter n i c h t d e n gewhnlichen P r o f i t . . .
Sie k a n n n i c h t auf d e n L a n d l o r d fallen, weil er im unterstellten F a l l k e i n e
R e n t e bezieht. Solche Steuer k a n n proportional sein der quality of t h e l a n d
u n d der a b u n d a n c e o f its p r o d u c e u n d d a n n u n t e r s c h e i d e t sie sich n i c h t
vom Zehnten; oder sie k a n n e i n e fixed tax per acre l a n d sein fr alles culti- 35
virte L a n d , von welcher Beschaffenheit a u c h i m m e r . . . D a n n h e b t sie d e n
K o m p r e i im V e r h l t n i zu der Steuer gezahlt von d e m cultivator of the
land of the worst quality. ... D e r c o n s u m e r of c o m wird besteuert w e r d e n
354
Aus D.Ricardo: On the principles of political economy (Fortsetzung)
n i c h t n u r to pay t h e exigencies des State, s o n d e r n also to give to t h e culti-

vator of the better l a n d z . B . 100 I. per J a h r (wenn 1000qrs der schlechteste
acre L a n d trgt, wird e i n e taxe von 100 l. c o m um 2 sh. per qr e r h h n . D a s -
selbe Capital auf b e r e m L a n d producirt 2000 qrs, es e r h h t also sein Pro-
5 d u c t um 200 sh., zahlt aber wie das erste n u r 100 sh) w h r e n d der Zeit sei-
n e r lease u n d spter to raise the rent of t h e landlord to t h a t a m o u n t . So
m e h r aus d e n T a s c h e n des Volks g e n o m m e n als in die S c h a t z k a m m e r des
Staats k m e . So die taille in F r a n c e vor der R e v o l u t i o n ... diese Steuer
n i m m t von j e d e m acre n i c h t in proportion to its actual produce, s o n d e r n
10 im Verhltni to the p r o d u c e of that which is t h e least productive,
(p. 2 0 0 - 2 0 4 )
Steuern auf Rohprodukt.
E r h h t die Produktionskosten des L a n d s , welches keine R e n t e zahlt, also

d e n Prei des Products... Fllt also auf d e n Consumenten zu ihrem vollen Be-
15 trag... Im Verhltni als R o h p r o d u c t in die C o m p o s i t i o n andrer W a a r e n
eingeht, wrde ihr W e r t h ebenfalls erhht w e r d e n . . . Sie wrde wages stei-
gen m a c h e n u n d im V e r h l t n i als sie stiegen, w r d e n Profits f a l l e n . . . Pro-
fits w r d e n so d a d u r c h erreicht aber n i c h t r e n t u n d die dividends v o n
stocks. ... Solche Artikel, worin das R o h p r o d u k t n i c h t einginge, w r d e n im
20 Prei fallen, wie articles m a d e of the metals a n d the e a r t h s . . . Da das R o h -
produkt b e r h a u p t sehr verschieden in verschiedne W a a r e n eingeht, wird
eine Steuer auf R o h p r o d u k t die greatest variety in the effects on t h e value
of c o m m o d i t i e s produciren. So weit dieser effect producirt wrde, wrde er
s t i m u l a t e or retard t h e exportation of particular c o m m o d i t i e s u n d wie j e d e s
25 Besteuern von W a a r e n die i n c o n v e n i e n c e h a b e n , die natural relation between
the value of each zu zerstren. D i e prvenirt die best distribution of t h e
capital of the whole world, (p. 1 6 9 - 1 9 0 ) ||32| Bounties auf Exportation of
Corn verringern den Prei der auslndischen Consumenten, sind aber o h n e per-
manenten Effect auf den Prei im heimischen Markte... Befhigen d e n P c h -
30 ter das K o r n im A u s l a n d unter d e n Productionskosten zu verkaufen. D i e
Nachfrage fr brittisch K o r n steigt daher, die Nachfrage fr das eigne im
A u s l a n d fllt. Diese vergrsserte Nachfrage fr brittisch K o r n steigert sei-
n e n Prei fr eine Zeitlang i m h o m e m a r k e t u n d verhindert w h r e n d dieser
Zeit zugleich, d a es so tief im a u s l n d i s c h e n M a r k t fllt as t h e b o u n t y h a s
35 a t e n d e n c y to effect... So werden sich die Profits der P c h t e r h e b e n b e r
die D u r c h s c h n i t t s t a x e des Profits ... Die b o u n t y wirkt so als encourage-
m e n t auf Agrikultur u n d Kapital d e n M a n u f a c t u r e s entzogen, u m auf L a n d
geworfen zu werden, bis die vergrsserte Nachfrage fr d e n auswrtigen
355
M a r k t supplied u n d s o fllt wieder Prei u n d Profit i m h o m e m a r k e t . D i e

vermehrte Zufuhr von K o r n operating on t h e foreign m a r k e t , wird a u c h sei-
n e n Prei in d e m L a n d senken, w o h i n es exportirt wird u n d so restrict die
profits des exporter to t h e lowest rate wozu he c a n afford to trade.
... Schlielich d e m A u s l n d e r das K o r n verwohlfeilert z u m g a n z e n Betrag 5
der b o u n t y , w e n n der K o m p r e i frher n i c h t niedriger i n d e m fremden
M a r k t als in d e m e i n h e i m i s c h e n war u n d in a less degree, w e n n der Prei
a t h o m e b e r d e m i n d e m foreign m a r k e t stand, (p. 3 5 4 - 6 ) E i n e c o n t i n u e d
b o u n t y a u f d e n Export v o n K o r n wrde eine T e n d e n z schaffen z u e i n e m
p e r m a n e n t rise im Prei des Korns, also zur H e b u n g der R e n t e , i n d e m 10
schlechtres L a n d in B e b a u u n g gesezt wrde, (p. 368,9) W e d e r Pchter,
n o c h m a n u f a c t u r e r s , obgleich sie ein Interesse h a b e n , d a der M a r k t p r e i
ihres P r o d u c t s d e n n a t r l i c h e n exceeds, h a b e n ein Interesse d e n n a t u r a l
price ihrer W a a r e n zu e r h h n . D e r L a n d l o r d h a t die Interesse, weil rent so
geschaffen w i r d . . . B o u n t i e s on exportation u n d p r o h i b i t i o n of t h e i m p o r t a - 15
t i o n of c o m increase t h e d e m a n d , a n d drive us to t h e cultivation of poorer
lands u n d occasion so n o t h w e n d i g an increased difficulty of p r o d u c t i o n ,
(p. 370)
Rent. (Gegen die Doctrine of A. Smith

concerning the rent of land.) 20
A . S m i t h giebt fr M i n e n z u , da e s von ihrer relativen F r u c h t b a r k e i t u n d

v o n ihrer Lage abhngt, ob sie R e n t e bringen, (p. 391 sqq.) N i c h t s d e s t o w e -
niger glaubt er d a die fruchtbarste, n i c h t die unfruchtbarste, . B. K o h l e n
m i n e d e n Prei des P r o d u c t s von allen M i n e n regelt. R i c a r d o b e m e r k t
h i e r z u : If the old m i n e s are insufficient to supply t h e q u a n t i t y of coal re- 25
quired, t h e price of coal will rise, a n d will c o n t i n u e rising till t h e owner of a
new a n d inferior m i n e finds t h a t he c a n obtain t h e u s u a l profits of stock by
working his m i n e . If his m i n e be tolerably fertile, t h e rise will n o t be great
before it b e c o m e s his interest so to employ his capital; b u t if it be n o t toler-
ably fertile, it is evident that t h e price m u s t c o n t i n u e to rise till it will af- 30
ford h i m t h e m e a n s of paying his expenses. (p. 393, [394])
H i e r g i e b t a l s o R i c a r d o z u , d a e r s t d e r Prei steigt u n d d a n n d e r u n -
f r u c h t b a r e r e B o d e n i n C u l t u r g e s e z t wird u n d d a e s v o n s e i n e m S t e i g e n
a b h n g t , o b e r i n K u l t u r g e s e z t wird. E s ist a l s o n i c h t d i e v e r m e h r t e P r o -
ductionskost, die den Prei steigen m a c h t a u c h des f r u c h t b a r e m L a n d e s , 35
s o n d e r n e s ist d a s S t e i g e n d e s P r e i s s e s d e s f r u c h t b a r e n L a n d e s , w e l c h e s
mglich m a c h t mit vermehrter Productionskost zu bebauen. Ein Steigen
356
des Marktpreisses ber d e n realen Prei geht also vorher u n d w e n n diese

Differenz g r o g e n u g u n d die W i r k u n g e i n e r c o n s t a n t e n N a c h f r a g e ist,
consolidirt e r sich d u r c h die B e b a u u n g d e s s c h l e c h t r e n L a n d e s . D a e s
n u n n o c h die F r a g e ist, o b wirklich z u s c h l e c h t r e m L a n d Z u f l u c h t ge-
5 n o m m e n werden m u u n d ob Preisse des K o r n s nicht wieder auf ihren
f r h e r n level fallen, giebt R i c a r d o ebenfalls z u . this is in fact the m o d e
in which the cultivation of corn is always extended, a n d the increased
wants of the m a r k e t supplied. T h e funds for t h e m a i n t e n a n c e of l a b o u r in-
crease a n d wages are raised. T h e comfortable situation of t h e labourer in-
10 duces h i m to m a n y - p o p u l a t i o n increases, a n d t h e d e m a n d for corn raises
. its price relatively to other t h i n g s - m o r e capital is profitably employed on
agriculture, a n d c o n t i n u e s to flow towards it, till t h e supply is e q u a l to the
d e m a n d , w h e n t h e price again falls, a n d agricultural a n d m a n u f a c t u r i n g
profits are again b r o u g h t to a level. (p. 361) R i c a r d o r i i m m t a l s o a n , d a
15 jeder Ueberschu des Marktpreisses der Agriculturproducte ber den
R e a l p r i c e d e m P c h t e r als Profit zufllt, s o l a n g e e r n u r v o n v e r m e h r t e r
N a c h f r a g e u n d n i c h t v o n v e r m e h r t e r Schwierigkeit i n d e r B e b a u u n g h e r -
r h r t . D a s g a n z e i n d e s e h r die F r a g e . |
|33| W e n n Kartoffeln die c o m m o n a n d general food des Volks wrden,
20 wie der Reis in einigen L n d e r n ist, da ein acre Kartoffeln 3 x d e n N a h -
rungsstoff eines acre W e i z e n liefert, % oder % des L a n d s in B e b a u u n g
wrde u n m i t t e l b a r a b a n d o n e d werden; d e n n there could n o t be fr eine b e -
trchtliche Z e i t solch e i n e V e r m e h r u n g des Volks, u m die Q u a n t i t t z u
verzehren, die auf d e m frher m i t W e i z e n b e s t e n L a n d gezogen w e r d e n
25 k n n t e . R e n t e wrde also fallen u n d erst w e n n die Bevlkerung sich ver-
doppelt oder verdreifacht h t t e , wrde dieselbe Q u a n t i t t L a n d wieder in
Cultur gesezt u n d so h o h e R e n t e wie frher b e z a h l t werden, (p. 395) Alle
Vortheile solcher V e r m e h r u n g der P r o d u c t i o n w r d e n z u n c h s t genossen
von labourers, capitalists u n d c o n s u m e r s ; aber m i t d e m Fortschritt der Be-
30 vlkerung, w r d e n sie graduell bertragen an die proprietors of t h e soil.
U n a b h n g i g von diesen Verbesserungen, worin die c o m m u n i t y ein u n m i t -
telbares, u n d der landlord ein entferntes Interesse hat, ist das Interesse des
landlord stets opposed dem des consumer und manufacturer, (p. 399) D i e deal-
ings zwischen d e m landlord u n d d e m p u b l i c sind n i c h t like dealings in
35 trade, wo b e i d e der seller u n d buyer m a y equally be said to gain, b u t t h e
loss is wholly on o n e side, a n d the gain wholly on the other, (p. 400)
357
Rent. (Gegen Malthus's Opinions on Rent.)
Rent is a creation of value, b u t n o t a creation of wealth. ... Diese value ist rein
nominal, da sie nichts hinzufgt zu d e n necessaries, conveniences u n d en-
j o y m e n t s of the society. . . . E i n e Million qrs K o m , die 4 M i l l . werth waren
sind j e z t 5 werth, weil per qr. 5 l. geschzt statt 4 l. D e r effect davon to 5
transfer a portion of the value of the corn a n d c o m m o d i t i e s from their for-
m e r possessors to t h e landlords. ... rent fgt n i c h t zu d e n resourcen eines
L a n d e s h i n z u ... reiner transfer o f value, n t z l i c h n u r d e m landlord u n d
verhltnimssig nachtheilig d e m consumer, (p. 485,6)
U n t e r high price of corn zu verstehn nicht der Price per qr oder bushel, son- 10
d e m der Excess of price for which the whole produce will sell, above t h e cost of
its p r o d u c t i o n . . . 150qrs zu 3 I. 10 per qr geben a larger r e n t als 1 0 0 q r s zu
4 1., gesezt die Kost of p r o d u c t i o n bleibt dieselbe, (p. 487) R e n t is n o t in
proportion to the absolute fertility of the land in cultivation, b u t in propor-
tion to its relative fertility, (p. 490) Die increased fertility eines L a n d e s 15
m a c h t es n u r fhig knftig an a u g m e n t e d r e n t zu z a h l e n ... W i r k l i c h e
R e n t e k a n n niedriger in e i n e m ausserordentlich fruchtbaren L a n d e sein als
i n e i n e m das n u r m o d e r a t e r e t u r n y i e l d . . . R e n t e steht i m V e r h l t n i z u m
W e r t h , n i c h t z u m Ueberflu eines Products, (p. 491) W h a t e v e r t h e n a t u r e
of the land m a y be, h i g h rent m u s t d e p e n d on t h e high price of t h e pro- 20
d u c e ; b u t given t h e high price, rent m u s t b e h i g h i n proportion t o a b u n -
d a n c e a n d n o t to scarcity, (p. 492) M a l t h u s m e i n t that it is food t h a t cre-
ates its own d e m a n d " , d a providing von food H e i r a t h encouragirt, statt zu
betrachten, da der general progress of population is affected by the increase of
capital, the consequent demand for labour, a n d the rise of wages; u n d d a die 25
production of food is but the effect of that demand, (p. 493) M a l t h u s m e i n t :
W e n n die necessaries of life, die wichtigsten products of land, n i c h t die
Eigenschaft h t t e n of creating an increase of d e m a n d proportioned to their
increased quantity, so w r d e diese vermehrte Q u a n t i t t e i n e n Fall in i h r e m
Tauschwerth z u r Folge h a b e n " . R i c a r d o b e m e r k t m i t R e c h t h i e r z u : Of 30
what increased quantity does Mr. M a l t h u s speak? W h o is to p r o d u c e it?
W h o can have any motive to p r o d u c e it, before any d e m a n d exists for an
additional quantity? (p. 495) I m p r o v e m e n t s in agriculture, a n d in t h e divi-
sion of labour, are common to all land; they increase t h e absolute quantity
of raw p r o d u c e o b t a i n e d from each, b u t probably do n o t m u c h disturb the 35
relative proportions which before existed between t h e m . (p. 501,2) It is n o t
t h e price a t which c o m can b e produced, that has any influence o n t h e
quantity produced, b u t the price at which it c a n be sold. Im V e r h l t n i
z u m degree der Differenz seines Preisses u n t e r oder b e r der P r o d u c t i o n s -
358
kost, da Capital z u m L a n d attrahirt oder von i h m repellirt wird. Ist dieser

Excess so, d a das darauf verwandte Capital grren als d e n gewhnlichen
Profit giebt, darauf verwandt u n d umgekehrt, (p. 505) t h a t the stockholder is
benefitted by a great fall in the value of corn, c a n n o t be d o u b t e d , (p. 516) |
5 |34| Wirkung der Imports von Korn auf Grundrente

und Profit des Pchters.
As rent is t h e effect of the h i g h price of corn, t h e loss of r e n t is t h e effect

of a low price. Foreign corn never enters into c o m p e t i t i o n with s u c h h o m e
corn as affords a rent; t h e fall of price invariably affects the landlord till t h e
10 whole of his rent is a b s o r b e d ; - i f it fall still m o r e , t h e price will n o t afford
even the c o m m o n profits of stock; capital will t h e n quit the l a n d for s o m e
other e m p l o y m e n t , a n d the corn, which was before grown u p o n it, will
then, a n d n o t till t h e n , be imported. (p. 519)
Wirkung der freien Korneinfuhr auf Profite

15 und Capital des Pchters.
M i t j e d e r Z u n a h m e i n der Zufuhr von K o r n u n d d e m folglichen F a l l seines

Preisses, wird Capital d e m r m e r e n L a n d entzogen; u n d L a n d von berer
Art, das n u n keine R e n t e m e h r zahlt, wrde der n e u e Standard, der d e n n a -
trlichen Prei des K o r n s regeln w r d e . . . A b e r m a n sagt, d a Capital d e m
20 L a n d n i c h t entzogen werden k a n n ; d a es die F o r m von A u s g a b e n an-
n i m m t , die n i c h t zurckgezogen werden k n n e n , so wie Dnger, draining,
fencing etc. D i e ist z u m Theil wahr. A b e r das Capital welches aus Vieh,
Schaafen, H e u u n d Cornricks, carts etc besteht, k a n n e n t z o g e n werden,
verkauft, u n d auf ein andres Geschft b e r t r a g e n . . . K a n n aber kein T h e i l
25 des Capitals e n t z o g e n werden, so fhrt der Pchter fort zu p r o d u c i r e n u n d
so viel als mglich, zu w e l c h e m Prei er a u c h verkaufen m a g . . . Sonst er-
hlt er gar k e i n e n R e t u r n von s e i n e m Capital. C o r n would n o t be i m p o r t e d
(?) ... Dieser niedrige Kornprei wrde n u r afficiren die u s u a l profits des
stock, der k e i n e R e n t e bringt u n d die R e n t e des b e r e n L a n d e s w r d e fal-
30 len, ebenso wages, u n d profits steigen ... Jedenfalls dieser Vortheil v o n
e i n e m relativ niedrigen Prei des Korns, d a u n t e r der Form von Profiten
mehr der productiven Klasse u n d u n t e r d e m Namen von rent weniger der unpro-
duktiven Klasse zufallen w i r d . . . W e n n aber ein grosser T h e i l des Capitals
entzogen werden k a n n , so wird es n u r entzogen werden, w e n n es m e h r in
359
e i n e m a n d r e n Industriezweig abwirft. Er giebt d e n in d e m L a n d

v e r s u n k n e n T h e i l des Capitals auf, weil er m i t d e m b r i g b l e i b e n d e n Theil
grren Profit m a c h e n k a n n , als w e n n er es n i c h t versnke. Es ist wie m i t
kostbarer M a s c h i n e r i e , spter d u r c h Erfindungen so von berer M a s c h i n e -
rie verdrngt, d a die von i h m fabricirten W a a r e n sehr im Preisse sinken. 5
Es n u n zu b e r e c h n e n , ob er die alte M a s c h i n e aufgeben u n d eine verbes-
serte errichten soll, losing all the value of the old, oder fortfahren m i t ihr zu
arbeiten. W h o , u n d e r s u c h circumstances, would exhort h i m t o forego t h e
use of t h e better m a c h i n e r y , b e c a u s e it would deteriorate or a n n i h i l a t e t h e
value of the old? D i e das A r g u m e n t deren, die d e n K o r n i m p o r t p r o h i b i r e n 10
lassen wollen, weil er d e n Theil des Capitals des Pchters, der fr i m m e r in
d e m L a n d v e r s u n k e n ist, deteriorili, oder annihilirt. (p. 3 1 4 - 1 8 )
Der zweite Theil der Rente, der nicht aus der relativen
Fruchtbarkeit der Erde hervorgeht.
W i r h a b e n e b e n u n t e r s c h i e d e n zwischen der eigentlichen Rente u n d der 15

d e m L a n d l o r d u n t e r d i e s e m N a m e n gezahlten R e m u n e r a t i o n , fr die Vor-
theile die die V e r a u s g a b u n g seines Capitals s e i n e m Pchter verschafft hat.
I n d e diese U n t e r s c h e i d u n g nichts fixes. Da ein T h e i l dieses Capitals,
wenn e i n m a l ausgegeben in der Verberung einer Pacht, unzertrennlich mit
dem Boden amalgamirt ist u n d seine Productivkrfte zu vermehren strebt, ist 20
die d e m L a n d l o r d gezahlte R e m u n e r a t i o n g e n a u von der N a t u r der R e n t e
u n d allen Gesetzen der Rente unterworfen. Ob diese V e r b e r u n g e n g e m a c h t
sind auf K o s t e n des L a n d l o r d oder des t e n a n t , sie werden in erster I n s t a n z
n u r u n t e r n o m m e n , w e n n grosse W a h r s c h e i n l i c h k e i t d a ist, d a der R e t u r n
die D u r c h s c h n i t t s t a x e des Profits von Capital abwerfen wird; aber e i n m a l 25
g e m a c h t , wird der R e t u r n ganz von der N a t u r der R e n t e sein, u n d allen va-
riations d e r R e n t unterworfen. Einige dieser A u s g a b e n verschaffen d e m
L a n d n u r Vortheil fr beschrnkte Perioden u n d fgen n i c h t p e r m a n e n t z u
seinen Productivkrften h i n z u : being bestowed on buildings, a n d other per-
ishable i m p r o v e m e n t s , they require to be constantly renewed, a n d therefore 30
do n o t obtain for t h e landlord any p e r m a n e n t addition to his real rent,
(p. 306 Note.) R i c a r d o s i e h t b i e r ein, d a die n a t r l i c h e F r u c h t b a r k e i t
n u r t e m p o r r v o n d e r k n s t l i c h e n z u t r e n n e n . A b e r e s ist z u b e m e r k e n ,
d a ein T h e i l d e r V e r b e s s e r u n g d e s B o d e n s e i n e r g a n z e n E p o c h e als E r -
r u n g e n s c h a f t d i e n t u n d N i e m a n d e m b e z a h l t wird. Z . B . N i e m a n d e r h l t 35
bezahlt den Unterschied zwischen einem m o d e r n Cultivirten Acker u n d
e i n e m d e s 8 ' J h . Selbst d e r u n b e b a u t e B o d e n n i m m t a n d i e s e m V o r t h e i l
360
Theil, d e n n e r h a t T h e i l a n d e n m o d e r n e n M i t t e l n , die die B e b a u u n g u m

d a s lOfache e r l e i c h t e r n , die U r b a r m a c h u n g . D i e s e w i s s e n s c h a f t l i c h e E r -
r u n g e n s c h a f t ist d e r a l l g e m e i n e s t a n d a r d g e w o r d e n . W e l c h e r Theil des
Capitals a u c h i m m e r fixirt wird auf G r u n d u n d B o d e n , e r m u d e m L a n d -
5 lord gehren u n d n i c h t d e m Pchter, bei der expiration der lease. W e l c h e
C o m p e n s a t i o n i m m e r der Landlord fr d i e Capital erhalten m a g , on re-
letting his land, erscheint in der F o r m of rent; aber keine R e n t e wird ge-
zahlt, w e n n m i t e i n e m g e g e b n e n Capital, m e h r Corn von abroad erhalten
werden k a n n , als auf d i e s e m land at h o m e w a c h s e n k a n n ... D i e kein
10 N a c h t h e i l , wie gro i m m e r das auf das L a n d verwandte Capital sein m a g .
D i e ||35| Capital ist n u r ausgegeben worden, u m das P r o d u c t z u v e r m e h -
ren, - die der Zweck; von welcher Wichtigkeit k a n n es fr die Gesell-
schaft sein, ob h a l b ihr Capital sunk in value ist, oder selbst vernichtet,
w e n n sie a greater a n n u a l quantity of p r o d u c t i o n erhalten k a n n ? Die d e n
15 Verlust des Capitals in d i e s e m Falle b e d a u e r n , wollen d e n Zweck d e m Mit-
tel opfern, (p. 315, note.)
III.) Vom natrlichen und vom Marktprei.
Die d u r c h die zur P r o d u c t i o n erforderliche Arbeitszeit b e s t i m m t e respec-

tive Q u a n t i t t von W a a r e n die fr eine W a a r e im A u s t a u s c h gegeben wer-
20 d e n der natrliche Prei. D a n e b e n der Marktprei accidental und temporary
deviations davon. D i e Zufuhr entspricht n i c h t genau d e n wants u n d wishes
of m a n k i n d . . . G r a d e d u r c h diese Variations wird das Capital g e n a u appro-
portionirt der P r o d u c t i o n der v e r s c h i e d n e n W a a r e n . M i t d e m Steigen und
Fallen der Preisse e r h e b e n sich Profits b e r oder u n t e r ihren general level
25 u n d Capital ist encouragirt sich e i n e m Industriezweig zu oder von i h m ab-
z u w e n d e n ... Dieses rastlose Streben aller employers of stock eine m i n d e r
profitliche fr eine m e h r vortheilhafte A n w e n d u n g aufzugeben, h a t e i n e
strong T e n d e n z d e n rate of profits of all zu equalisiren oder in solchen pro-
portions zu fixiren, die in the e s t i m a t i o n of the parties c o m p e n s a t e for any
30 advantage which [one] m a y have, or m a y appear to have over t h e other.
Dieser change effected, n i c h t d a d u r c h d a ein F a b r i k a n t absolut seine Be-
schftigung wechselt, s o n d e r n n u r die Q u a n t i t t des Capitals vermindert,
das er in s e i n e m Geschft hat. In allen r e i c h e n L n d e r n die monied class, in
k e i n e m trade engagirt, s o n d e r n v o m Z i n s ihres Kapitals lebend, angewandt
35 im D i s c o u n t von bills oder in loans an d e n industriellern Theil der
C o m m u n i t y . A u c h die b a n k e r s w e n d e n ein grosses Capital o n the s a m e o b -
jects an. D a s so verwandte Capital bildet ein oirculirendes Capital v o n large
a m o u n t u n d ist, in grren oder kleinren Portions by all the different
361
trades des L a n d e s angewandt. Es giebt vielleicht k e i n e n F a b r i k a n t e n , wie

reich a u c h i m m e r , der sein Geschft beschrnkt auf d e n extent den. sein
eigner fonds gestattet: er h a t stets s o m e portion dieses floating capital,
w a c h s e n d oder a b n e h m e n d n a c h der Activitt der Nachfrage fr seine
W a a r e n . W c h s t die Nachfrage fr silk u n d v e r m i n d e r t sich die fr cloth, 5
so geht der clothier n i c h t m i t s e i n e m Capital z u m silktrade ber, s o n d e r n
er entlt einige Arbeiter, er discontinues die Nachfrage for the l o a n von
bankers u n d m o n i e d m e n ; der Silkfabrikant borgt dagegen m e h r u n d so ist
Capital von d e m e i n e m Zweig auf d e n a n d r e n bertragen, o h n e d a der fa-
b r i c a n t seine gewhnliche Beschftigung a u f g i e b t . . . D a h e r die proportio- 10
nelle Approvision grosser Stdte ... Unterschiede, die sich fixiren, in der
R a t e des Profits z u r C o m p e n s a t i o n wirklicher oder eingebildeter Vortheile,
z. B. Sicherheit, ease, Reinlichkeit u. s. w. ... Jezt n a c h B e e n d i g u n g des
g r o s s e n Kriegs, die so sehr deranged the division which before existed of
e m p l o y m e n t s in E u r o p e , h a t jeder Capitalist n o t yet found his place in t h e 15
new division w h i c h h a s now b e c o m e necessary. ... It is this c o m p e t i t i o n
(unter den Capitalists) which so adjusts the changeable value of c o m m o d i -
ties, t h a t after paying the wages for the labour necessary to their p r o d u c -
tion, a n d all other expences required to p u t the capital e m p l o y e d in its
original state of efficiency, the remaining value or overplus will in e a c h trade 20
be in proportion to the value of the capital employed.... (p. 8 0 - 8 4 )
V e r m e h r t ein Wechsel in der Mode (etc etc) die Nachfrage fr eine W a a r e
u n d v e r m i n d e r t sie fr eine andre, o h n e da die comparative z u r P r o d u c -
tion derselben erforderliche Arbeitszeit verndert wird, so steigt der Markt-
prei der einen Waare u n d fllt der der andren; die Profits steigen in d e m 25
e i n e n Zweig ber, s i n k e n in d e m a n d r e n unter d e n a l l g e m e i n e n level.
E b e n s o die wages in d e n 2 verschiednen G e s c h f t e n . . . D a n n wieder die
Ausgleichung, (p. 83, 84)
N a c h d e m ich n u n s a g t R i c a r d o die t e m p o r r e n W i r k u n g e n aner-
k a n n t h a b e , die, in verschiednen Beschftigungen des Capitals, auf die 30
Preisse der W a a r e n producirt werden k n n e n , wie auf d e n A r b e i t s l o h n u n d
die profits of stock, d u r c h accidentelle Ursachen, o h n e zu influenciren den
a l l g e m e i n e n Prei von W a a r e n , wages oder profits, da diese effects gleich
operative sind in all stages of society, wollen wir sie jezt gnzlich unberck-
sichtigt lassen, w h r e n d wir v o n d e n G e s e t z e n h a n d e l n die regulate n a t u r a l 35
prices, n a t u r a l wages a n d n a t u r a l profits; effects totally i n d e p e n d e n t of
these accidental causes. (p. 85) R. a b s t r a h i r t v o n d e m w a s er als acciden-
tell b e t r a c h t e t . E i n a n d r e s ist es d e n wirklichen Proze d a r z u s t e l l e n ,
worin beide, das was er accidentelle Bewegung nennt, was aber das be-
s t n d i g e u n d wirkliche ist, u n d s e i n Gesetz, d a s D u r c h s c h n i t t s v e r h l t n i , 40
b e i d e gleich w e s e n t l i c h e r s c h e i n e n .
362
Unterschied von Werth (natrlichem Prei) und Reichthum.
W e r t h u n d R e i c h t h u m sind wesentlich u n t e r s c h i e d e n . R e i c h t h u m h n g t
v o m Ueberflu ab, W e r t h von der Leichtigkeit oder Schwierigkeit der Pro-
d u c t i o n . D i e Arbeit von einer Million M e n s c h e n in m a n u f a c t u r e s wird
5 stets d e n s e l b e n W e r t h produciren, aber n i c h t stets d e n s e l b e n R e i c h t h u m . . .
(Aber wie w c h s t d a n n d e r W e r t h ? A b g e s e h n v o n d e r R e n t e . O f f e n b a r
w e n n s t a t t e i n e r zwei M i l l i o n e n M e n s c h e n a r b e i t e n . A l s o d u r c h W a c h s -
t h u m d e r B e v l k e r u n g . D u r c h M u l t i p l i c a t i o n derselben productiven Th-
gkeit. E s ist d a z u n i c h t n t h i g , d a e i n P r o d u k t m e h r A r b e i t k o s t e t a l s
10 s o n s t . Es ist d a z u n u r erforderlich: Wachsthum der Bevlkerung. Wachs-
thum des Kapitals, das sie beschftigt. Vervielfltigung der Arbeitszweige.)
... Ein M a n n ist reich oder arm, je n a c h d e m Ueberflu von necessaries
u n d luxuries, die er c o m m a n d i r e n k a n n ; u n d ob der Tauschwerth dieser fr
Geld, fr K o r n oder fr Arbeit, h o c h oder niedrig sei, sie tragen
15 gleichmssig b e i z u m G e n u ihres Besitzers. D u r c h Verwechslung der
I d e e n von W e r t h u n d R e i c h t h u m ist m a n z u r B e h a u p t u n g g e k o m m e n , d a
d u r c h V e r m i n d e r u n g der Q u a n t i t t von W a a r e n , der R e i c h t h u m v e r m e h r t
werden k n n e ... D e r E i n z e l n e , der i m Besitz einer seltnen W a a r e m e h r n e c -
essaries etc k o m m a n d i r e n kann, ist reicher, aber n u r d u r c h V e r m i n d e r u n g
20 der shares der a n d r e n I n d i v i d u e n in d e m s e l b e n V e r h l t n i . . . K n n e n alle
W a a r e n i n e i n e m L a n d , G o l d eingeschlossen, d u r c h eine Erfindung m i t
d e m s e l b e n Capital u n d A r b e i t verdoppelt werden, so der R e i c h t h u m d o p -
pelt, aber der W e r t h bleibt derselbe. Der R e i c h t h u m eines L a n d e s k a n n
also in doppelter W e i s e v e r m e h r t ||36| werden: durch Anwendung eines gr-
25 ren Theil der Revenue in der Erhaltung der productiven Arbeit - u n d die wird
hinzufgen n i c h t n u r z u r Quantitt, sondern z u m W e r t h der M a s s e der
W a a r e n ; oder ohne Anwendung einer additional quantity von Arbeit, durch mak-
ing the same quantity more productive - u n d d i e fgt h i n z u z u m Ueberflu,
aber nicht z u m W e r t h der W a a r e n . . . W e n n 1 0 m e n eine K o r n m h l e dre-
30 h e n , u n d n u n entdeckt wird, d a durch d e n Beistand v o n W i n d oder W a s -
ser die Arbeit dieser 10 L e u t e gespart werden k a n n , wrde das M e h l wel-
ches das Product ist z u m Theil of t h e work performed by t h e mill,
u n m i t t e l b a r i m W e r t h fallen, i m Verhltni z u r ersparten Q u a n t i t t von
Arbeit; u n d die Gesellschaft wrde reicher sein u m die W a a r e n , welche die
35 Arbeit der 10 L e u t e p r o d u c i r e n k n n t e , t h e funds destined for their m a i n -
t e n a n c e b e i n g i n n o degree impaired. ... Say m a c h t m i t U n r e c h t A . S m i t h
d e n Vorwurf, e r h a b e d e n W e r t h b e r s e h n , welcher d e n W a a r e n d u r c h die
n a t r l i c h e n A g e n t e n gegeben wird u n d d u r c h die M a s c h i n e r i e , weil er d e n
W e r t h aller D i n g e v o n der m e n s c h l i c h e n Arbeit a b l e i t e . . . A . S m i t h u n t e r -
363
schzt diese D i e n s t e nicht, aber er u n t e r s c h e i d e t m i t R e c h t , da sie zwar

zur value in use hinzufgen, i n d e m sie d e n Ueberflu der P r o d u c t e v e r m e h -
ren u n d die M e n s c h e n reicher m a c h e n , aber nichts z u m Tauschwerth h i n -
zufgen, weil nichts gezahlt wird fr d e n G e b r a u c h der Luft, der W r m e
u n d des Wassers, weil sie ihr work gratis t h u n . (p. 3 2 0 - 3 3 7 ) 5
( M i t d e r b l o s e n Begriffsunterscheidung z w i s c h e n v a l u e u n d r i c h e s h e b t
R i c a r d o die Schwierigkeit n i c h t auf. D e r b r g e r l i c h e R e i c h t h u m u n d d e r
Z w e c k bei aller b r g e r l i c h e n P r o d u c t i o n ist d e r Tauschwerth, n i c h t d e r
G e n u . U m d i e s e n T a u s c h w e r t h z u v e r m e h r e n giebt e s - v o n d e n w e c h -
s e l s e i t i g e n P r e l l e r e i e n a b g e s e h n - k e i n a n d r e s M i t t e l , a l s die P r o d u c t e 10
z u vervielfltigen, m e h r z u p r o d u c i r e n . U m d i e s e M e h r p r o d u c t i o n z u er-
r e i c h e n , m s s e n die P r o d u c t i v k r f t e v e r m e h r t w e r d e n . A b e r i n d e m s e l -
b e n V e r h l t n i a l s die P r o d u c t i v k r a f t e i n e r g e g e b n e n A r b e i t s q u a n t i t t
v e r m e h r t wird - e i n e r g e g e b e n e n S u m m e v o n K a p i t a l u n d A r b e i t - fllt
d e r T a u s c h w e r t h d e r P r o d u c t e u n d die v e r d o p p e l t e P r o d u c t i o n h a t d e n - 15
s e l b e n Werth wie f r h e r die H l f t e . V o n d e r d e p r e c i a t i o n a u f die wir s p -
t e r k o m m e n w e r d e n g a r n i c h t z u s p r e c h e n . G e s c h h e d i e n u n gleich-
massig, so wrde der W e r t h sich nie ndern, also der ganze Stimulus der
b r g e r l i c h e n P r o d u c t i o n wegfallen. I n d e m sie u n g l e i c h m s s i g g e s c h i e h t ,
k o m m e n alle C o l l i s i o n e n h i n e i n , a b e r z u g l e i c h d e r b r g e r l i c h e F o r t - 20
s c h r i t t . D i e M e h r p r o d u c t i o n d e r W a a r e n i s t nie d e r Z w e c k d e r b r g e r l i -
c h e n P r o d u c t i o n , s o n d e r n die M e h r p r o d u c t i o n v o n Werthen. D i e wirkli-
che Vermehrung der Productivkraft und der W a a r e n geschieht malgr
elle u n d d e r W i d e r s p r u c h z w i s c h e n d i e s e r Vermehrung der Werthe, die
sich selbst a u f h e b t in i h r e r e i g n e n B e w e g u n g in e i n e V e r m e h r u n g v o n 25
P r o d u c t e n , liegt a l l e n K r i s e n u . s . w . z u G r u n d e . E i n W i d e r s p r u c h w o r i n
sich die b r g e r l i c h e I n d u s t r i e b e s t n d i g h e r u m d r e h t . )
R i c a r d o s a g t v o m Capital:
Capital ist der Theil des Reichthums eines L a n d e s der a n g e w a n d t ist
with a view to future p r o d u c t i o n , and may be increased in the s a m e m a n n e r 30
as wealth. An additional capital will be equally efficacious in t h e p r o d u c t i o n
of future wealth, whether it be obtained from i m p r o v e m e n t s of skill a n d
m a c h i n e r y , or from using m o r e revenue productively, for wealth always de-
p e n d s on the quantity of c o m m o d i t i e s produced, without any regard to the
facility with which the i n s t r u m e n t s employed in p r o d u c t i o n m a y have b e e n 35
procured. A certain quantity of clothes a n d provisions will m a i n t a i n a n d
employ t h e s a m e n u m b e r of m e n , a n d will therefore p r o c u r e t h e s a m e
quantity of work to be d o n e , whether they be p r o d u c e d by t h e l a b o u r of 100
or 200 m e n ; b u t they will be of twice the value if 200 have b e e n e m p l o y e d
on their p r o d u c t i o n s (p. 327,28) 40
Erstens. G e s e z t n u n 100 m e n p r o d u c i r t e n s o viel W a a r e wie f r h e r 200.
364
S o w r d e a l s o d a s W e r k d i e s e r 100 200 m e n a n s W e r k s e t z e n k n n e n .
D a s P r o d u c t d e r 200, die n u n e m p l o y e d sind, wird e s d o p p e l t d e n W e r t h
h a b e n als d a s d e r e r s t e n H u n d e r t , weil e s d a s P r o d u c t v o n 200 ist, w h -
r e n d j e n e s n u r d a s P r o d u c t v o n 100 w a r ?
5 Zweitens. R i c a r d o v e r w e c h s e l t h i e r d a s C a p i t a l m i t d e m Matrial d e s
C a p i t a l s . D e r R e i c h t h u m ist n u r d i e M a t e r i e d e s C a p i t a l s . D a s C a p i t a l
ist i m m e r e i n e Summe von Werthen, die w i e d e r z u r P r o d u c t i o n b e s t i m m t
ist, n i c h t n u r e i n e S u m m e v o n P r o d u c t e n u n d a u c h n i c h t z u r P r o d u c t i o n
von Producten, sondern von Werthen. W e n n additioneile W a a r e n durch
10 M a s c h i n e r i e etc verschafft w e r d e n , w o m i t a d d i t i o n e l l e A r b e i t e r in B e w e -
g u n g g e s e z t w e r d e n k n n e n , so ist k e i n additionelles Capital geschaffen,
s o n d e r n die Productivkrqft des alten ist vermehrt. K e i n K a p i t a l i s t wird s a -
g e n , d a e r ein a d d i t i o n e l l e s C a p i t a l besizt, w e n n e r m i t d e n s e l b e n
100 T h a l e r n m e h r A r b e i t e r i n B e w e g u n g s e t z e n k a n n . S e i n Capital ver-
15 m e h r t sich in d i e s e m F a l l e , ||37| weil die R a t e d e s Profits b e r d e n A r -
b e i t s l o h n steigt u n d s o m e h r v o n d e m a l t e n C a p i t a l i n d e r F o r m v o n C a -
p i t a l s t a t t i n d e r F o r m v o n e x p e n d i t u r e d e r A r b e i t e r r e p r o d u c i r t wird.
D i e s e r V o r t h e i l d a u e r t n u r s o l a n g e , bis die C o n c u r r e n z g l e i c h p r o d u c t i -
ver C a p i t a l i e n d i e s e n s u r p l u s G e w i n n a u s g e g l i c h e n h a t . E s w r e s o n s t
20 z w a r die V e r m e h r u n g d e s R e i c h t h u m s , a b e r n i c h t d e s C a p i t a l s z u begrei-
fen. N a c h d i e s e r A u s g l e i c h u n g bleibt z w a r d e r v e r m e h r t e v a l u e i n u s e ,
a b e r d a s K a p i t a l f h r t n i c h t fort s i c h i n d e m s e l b e n M a a z u v e r m e h r e n .
W e n n d a s K a p i t a l p r o d u c t i v e r wird, s o w r d e e s sich n i c h t v e n n e h r e n ,
w e n n alle C a p i t a l i e n i n d e m s e l b e n u n d i n a l l e n G e s c h f t s z w e i g e n gleich
25 productiver wrden. D a s Capital des Landes wrde dasselbe bleiben
aber grren Reichthum im R.'schen Sinn produciren, m e h r necessaries
e t c . I n d e m die V e r m e h r u n g d e r P r o d u c t i v k r a f t d e s C a p i t a l s i m m e r einsei-
tig ist, a l s o z u n c h s t a u c h e i n e V e r m e h r u n g d e r Werthe (ganz so g u t
wird h i e r die b e s t e M a s c h i n e a n d e m P r e i d e r m i t t l e r e n t h e i l n e h m e n ,
30 wie d e r s c h l e c h t e s t e B o d e n a m P r e i d e s b e s t e n u n d e s findet wie b e i d e r
R e n t e eine W e r t h s c h p f u n g statt) i n d e m f e r n e r d e r C a p i t a l i s t m i t d e m -
s e l b e n C a p i t a l m e h r A r b e i t e r i n B e w e g u n g sezt, v e n n e h r t e r a l s o die
Q u a n t i t t d e r A r b e i t , l t z . B . 2 M i l l , s t a t t f r h e r e i n e a r b e i t e n u n d ver-
m e h r t s o a u c h die W e r t h e .
35 B e i R i c a r d o wird b e r h a u p t n i e k l a r , wie die Werthe, a l s o a u c h d a s C a -
p i t a l v e r m e h r t w e r d e n k n n e n , o h n e d a wie b e i d e r R e n t e , d e m e i n e n
e n t z o g e n wird, w a s d e r a n d r e e r h l t . D a z u g e h r t a u s s e r d e r V e r m e h -
rung der Bevlkerung, die Vermehrung der Productivkraft des Capitals
i.e. die V e r m i n d e r u n g d e s r e l a t i v e n S a l a i r s d e s A r b e i t e r s , die E i n s p a r u n g
40 s c h o n g e t h a n e r A r b e i t , vor a l l e m a u c h die verhltnimssige Vervielflti-
gung der Beschftigungsweisen. Es w e r d e n m e h r W e r t h e g e s c h a f f e n 1) i n -
365
d e m m e h r H n d e sich a n s W e r k s e t z e n i n e i n e m Zweig a n s W e r k s e t z e n
u n d 2 ) e i n e e n t s p r e c h e n d e A r b e i t i n a n d r e n Z w e i g e n h e r v o r g e r u f e n wird,
w o g e g e n a u s g e t a u s c h t wird. D i e e n g l i s c h e n B a u m w o l l f a b r i k e n w r d e n
n i c h t m e h r Werthe g e s c h a f f e n h a b e n , w e n n n i c h t 1000 A b s a t z m r k t e i n
u n d a u s s e r d e m L a n d d u r c h Arbeit, w o g e g e n sie a u s t a u s c h e n k n n e n , 5
h e r v o r g e r u f e n w u r d e n . D i e s e A u s t a u s c h b a r k e i t u n d d a s Schaffen d e s
Equivalents lt Ricardo ganz ausser Augen. An einem andren Ort sagt
Ricardo:
Es k a n n als allgemeines uniformly true principle aufgestellt werden,
da das einzige e n c o u r a g e m e n t zur v e r m e h r t e n P r o d u c t i o n einer W a a r e , 10
der Ueberschu ihres Marktpreises b e r ihr natural oder necessary value ist.
(p. 504) H i e r giebt e r a l s o zu, d a e s sich n i c h t u m die P r o d u c t i o n d e s
Reichthums in seinem Sinne, sondern von Werthen handelt. D e r
n a t r l i c h e P r e i s e z t sich g e g e n d e n Marktprei d u r c h , a b e r i n e i n e m
struggle, d e r m i t d e r e i n f a c h e n A u s g l e i c h u n g R ' s n i c h t s z u t h u n h a t . I m 1 5
B e g i n n d e r I n d u s t r i e , w o m e i s t e n s die N a c h f r a g e d e r Z u f u h r e n t s p r i c h t ,
die C o n c u r r e n z b e s c h r n k t w a r , a l s o M o n o p o l p r e i s s e i n a l l e n I n d u s t r i e n
s t a t t f a n d e n , ist die Ausspannung d e s G r u n d e i g e n t h u m s d u r c h d a s i n d u -
strielle b e s t n d i g ( a u c h i n N a t i o n e n g e s p a l t e t ) d a r u m die B e r e i c h e r u n g
a u f d e r e i n e n u n d V e r a r m u n g auf d e r a n d r e n Seite, also d e r s t r u g g l e zwi- 20
sehen marketprice u n d realprice nicht zu demselben P h n o m e n fhrt
u n d n i c h t i n d e m M a a stattfindet, wie i n d e r m o d e r n e n G e s e l l s c h a f t .
D e r Ueberschu des marketprice ber den realprice war hier bestndig.
Von dem Einflu von Nachfrage und Zufuhr auf Preisse.
( N a c h d e m w a s wir b i s h e r g e h r t h a b e n , d r c k t die C o n c u r r e n z u n t e r d e n 2 5
Capitalisten n a c h der profitlichsten A n w e n d u n g der Capitalien d e n
M a r k t p r e i b e s t n d i g z u m R e a l p r e i h e r a b - die proportioneile Anwen-
dung der Capitalien auf die verschiednen Geschftszweige. A b e r d i e s e C o m -
petition der Capitalisten ist wieder bestimmt durch d e n Wechsel der
N a c h f r a g e . A l s o ist es N a c h f r a g e u n d Z u f u h r , i n n e r h a l b d e r e n sich die 30
B e s t i m m u n g d e s P r e i s s e s d u r c h die A r b e i t s z e i t realisirt, i n d e m sie die
V e r h l t n i s s e b e s t i m m t , w o r i n die v e r s c h i e d n e n C a p i t a l i e n a u f die ver-
s c h i e d n e n G e s c h f t s z w e i g e vertheilt w e r d e n . A n d r e r s e i t s ist Z u f u h r wie
N a c h f r a g e b e s t i m m t d u r c h die P r o d u c t i o n selbst.)
D a s Verhltni von Nachfrage u n d Zufuhr afficirt d e n M a r k t p r e i einer 35
W a a r e nur temporr, bis sie, im Verhltni zur vergrsserten oder verringer-
t e n Nachfrage, in g r r e m oder m i n d r e m Ueberflu zugefhrt ist. V e r m i n -
dert die Productionskost von H t h e n u n d ihr Prei fllt schlielich auf
366
ihren n e u e n n a t r l i c h e n Prei, obgleich die Nachfrage sich verdoppelt, ver-

dreifacht o d e r vervierfacht h a t . . . Fiele d a s G o l d u m die H l f t e s e i n e r P r o -
ductionskosten, so wrde der Prei der W a a r e n in Gold ausgedrckt, um
100% s t e i g e n , o b g l e i c h d i e N a c h f r a g e n a c h i h n e n n i c h t z u g e n o m m e n
5 h t t e , b l o s weil i h r d u r c h d i e A r b e i t s z e i t b e s t i m m t e r W e r t h i m V e r h l t -
n i z u m G o l d g e s t i e g e n o d e r d e s s e n r e l a t i v e r W e r t h u m % gefallen i s t . . .
D i e 8 U m s t n d e des L a u d e r d a l e , w o d u r c h der T a u s c h w e r t h der W a a r e n
steigen o d e r fallen k a n n , . . A gegen u n d gegen C (Geld) A v e r m i n d e r t
in Q u a n t i t t steigt gegen , A v e r m e h r t in Q u a n t i t t fllt gegen B, A das-
10 selbe vermindert, fllt A, A dasselbe, v e r m e h r t steigt A u n d e b e n s o die
4 fallen v o n A gegen C . . . D i e s a g t R i c a r d o ist wahr ||38| v o n monopolisir-
ten Waaren u n d v o n allen andren Waaren fr a limited period. ( I m m e r n a t r -
lich v o r a u s g e s e z t d a die Q u a n t i t t steigt o d e r fllt, w e n n d i e N a c h f r a g e
d i e s e l b e bleibt, o d e r d a die Q u a n t i t t d i e s e l b e bleibt a b e r die N a c h f r a g e
15 steigt o d e r fllt.) ... Sind die P r o d u c t i o n s k o s t e n einer W a a r e v e r m i n d e r t ,
so wird sie dewegen n i c h t in grrer M e n g e zugefhrt, w e n n die N a c h -
frage n i c h t wchst: d e n n e i n e W a a r e ist n i c h t zugefhrt, blos dewegen
weil sie p r o d u c i r t werden k a n n , s o n d e r n weil Nachfrage fr sie da i s t . . .
Preisse von W a a r e n , die der C o n c u r r e n z unterworfen sind u n d d e r e n Q u a n -
20 titt in e i n e m m o d e r a t e degree v e r m e h r t w e r d e n k a n n , h n g e n schlielich
ab, n i c h t v o m S t a n d der Nachfrage u n d Zufuhr, s o n d e r n von ihrer ver-
m e h r t e n oder v e r m i n d e r t e n P r o d u c t i o n s k o s t . (p. 4 6 0 - 4 6 5 )
Die Produktionskosten, d. h. der real value

bestimmt nicht die production, sondern der marketprice.
25 ( D e r R e a l p r e i ist d e r P r e i , w o z u e i n e W a a r e producirt werden kann, d e r

Marktprei ist d e r w o z u sie verkauft werden kann.) Es ist n i c h t der Prei,
wozu K o r n p r o d u c i r t werden k a n n , der Einflu a u f die producine Quantitt
h a t , s o n d e r n der Prei w o z u es verkauft werden k a n n . Es ist im V e r h l t n i
z u m degree of t h e difference of its price b e r oder u n t e r d e n P r o d u k t i o n s -
30 kosten, t h a t capital is attracted to, or repelled from t h e land. If t h a t excess
be such as to give t h e capital so employed, a greater t h a n t h e general profit
of stock, capital will go to t h e land; if less, it will be withdrawn from it.
(p. 505)
367
Depreciirende Wirkung von Verbesserungen

in Agricultur und Maschinerie.
Alle Verbesserungen in Agrikultur u n d Manufaktur, u n d alle E r f i n d u n g e n

von M a s c h i n e r i e ... verfehlen niemals, im Augenblick ihrer I n t r o d u c t i o n ,
d e n W e r t h eines Theils des existirenden Capitals der P c h t e r oder m a n u - 5
facturers zu deteriorate or annihilate, (p. 318)
Gesezt, m i t e i n e m g e g e b n e n Capital, producire die A r b e i t einer b e -
s t i m m t e n Z a h l von M e n s c h e n 1000 Paar Strmpfe u n d d u r c h E r f i n d u n g e n
in der M a s c h i n e r i e , k n n e dieselbe Z a h l of m e n p r o d u c i r e n 2000 P a a r oder
1000 Paar Strmpfe u n d 500 hats; d a n n der W e r t h d e r 2 0 0 0 [Paar] 10
Strmpfe oder der 1000 [Paar] Strmpfe u n d 500 h a t s n i c h t m e h r als der
der 1000 Paar Strmpfe vor der Einfhrung der M a s c h i n e r i e ; d e n n sie wer-
d e n das P r o d u c t derselben Q u a n t i t t von Arbeit sein. A b e r der W e r t h der
a l l g e m e i n e n Masse v o n W a a r e n wird nichts destoweniger v e r m i n d e r t sein;
d e n n . . . ein Effekt ist producirt auf d e n Theil n o c h u n c o n s u m i r t e r W a a r e n , 15
die vor der V e r b e r u n g fabricirt waren; der W e r t h dieser W a a r e n wird redu-
cirt sein, da sie fallen m s s e n z u m level, quantity for quantity, of the goods
p r o d u c e d u n d e r all t h e advantages of the i m p r o v e m e n t : u n d die Gesell-
schaft wird, trotz der v e r m e h r t e n Q u a n t i t t von W a a r e n , ... e i n e n geringren
Belauf v o n W e r t h e n h a b e n . I n d e m wir bestndig die Leichtigkeit der Pro- 20
d u c t i o n v e r m e h r e n , v e r m i n d e r n wir bestndig d e n W e r t h einiger der vorher
p r o d u c i r t e n W a a r e n , obgleich wir d a d u r c h nicht n u r d e n n a t i o n a l e n R e i c h -
t h u m v e r m e h r e n , s o n d e r n a u c h die power of future p r o d u c t i o n , (p. 321)
Kornprei regulirt nicht den Prei der andren Waaren.
M a n abstrahire v o m G e l d . Unter solchen U m s t n d e n , k n n t e das K o r n 25

steigen im Tauschwerth m i t a n d r e n Dingen? W e n n , d a n n ist es n i c h t wahr,
da der W e r t h des Korns d e n W e r t h aller a n d r e n W a a r e n regulirt. D e n n
sonst drfte es n i c h t im relativen W e r t h zu i h n e n wechseln. W e n n nicht,
d a n n m u bewiesen werden, d a Korn, m a g e s auf r e i c h e n oder a r m e n
L n d e r n e r h a l t e n sein, m i t viel Arbeit oder wenig, m i t oder o h n e Hlfe von 30
M a s c h i n e r i e es stets fr dieselbe Q u a n t i t t von a n d r e n W a a r e n sich aus-
t a u s c h e n wrde. (p. 364,5)
( D a s W i c h t i g e b e i R i c a r d o , d a w h r e n d selbst A . S m i t h u n d S a y n o c h
e i n bestimmtes Product d e r A r b e i t z u m R e g u l a t o r m a c h e n , er b e r a l l die
Arbeit, die T h t i g k e i t , die I n d u s t r i e selbst n i m m t , n i c h t d a s P r o d u c t , 35
368
s o n d e r n die P r o d u c t i o n , d e n A k t d e s Schaffens. D a m i t die volle Epoche d e r

b r g e r l i c h e n I n d u s t r i e . B e i A . S m i t h die T h t i g k e i t n o c h n i c h t befreit,
frei, l o s g e r i s s e n v o n d e n N a t u r b a n d e n , v o m G e g e n s t a n d . ) (Bei R i c a r d o
hat der M e n s c h es berall mit seiner eignen Productivitt zu thun, bei
5 A . S m i t h k n i e t e r n o c h n i e d e r vor s e i n e m e i g n e n Geschpf, h a n d e l t e s
sich n o c h u m e i n e n b e s t i m m t e n , d e n Z u s t a n d a u s s e r s e i n e r T h t i g k e i t . ) |
|39| ( D a r u m s e i n e P o l e m i k g e g e n d a s K o r n u n d d e n Prei d e r A r b e i t ,
d e n Arbeitslohn, d e r n a t r l i c h n i c h t die A r b e i t selbst ist) ( E b e n s o g e g e n
d a s Geld.)
10 Der reale Prei h n g t n i c h t wie einige b e h a u p t e t h a b e n , v o m Geldwerth
a b ; a u c h n i c h t v o m W e r t h i m Verhltni z u m Korn, Arbeit oder irgend
einer Waare einzeln g e n o m m e n , oder to all c o m m o d i t i e s , collectively.
(p. 499) ( U e b e r h a u p t n i c h t v o n e i n e r W a a r e ; s o n d e r n v o n d e r die W a a r e
p r o d u c i r e n d e n T h t i g k e i t . A l s o a u c h n i c h t v o n d e r A r b e i t , sofern sie b e -
15 z a h l t wird, s o n d e r n v o n d e r Arbeit, i n s o f e r n sie p r o d u c t i v ist, n i c h t i n s o -
fern sie selbst W a a r e , s o n d e r n i n s o f e r n sie W a a r e n schafft.)
Der auswrtige Handel und der Tauschwerth.
Da der Werth aller fremden Waaren gemessen ist durch die Quantitt unserer Ar-
beit und unsres Landes, der im Austausch fr sie gegeben ist, w r d e n wir kei-
20 n e n grsseren W e r t h h a b e n , w e n n d u r c h die E n t d e c k u n g n e u e r M r k t e , wir
die doppelte Q u a n t i t t fremder W a a r e n fr eine gegebne Q u a n t i t t der
u n s r e n erhalten. W e n n d u r c h Verkauf von englischen W a a r e n z u m Belauf
von 1000 ein K a u f m a n n eine Q u a n t i t t von f r e m d e n W a a r e n erhalten
k a n n , die er in d e m englischen M a r k t fr 1200 /. verkaufen k a n n , so erhlt
25 er 20% profit d u r c h eine solche A n w e n d u n g seines Capitals; aber weder
sein G e w i n n , n o c h der W e r t h seiner importirten W a a r e n , w r d e n v e r m e h r t
oder v e r m i n d e r t werden, d u r c h eine grre oder kleinre Q u a n t i t t of for-
eign goods o b t a i n e d . Ob er 25 oder 50 pipes of wine importirt, sein Inter-
esse k a n n n i c h t afflcirt sein, w e n n er e i n m a l die 2 5 , das a n d r e m a l die 50
30 pipes zu 1200 l. verkauft.In j e d e m Fall sein Profit auf 200 /. beschrnkt, or
2 0 % auf sein Capital, u n d in b e i d e n Fllen ist derselbe W e r t h in E n g l a n d
importirt. Verkauft er die 50 pipes fr m e h r als 1200 /., so b e r s c h r e i t e n die
profits dieses e i n z e l n e n K a u f m a n n s die D u r c h s c h n i t t s r a t e des Profits u n d
Capitalien werden in diesen vortheilhaften t r a d e fliessen, bis der Fall des
35 Weinpreisses jedes D i n g zu s e i n e m frhren level gebracht hat. (p. [131,]
132.)
Um zu beweisen, d a der W e r t h der fremden W a a r e n gemessen ist
d u r c h die Q u a n t i t t d e s e i n h e i m i s c h e n L a n d e s u n d Arbeit, s a g t R i c a r d o :
369
I n d e m A n k a u f von fremden W a a r e n wird derselbe, oder e i n grrer

oder ein kleinrer T h e i l des L a n d e s u n d der Arbeit z . B . von E n g l a n d ange-
w a n d t werden. Derselbe Theil, d a n n besteht dieselbe Nachfrage fr die ein-
h e i m i s c h e n P r o d u c t e fort, u n d derselbe Theil des Capitals zu ihrer P r o d u c -
t i o n verwandt. Ein geringerer, w e n n der Prei des fremden P r o d u c t s 5
wohlfeiler, d a n n grrer T h e i l disposable fr die i n l n d i s c h e Nachfrage.
E i n grrer, d a n n weniger Capital verwandt u n d weniger Nachfrage n a c h
der i n l n d i s c h e n P r o d u c t i o n . So das Capital freigemacht, w o m i t fremde
W a a r e n gekauft; u n d folglich in allen Fllen, die Nachfrage fr fremde u n d
i n l n d i s c h e P r o d u c t e z u s a m m e n , so weit es d e n W e r t h angeht, b e g r e n z t 10
d u r c h die R e v e n u u n d das Kapital des L a n d e s . W e n n das E i n e steigt, m u
das a n d r e a b n e h m e n . (p. 133, 134)
( D i e ist s i c h e r : D e r W e r t h d e s L a n d e s u n d d e r A r b e i t . B . 10001.
W e n n a l s o 800 / . a u f a u s w r t i g e n K a u f v e r w a n d t , k n n e n n u r 200 a u f in-
l n d i s c h e n v e r w a n d t w e r d e n , w e n n 800 a u f i n l n d i s c h e n n u r 200 a u f a u s - 15
w r t i g e n e t c . D. h. w e i t e r n i c h t s : Wir knnen nur unsre Arbeit, die Pro-
ducte unsrer Arbeit a u s t a u s c h e n . Da d i e e i n e g e g e b n e S u m m e ist: W e n n
wir soviel v o n d i e s e r S u m m e a u f e i n e n d e r b e i d e n H a n d e l s z w e i g e , k n -
n e n wir n u r d e n R e s t d e r S u m m e a u f d e n a n d r e n v e r w e n d e n . D i e b e -
weist a b e r n i c h t , d a wir im A u s t a u s c h n i c h t m e h r Werthe z u r c k e r h a l - 20
t e n k n n e n . R i c a r d o n i m m t h i e r a n , d a der Werth, d e n wir
z u r c k b r i n g e n , sofort i m L a n d e selbst a u s g e g e b e n , a u s g e t a u s c h t w e r d e n
m u , a l s o b e s c h r n k t ist d u r c h die W e r t h e , d i e e s h a t . A b e r wir accumuli-
ren, wie alle H a n d e l s n a t i o n e n e s g e t h a n h a b e n , . B . G o l d u n d h o a r d e n
e s , w e n n wir fr die g r r e n W e r t h e , die wir z u r c k b r i n g e n , k e i n u n m i t - 25
t e l b a r e s E q u i v a l e n t f i n d e n . S o n s t w r e j a a u c h d e r a l l g e m e i n e S a t z rich-
tig: W i r k n n e n k e i n e n neuen W e r t h schaffen, s o n d e r n n u r v a l e u r u t i l e ,
d e n n d e r n e u e Werth ist bestimmt durch die vorhandnen Arbeitsproducte,
u n d Arbeit, i s t g e m e s s e n d u r c h d e n s c h o n v o r h a n d n e n W e r t h , w o g e g e n
e r s i c h a u s t a u s c h e n m u . D e r v o r h a n d n e W e r t h k n n t e a l s o n i e ver- 30
m e h r t w e r d e n . A b e r k n n e n wir n i c h t n e u e A r b e i t i n s L e b e n r u f e n ? U n d
d a s Geld steht es n u r im Verhltni zu den geschaffnen W e r t h e n oder zu
d e n e n , d i e g e s c h a f f e n w e r d e n k n n e n ? U n d ||40| k a n n e i n e N a t i o n die
a n d r e n i c h t s o g u t b e s t e h l e n , wie ein I n d i v i d u u m d a s a n d r e ?
A b e r R i c a r d o wird s a g e n : Es s i n d n u r 3 F l l e m g l i c h . 35
E n t w e d e r f h r e i c h v o n a u s s e n Waaren ein,
o d e r Geld,
o d e r Einkommen, s o d a i m l e z t e n F a l l i c h i m A u s t a u s c h e i n e j h r l i -
che Revenue erhalte.
Alle 3 m u i c h im I n l a n d a u s t a u s c h e n . W o g e g e n ? G e g e n d i e vor- 40
h a n d n e A r b e i t u n d L a n d . I h r Werth ist a l s o d u r c h i h r e n Werth g e m e s s e n .
370
D u r c h d e n a u s w r t i g e n H a n d e l k n n e n a l s o n i e die W e r t h e v e r m e h r t
werden.
E i n e u r s p r n g l i c h a r m e N a t i o n , wie die H o l l n d e r , k n n t e a l s o n i e
d u r c h d e n a u s w r t i g e n H a n d e l a n T a u s c h w e r t h e n g e w i n n e n , u n d br-
5 gerlich r e i c h w e r d e n . D i e P a r a d o x o n stellt R i c . auf.
A l l e r d i n g s w r e d a s richtig, w e n n i c h d e n neuen Werth, d e n i c h selbst
aus d e m Land g e n o m m e n habe, gegen den alten austauschte. Aber ich
kann
n e u e Arbeit ins Leben rufen mit d e m n e u e n W e r t h u n d d a r u m n e u e
10 W e r t h e , g e g e n die i c h n a c h u n d n a c h n e u e r e p r o d u c i r e n d a u s t a u s c h e ;
i c h k a n n d a s v e r w e r t h e n , w a s frher k e i n e n W e r t h h a t t e , i n d e m i c h e s
z u m Gegenstand des Austausches m a c h e :
i c h k a n n e i n e n T h e i l w i e d e r i n s A u s l a n d s c h i c k e n u n d e i n e n T h e i l ge-
g e n d e n s e l b e n W e r t h a u s t a u s c h e n , d e n i c h a u s g e f h r t h a b e m i t Profit.
15 So k a n n s i c h e i n e H a n d e l s n a t i o n b e r e i c h e r n .
U n d i c h fhre, i n A r b e i t s z e i t b e t r a c h t e t , vielleicht m e h r ein, als i c h
ausgefhrt habe.
W e n n R i c . s a g t m i t R e c h t , d a e i n e W a a r e n i c h t p r o d u c i r t wird z u ge-
w i s s e n K o s t e n , weil sie d a z u p r o d u c i r t , s o n d e r n weil sie v e r k a u f t w e r d e n
20 k a n n , so e b e n s o sehr, d a sie e i n e n Werth h a t n i c h t i h r e r P r o d u c t i o n s k o -
s t e n w e g e n , s o n d e r n weil s i e g e g e n b e s t i m m t e P r o d u c t i o n s k o s t e n a u s g e -
tauscht werden kann.
W e n n die A r b e i t s z e i t d a s M a a d e s W e r t h s , d . h . d e r Q u a n t i t t v o n
W a a r e n die g e g e n e i n e d r i t t e i m A u s t a u s c h g e g e b e n w e r d e n , s o e b e n s o
25 sicher, d a d a s M a a d e s W e r t h s n i c h t d e r Werth ist, S a c h e ist, die
g e m e s s e n wird, u n d d a , d a m i t die Q u a n t i t t , w o r i n W a a r e n g e g e n e i n -
a n d e r sich a u s t a u s c h e n , g e m e s s e n w e r d e n k a n n , sie sich vor allem aus-
tauschen m s s e n . M i t d e m Austausch b e g i n n t d a h e r die Verwerthbarkeit
d e r W a a r e . J e d e r n e u e G e g e n s t a n d , d e r a u s t a u s c h b a r wird, ist d a d u r c h
30 e o i p s o e i n n e u e r Werth u n d fgt z u d e r Z a h l d e r W e r t h e h i n z u . I n d e m
M a a s s e wie sich d a h e r die Q u e l l e n des A u s t a u s c h e s erffnen, vervielfl-
t i g e n sich die W e r t h e , i m i n l n d i s c h e n , wie i m a u s w r t i g e n H a n d e l . U n d
die F h i g k e i t d e s A u s t a u s c h e s schafft d a h e r n e u e A r b e i t u n d s e z t n e u e s
L a n d i n B e b a u u n g , ist a l s o n i c h t d u r c h sie g e m e s s e n . E s w r e s o n s t a u c h
35 d a s s e l b e zu b e h a u p t e n , d e r W e r t h e i n e r W a a r e sei g e g e b e n d u r c h die in
i h r fixirte A r b e i t s z e i t , u n d sie sei Werth, o h n e austauschbar zu sein. W a a -
r e n , die k e i n e n W e r t h h a t t e n , b e k o m m e n d u r c h die A u s t a u s c h b a r k e i t z u -
n c h s t e i n e n W e r t h . E r s t d u r c h die b l o s e A u s t a u s c h b a r k e i t . D a s i e d a n n
b a l d e r s c h p f t sind, m u die A r b e i t sie r e p r o d u c i r e n u n d w e n n i h r W e r t h
40 z u n c h s t zufllig b e s t i m m t war, b e s t i m m t e r sich n u n d u r c h die P r o d u c -
t i o n s k o s t e n . W e r d e n d a h e r die Q u e l l e n d e s A u s t a u s c h e s verstopft, s o
371
h r t die P r o d u c t i o n auf, a l s o d a s M a a , w o n a c h n a c h R i c a r d o d e r A u s -
t a u s c h z u m e s s e n d a s j h r l i c h e L a n d u n d die j h r l i c h e Arbeit.)
Bestimmung des Tauschwerths in verschiednen Lndern.
Dieselbe Regel, welche d e n relativen W e r t h der W a a r e n i n E i n e m L a n d e

regelt, regelt n i c h t d e n relativen W e r t h der W a a r e n , die zwischen ver- 5
s c h i e d n e n L n d e r n ausgetauscht werden. U n t e r d e m System vollstndiger
Handelsfreiheit, devouirt j e d e s L a n d sein Capital u n d seine Arbeit solchen
Beschftigungen, die j e d e m derselben am vortheilhaftesten sind ... Da-
d u r c h Arbeit m o s t effectively u n d m o s t economically vertheilt: while, by
increasing the general m a s s of productions, it diffuses general benefit, a n d 10
b i n d s together by o n e c o m m o n tie of interest a n d intercourse, t h e universal
society of n a t i o n s t h r o u g h o u t the civilized world, (p. 138,39, c o n t i n .
p . 43) I
372
I4i| Sir J. Steuart contin.
t. II.
b.II.
A t h e n zur Z e i t X e n o p h o n s h a t t e die G e w o h n h e i t Steuern auf ihre confed-

5 erate cities aufzulegen, in order to m a i n t a i n their own c o m m o n people,
(p. 35) In d e n alten Z e i t e n great quantities of gold a n d silver were found
locked up in the coffers of the rich: this was in a great m e a s u r e useless to
t h e m , in t h e c o m m o n course of life, a n d was t h e m o r e easily parted with
from a s e n t i m e n t of vanity or ostentation. In our days, the largest i n c o m e is
10 c o m m o n l y found too small for the current expence of t h e proprietor, (p. 36)
U n t e r s c h e i d e t p. 60 zwischen prime cost u n d selling prices, t h e first
d e p e n d s u p o n the t i m e employed, t h e expence of the workmen, a n d t h e
value of t h e materials. T h e second is t h e s u m of these, a d d e d to t h e profit
u p o n alienation. ... das erste invariable, das zweite bestndig increasing
15 either from delay in selling off, or by the multiplicity of alienations, (p. 60)
T h e constant increase of work implies an a u g m e n t a t i o n of n u m b e r s , a n d
consequently of food; b u t the quantity of food d e p e n d s on t h e e x t e n t a n d
fertility of t h e soil: so soon therefore as the soil refuses to give m o r e food, it
m u s t be sought for from abroad, a n d when t h e expence of procuring it rises
20 above a certain standard, subsistence b e c o m e s dear; this raises t h e prices,
the m a r k e t is deserted, a n d the scale of work is m a d e to p r e p o n d e r a t e u n t i l
the industrious enter into a hurtful c o m p e t i t i o n a n d starve o n e another,
(p. 66) W h e n an idle people, a b u n d a n t l y fed, b e t a k e themselves to industry,
they can afford, for a while, m a n u f a c t u r e s at t h e cheapest rate; b e c a u s e
25 they do n o t live by their industry, b u t amuse themselves with it. H e n c e t h e
373
cheapness of all sorts of c o u n t r y work, in former times, a n d of N u n s work

in those we live- in. (1. c.) consolidated profits u n d high prices of subsistence
sind vices in a state, (p. 72) As frugality a n d industry are in our days ca-
pable of amassing the greatest fortunes in solid property, so is dissipation, by
t h e m e a n s of symbolical m o n e y , as certain an e x p e d i e n t for t h e a n n i h i l a - 5
tion of t h e m . ... dissipation implies frugality a n d frugality dissipation. In
every country of great circulation, they b a l a n c e a n d destroy o n e another;
a n d since there is no such thing as equality of fortune to be preserved without
proscribing alienation, i. e. circulation, the n e x t best e x p e d i e n t for m a k i n g
people equal, I think, is to enrich t h e m by turns, (p. 86) the price of articles 10
of the first necessity regulate, in a great m e a s u r e , the price of every thing
else. ... the standard price of subsistence is in t h e c o m p o u n d proportion of
the n u m b e r of those who are obliged to buy, a n d of t h e d e m a n d found for
their labour. Subsistence never can rise above the level of the faculties of
the n u m e r o u s classes of a people; because so soon as a price rises above the 15
faculties of the buyer, his d e m a n d is withdrawn; and w h e n t h e d e m a n d of a
n u m e r o u s class is withdrawn, subsistence is found in too great plenty for
the rich to bear a high price, (p. 89) Die Effects of riches in those countries
where trade u n d industry are little known. U n d e r s u c h circumstances, coin
m u s t be locked u p , or virtue will go to wreck. W h y ? b e c a u s e , if coin circu- 20
late where there is no industry, it m u s t circulate for no a d e q u a t e equivalent
in work or service i. e. for the gratification of t h e passions, or in m o n s t r o u s
prodigality, (p. 91,2) M a n sagt, da luxury eine N a t i o n effeminili: a t r u e
proposition, w h e n rightly u n d e r s t o o d , relative to the industrious, n o t to t h e
luxurious classes of the people, (p. 93) T h e magnificence der A l t e n h a t t e 25
nicht dieselbe T e n d e n z simplicity zu zerstren wie der L u x u s der m o -
d e r n e n Zeit; because they owed their magnificence to the slavery of the infe-
rior classes of t h e people, who got no return for their l a b o u r further t h a n
bare subsistence. W h e r e a s m o d e r n magnificence d e p e n d s u p o n industry;
which draws after it s u c h a retribution in m o n e y , as soon enables those who 30
at first contributed to the luxury of others, to call for the like service from
an inferior class, who are entering u p o n the course which the m o r e wealthy
a b a n d o n , (p. 94)
374
(t. .)
Book III. Of Money and coin.
Part I. The Principles of Money deduced,

and applied to the Coin of Great Britain.
5 Symbolical or p a p e r m o n e y is b u t a species of credit: it is no m o r e t h a n t h e

m e a s u r e by w h i c h credit is reckoned. Credit is t h e basis of all contracts be
tween m e n : few c a n be so s i m u l t a n e o u s as n o t to leave s o m e performance,
or prestation ... on o n e side or other, at least for a short t i m e , in s u s p e n c e .
He therefore, who fulfils his part, gives credit to t h e party who only p r o m -
10 ises to fulfil, a n d according to the variety of contracts, t h e n a t u r e of t h e
prestations, or performances, t h e r e i n stipulated, a n d t h e security given for
fulfilling, w h a t is n o t performed, credit a s s u m e s different forms, a n d com
m u n i c a t e s to us different ideas. P a p e r credit or symbolical m o n e y , on t h e
o t h e r h a n d , is m o r e simple. It is an obligation to pay the intrinsic value of cer
va tain denominations of money contained in t h e paper. H e r e t h e n lies t h e differ
ence between a p a y m e n t m a d e in intrinsic value, a n d a n o t h e r m a d e in pa
per. H e who pays i n intrinsic value, p u t s t h e p e r s o n t o w h o m h e pays i n t h e
real possession of what he owed; a n d this d o n e , t h e r e is no m o r e place for
credit. He who pays in p a p e r p u t s his creditor only in possession of a n o t h e r
20 person's obligation to m a k e t h a t value good to h i m : h e r e credit is necessary
even after t h e p a y m e n t is m a d e . S o m e intrinsic value or other, therefore, must
be found out to form the basis of paper money: for w i t h o u t t h a t it is impossible
to fix any d e t e r m i n e d s t a n d a r d worth for t h e d e n o m i n a t i o n s c o n t a i n e d in
t h e paper, (p. 100, 101) |
25 |42| Of M o n e y of A c c o m p t .
Money of Account ist n i c h t s als ein arbitrary scale of e q u a l parts, i n v e n t e d

for m e a s u r i n g t h e respective value of things vendible. M o n e y of a c c o u n t
ganz verschieden von money coin, w h i c h is price u n d k n n t e existiren, o b -
gleich keine Substanz in der Welt wre, die ein a d q u a t e s u n d proportional
30 equivalent fr j e d e W a a r e wre. (p. 102) M o n e y of a c c o u n t t h u t d e n s e l b e n
D i e n s t fr d e n Werth der Dinge, wie M i n u t e n , S e k u n d e n etc fr W i n k e l
oder scales fr geographical m a p s etc. In allen diesen inventions, i m m e r
some d e n o m i n a t i o n taken for the u n i t . (1. c.) In W i n k e l n ists der G r a d , in
375
der G e o g r a p h i e die Meile, in plans der F u etc, in m o n e y das p o u n d , florin

etc. D e r G r a d h a t keine b e s t i m m t e Lnge, so n e i t h e r h a s t h a t part of the
scale u p o n plans which m a r k s the u n i t : the usefulness of all those institu-
tions being solely confined to the m a r k i n g of proportion. J u s t so t h e u n i t in
m o n e y c a n have no invariable d e t e r m i n a t e proportion to any part of value, 5
i. e., it c a n n o t be fixed to any particular Quantity of gold, silver oder any
other c o m m o d i t y whatsoever. T h e u n i t once fixed, we can by multiplying
it, ascend to the greatest value etc. (p. 103) So m o n e y a scale for m e a s u r i n g
value, (p. 102) D e r W e r t h der D i n g e ist regulirt d u r c h die C o m b i n a t i o n s
vieler U m s t n d e , aber h a u p t s c h l i c h d u r c h folgende: 1) D i e a b u n d a n c e of 10
the things to be valued. 2) t h e d e m a n d which m a n k i n d m a k e for t h e m .
3) the c o m p e t i t i o n between the d e m a n d e r s , and 4) the e x t e n t of t h e facul-
ties of t h e d e m a n d e r s . (p. 103) As far, as an increase of the m e t a l s a n d coin
shall p r o d u c e an increase of d e m a n d , a n d a greater c o m p e t i t i o n t h a n be-
fore, so far will t h a t c i r c u m s t a n c e influence the rise of prices, a n d no fur- 15
ther. (p. 104) T h e value of c o m m o d i t i e s , therefore, d e p e n d i n g u p o n a gen-
eral c o m b i n a t i o n of c i r c u m s t a n c e s relative to themselves a n d to t h e fancies
of m e n , their value o u g h t to be considered as changing only with respect to
o n e another; consequently, any thing which troubles or perplexes the ascer-
t a i n i n g of those changes of proportion by the means of a general, determinate 20
and invariable scale, m u s t be hurtful to trade a n d a clog u p o n alienation.
(1. c.) d a h e r zu u n t e r s c h e i d e n zwischen price (d. h. coin) considered as a
measure u n d Prei considered as an equivalent for value. D i e m e t a l s perfor-
m i r e n n i c h t gleich gut j e d e dieser b e i d e n functions ... Money ist an ideal
scale of equal parts. If it be d e m a n d e d what ought to be the s t a n d a r d value 25
of o n e part? I answer, by putting a n o t h e r question: W h a t is t h e s t a n d a r d
length of a degree, a m i n u t e , a second? It has n o n e ... b u t so s o o n as o n e
part b e c o m e s d e t e r m i n e d , by the n a t u r e of a scale, all t h e rest m u s t follow
in proportion, (p. 105) Examples von diesem idealen G e l d das Bankgeld
v o n A m s t e r d a m u n d das A n g o l a m o n e y an der Afrikanischen K s t e ... D a s 30
b a n k m o n e y stands invariable like a rock in the sea. A c c o r d i n g to this ideal
s t a n d a r d are t h e prices of all things regulated, (p. 106,7 sqq.) D i e Bankgeld
m a y at all t i m e s be m o s t accurately specified in a d e t e r m i n a t e weight of sil-
ver a n d gold; b u t w h i c h c a n never be tied down to t h a t precise weight for
24 hours, any m o r e t h a n to a barrel of herrings, (p. 108) 35
376
Exzerpte aus James Steuart:
An inquiry into the principles of political economy ,..
Heft VIII. Seite 42
Of Artificial or M a t e r i a l M o n e y .
Altering t h e s t a n d a r d is like altering t h e n a t i o n a l m e a s u r e s or weights.

D i e wird a m b e s t e n e n t d e c k t b y c o m p a r i n g t h e thing altered m i t things
von derselben N a t u r , die keine alteration erlitten h a b e n . So w e n n der F u
5 auf e i n m a l in g a n z E n g l a n d gendert, t h e alteration would be best dis-
covered, by c o m p a r i n g t h e new foot m i t d e m v o n Paris o d e r irgend eines
a n d e r e n L a n d e s , das k e i n e V e r n d e r u n g erlitten. ... So w e n n das St. die
english u n i t sich n d e r t ... t h e best way to discover it will be to c o m p a r e
t h e former a n d t h e present value of it m i t d e m m o n e y of o t h e r n a t i o n s
10 which h a s suffered no variation. This t h e course of e x c h a n g e will perform
with t h e greatest exactness, (p. 110)
Incapacities der m e t a l s z u m D i e n e n
als invariable m e a s u r e of value.
G o l d u n d Silber variiren in i h r e m relativen Werth zu einander, (p. I l l ) W e n n

15 d a h e r g e n o m m e n , um d e n W e r t h andrer D i n g e zu m e s s e n , n d e r n die
D i n g e to be m e a s u r e d , w i t h o u t changing their relative proportion b e t w e e n
themselves, d e n n o c h with respect to t h e d e n o m i n a t i o n s of b o t h t h e i r m e a s -
ures, (p. 112) D i e e d l e n Metalle h a b e n 2 W e r t h e , e i n e n als coin, d e n a n d -
r e n als Metall, i. e. W a a r e . (p. 116) Das metallische G e l d wears in circula-
20 tion, ist inaccurately coined, das coinage fgt d e m W e r t h h i n z u o h n e d e m
G e w i c h t h i n z u z u f g e n , der W e r t h k a n n willkhrlich v e r n d e r t w e r d e n u n d
trade profits of t h e smallest defects in t h e coin. (p. 116,17) Alle diese i n c o n -
veniencies d e n e n coin ausgesezt ist, verschwinden in L n d e r n , wo der u s e
of p u r e ideal m o n e y of a c c o u n t is properly established, (p. 118) D i e Opera-
25 tion des raising u n d debasing des coin is performed in 3 W e i s e n : 1) D u r c h
V e r m e h r u n g oder V e r m i n d e r u n g des Gewichts des coin. 2) D u r c h V e r m e h -
r u n g oder V e r m i n d e r u n g der Proportion der alloy im coin. 3) D u r c h Ver-
m e h r u n g o d e r V e r m i n d e r u n g des Verhltnisses zwischen d e m m o n e y
(coin) u n d d e m m o n e y of account, . . i n d e m m a n every sixpence a shil-
30 ling n e n n t , (p. 128) K o m m e n alle drei h e r a u s auf V e r m i n d e r u n g des weight
of t h e p u r e m e t a l s in t h e m o n e y - u n i t of a c c o m p t . (p. 129)
379
Historical a c c o u n t of the variations in the british coin.
D a s p o u n d troy of standard silver war lange das I. St. fr lange J a h r e . V o n

Elisabeths A c t zu sagen, d a es the last deliberate adulteration by law of t h e
english coin war. (p. 153) Henry V I I I u n d Edward VI, during t h e violent
convulsions of the reformation, verflschten die F e i n h e i t des coin so u n d 5
so curtailed sein Gewicht, d a alle Proportion des W e r t h e s verloren ging.
D i e zwang die Minister Edwards 1552, to restore t h e purity of t h e metals
u n d to raise the weight of the coin in the /. St. von 220 grains troy of fine
silver, wozu es d a m a l s debased war, zu 1884, M a r i e reducirte es auf
1880 grains. ( C o n t i n u a n o p. 52) | 10
380
|43| Ricardo, D.P. o. P.E. continuatio

von p. 40.
I n e i n e m u n d d e m s e l b e n L a n d sind Profite, i m A l l g e m e i n e n , auf d e m s e l -
b e n level; oder ihr U n t e r s c h i e d b e r u h t n u r auf der grren oder m i n d r e n
5 Sicherheit u n d A n n e h m l i c h k e i t der A n w e n d u n g des Capitals. A n d e r s ver-
hlt es sich zwischen verschiednen L n d e r n ... Capital, bei e i n e m etwaigen
U n t e r s c h i e d des Profits, rasch von L o n d o n n a c h Yorkshire bertragen, aber
w e n n in der Folge des W a c h s t h u m s des Capitals u n d der Bevlkerung wa-
ges steigen u n d profits fallen, so m o v e n Capital u n d P o p u l a t i o n n i c h t
10 nothwendig von E n g l a n d n a c h H o l l a n d oder S p a n i e n oder R u l a n d , wo
Profits h h e r sein m g e n ... W e n n Portugal 9 0 M a n n braucht, u m eine ge-
g e b n e Q u a n t i t t T u c h u n d 8 0 u m eine gegebne Q u a n t i t t W e i n z u p r o d u -
ciren, w h r e n d E n g l a n d 100 fr T u c h u n d 120 fr W e i n b r a u c h t e , so wird
Portugal W e i n exportiren u n d E n g l a n d T u c h ... Die Q u a n t i t t W e i n , die
15 Portugal giebt im A u s t a u s c h fr englisches T u c h , ist n i c h t b e s t i m m t d u r c h
die respectiven Q u a n t i t t e n von Arbeit devoted to the p r o d u c t i o n of e a c h ,
wie es wre, w e n n beide W a a r e n in E n g l a n d oder in Portugal p r o d u c i r t
w r d e n ... Dieser A u s t a u s c h k n n t e Stattfinden, obgleich die von Portugal
importirten W a a r e n dort m i t weniger Arbeit producirt w e r d e n k n n t e n als
20 in England. Obgleich es T u c h m i t der Arbeit von 90 M a n n m a c h e n k n n t e ,
wrde es dasselbe importiren von e i n e m L a n d , wo es die P r o d u c t i o n von
100 M a n n erfordert, weil es i h m vortheilhaft sein wrde lieber sein Capital
in der P r o d u c t i o n v o n W e i n zu verwenden, wofr es m e h r T u c h v o n E n g -
l a n d erhlt, als es verschaffen wrde, wenn es e i n e n Theil seines Capitals
25 von der P r o d u c t i o n auf W e i n , auf die P r o d u c t i o n von T u c h ableitete. So
wrde E n g l a n d das P r o d u c t der Arbeit von 100 M a n n fr das P r o d u c t der
Arbeit von 80 geben ... Solch ein A u s t a u s c h k n n t e n i c h t stattfinden u n t e r
I n d i v i d u e n desselben L a n d e s ... D i e Differenz in dieser B e z i e h u n g zwi-
381
sehen e i n e m e i n z e l n e n L a n d u n d vielen erklrt sich leicht d u r c h Betrach-

t u n g der Schwierigkeit, w o m i t Capital sich von d e m e i n e n L a n d z u m and-
ren bewegt, u m dort vortheilhaftere Beschftigung z u s u c h e n , u n d andrer-
seits die Thtigkeit womit es unvernderlich passes von der e i n e n Provinz
zu der a n d r e n in d e m s e l b e n Land. D a r a u s geht hervor, d a ein L a n d m i t 5
grossen V o r z g e n i n M a s c h i n e r i e u n d Geschick u n d d a h e r i m S t a n d M a n -
ufactures m i t viel weniger Arbeit zu produciren als die N a c h b a r l n d e r , in
R e t o u r fr solche W a a r e n , e i n e n Theil des fr seinen C o n s u m erheischten
K o r n s importiren k a n n , selbst w e n n seine lands fruchtbarer wren u n d
K o r n wohlfeiler bei i h m producirt werden k n n t e als in d e m a u s f h r e n d e n 10
L a n d . Zwei L e u t e k n n e n beide S c h u h e u n d H t h e m a c h e n , u n d E i n e r ist
superior in b e i d e n Zweigen, aber im Verfertigen von H t h e n k a n n der E i n e
seinen C o n c u r r e n t e n u m 20%, i n d e m Verfertigen von S c h u h e n u m 3 3 %
b e r b i e t e n ... Ist es d a n n n i c h t im Interesse beider, d a der superior m a n
sich m i t d e m Verfertigen der S c h u h e u n d der inferior m i t d e n H t h e n a b - 15
giebt? ... D i e E m i g r a t i o n von Capital wird gechecked (von e i n e m L a n d
z u m andren) d u r c h die eingebildete oder reale U n s i c h e r h e i t des Capitals,
w e n n n i c h t u n t e r directer Controlle des Besitzers z u s a m m e n m i t der n a t r -
lichen Disinclination, die jeder h a t das L a n d zu verlassen seiner b i r t h u n d
c o n n e x i o n s u n d intrust himself m i t all his habits fixed, to a strange govern- 20
m e n t a n d new laws. Gold u n d Silber sind in solchen Verhltnissen ver-
theilt u n t e r d e n verschiednen N a t i o n e n der Welt, als sich selbst zu fgen
d e m n a t u r a l traffic, der Platzgreifen wrde w e n n keine solche m e t a l s exi-
stirten, u n d der H a n d e l zwischen verschiednen L n d e r n ein reiner T a u s c h -
h a n d e l wre ... D i e V e r b e r u n g of a m a n u f a c t u r e in e i n e m L a n d strebt die 25
Distribution der edlen Metalle u n t e r d e n n a t i o n s der W e l t zu v e r n d e r n :
sie strebt die Q u a n t i t t der W a a r e n zu vermehren, z u r selben Zeit wo sie
die general prices in d e m L a n d hebt, wo die V e r b e r u n g stattgefunden hat.
(p. 1 3 9 - 4 9 ) D a s G e l d eines J e d e n L a n d e s ist approportionirt n u r in solchen
Q u a n t i t t e n als nthig sind e i n e n vortheilhaften T a u s c h h a n d e l zu regeln. 30
(p. 147,48) ( N a c h d i e s e r E x p o s i t i o n e r h h t d e r T a u s c h h a n d e l a l s o a u c h
die Preisse, n i c h t n u r die Producte.)
Einflu des Colonialhandels auf Preisse.
D i e B e s c h r n k u n g e n einer Colonie k n n e n d e m M u t t e r l a n d e i n e n b e s o n d -
ren Vortheil geben, (p. 404) D a der Verlust erduldet, d u r c h eine unvor- 35
theilhafte Vertheilung der Arbeit in zwei Lndern, d e m e i n e n vortheilhaft
sein k a n n , w h r e n d das andre d a d u r c h leidet, giebt A. S m i t h selbst zu.
D i e beweist a b e r da eine Maaregel, die einer Colonie sehr hurtful sein
382
kann, theilweise n t z l i c h d e m M u t t e r l a n d sein m a g . (p. 405) A. S m i t h sagt

selbst von Handelsvertragen, die eine N a t i o n b i n d e n , entweder d e n entry
gewisser W a a r e n v o n e i n e m L a n d zu erhalten d e r e n Eingang von allen a n d -
ren N a t i o n e n es verbietet, oder W a a r e n des e i n e n L a n d e s von Steuern aus-
5 z u n e h m e n , d e n e n es alle a n d r e n unterwirft: Die m a n u f a c t u r e r s u n d m e r -
chants der so bevorzugten N a t i o n gewinnen. Sie geniessen in d e m d u r c h
d e n Vertrag g e b u n d n e n L a n d eine Art von M o n o p o l . D i e L a n d wird ein
Markt, beides extensiver u n d profitlicher fr ihre W a a r e n , extensiver, weil
die W a a r e n andrer N a t i o n e n ausgeschlossen oder schwierigren S t e u e r n u n -
10 terworfen sind, it takes off a greater q u a n t i t y of t h e m ; vortheilhafter weil
sie eine Art M o n o p o l geniessen u n d ihre W a a r e n oft t h e u r e r verkaufen
k n n e n als w e n n der freien C o n c u r r e n z der a n d r e n n a t i o n s ausgesezt." Ist
also das E i n e der L n d e r Colonie, das a n d r e M u t t e r l a n d , so k a n n leztres
benefitted werden d u r c h oppression des ersteren. (p. 405,6) Allerdings wird
15 die einerseits paralysirt d u r c h die C o n c u r r e n z (wenn der H a n d e l n i c h t
monopolisirt i n d e n H n d e n einer C o m p a n i e ) u n t e r d e n Kaufleu-
t e n ||44| des M u t t e r l a n d e s s e l b s t . . . A b e r selbst in d i e s e m Fall k a n n die Co-
lonie die W a a r e h c h s t e n s kaufen z u m n a t u r a l price des M u t t e r l a n d e s ,
w h r e n d sie dieselbe, b e i freiem H a n d e l , vielleicht kaufen k n n t e zu d e m
20 viel tieferen n a t u r a l price andrer Lnder, (p. 406,7)
So also eine unvortheilhafte Distribution des a l l g e m e i n e n Capitals ver-
ursacht, die h a u p t s c h l i c h fllt auf das L a n d , g e b u n d e n d u r c h s e i n e n Ver-
trag in d e m m i n d e s t productiven L a n d zu kaufen, (p. 407)
D e r Vortheil fr das M u t t e r l a n d besteht darin: Diese b e s t i m m t e n W a a -
25 ren h t t e n in E n g l a n d n i c h t fr d e n Export g e m a c h t w e r d e n k n n e n , h t t e
es n i c h t das Privilegium this particular m a r k e t zu b e d i e n e n ; d e n n die Con-
currenz des L a n d e s , wo der n a t u r a l price niedriger war, wrde es der
C h a n c e b e r a u b t h a b e n diese W a a r e n zu verkaufen. D i e wre unwichtig,
w e n n E n g l a n d sicher wre z u m selben Belauf irgend a n d r e W a a r e n zu ver-
30 kaufen (die es fabriciren k n n t e ) sei es auf d e m franzsischen M a r k t , oder
m i t gleichem Vortheil auf irgend e i n e m andren. E n g l a n d will z . B . franzsi-
sche W e i n e zu 5000 /. kaufen, es will i h m dafr W a a r e n verkaufen ebenfalls
z u m Belang von 50001. G i e b t F r a n k r e i c h i h m ein M o n o p o l fr d e n T u c h -
markt, so wird es sofort T u c h exportiren; ist aber der H a n d e l frei, so k a n n
35 die C o n c u r r e n z andrer N a t i o n e n prveniren d e n n a t u r a l price des engli-
schen T u c h s niedrig genug zu sein um 5000 /. fr sein T u c h zu erhalten.
D i e englische Industrie m u also auf eine a n d r e W a a r e verwandt werden;
aber da ist vielleicht k e i n e seiner productions, die, zu d e m existirenden
Werth des Geldes, es verkaufen k a n n z u m natural price a n d r e r Lnder. 5000 /.
40 Geld werden d e h a l b n a c h F r a n k r e i c h exportirt fr d e n W e i n . D a d u r c h
steigt der W e r t h des G e l d e s i n E n g l a n d u n d fllt i n a n d r e n L n d e r n ; u n d
383
so ist der natrliche Prei aller durch die brittische Industrie p r o d u c i r t e n

W a a r e n verringert. Um die 5000 /. zu erhalten k n n e n j e z t W a a r e n expor-
tirt werden; d e n n zu i h r e m v e r m i n d e r t e n natrlichen Prei k n n e n sie n u n
i n C o n c u r r e n z m i t d e n W a a r e n andrer L n d e r treten. M e h r W a a r e n i n d e
w e r d e n verkauft zu d e n n i e d r i g e n Preissen um die 5000 erheischten /. zu 5
erhalten, die d a z u n i c h t dieselbe Q u a n t i t t von W e i n verschaffen werden;
weil das W a c h s e n des G e l d e s in F r a n k r e i c h d e n n a t u r a l price of goods u n d
W e i n i n F r a n k r e i c h e r h o b e n hat. W e n i g e r W e i n also importirt i n E n g l a n d ,
im A u s t a u s c h fr seine W a a r e n , w e n n der H a n d e l vollstndig frei, als
[ w e n n ] er d u r c h Handelsvertrge g e b u n d e n ist. D e r wechselseitige Vortheil 10
u n d N a c h t h e i l fr F r a n k r e i c h u n d E n g l a n d besteht darin, da das E i n e
eine grre, das a n d r e eine geringere Q u a n t i t t der W a a r e n der a n d r e n N a -
t i o n erhlt, (p. 4 0 7 - 4 0 9 )
D e r auswrtige Handel also regulirt - was a u c h i m m e r die comparative
difficulty of p r o d u c t i o n in d e n verschiednen L n d e r n - by altering the nat- 15
ural price, n o t the natural value, wozu W a a r e n in diesen L n d e r n producirt
w e r d e n k n n e n ... D i e ist bewirkt d u r c h altering the distribution of precious
metals, (p. 409)
(Natural Price und Natural Value u n t e r s c h e i d e t R i c a r d o h i e r a l s o . D e r
e i n e k a n n w e c h s e l n , o h n e d a d e r a n d r e w e c h s e l t . D e r N a t u r a l P r i c e ist 2 0
der Natural Value ausgedrckt im M e d i u m des Geldes u n d je n a c h d e m
Werth d e s G e l d e s k a n n d i e s e r A u s d r u c k variiren.)
D e r Colonialhandel, w e n n g e b u n d e n , k a n n d e m M u t t e r l a n d also profitli-
cher sein als vollstndig freier H a n d e l . W i e e i n e m e i n z e l n e n C o n s u m e n t e n
unvortheilhaft in seinen dealings auf e i n e n b e s o n d r e n shop b e s c h r n k t zu 25
sein, so fr a n a t i o n of c o n s u m e r s von einer particular country kaufen zu
m s s e n , (p. 410)
Wirkung von Nachfrage und Zufuhr auf den Tauschwerth.
E i n e V e r m e h r u n g in der Productionskost einer W a a r e , w e n n ein Artikel er-

ster N o t h w e n d i g k e i t v e r m i n d e r t n i c h t nothwendig ihre C o n s u m t i o n ; d e n n 30
obgleich die allgemeine C o n s u m t i o n s m a c h t der c o n s u m e r s a b g e n o m m e n
d u r c h das Steigen einer W a a r e , yet they m a y r e l i n q u i s h die C o n s u m t i o n
irgendeiner a n d r e n W a a r e , deren Productionskost n i c h t gestiegen ist. In
d i e s e m Falle b l e i b e n Q u a n t i t y supplied u n d quantity d e m a n d e d dieselbe
wie frher; die Productionskost allein ist gestiegen, u n d d e n n o c h steigt der 35
Prei u n d m u steigen, u m die Profite des p r o d u c e r der e n h a n c e d c o m -
m o d i t y auf d e n allgemeinen level zu stellen, (p. [410,] 411)
Da die P r o d u c t i o n s k o s t e n die Preisse der W a a r e n b e s t i m m e n , reducirt
384
die A n w e n d u n g verbesserter M a s c h i n e n die Preisse u n d befhigt die W a a -

r e n wohlfeiler auf d e n fremden M r k t e n zu verkaufen. Verwirft ein L a n d
d e n G e b r a u c h der M a s c h i n e r i e , w h r e n d alle a n d r e n L n d e r sie a n w e n d e n ,
so m u es statt W a a r e n G e l d ausfhren, bis die n a t u r a l prices seiner W a a -
5 ren zu d e n Preissen a n d r e r L n d e r g e s u n k e n sind. Aber mu dann vielleicht
2 Tage Arbeit fr Eines Tags Arbeit abroad geben, (p. 481) D i e k o m m t da-
her, s a g t R i c a r d o , weil die N a t i o n n i c h t so klug wie diese N a c h b a r n waren,
die M a s c h i n e r i e einzufhren, (p.482) F o l g t d a h e r n i c h t , d a e i n e ||45| N a -
t i o n g u t t h u t , erst d u r c h S c h u t z z l l e die M a s c h i n e r i e b e i s i c h a u f z u b r i n -
10 g e n , um n i c h t b e s t n d i g 2 T a g e g e g e n 1 einer a n d r e n N a t i o n v e r k a u f e n
zu mssen?
Allgemeine Bemerkung. R i c a r d o n i m m t b e i d e r R e g l u n g d e s P r e i s s e s
z u w e n i g R c k s i c h t a u f die Q u a n t i t t , wie e r b e i d e r R e g l u n g d e r R e n t e
i m m e r n u r d e n P r e i d e s e i n e n Q r s vor A u g e n h a t . Z u w e l c h e m P r e i
15 v e r k a u f t w e r d e n k a n n , h n g t zugleich d a v o n a b , wieviel v o n e i n e r g e g e b -
n e n Q u a n t i t t verkauft werden k a n n . D e n n x, der G e s a m m t p r e i der
P r o d u c t e e i n e r M a n u f a c t u r , d e r s e l b e , ob 1000 E l l e n zu 4 sh. o d e r 2000
m i t d e r s e l b e n A r b e i t z u 2 verkauft w e r d e n k n n e n . A b e r i n b e i d e n F l l e n
n t h i g , d a e r d a s e i n e m a l 1000 u n d d a s a n d r e m a l 2000 E l l e n verkauft.
20 D e r G e s a m m t p r e i bestimmt durch den Prei der unit ( M a a , Elle, qr
etc) x m i t d e r Q u a n t i t t , die verkauft wird.
IV.) Vom Arbeitslohn.
Arbeit, wie alle a n d r e n Dinge, die gekauft u n d verkauft, d e r e n Q u a n t i t t

vermehrt oder v e r m i n d e r t werden k a n n , h a t i h r e n natrlichen u n d i h r e n
25 Marktprei. (p. 86)
Der natrliche Prei der Arbeit ist der Prei, der nthig ist, die Arbeiter zu
befhigen, o n e with another, zu subsistiren u n d ihre R a c e zu verewigen,
o h n e W a c h s t h u m oder A b n a h m e . D i e M a c h t des Arbeiters sich selbst u n d
seine F a m i l i e zu erhalten, h n g t n i c h t von Q u a n t i t t des G e l d e s ab das er
30 als L o h n erhlt, s o n d e r n von der Q u a n t i t t von food, necessaries u n d con-
veniences, die die G e l d kaufen k a n n . D e r n a t r l i c h e Prei der Arbeit
hngt daher ab von d e m price der food, necessaries und conveniences ... m i t
e i n e m Steigen im Preisse von food und necessaries steigt daher der natrliche
Prei der A r b e i t u n d fllt m i t d e m F a l l e n derselben. M i t d e m Fortschritt der
35 Gesellschaft h a t der n a t r l i c h e Prei der Arbeit die T e n d e n z zu steigen,
weil eine der H a u p t w a a r e n , w o d u r c h ihr n a t r l i c h e r Prei geregelt ist, die
T e n d e n z hat, t h e u r e r zu werden, from the greater difficulty of p r o d u c i n g it.
V e r b e r u n g e n in der Agricultur, I m p o r t von A u s s e n k n n e n i n d e food so-
385
gar fallen m a c h e n u n d das Steigen aufhalten. H a b e n d e n s e l b e n Effect auf

d e n n a t r l i c h e n Prei der Arbeit. M i t A u s n a h m e von raw p r o d u c e u n d Ar-
beit h a t der n a t r l i c h e Prei aller W a a r e n die T e n d e n z zu fallen. D a s R o h -
material, das in sie eingeht erhht zwar ihren Prei. D i e aber m e h r als
contrecarrirt d u r c h die V e r b e r u n g e n in der Maschinerie, bere T h e i l u n g 5
u n d Vertheilung der Arbeit u n d die w a c h s e n d e skill, in science u n d art, des
producer, (p. 86, 87)
Der Marktprei der Arbeit ist der Prei, der wirklich fr sie gezahlt wird,
von der n a t r l i c h e n O p e r a t i o n der W i r k u n g des Verhltnisses von Nachfrage
und Zufuhr. Arbeit ist theuer, wenn selten u n d wohlfeil w e n n plentiful. 10
W e n n der Marktprei d e r Arbeit d e n n a t r l i c h e n bersteigt, ist die Lage
des Arbeiters happy ... W e n n aber d u r c h die E r m u t i g u n g , die h o h e r L o h n
giebt d e m W a c h s t h u m der Bevlkerung, die Z a h l der Arbeiter steigt fllt
der L o h n auf seinen natrlichen level u n d oft von einer reaction darunter. Im
leztren Fall seine Lage m o s t wretched ... D e r Marktprei steigt erst wieder 15
zu d e m n a t r l i c h e n level, w e n n die E n t b e h r u n g ihre Z a h l v e r m i n d e r t oder
die Nachfrage n a c h Arbeit sich vermehrt h a t . . . I n e i n e m fortschreitenden
L a n d k a n n der Marktprei fr eine u n b e s t i m m t e Periode b e r d e m natrli-
c h e n Prei stehn; d e m I m p u l s , d e n ein W a c h s t h u m des Capitals der N a c h -
frage n a c h Arbeit gegeben hat, k a n n auf d e m F u ein n e u e s W a c h s t h u m 20
des Capitals m i t d e m s e l b e n I m p u l s folgen; u n d so, w e n n das W a c h s t h u m
des Capitals graduell u n d constant ist, k a n n die Nachfrage fr A r b e i t a
c o n t i n u e d i m p u l s e zu e i n e m W a c h s t h u m der Bevlkerung geben, (p. 87,
88)
Unterschied zwischen Arbeitslohn 25

und der auf die Production einer Waare verwandten Arbeit.
W e n n die B e l o h n u n g des Arbeiters stets im Verhltni wre zu s e i n e m

Product, wird die Q u a n t i t t Arbeit bestowed on a c o m m o d i t y u n d die
Q u a n t i t t Arbeit, die diese W a a r e kaufen k n n t e gleich sein, ... a b e r die
leztre ist so vielen fluctuations unterworfen, wie die W a a r e n selbst, w o m i t 30
sie verglichen wird. (p. 5) In d e m s e l b e n L a n d m a g doppelt die Q u a n t i t t
v o n Arbeit erforderlich sein, u m eine gegebne Q u a n t i t t von food u n d n e c -
essaries zu produciren, als zu einer a n d r e n vergangnen Zeit; d e n n o c h m a g
die B e l o h n u n g des Arbeiters wenig v e r m i n d e r t w e r d e n ... weil wahrschein-
lich die Portion von food u n d necessaries die er erhlt zu seiner E x i s t e n z 35
u n e n t b e h r l i c h , also i h m gegeben werden m u , obgleich ihr W e r t h gewach-
sen ist ... E b e n s o verhlt es sich in 2 oder m e h r e n L n d e r n . In A m e r i c a
386
u n d Polen wird, auf d e m lezten i n A n b a u g e n o m m e n e n Boden, E i n e s J a h -

res Arbeit von einer gegebenen Z a h l of m e n , viel m e h r Korn p r o d u c i r e n als
auf e i n e m h n l i c h b e s t i m m t e n l a n d i n E n g l a n d . W e n n n u n alle a n d r e n
necessaries gleich wohlfeil in den 3 L n d e r n , grosser F e h l s c h l u zu glau-
5 ben, die d e n A r b e i t e r n gegebne Portion K o r n werde in j e d e m L a n d im Ver-
h l t n i zur Leichtigkeit der P r o d u c t i o n sein. W e n n die S c h u h e u n d Klei-
der des Arbeiters d u r c h verbesserte M a s c h i n e r i e d u r c h % der jezt n t h i g e n
Arbeit producirt werden k n n t e n , werden sie 75 % fallen, aber der Arbeiter
wrde n i c h t 4 S c h u h e oder 4 Kleider statt E i n s erhalten, sondern sein
10 L o h n wrde in Folge der C o n c u r r e n z u n d des d e r P o p u l a t i o n gegebnen sti-
m u l u s bald adjustirt sein d e m n e u e n W e r t h der necessaries, worin er ver-
ausgabt wird. W e n n diese V e r b e r u n g e n ||46| auf alle G e g e n s t n d e , die in
die C o n s u m t i o n des Arbeiters fallen, sich a u s d e h n t e n , w r d e n wir i h n
wahrscheinlich a m E n d e von sehr wenigen J a h r e n i m Besitz einer kleinen,
15 w e n n b e r h a u p t irgend einer addition to his enjoyments finden, (p. 7, 8)
Verringert die Subsistenzkost der M e n s c h e n , d u r c h Verringerung des n a -
trlichen Preisses von food u n d clothing, by w h i c h life is sustained, a n d
wages will ultimately fall, n o t h w i t h s t a n d i n g that the d e m a n d for labourers
m a y very greatly increase, (p. 460)
20 Einflu des Wachsthums des Kapitals auf den Marktprei

des Arbeitslohnes und den natrlichen.
Capital ist der T h e i l des R e i c h t h u m s eines L a n d e s , der auf die P r o d u c t i o n

verwandt wird, u n d besteht aus food, clothing, tools, raw material, m a c h i n -
ery etc nothwendig to give effect to labour. D a s Capital k a n n zu gleicher
25 Zeit an Q u a n t i t t u n d an W e r t h wachsen. A b e r das Capital k a n n a u c h
wachsen, o h n e da sein W e r t h wchst, ja obgleich er bestndig a b n i m m t .
D a s erste, w e n n die a d d i t i o n v o n food u n d clothing m e h r Arbeit z u ihrer
P r o d u c t i o n erheischt; das zweite, w e n n dieselbe oder m i t Hlfe der M a -
schinerie, weniger Arbeit. Im ersten Fall steigt der natrliche Prei der Ar-
30 beit, im zweiten bleibt er stationr oder fllt; in b e i d e n steigt der Markt-
prei der wages, d e n n im Verhltni zum Wachsthum des Capitals wchst die
Nachfrage fr Arbeit; in proportion to the work to be d o n e will be t h e d e -
m a n d for those who are to do it. In b e i d e n F l l e n h a t der M a r k t p r e i die
T e n d e n z sich d e m n a t r l i c h e n zu conformiren, aber rascher wird d i e b e -
35 wirkt werden in d e m ersten Fall. D e n n der vermehrte Prei of food u n d
necessaries wird eine large portion of his increased wages verschlingen;
folglich wird eine kleine Zufuhr von Arbeit oder ein kleines W a c h s e n der
387
Bevlkerung d e n Marktprei zu d e m t h e n increased n a t u r a l price of l a b o u r

reduciren. Im zweiten Falle seine Lage sehr verbessert ... u n d es bedarf
einer grossen addition zur Bevlkerung, bis der M a r k t p r e i der A r b e i t wie-
der auf i h r e n n a t r l i c h e n herabsinkt ... Die p e r m a n e n c e aber des Steigens
des Marktpreisses der Arbeit h n g t ab von d e m Steigen im n a t r l i c h e n 5
Preisse der necessaries worauf der Arbeitslohn verausgabt wird. (p. 8 9 - 9 1 )
Variations im natural price der Arbeit.
D e r n a t r l i c h e Prei der Arbeit, selbst in food u n d necessaries geschzt, ist

n i c h t absolut fixed u n d constant. Er wechselt zu v e r s c h i e d n e n Z e i t e n in
d e m s e l b e n L a n d u n d ist wesentlich verschieden in verschiednen L n d e r n . 10
Er h n g t wesentlich von d e n habits u n d customs eines Volks ab ... viele
conveniences jezt genossen in einer englischen cottage w r d e n als luxuries
betrachtet worden sein in einer frhern Periode u n s r e r G e s c h i c h t e , (p. 91)
I n d e m M a n u f a k t u r w a a r e n bestndig fallen u n d R o h p r o d u k t bestndig
steigt, ist m i t d e m Fortschritt der Gesellschaft ein solches Miverhltni in 15
i h r e m relativen W e r t h geschaffen, d a ein Arbeiter in r e i c h e n L n d e r n ,
d u r c h das Opfer einer n u r sehr kleinen quantity of food, fhig ist liberal fr
alle seine a n d r e n Bedrfnisse zu sorgen, (p. 92)
(Also, i n d e m z . B . d e r f r e e t r a d e d i e Miverhltni a u f h e b t , h e b t er die
Q u e l l e auf, a u s d e r A r b e i t e r liberal fr alle s e i n e a n d r e n B e d r f n i s s e 20
s o r g e n k a n n . O b e n ( p . 8 9 - 9 1 ) stellte R i c a r d o d a s S t e i g e n d e s n a t r l i c h e n
A r b e i t s p r e i s s e s als w e n i g n t z l i c h fr d e n A r b e i t e r d a r , h i e r a l s die
H a u p t q u e l l e d e r A u s d e h n u n g s e i n e r G e n s s e . ) I n d e n L n d e r n , w o die
a r b e i t e n d e n Klassen die wenigsten Bedrfnisse h a b e n u n d m i t der c h e a p -
est food zufrieden sind, ist das Volk d e n grten vicissitudes u n d miseries 25
ausgesezt. T h e y have no place of refuge from calamity; they c a n n o t seek
safety in a lower station; they are already so low, that they can fall no lower.
Bei irgend einer Deficiency des Hauptartikels ihrer Subsistenz, k n n e n sie
sich n u r weniger Substitute b e d i e n e n u n d dearth to t h e m is a t t e n d e d with
almost all t h e evils of famine, (p. 95) 30
Arbeitslohn und Rente.
W i r h a b e n g e s e h n , wie i m Fortschritt der Bevlkerung der Prei des G e -

treides, der food steigt. D a h e r steigen a u c h die m o n e y wages des Arbeiters;
aber n i c h t verhltnimssig, so da er n a c h d e m Steigen dieser W a a r e n
n i c h t soviel comforts kaufen k a n n wie vorher. W e n n seine j h r l i c h e n wages 35
388
24 /. oder six qrs, w e n n das qr K o r n zu 4 1., so wird er wahrscheinlich n u r

5 qrs erhalten, w e n n das qr zu 5 /. steigt. A b e r diese 5 qrs werden 251. ko-
sten. So addition in seinen money wages, aber V e r m i n d r u n g in seinen corn-
wages u n d in seiner Fhigkeit die andre W a a r e zu kaufen, die er frher m i t
5 seiner F a m i l i e verzehrte. D e n n o c h aber, obgleich er realiter schlechter ge-
zahlt, die Profite des manufacturers a b n e h m e n d . So m a c h t dieselbe Ursa-
che den Arbeitslohn und die Rente steigen. A b e r bei d e m Landlord steigt die
K o m r e n t e zugleich m i t der Geld R e n t e u n d e a c h defined m e a s u r e o f t h a t
corn t a u s c h t sich aus fr eine grre Q u a n t i t t aller a n d r e n W a a r e n , die
10 n i c h t im Preisse gestiegen sind. Aber bei d e m Arbeiter trotz der V e r m e h -
rung seiner m o n e y wages die comwages v e r m i n d e r t u n d er findet es
schwieriger s e i n e n M a r k t p r e i b e r s e i n e m n a t r l i c h e n Prei zu h a l t e n ...
M i t d e n v e r m i n d e r t e n cornwages k a n n er trotz des v e r m e h r t e n T a u s c h -
werths des K o r n s n i c h t so viel W a a r e n kaufen als frher, weil die a n d r e n
15 W a a r e n gestiegen, in deren C o m p o s i t i o n R o h p r o d u k t eingeht, er also m e h r
fr sie zu z a h l e n h a b e n w r d e u n d so seine Lage ||47| verschlechtert,
(p. 9 6 - 9 9 )
Steigen des natural price of labour

und der Geldprei der Waaren.
20 Es ist gleichgltig, ob G o l d oder das Metall, woraus das G e l d g e m a c h t ist,

das Product des L a n d e s ist, worin wages in Folge der V e r t h e u r u n g von food
steigen, also gleichzeitig der Geldprei der wages u n d der food steigen ...
W e n n der Prei der wages rise, geschieht es im A l l g e m e i n e n , weil das
W a c h s t h u m von R e i c h t h u m u n d Capital eine n e u e Nachfrage fr A r b e i t
25 erzeugt hat, die begleitet sein wird von einer v e r m e h r t e n P r o d u c t i o n von
W a a r e n . U m diese v e r m e h r t e n W a a r e n z u circuliren, selbst z u i h r e m alten
Preisse, ist m e h r Geld erheischt, u m sie circuliren z u m a c h e n , m e h r von
der fremden W a a r e , woraus G e l d g e m a c h t ist u n d die n u r d u r c h I m p o r t a -
tion erhalten werden k a n n . Ist eine W a a r e in grrer a b u n d a n c e erheischt
30 als frher, so steigt ihr relativer W e r t h verglichen m i t d e n W a a r e n , w o m i t
der Einkauf g e m a c h t wird. Also w e n n m e h r Gold, so steigt das G o l d ver-
hltnimssig zu d e n W a a r e n , w o m i t es gekauft wird, (was s c h l e c h t d a z u
p a t , d a die N a c h f r a g e s t e i g e n k a n n , o h n e d a d e r P r e i steigt.) A b e r
in d e m unterstellten Fall heit es e i n e n positiven W i d e r s p r u c h b e h a u p t e n ,
35 w e n n m a n sagt, d a Waaren steigen weil der Arbeitslohn steigt; d e n n auf der
e i n e n Seite sagen wir, d a G o l d steigen wird im relativen W e r t h in Folge
der Nachfrage u n d von der a n d r e n Seite, d a es fallen wird im relativen
389
W e r t h , weil Preisse steigen, zwei effects, die d u r c h a u s unvertrglich sind.

Z u sagen, d a W a a r e n steigen i m Preie, heit sagen, d a G e l d i m relati-
ven W e r t h v e r m i n d e r t ist; d e n n durch W a a r e n wird der relative W e r t h des
G o l d e s geschzt. W e n n also alle W a a r e n im Preisse stiegen, k n n t e G o l d
n i c h t von aussen k o m m e n , diese t h e u e r n W a a r e n zu kaufen, s o n d e r n 5
wrde vielmehr fortgeschickt werden, u m die verhltnimssig wohlfeilem
fremden W a a r e n zu kaufen. D a s Steigen des Arbeitslohns k a n n d a h e r n i c h t
die Preisse der W a a r e n steigern, das Metall m a g zu H a u s oder in fremden
L n d e r n producirt sein. Alle W a a r e n k n n e n n i c h t zugleich steigen o h n e
H i n z u f g u n g zu der Q u a n t i t t des Geldes. Diese addition aber k n n t e 10
n i c h t verschafft werden ... D e r I m p o r t von Gold u n d ein Steigen in d e m
Prei aller h o m e m a d e c o m m o d i t i e s , womit G o l d gekauft oder b e z a h l t
wird, sind absolut u n v e r e i n b a r e effects. Der extensive G e b r a u c h von Pa-
piergeld ndert die Frage nicht, d e n n Papiergeld m u sich d e m W e r t h des
G o l d e s conformiren, sein W e r t h steigt also d u r c h die U m s t n d e , die d e n 15
W e r t h des G o l d e s steigen m a c h e n , (p. 9 9 - 1 0 1 )
U n a b h n g i g v o m Steigen u n d Fallen des moneywages in Folge v o n va-
riations im W e r t h e des G e l d e s , steigen oder fallen wages d a h e r in Folge
von 2 U r s a c h e n : 1) Zufuhr u n d Nachfrage v o n Arbeitern. 2) Prei der W a a -
ren worin der Arbeitslohn verausgabt wird. (p. 92) 20
Bevlkerung und Arbeitslohn.
In verschiednen Stufen d e r Gesellschaft ist die Accumulation des Capitals

oder der Mittel Arbeit anzuwenden, mehr oder minder rapid u n d m u in allen
Fllen von d e n Productivkrften der Arbeit abhngen. Diese am grten,
w e n n der grte Ueberflu von fruchtbarem B o d e n u n d in solchen Perio- 25
d e n die A c c u m u l a t i o n oft so gro, da die Arbeiter n i c h t m i t derselben G e -
schwindigkeit als das Capital zugefhrt w e r d e n k n n e n . U n t e r gnstigen
U m s t n d e n m a g sich die Bevlkerung in 25 J a h r e n verdoppeln, aber u n t e r
d e n s e l b e n U m s t n d e n wrde sich das Capital eines L a n d e s n o c h schneller
verdoppeln. In d i e s e m Fall steigen des Arbeitslohns, weil die Nachfrage 30
n a c h Arbeitern n o c h schneller steigen wrde als die Zufuhr davon. Im
Laufe der Entwicklung d a u e r t das n a t r l i c h n i c h t lange. D i e R a t e der Pro-
d u c t i o n v e r m i n d e r t sich, d u r c h die successiv unfruchtbarere A n w e n d u n g
von Capital auf L a n d , w h r e n d die power of p o p u l a t i o n dieselbe bleibt. In
L n d e r n also, wo Ueberflu an fruchtbarem L a n d , aber N o t h von der I g n o - 35
ranz, I n d o l e n z u n d Barbarism der E i n w o h n e r - u n d wo n a c h M a l t h u s die
P o p u l a t i o n presses against the m e a n s of subsistence - gehren blos Fort-
schritte in der Cultur, Regierungsform etc dazu, um das Capital schneller
390
wachsen zu m a c h e n als die Bevlkerung u n d sie k a n n in s o l c h e n F l l e n

n i e schnell genug wachsen. In d e n alten L n d e r n dagegen wchst die P o p u -
lation schneller als die zu i h r e m support n t h i g e n fonds. J e d e V e r m e h r u n g
der I n d u s t r i e , w e n n n i c h t begleitet von einer v e r m i n d e r t e n rate of increase
5 in der P o p u l a t i o n , fgt d e m evil h i n z u , d e n n p r o d u c t i o n c a n n o t keep p a c e
with it. Bleibt n i c h t s brig als reduction der Bevlkerung, (p. 9 2 - 9 4 )
I m n a t r l i c h e n Fortschritt der Gesellschaft h a t der A r b e i t s l o h n e i n e
T e n d e n z zu fallen, soweit er durch Nachfrage und Zufuhr regulirt ist; d e n n die
Zufuhr der Arbeiter wird fortfahren zu wachsen zur selben R a t e , w h r e n d
10 die Nachfrage n a c h i h n e n langsamer wchst. W r e n wages . . regulirt
d u r c h e i n e j h r l i c h e Z u n a h m e des Capitals, z u r R a t e von 2 %, so w r d e n
sie fallen, w e n n es n u r m e h r a c c u m u l i r t e zu 1%. U n d so m i t j e d e m weit-
r e n Fall der A c c u m u l a t i o n s r a t e bis das Kapital stationr wrde, also a u c h
wages u n d n u r h i n r e i c h e n d die Z a h l der a c t u a l p o p u l a t i o n z u erhalten.
15 (p. 95, 96) j
(481 G l e i c h allen a n d r e n contracts, sollten wages be left to t h e fair a n d
free c o m p e t i t i o n of t h e m a r k e t u n d n i e controllirt w e r d e n d u r c h E i n m i -
s c h u n g der G e s e t z g e b u n g . D i e klare u n d direkte T e n d e n z der K o r n g e s e t z e
ist in direkter opposition to these obvious principles: sie ist n i c h t , wie die
20 Legislatur wohlwollend beabsichtigte, die Lage der A r m e n zu verbessern,
s o n d e r n zu v e r s c h l e c h t e m die von poor a n d rieh; statt die A r m e n reich zu
m a c h e n , sind sie b e r e c h n e t die R e i c h e n a r m z u m a c h e n ; u n d solange die
present laws in Kraft sind, ist es d a h e r in der n a t u r a l order of things d a
der fund for t h e m a i n t e n a n c e of t h e poor should progressively increase, bis
25 er alles n e t r e v e n u e des L a n d e s verschlungen h a t . (p. [101,] 102)
Einflu des Preisses des raw produce

auf den Arbeitslohn.
U n t e r v e r s c h i e d n e n U m s t n d e n wirkt das Steigen des Preisses of raw pro-

duce auf die wages sehr verschieden. In einigen F l l e n verursacht das Stei-
30 g e n des Kornpreisses kein Steigen des Arbeitslohns; in a n d r e n geht das
Steigen des Arbeitslohns d e m Steigen des Kornpreisses vorher; in a n d r e n
ist der effect auf wages langsam, in a n d r e n rapid. E i n h o h e r Prei der p r o -
visions k a n n aus 4 U r s a c h e n h e r r h r e n : 1) M a n g e l n d e Zufuhr; 2) A l l m h -
lig z u n e h m e n d e Nachfrage, die schlielich von einer v e r m e h r t e n P r o d u c -
35 tionskost begleitet sein k a n n . 3) V o n e i n e m Fall in d e m W e r t h des G e l d e s .
4) V o n S t e u e r n auf necessaries. E i n schlechter H e r b s t p r o d u c i r t e i n e n h o -
h e n Prei der provisions u n d dieser h o h e Prei ist das einzige M i t t e l , wo-
391
d u r c h die C o n s u m t i o n gezwungen ist d e m state der supply to conform. W -

ren alle c o n s u m e r s reich, so wrde der Prei so h o c h steigen, bis der m i n -
dest R e i c h e A b b r u c h sich t h u n m t e a n d e m Theil d e n e r z u c o n s u m i r e n
gewohnt ist, da d u r c h v e r m i n d e r t e C o n s u m t i o n allein die Nachfrage h e r a b -
gebracht zu d e n S c h r a n k e n der Zufuhr. U n t e r solchen F l l e n nichts absur- 5
der als forcibly die m o n e y wages d u r c h d e n Prei der food reguliren ... sol-
che M a a r e g e l giebt d e m Arbeiter no real relief, weil ihr Effect ist d e n
Kornprei n o c h h h e r z u h e b e n u n d zulezt m u e r d o c h seinen C o n s u m
e i n s c h r n k e n im Verhltni z u r verminderten Zufuhr. D a s Steigen der wa-
ges n u r n o m i n a l fr die, die sie erhalten; er vermehrt die C o n c u r r e n z im 10
K o r n m a r k t u n d sein schlielicher Effect zu raise die profits der growers
u n d dealers in corn. In d i e s e m Fall also, bei n a t r l i c h e m G a n g k e i n Stei-
gen des Arbeitslohnes ... die distress des labourers u n v e r m e i d l i c h . D i e G e -
setzgebung k a n n n u r helfen d u r c h I m p o r t of additional food oder by adopt-
ing t h e m o s t useful substitutes. Ist der h o h e Kornprei der Effect einer 15
increasing demand, so geht ihm vorher an increase of wages, d e n n die N a c h -
frage k a n n n i c h t z u n e h m e n , o h n e V e r m e h r u n g der M i t t e l des Volks zu
z a h l e n fr das, was sie verlangen ... Die vermehrten wages nicht stets
gleich auf food verausgabt, sondern z u n c h s t auf a n d r e Comforts. A b e r
seine verbesserte Lage bringt i h n zur E h e , diese zur F a m i l i e , diese zu m e h r 20
Nachfrage von food ... Die Profits des farmers steigen b e r d e n allgemei-
n e n level, bis die erforderliche Q u a n t i t t von capital auf die P r o d u c t i o n
von Korn verwandt wird. Ist das n e u in B e b a u u n g g e n o m m e n e L a n d von
derselben Fruchtbarkeit, so fllt der Kornprei auf seinen frhren level;
w e n n von poorer land, so bleibt er bestndig hher. Ob die wages, sobald 25
die gehrige supply von Arbeitern erhalten, n u n auf i h r e n frhren level fal-
len oder darber bleiben, h n g t von d i e s e m U m s t a n d des A c k e r b a u s ab ...
W e n n ein stimulus der P o p u l a t i o n gegeben wird, an effect is p r o d u c e d
b e y o n d what the case requires; die Population steigt im A l l g e m e i n e n d a n n
so, d a sie trotz der v e r m e h r t e n Nachfrage n a c h Arbeit in einer grren 30
Proportion zu d e n funds for m a i n t a i n i n g labourers steht als vor d e m
W a c h s t h u m des Capitals. In d i e s e m Falle Reaction, wages will be below
their n a t u r a l level, bis das ordentliche Verhltni zwischen Zufuhr u n d
Nachfrage hergestellt ist. Steigt der Kornprei endlich in Folge eines Falles
im W e r t h e des G e l d e s oder einer Steuer auf R o h p r o d u c t , da b e i d e die pro- 35
ducirte Q u a n t i t t u n d die Z a h l der Arbeiter n i c h t n d e r n , so wird die Ar-
beit steigen im Geldlohn; auf d e n realen W e r t h h a t das k e i n e n Einflu. Bei
der Steuer riskirt der Arbeiter nur, was er bei j e d e r a n d r e n Steuer riskirt,
d a sie m i g h t infringe on the funds destined for the m a i n t e n a n c e of labour,
a n d m i g h t therefore check or abate the d e m a n d for it. (p. 1 7 6 - 1 8 1 . D i e 40
l e z t r e Stelle b e r d e n E i n f l u d e r S t e u e r p . 183)
392
Es ist sehr leicht zu begreifen, warum, w e n n das Capital eines L a n d e s

unregelmssig wchst, wages should rise, w h r e n d der K o m p r e i stationr
bleibt, oder in a less proportion steigt; u n d warum, w e n n das Capital eines
L a n d e s a b n i m m t , Arbeitslohn fllt, w h r e n d K o r n stationr bleibt oder in
5 viel u n b e d e u t e n d r e m Verhltni fllt, u n d this too for a considerable t i m e ;
der G r u n d ist, weil die Arbeit eine Waare ist which cannot be increased and di-
minished at pleasure. H t h e steigen im Prei, w e n n die Nachfrage wchst,
aber ||49| n i c h t fr lange, weil rasch die e n t s p r e c h e n d e Zufuhr verschafft;
nicht s o m i t m e n ; m a n k a n n , m i t der Z u u n d A b n a h m e des Capitals, ihre
10 Z a h l nicht rapidly v e r m e h r e n oder v e r m i n d e r n ... d a r u m , w h r e n d die
funds fr Erhaltung der Arbeit rasch z u n e h m e n , betrchtliches Interval
nthig, bevor der Arbeitsprei exact geregelt ist d u r c h d e n Prei des K o r n s
u n d andrer L e b e n s m i t t e l , (p. 181,82) (Die V e r m e h r u n g k a n n s e h r r a s c h
g e s c h e h n d u r c h A n w e n d u n g v o n M a s c h i n e r i e , die sie relativ v e r m e h r t . )
15 W e n n nichts v o m Arbeiter c o n s u m i r t wrde ausser Korn, u n d w e n n die
Portion, die der Arbeiter erhlt, die niedrigste wre, m c h t e einiger G r u n d
da sein fr die Unterstellung, da die d e m Arbeiter gezahlte Q u a n t i t t u n -
ter k e i n e n U m s t n d e n reducirt werden k n n e , - aber die money wages der
Arbeit steigen oft gar nicht, u n d steigen nie im Verhltni z u m G e l d p r e i
20 des Korns, weil Korn, obgleich ein wichtiger Theil, d o c h i m m e r n u r ein
Theil der C o n s u m t i o n des Arbeiters ist. W r d e halb sein Arbeitslohn auf
K o r n verausgabt u n d die andre Hlfte auf Seife, candles, fuel, tea, sugar,
clothing etc, W a a r e n , worin k e i n rise stattfnde, so wrde er ebenso gut b e -
zahlt sein m i t e i n e m b u s h e l u n d ]/ f wheat, w e n n dieser zu 16 sh., als m i t
2
25 2 bushels,, w e n n der Prei 8 sh. war; oder m i t 24 sh. in m o n e y so gut wie

frher m i t 16 sh. Seine wages w r d e n um 50% steigen, w h r e n d der K o r n -
prei u m 100% stiege, (p. 360,1) ( D i e a d n o t a m z u n e h m e n , speziell i n
B e z u g d e r Steuern, d a R . selbst zugiebt, d a d e r A r b e i t s l o h n b e s t n d i g
h e r a b g e d r c k t w e r d e n k a n n . U n d selbst d e r T h e i l , d e r a u s K o r n b e s t e h t ,
30 o b g l e i c h er d a s M i n i m u m erreicht, k a n n w e i t e r h e r a b g e d r c k t w e r d e n ,
i n d e m a u s d e m K o r n K a r t o f f e l n o d e r wie i n S c h o t t l a n d a u s d e m W e i z e n
R o g g e n etc. wird.)
Einflu der Maschinerie auf den Arbeitslohn.
R i c a r d o s a g t z u e r s t s e i n e alte A n s i c h t sei g e w e s e n :
35 D u r c h die Einfhrung der M a s c h i n e r i e w e r d e n die W a a r e n wohlfeiler.
Die Klasse der Arbeiter erhlt d a d u r c h also die M i t t e l m i t d e n s e l b e n m o n -
eywages m e h r W a a r e n z u kaufen. D i e moneywages w e r d e n n i c h t sinken,
weil der Capitalist die M a c h t h a t dieselbe Q u a n t i t t von Arbeit zu verlan-
393
gen u n d a n z u w e n d e n wie frher, obgleich er gezwungen sein m a g sie in der

P r o d u c t i o n einer n e u e n , oder m i n d e s t e n s einer a n d r e n W a a r e zu verwen-
den. W e n n d u r c h A n w e n d u n g der Maschinerie dieselbe Q u a n t i t t Arbeit
4 m a l soviel Strmpfe als frher produciren k n n t e u n d die Nachfrage n a c h
Strmpfen sich n u r verdoppelte, so wrden einige Arbeiter n o t h w e n d i g aus 5
d e m stocking trade entlassen werden; aber da das Capital, das sie beschf-
tigte, n o c h in being ist u n d es das Interesse deren, die es besitzen, ist es
produktiv a n z u w e n d e n , schien es m i r d a es auf die P r o d u c t i o n irgend
einer a n d r e n n t z l i c h e n W a a r e verwendet wrde, fr die sich die N a c h -
frage von selbst finden wrde. So also dieselbe Nachfrage fr Arbeit, der- 10
selbe A r b e i t s l o h n also u n d verminderter Prei der d u r c h die M a s c h i n e r i e
e r f u n d n e n W a a r e n . (p. 467,8) Ich bin jezt aber berzeugt, d a die Substi-
t u t i o n von M a s c h i n e r i e fr m e n s c h l i c h e Arbeit, d e m Interesse der arbei-
t e n d e n Klasse oft sehr injurious ist. (p. 468) My m i s t a k e r h r t e von der
Unterstellung her, da m i t d e m net i n c o m e der Gesellschaft a u c h ihr gross 15
i n c o m e wachsen m u ; aber der fund, woraus L a n d l o r d s u n d Capitalists
ihre R e v e n u ziehn, k a n n wachsen, obgleich der, wovon die a r b e i t e n d e
Klasse abhngt, sich v e r m i n d e r t u n d daraus folgt, d a dieselbe Ursache,
die die n e t r e v e n u e eines L a n d e s anwachsen m a c h t , gleichzeitig die Popula-
t i o n r e d u n d a n t m a c h e n u n d die Lage der Arbeiter verschlechtern k a n n . 20
(p. 469) S e z t n u n a u s e i n a n d e r , d a m i t der M a s c h i n e r i e z u n c h s t weniger
gross produce producirt w e r d e n k a n n , von d e m die E r h a l t u n g der Arbeiter
abhngt, u n d da dieselbe A n z a h l Arbeiter erst wieder beschftigt w e r d e n
k a n n , bis die increased p r o d u c t i o n in der F o r m von n e t p r o d u c e eine so
grosse quantity von food u n d necessaries liefert, als frher in der form von 25
gross p r o d u c e existirte. (p. 4 6 9 - 4 7 4 ) D e r m a n u f a c t u r e r b r a u c h t n a c h E i n -
fhrung der M a s c h i n e r i e weniger. P r o d u c t zu liefern als vorher; d e n n ein
Theil der quantity which is disposed of for the purpose of paying a large
body of workmen, would n o t be required by their employer, (p. 472,3) Die
M e i n u n g , u n t e r h a l t e n von der a r b e i t e n d e n Klasse, d a die A n w e n d u n g von 30
M a s c h i n e r i e hufig i h r e n Interessen schdlich ist, b e r u h t n i c h t auf Vorur-
theil u n d I r r t h u m , s o n d e r n ist conformable d e n correct principles of politi-
cal e c o n o m y ... W e n n die verbesserten Mittel der P r o d u c t i o n , in Folge des
G e b r a u c h s der M a s c h i n e r i e , das n e t produce eines L a n d e s in solch e i n e m
M a a v e r m e h r e n w r d e n as n o t to d i m i n i s h the gross p r o d u c e , so verbes- 35
serte sich die Situation aller Klassen ... die der a r b e i t e n d e n Klassen be-
trchtlich 1) von der v e r m e h r t e n Nachfrage n a c h m e n i a l servants; 2) von
d e m stimulus to savings from revenue, which s u c h an a b u n d a n t n e t pro-
d u c e will afford; 3) von d e m low price aller C o n s u m t i o n s a r t i k e l , worauf
ihre wages verausgabt, (p. 474,5) E i n Krieg, der gefhrt wird von der Reve- 40
n u e u n d n i c h t dem Capital einer N a t i o n , ist d e m W a c h s t h u m der Bevlke-
394
rung gnstig, i n d e m er die d e m a n d for m e n vermehrt, (p. 477) N a c h d e m

Aufhren des Kriegs t r e t e n sie in C o n c u r r e n z m i t d e n a n d e r n Arbeitern.
D a h e r Fallen der L h n e u n d sehr verschlechterte Lage der a r b e i t e n d e n
Klassen. (1. c.) (cont. p. 53) |
395
|50| Serra (Antonio) (Calabrese) Breve

trattato delle cause che possono
far abbondare li Regni D'Oro E D'Argento
dove non sono miniere.
( G e d r u c k t 1613 delle carceri di Vicaria) 5
(Custodi: Scrittori Classici Italiani Di E c o n o m i a Politica.
Parte A n t i c a . T . I . M i l a n o . 1803.)
Prima Parte.
D i e U r s a c h e n sind 2 , n a t u r a l e u n d accidentale. D i e erstre n u r i n d e n L n -

dern, wo G o l d u n d S i l b e r m i n e n sind. Es wird n u r von der zweiten h a n d e l n . 10
(p. 19, 20) D i e cause a c c i d e n t a l i theilen sich in a c c i d e n t i propri (die e i n
regno im Vorzug vor a n d r e n besizt) u n d c o m u n i die a t u t t i i regni c o m u n e -
m e n t e a c c a d o n o e possono accadere. Gli a c c i d e n t i propri c h e p o s s o n o far
a b b o n d a r e un regno d'oro e d'argento, p r i n c i p a l m e n t e sono d u e : la soprab-
b o n d a n z a delle robe che n e l regno n a s c o n o e c c e d e n t i l'uso necessario e co- 15
m o d o del paese proprio, p o i c h portandosi dette robe i n paese dove m a n -
c a n o v e n e n d o s i da detti paesi altri luoghi a c o m p r a r l e , di necessit
bisogna portarvi oro argento. Dieses a c c i d e n t e besizt das regno Neapel
vor allen a n d r e n . L'altro a c c i d e n t e ist il sito a rispetto d'altri regni e altre
p a r t i del m o n d o , il q u a l sito per esser occasione p o t e n t e e q u a s i c a u s a del 20
traffico g r a n d e di un regno, cosi a rispetto dell'altre parti del m o n d o c o m e
a rispetto di se m e d e s i m o , e perci causa a n c h e d e l l ' a b b o n d a n z a dell'oro e
dell'argento. In dieser B e z i e h u n g n i m m t Venedig d e n ersten Platz in der
W e l t ein. (p. 2 1 , 22) D i e a c c i d e n t i c o m u n i si dividono in q u a t t r o specie
principali, cio quantit di artifci, qualit di genti, traffico g r a n d e di negozi, 25
e provvisione di q u e l c h e governa, (p. 23)
396
Aus A. Serra: Breve trattato
Die quantit degli artifci far a b b o n d a r e un regno citt di d a n a r i ,

q u a n d o ivi si esercitano p i e diversi artifici necessari c o m o d i dilette
voli all'uso u m a n o in q u a n t i t g r a n d e che s o p r a b b o n d i al bisogno del
paese, il q u a l e a c c i d e n t e deve essere n o n solo posto il p r i m o dei c o m u n i ,
5 ma per pi rispetti preferito all'accidente proprio della roba s o w e r c h i a ,
p r i m a per la maggior certezza che in quello, weil die Agricultur n i c h t al-
lein von opera d e l l ' u o m o s o n d e r n v o m W e t t e r etc abhngt, von N a t u r z u f l -
l e n ... ma negli artifici sempre vi sicuro il lucro m e n t r e vi si s p e n d e l'o-
pera, (p. 23,4) Zweitens, in d e n artifici vi p u essere m o l t i p l i c a z i o n e e per
10 quella moltiplicarsi il g u a d a g n o , lo c h e n o n p u succedere nella roba, n o n
p o t e n d o s i quella moltiplicare: che n i s s u n o per e s e m p i o , se in a l c u n suo ter-
ritorio n o n si p u s e m i n a r e se n o n cento t o m o l a di frumento, p o t r fare
che se ne s e m i n i n o c e n t o c i n q u a n t a , ma negli artifici il contrario, p o i c h
si possono moltiplicare n o n solo al doppio ma a c e n t o d o p p i e con minor
15 proporzione di spesa. D r i t t e n s degli artifici vi p i sicuro l'esito c h e delle
robe. (p. 24,5) Viertens il p i delle volte si cava p i dall'artificio c h e dalla
roba, wie m a n sieht, in artificio della lana etc. (p. 26)
Qualit delle genti.
Industrieller Geist, Traffickgeist z e i c h n e t besonders Genua aus. ( p . 2 7 , 28)
20 Traffico grande.
In dieser H i n s i c h t V e n e d i g d u r c h seine Lage ausgezeichnet, la citt di V e -

n e z i a tiene il p r i m o luogo in Italia, n o n solo rapporto alla m e d e s i m a Italia
ma a tutta l ' E u r o p a per ragione del sito, c o m e si vede per e s p e r i e n z a c h e
t u t t e le robe c h e v e n g o n o d'Asia in E u r o p a p a s s a n o in V e n e z i a e di l si
25 distribuiscono per l'altre parti, e cosi all'incontro le robe che v a n n o d ' E u -
ropa in Asia s i m i l m e n t e da quelle se ne i n v i a n o , per il che vi il traffico
grandissimo, m e n t r e da essa in tanti luoghi s'inviano t a n t e robe, (p.31) D e r
concorso g r a n d e c h e vi (hier in Venedig) a rispetto del traffico e della ra-
gione del sito cresce per la q u a n t i t degli artifici, e la q u a n t i t degli artifici
30 cresce per il concorso g r a n d e del traffico, il quale per il concorso p r e d e t t o
diventa maggiore, (p. 32) U m g e k e h r t N e a p e l - es h a t k e i n e n H a n d e l se
n o n a rispetto di se m e d e s i m o , il che oltre n o n potere esse g r a n d e , n o n p u
causare a b b o n d a n z a di d a n a r i ma penuria, (p. [32,] 33) Das lezte a c c i d e n s
die provvisione di colui che governa, [p. 34] Pabst Sixtus V als M u s t e r aufge-
35 stellt, (p. 36) Er v e r g l e i c h t die L a g e v o n N e a p e l m i t d e r v o n ||51| V e n e d i g
397
u n d G e n u a , d a m i t die bisher entwickelten cause meglio s ' i n t e n d a n o e c o n

e s e m p i o si c o n o s c a n o , (p. 40) Wirft e i n e n S e i t e n b l i c k a u f d e n De Santis,
d e r alles U n h e i l v o n N e a p e l d e m niedrigen Wechselkurs z u s c h r e i b t . Le
c o n d i z i o n i della citt di V e n e z i a , c o m e si detto, t u t t e i m p o r t a n o q u a s i
esito, e all'incontro quelle di N a p o l i introito, per lo che quella povera e 5
q u e s t a ricca dovrebbe essere di m o n e t e ; n i e n t e di m e n o gli effetti sono
contrari, che quella ricca e q u e s t a povera: bisogna d u n q u e ritrovar la
c a u s a d ' o n d e n a s c a q u e s t o contrario effetto. E per i n c o m i n c i a r da V e n e z i a ,
p o i c h di necessit l'esito p r e s u p p o n e l'introito (che a l t r i m e n t i sarebbe im-
possibile), la difficolt sar di ritrovare un tale introito c h e n o n solo sia ba- 10
stante per l'esito, ma lo superi di m o d o c h e p r o d u c a l ' a b b o n d a n z a c h e vi
di m o n e t a , il quale ritrovato cesser la maraviglia e contrariet predetta;
u n d V e n e d i g besizt die cause die solchen introito verschaffen, (p. 46, 47)
N e a p e l ist zu faul, zu u n i n d u s t r i e l l etc. [p. 28]
Seconda Parte. 15
I n s e i n e m g a n z e n Diskurs s u c h t M a r c o A n t o n i o d e Santis z u beweisen,

d a die H h e des W e c h s e l k u r s e s della piazza di N a p o l i c o n l'altre d'Italia
la sola causa c h e ha fatto impoverire il regno di d a n a r i , u n d als G r u n d
hierfr giebt er an, p e r c h l'altezza del c a m b i o n o n p e r m e t t e c h e i d a n a r i
c h e dovevano venire in regno per l'estrazione della roba fuori regno ven- 20
g a n o in c o n t a n t i ma per c a m b i o , e quelli c h e d o v e a n o uscire per c a m b i o
per le m e r c a n z i e portate da fuori n e l regno e s c o n o in c o n t a n t i per l'utile
c h e si ha n e l l ' u n o e nell'altro. D a g e g e n m s s e ein niedriger W e c h s e l k u r s
u m g e k e h r t wirken u n d Ueberflu a n d a n a r i erzeugen. E r beweist die
( n m l i c h S a n t i s ) angeblich i n d e m er 15 J a h r e von h o h e m u n d 15 v o n nied- 25
rigem W e c h s e l k u r s betrachtet, (p. 69, 70) L ' a r g o m e n t o d u n q u e tale: l'al-
t e z z a del c a m b i o porta g u a d a g n o a c h i vuole portare d a n a r i in regno c o n
c a m b i a r l i e n o n c o n portali in contanti, e p e r c h il fine d ' o g n u n o in tale
m a t e r i a il g u a d a g n o , d u n q u e o g n u n o che avr da portare d a n a r i in regno
li porter per c a m b i o n o n per contanti; perci vera la c o n c l u s i o n e , c h e 30
l'altezza del c a m b i o , il q u a l e genera g u a d a g n o , n o n faccia venire d a n a r i in
regno in c o n t a n t i ma per c a m b i o , e cos n e c e s s a r i a m e n t e seguita c h e l'al-
t e z z a del c a m b i o sia causa della p e n u r i a di d a n a r i in regno, (p. 71,2) I c h
frage: questo m e r c a n t e c h e paga questi d a n a r i in regno c i t t a d i n o fora-
stiero? Se sar forastiero, c o n che d a n a r i paga questo c a m b i o ? Se ve li ha 35
portati p r i m a ho il m i o i n t e n t o , che vi erano p r i m a p o r t a t i in c o n t a n t i ; se
ve li ha p e r c h t i e n e e n t r a t e in regno 0 g u a d a g n a c o n le industrie, a quelle
si deve attribuire p e r c h n o n v e n g o n o d a n a r i in regno, e alla p o c a diligenza
398
Aus A. Serra: Breve trattato ...
degli abitatori c o m e si detto nella p r i m a p a r t e , e n o n al c a m b i o alto, poi-

c h c o n quelle entrate e g u a d a g n o d'industrie p u estrarre le robe senza
farvi venire d a n a r i n c o n c a m b i o n i n contanti, (p.75) D e Santis will, u m
bassare il prezzo del c a m b i o , m a c h e n c h e lo s c u d o di quello sia m i n o r e
5 dell'effettivo, (p. 100)
Terza Parte.
Li r i m e d i i fatti per far a b b o n d a r e il regno di m o n e t a sono questi. 1) la proi-

b i z i o n e dell'estrazione della m o n e t a t a n t o propria q u a n t o forastiera, e
d'ogni sorte d'oro e d'argento. II.) Il b a s s a m e n t o del c a m b i o . III.) L ' a p -
10 prezzo della m o n e t a forastiera e libert che corra, n o n solo al prezzo eguale
alla propria p a g a n d o la m a n i f a t t u r a di zecca, ma pi. Quelli che si sono
proposti, s o n o il c r e s c i m e n t o del valore della m o n e t a propria b a s s a m e n t o
di peso, e di far parte t u t t a la m o n e t a d'argento pi basso, (p. 130) a d . 1.
Die semplice p r o i b i z i o n e dell'estrazione della m o n e t a n o n e s p e d i e n t e
15 agli stati, n giova cosa a l c u n a per farli a b b o n d a r e d'oro e d'argento, a n z i
p i presto d a n n o s a , (p. 131,2) ad. 2 A u c h n i c h t s , (p. 137 sqq.) 3) t a u g e n
a u c h n i c h t s , (p. 145) D i e giustizia will c h e la m o n e t a apporti l'utilit n o n
nella forma ma nella m a t e r i a . (1. c.)
399
|52| S.James Steuart. (Contin. von p. 42)

u n d auf 1880 G r a i n s blieb es u n t e r der Mary. D a v o n h o b es E l i z a b e t h im
t e n
2' J a h r ihrer Regierung auf 1888 grains u n d im 4 3 passirte sie das famous
Statute, w o d u r c h es debased wurde auf 1718.7, the present legal silver
standard. U n t e r James I b e g a n n der H a n d e l W u r z e l zu schlagen in Eng- 5
land; u n d die m a c h t e nothwendig d e n standard seines G e l d e s invariable
zu h a l t e n ... G o l d wurde gelegentlich geprgt, aber circulirte i m m e r u n t e r
a conventional value u n d was n o t m a d e a legal m o n e y . D i e Interessen des
H a n d e l s verlangten e n d l i c h a m o r e extensive circulation u n d King Char-
les II, als er zuerst guineas coined, d e t e r m i n e d a value for their currency, 10
aber, very well observing t h a t without fixing the gold at a price below its
true proportion to the silver, es a u c h ein standard fr das /.St. wrde, w r d e
die G u i n e a n i c h t h h e r geschzt als 20 sh u n d allowed to find its own value
above that price. D i e g u i n e a fluctuirte d a h e r in i h r e m W e r t h bald zu 22 sh.,
which marks die Proportion der metals = 1:15.84, m a n c h m a l zu 21 sh. 6 d., 15
Proportion der metals = 1:15.6., endlich zu 21 sh., Proportion der m e t a l s =
1:15.2, u n d j e z t ist es wieder 20 werth = 1:14.5. Z u r Zeit der R e v o l u t i o n
b e g a n n Silbergeld to be coined m i t d e m wheel, oder fly-press u n d d a n n the
c u s t o m of weighing the current m o n e y went into disuse. A b e r da zu j e n e r
Z e i t n o c h grosse quantities of t h e h a m m e r e d m o n e y brig b l i e b e n , the 20
clippers profited of t h e i n a t t e n t i o n des public u n d fell to work with t h e
h a m m e r e d m o n e y . C o n s e q u e n z , da die die zu z a h l e n h a t t e n , p a i d in clip-
ped m o n e y ; alles weighty coin was locked up or m e l t e d down; die g u i n e a s
stiegen zu 30 sh. u n d 100 I. St. die in Silber b e r 32 p o u n d s troy h t t e n wie-
gen m s s e n , did n o t c o m m o n l y exceed one half. Lowndes wollte das I. St. 25
reducirt h a b e n um 20%. Locke bestand auf d e m old Standard der E l i z a b e t h .
Er trug d e n Sieg davon, new coinage g e m a c h t 1695 u n d die R e g i e r u n g ac-
quitted e i n e n grossen Theil der Schulden, die sie vor der R e v o l u t i o n con-
trahirt h a t t e (die ihr gezahlt worden waren z u m W e r t h v o n zwischen 10
400
u n d 14 sh. der present currency) zu d e m rate of 20 sh. of the standard of

Q u e e n Elizabeth. D u r c h die raising of t h e standard gewann der Staat b e -
trchtlich auf d e m score of taxes u n d die creditors u p o n their capital a n d
interest; and the n a t i o n , which was the principal loser, was pleased; be-
5 cause their standard was n o t debased; t h u s all the three parties were satis-
fied. Die Confusion b e g a n n wieder von d e m Augenblick, wo die G u i n e a a
legal coin g e m a c h t u n d fixirt wurde at its t h e n supposed intrinsic worth.
Vor d e m Beginn dieses J h . stieg Silber im Prei. 1709 the french found it
= 1:15, in d e m great coinage, by edict des M o n a t M a i ; u n d s c h o n 1726
10 they found die Proportion n a h e = 1:14 u n d fixed their coinage d a n a c h .
V o n 1726 daher, w e n n n i c h t bevor, h t t e a p o u n d St. werth sein m s s e n ,
m i n d e s t e n s 118 grains troy of fine Gold, according to the proportion of
the silver standard; u n d d o c h blieb es auf 113. H a s n o t this b e e n a plain de-
b a s e m e n t of t h e standard for n e a r 40 years? If it is at this t i m e restored to
15 where it was, will n o t that be raising it from what it is at present? ... D i e va-
riations des standard afflciren besonders die in p e r m a n e n t contracts Enga-
girten, which is not the case of trading m e n ... D a s rising des Silberwerths
war dieser Klasse n t z l i c h ... every thing which tends gradually u n d insen-
sibly to debase t h e value of the m o n e y u n i t , a n d p r o m o t e confusion, is ad-
20 vantageous to m e r c h a n t s ... D u r c h dieses u n m e r k b a r e d e b a s e m e n t , steigen
Preisse nicht so wie sie sollten; die ignorant, a n d those who do n o t perceive
the gradual d i m i n u t i o n , keep to the same nominal prices as formerly u n d die
m e r c h a n t s profit in the m e a n t i m e . ... D i e M e n g e glaubt, every thing is
growing dearer, whereas the reason ist, d a price (i. e. coin) is growing
25 lighter ... D i e Kaufleute i m m e r zuerst u n t e r r i c h t e t von d e m progress des
decline des value des coin u n d profitiren so von der I g n o r a n z der a n d r e n ,
(p. 1 5 4 - 5 8 ) Ist das Geld depreciirt, z . B . wie jezt das Silber so leidet erst der
debtor, der in gesetzlicher Silbermasse z a h l e n oder guineas zu 20 sh.
(leichten) ablassen m u ... U n d der creditor is no sooner paid in silver, so
30 wirft er his coin in den Schmelztiegel u n d sends the bullion auf d e n M a r k t
to be sold at 65 p e n c e the o u n c e in b a n k n o t e s . He n e x t goes to the bank,
a n d d e m a n d s p a y m e n t of his notes. It is n o t to be supposed d a g e n u g alt
worn silver da ist um die n o t e s in circulation zu zahlen. So m u die b a n k
silver to the m i n t schicken, um notes to acquit die sie ausgegeben hat in
35 lieu of light silver oder g u i n e a s at 21 sh. T h e creditor m e l t s down his new
silver again, sells it as b u l l i o n for b a n k n o t e s as before, u n d returns u p o n
the b a n k with a new d e m a n d , (p. 162) In einer trading n a t i o n wie der engli-
schen k a n n keine currency sich lang h a l t e n by virtue of the stamp, zu
e i n e m h h r e n d e n n i h r e m i n n r e n W e r t h . W e r daher, von a h a b i t of selling
40 any particular m e r c h a n d i z e , trotz d e m leichter w e r d e n d e n Geld, sie z u m
selben Preisse verkauft, ist betrogen! (p. 166) ... (cont. 54)|
401
|53| Ricardo (D.) (contin. von p.49.)

W e n n ich 100 m e n auf m e i n e r farm anwendete u n d ich fnde, d a die food
bestowed auf die 100 m e n z u r Disposition von Pferden gestellt, m i r a great-
er r e t u r n of raw p r o d u c e b r i n g e n wrde, n a c h A b z u g des Zinses des Capi-
tals die d. A n k a u f der Pferde absorbiren wrde, so vortheilhaft die Pferde 5
d e n m e n zu substituiren a n d I should accordingly do so; b u t this would n o t
b e for the interest o f t h e m e n u n d w e n n das von m i r erhaltne E i n k o m m e n
so gro wre, die Pferde sowohl wie die M e n s c h e n zu u n t e r h a l t e n , ist es
klar, d a die Bevlkerung r e d u n d a n t werden wrde u n d der labourers' con-
dition would sink in the general scale, (p. 478) I n d e die Erfindungen io
verbesserter M a s c h i n e r i e sind gradual, u n d wirken e h e r in d e t e r m i n i n g
the capital which is saved a n d a c c u m u l a t e d , t h a n in diverting capital from
its actual e m p l o y m e n t . (1. c.) M i t j e d e m W a c h s t h u m von Capital u n d Be-
vlkerung, food will generally rise, wegen der vergrsserten Schwierigkeit
seiner Production; die C o n s e q u e n z eines Steigens der food wird a rise of 15
wages sein, u n d j e d e r rise of wages wird die T e n d e n z h a b e n , das ersparte
Capital in e i n e m grren V e r h l t n i auf M a s c h i n e r i e zu werfen. M a c h i n -
ery a n d labour are in c o n s t a n t competition, a n d t h e former c a n frequently
n o t b e employed u n t i l labour rises. I n A m e r i c a u n d vielen a n d r e n L n d e r n ,
wo die N a h r u n g of m a n leicht zu verschaffen ist, ist n i c h t so grosse Versu- 20
c h u n g M a s c h i n e r i e a n z u w e n d e n , wie in England, wo food h i g h is u n d costs
m u c h l a b o u r for its p r o d u c t i o n . T h e same cause that raises labour, does n o t
raise t h e value of m a c h i n e s , and, therefore, with every a u g m e n t a t i o n of
capital, a greater proportion of it is employed on m a c h i n e r y . The demand for
labour will continue with an increase of capital, but not in proportion to its in- 25
crease; the ratio will necessarily be a diminishing ratio, (p.478,79) D e r increase
von n e t incomes, estimated in c o m m o d i t i e s , der stets das Resultat verbes-
serter M a s c h i n e r i e ist, leitet zu new savings u n d a c c u m u l a t i o n s . Diese sav-
ings sind a n n u a l u n d m s s e n bald e i n e n fund schaffen, viel grsser als die
gross revenue, originally lost by the discovery of t h e m a c h i n e , w h e n t h e de- 30
m a n d for labour will be as great as before, (p. 480)
402
Steuern auf Arbeitslohn.
Steuern auf wages h e b e n wages, u n d v e r m i n d e r n d a h e r die profits of

stocks. E i n e Steuer auf necessaries h e b t nothwendig d e n Prei der leztren,
eine auf wages nicht. Z u r Steuer auf wages trgt also weder der landlord,
5 stockholder, n o c h eine a n d r e Klasse bei ausser d e n employers of wages.
E i n e Steuer auf wages ist ganz eine Steuer auf profits, eine Steuer auf n e c -
essaries theils eine tax on profits u n d theils on rich c o n s u m e r s . D i e
schlielichen effects einer Steuer auf wages also prcis dieselben, wie die
einer direkten Steuer auf profits, (p. 245) the n a t u r a l of price of c o m m o d i -
10 ties, der schlielich i m m e r d e n M a r k t p r e i beherrscht, h n g t von der
Leichtigkeit der P r o d u c t i o n ab; aber die producirte Q u a n t i t t ist n i c h t im
Verhltni zu dieser Leichtigkeit, (p. 248) "The price of l a b o u r will express
clearly, the wants of the society respecting p o p u l a t i o n " (sagte Malthus) ...
aber w e n n des labourer's wages were before only a d e q u a t e to supply t h e
15 requisite population, werden sie n a c h der Steuer i n a d q u a t d i e s e n funds
sein ... wodurch Steigen des Arbeitslohns d a h e r the supply is n o t checked,
(p. 250,1) Es ist wahr, d a eine b e s t i m m t e W a a r e n i c h t im V e r h l t n i z u r
Steuer steigt, w e n n die Nachfrage fr sie v e r m i n d e r t u n d die Q u a n t i t t
nicht reducirt werden k a n n ... Dieselbe U r s a c h e influenzirt oft d e n Ar-
20 beitslohn, die Z a h l der Arbeiter k a n n n i c h t rasch vermehrt oder v e r m i n d e r t
werden im V e r h l t n i zu W a c h s e n oder Fallen des funds, der sie beschf-
tigt, aber in d e m u n t e r s t e l l t e n Fall keine n o t h w e n d i g e V e r m i n d r u n g der
Nachfrage fr A r b e i t u n d w e n n vermindert, n i m m t die Nachfrage n i c h t ab
im Verhltni zur Steuer. D i e funds raised by t h e t a x von der R e g i e r u n g
25 a u c h auf labourers verwandt, (p. 252)
a small part der Steuer ist gezahlt von d e n A r b e i t e r n selbst wegen der
v e r m i n d e r t e n Nachfrage n a c h Arbeit, die Besteurung j e d e r Art eine T e n -
denz h a t z u produciren. (p. 269) ( R i c a r d o h i e r wie b e r a l l s p r i c h t i m m e r
v o n e i n e m c o n s t a n t e n C a p i t a l , d a s , w e n n e s sich d i e s e m G e s c h f t ent-
30 zieht, sich auf j e n e s wirft. S o m e i n t e r z . B . w e n n die S a l z s t e u e r die P r o -
duction desselben zur Hlfte in Frankreich verminderte, so m u also
a u c h n u r h a l b d a s C a p i t a l wie frher auf d i e s e P r o d u c t i o n v e r w a n d t wer-
d e n u n d die a n d r e H l f t e a u f a n d r e W a a r e n . A b e r g r a d e i n e i n e m L a n d
wie F r a n k r e i c h b e s t e h t d a s C a p i t a l z u m g r o s s e n T h e i l i n d e m w e n i g fi-
35 xen Vermgen des Bauers z u s a m m e n mit seiner Arbeit. Vermindert also
e i n e S t e u e r , wie die auf Salz, s e i n e P r o d u c t i o n , s o wird C a p i t a l v e r n i c h -
tet u n d k e i n e s w e g s frei fr e i n e a n d r e V e r w e n d u n g . )
403
Noch eine Bemerkung ber das Verhltni

von Profit und Arbeitslohn.
M a n sagt vielleicht, da moneywages n i c h t steigen werden m i t e i n e m Stei-

gen im Preisse des R o h p r o d u k t s , da der Arbeiter sich m i t weniger G e n s -
sen b e g n g e n k a n n . W a h r . D i e wages waren vielleicht vorher auf e i n e m h o - 5
h e n level u n d k n n e n so s o m e r e d u c t i o n ertragen. In d i e s e m Fall is fall of
profits checked, aber u n m g l i c h zu begreifen, da der Geldprei der wages
fllt oder stationr bleibt m i t e i n e m graduell steigenden Prei der necessa-
ries, (p. 117,18) (contin. p . 5 6 ) |
404
|54| Sir James Steuart.

(contin. von t. II p. 166)
Lowndes stellte die Frage auf e i n e n falschen B o d e n . E i n m a l b e h a u p t e t e er
sein s c h e m e sei k e i n d e b a s e m e n t des alten standard. D a n n schrieb er das
5 Steigen im Preisse des bullion d e m i n n e r n W e r t h des Silbers u n d n i c h t der
lightness des coin zu, w o m i t es gekauft wurde. Er unterstellte stets, d a das
s t a m p u n d n i c h t die Substanz die currency m a c h e . Locke seinerseits fragte
sich n u r ob Lowndes S c h e m a ein d e b a s e m e n t des s t a n d a r d einschliesse
oder nicht, aber u n t e r s u c h t e n i c h t die Interessen derer, die in p e r m a n e n t
10 contracts engagirt sind. Mr. Lowndes's great a r g u m e n t for r e d u c i n g t h e
standard was, that silver bullion was risen to 6 s. 5 d. per o u n c e (i. e. that it
m i g h t have b e e n b o u g h t with 77 p e n c e of shillings of % part of a p o u n d
troy) u n d war d a h e r der M e i n u n g , d a das p o u n d troy should be coined
into 77 sh.; was eine D i m i n u t i o n des W e r t h s des /.St. um 2 0 % oder % war.
15 Locke antwortete i h m , d a die 77 p e n c e were p a i d in clipped m o n e y u n d
da sie im G e w i c h t n i c h t b e r 62 p e n c e standard coin wren. A b e r ein
M a n n , der 1000 /. St. in this clipped m o n e y borgte, soll er verpflichtet sein,
1 0 0 0 / . in standard weight z u r c k z u z a h l e n ? ... Lowndes u n d Locke ent-
wickelten beide n u r ganz oberflchlich d e n Einflu der V e r m i n d e r u n g des
20 standard auf das Verhltni von S c h u l d n e r n u n d G l u b i g e r n ... d a m a l s
das Creditsystem n o c h wenig entwickelt in E n g l a n d ... t h e l a n d e d interest,
a n d t h e interest of the crown, were only a t t e n d e d to. Trade at that t i m e was
almost at a stop, a n d h a d b e e n r u i n e d by a piratical war. ... Restoring t h e
standard was the m o s t favourable, b o t h for the l a n d e d interest a n d the ex-
25 chequer; and so is was gone into. (p. 178,9) W h e n Princes arbitrarily debase
the standard, they debase it b e c a u s e at such a t i m e they are virtually in t h e
class of debtors: their e x p e n c e t h e n exceeds their i n c o m e . U m g e k e h r t ,
w e n n der Krieg aufhrt u n d ihre expences reducirt im M a a ihrer revenue,
405
they raise the standard: b e c a u s e they b e c o m e t h e n of t h e class of creditors,

die der Schlssel to all t h e raising a n d sinking of the n u m e r a r y value des
french coin in former times, eh der public credit u n t e r i h n e n etablirt.
(p. 187,8) P a y m e n t s m a d e by bankers regulate all others u n d die b a n k e r s
have all the specie of the n a t i o n in their h a n d s o n c e in a year. (p. 191) 5
(tome II)
Book III.
Part. II. The Principles of Money applied to trade.
the imposition of coinage renders the price of bullion susceptible of a va-

riation in its price, e q u a l to t h e a m o u n t of the imposition, (p. 230) Bills of 10
exchange, t h e n , being all conceived in d e n o m i n a t i o n s of m o n e y of ac-
compt, realized in coin; a n d coin changing in its value with regard to b u l -
lion it is evident t h a t the real par c a n n o t be c o m p u t e d u p o n t h e b u l l i o n
alone c o n t a i n e d in the coin. (p. 236)
Suppose english guineas, G e r m a n Carolins, a n d french Louis, to be all of 15
the s a m e weight a n d fineness, d a n n ist das real par (wenn in E n g l a n d keine
seignoriage, in F r a n k r e i c h 8 % u n d in D e u t s c h l a n d 1 %) zwischen Paris u n d
L o n d o n , 100 Louis = 108 guineas, weil 100 Louis in L o n d o n 100 g u i n e a s
werth u n d 108 guineas in Paris n u r 100 louis werth sind. Z w i s c h e n Paris
u n d Frankfurt 100 Louis = 107 Carolins, weil 108 Carolins zu Paris 20
100 Louis werth sind u n d 101 Louis in Frankfurt 100 Carolins; folglich, t h e
difference between 7 u n d 8 ist das real par, 100 Louis fr 101 Carolins.
N e x t was das par zwischen L o n d o n u n d Frankfurt betrifft, hier 100 Carolins
= 101 guineas; weil 100 Carolins in L o n d o n werth sind 100 g u i n e a s u n d
101 g u i n e a s zu Frankfurt n u r 100 Carolins. ... T h e general rule d a h e r is to 25
settle t h e real par of different coins n o t according to t h e bullion they con-
tain, b u t according to the bullion they can b u y with t h e m in t h e i r own m a r -
ket at t h e t i m e . (p. [238,] 239) W e n n 1000 l. Gewicht of g u i n e a s zu L o n d o n
10001. G e w i c h t of standard bullion kaufen k n n e n u n d die 10001, von
d e m s e l b e n G e w i c h t of Louis in Paris 1080 l. Gewicht v o n d e m s e l b e n stand- 30
ard bullion kaufen; d a n n sind 10001. Gewicht of guineas at the real p a r m i t
926
925 /ooo p o u n d s weight of t h e Louis, a n d n o t worth 1000, as is c o m m o n l y
supposed, (p. 240) I c a n n o t discover a principle, which can force the prices
of articles of inland consumption to fall a n d fluctuate with t h e prices of b u l -
lion; because I find t h e m too closely attached to the ||55| d e n o m i n a t i o n s of 35
406
the coin; a n d t h a t foreign c o m m e r c e has n o t sufficient influence u p o n

t h e m . (p. 250) T h e m o r e equality there is between industry and c o n s u m p -
tion in any n a t i o n , the less coin they have occasion for, in proportion to the
alienations they m a k e ; the m o r e a n a t i o n is given to p e n u r y and h o a r d i n g ,
5 their occasions for coin are proportionally greater, (p. 259) In E n g l a n d we-
nig coin im V e r h l t n i zu Frankreich. U r s a c h e : die currency of p a p e r m o n -
ey. So it goes abroad in order to gain m o r e : whereas in F r a n c e it r e m a i n s at
h o m e , u n d produces n o t h i n g . T h e wealth of a n a t i o n can no m o r e be esti-
m a t e d by the quantity of its coin, t h a n t h e wealth of private people by the
10 weight of their purse, (p. 260) F r F r s t e n in Verlegenheit: the m a x i m ist,
first to fill t h e e x c h e q u e r with the a n n u a l i n c o m e ; t h e n to debase t h e stand-
ard; a n d last of all to pay. T h e debts paid, a n d the current expence
brought within the i n c o m e ; t h e n is the t i m e to raise the standard, (p. 282)
F r i e d r i c h d e r G r o s s e n a c h d i e s e m Princip i n Sachsen h a n d e l n d , (p. 282)
15 Dieses bestndige debasiren des Geldes in e i n e m L a n d e h a t folgende
3 H a u p t n a c h t h e i l e : 1) Es disturbs die ideas einer g a n z e n N a t i o n m i t Bezug
auf d e n W e r t h , u n d giebt i n allen bargains e i n e n Vortheil d e n e n der G e -
sellschaft, w h o c a n calculate, over those w h o cannot. 2) Es robs t h e whole
class of debtors w h e n t h e standard is raised; a n d it robs the whole class of
20 creditors w h e n it is debased. 3) It r u i n s credit; b e c a u s e no m a n will borrow
or lend, in a country where he c a n n o t be sure of receiving back the value of
his loan; or of being in a capacity of clearing himself by paying back t h e
value he h a d borrowed. This last c i r c u m s t a n c e - e b e n die W i r k u n g auf d e n
C r e d i t - h a s overturned t h e whole s c h e m e in F r a n c e , (p. 284) farthings of
25 copper are good a n d convenient; a few of t h e s e o u g h t always to be pre-
served in favour of the lower classes of t h e people, who thereby are enabled
to keep down the prices of t h e small necessaries of life. (p. 286) It is trade
alone, a n d the p a y m e n t of bills of exchange between different countries,
which c a n ascertain t h e true value of t h a t currency in which m e r c a n t i l e
30 p a y m e n t s are m a d e . (p. 307) U n t e r s c h i e d zwischen marks oder counters ei-
nerseits u n d specie of intrinsic worth. Das copper coin fast aller N a t i o n e n
blosse m a r k s u n d passes current obgleich es n i c h t d e n i n n e r e n W e r t h der
D e n o m i n a t i o n hat, die es trgt. A b e r a u c h n i c h t legal t e n d e r in Z a h l u n g e n
ber e i n e n sehr k l e i n e n Belauf h i n a u s . So preservet it seine N t z l i c h k e i t
35 fr small circulation, u n d prvents gleichzeitig das debasing des standard
u n d der specific currency (gold u n d silver) w h e n properly proportioned etc.
(p. 307,8)
407
(til)
Book IV. Of Credit and Debts.
Part I. Of the interest of Money.
W h e n I speak of realizing paper m o n e y , I u n d e r s t a n d either the converting

it into gold and silver, w h i c h is the m o n e y of the world; or t h e placing of it 5
in such a way as to p r o d u c e a perpetual fund of a n n u a l interest, (p. 320)
O n e s u d d e n revolution p r o d u c e s another. W h e n interest is b r o u g h t down
by statute, t h e price of land m u s t rise by a jerk; and l a n d e d m e n will sud-
denly profit of the c h a n g e in their favour, (p. 332) If m o n e y can be m a d e of
paper, to the value of all the solid property of a n a t i o n , (so far as occasion 10
is found for it, by owners of t h a t property) the u s e of the m e t a l s c o m e s to
be in a m a n n e r r e d u c e d to that of serving as a standard, for ascertaining the
value of t h e d e n o m i n a t i o n s of m o n e y of accompt; perhaps for facilitating
the circulation of small sums, a n d for paying a b a l a n c e of trade to other n a -
tions, (p. 339) In s o m e of the m o s t c o m m e r c i a l countries a n d cities interest 15
has b e e n found to be lower t h a n in great K i n g d o m s : b u t that, I imagine, is
entirely owing to the frugality of their m a n n e r s , which cuts off the borrow-
ing of the rich for the sake of dissipation. W h e n this is accomplished, trade
alone being what absorbs the stagnation of the frugal, t h e price of interest
will fall to t h a t rate which is the best proportioned to the profits u p o n it: 20
b u t this also will be less a n d less the case every day, in proportion to the
credit a n d circulation of public funds in different n a t i o n s , (p. 347,48)
(t. II.)
Book IV.
Partii. Of Banks. 25
Private Credit ist entweder real oder personal oder mixed. D e r real credit ist
nichts als das pledging an i m m o v e a b l e subject for the p a y m e n t of a debt.
Die Personal security ist das engagement of the debtor's whole effects for
the relief of his creditors, (p. 353) T h e ruling principles in private credit
u n d die Basis worauf er ruht, is t h e facility of converting, into m o n e y , the 3Q
effects of the debtor, (p. 354) (Sieh c o n t . p. 68) |
408
|56| D.Ricardo (Schlu von p . 5 3 )
V.) Vom Profit.
Permanente Variations in der Rate des Profits.
Theilung des Preisses des Products

5 zwischen Capitalists und labourers.
Der ganze W e r t h der W a a r e n des Pchters, der das Preiregulirende L a n d

b e b a u t u n d des F a b r i k a n t e n , der W a a r e n fabricirt, wird in nur zwei Portions
getheilt; die eine constituirt die profits of stock, die andre die wages of la-
bour, (p. 107) Verkauften sich K o r n u n d M a n u f a k t u r w a a r e n i m m e r z u m
10 selben Preisse, so w r d e n Profits h o c h oder niedrig sein, im M a a s s e als wa-
ges niedrig oder h o c h sind. Steigt n u n der Kornprei, weil eine grre
Q u a n t i t t Arbeit zu seiner P r o d u c t i o n erheischt ist, so steigen die wages
u n d fllt der Profit. Verkauft ein m a n u f a c t u r e r seine W a a r e n fr 1000 /., so
hngt sein Profit davon ab, ob die wages 800 oder n u r 600 /. kosten. D a s
15 Steigen des R o h p r o d u c t s wirkt ebenso auf d e n Pchter, ... d e n n er zahlt
entweder R e n t e dafr oder m u a n additional n u m b e r o f l a b o u r a n w e n d e n ,
u m dasselbe P r o d u c t z u erhalten u n d der additional Prei entspricht einer
dieser b e i d e n M e h r a u s g a b e n , compensirt i h n aber n i c h t fr das Steigen der
wages, (p. 108) Das Product, das d e m farmer z u k m m t , m a g 180, 170, 160
20 oder 150 qrs sein, er erhlt i m m e r wie im Anfang fr die 180 so spter fr
die 170 etc qrs 720 /.; t h e price increasing in an inverse proportion to t h e
quantity, (p. 112,13) D i e Profits k n n e n n i e so h o c h steigen, d a von d e n
720 l. nicht genug bliebe, um d e n labourers die absolute necessaries zu las-
sen; n o c h k n n e n die wages j e h o c h genug steigen, u m k e i n e n T h e i l dieser
409
S u m m e fr die profits zu lassen, (p. 113) W i r lassen bei Seite die accidental
variations von g u t e n oder schlechten seasons, oder von der d e m a n d
increasing oder d i m i n i s h i n g d u r c h any s u d d e n effect on the state of p o p u -
lation. W i r sprechen von d e m n a t u r a l a n d constant price of corn. (p. 114
note) D e r farmer h a t also grosses Interesse die n a t u r a l prices of R o h p r o - 5
d u c t niedrig zu halten. E i n m a l als C o n s u m e n t , d a n n als Arbeitsverwender.
(p.114)
N u r wenig W a a r e n w e r d e n in i h r e m Preisse nicht affizirt d u r c h das Stei-
gen des R o h p r o d u k t s , weil ein Theil des R o h p r o d u c t s i m m e r in ihre C o m -
position eingeht. Sie steigen, weil m e h r Arbeit verwandt ist auf das R o h - 10
produkt, wovon sie g e m a c h t werden, nicht weil die m a n u f a c t u r e r s d e n
A r b e i t e r n m e h r zahlen, die sie anwenden. In allen Fllen steigen W a a r e n ,
weil m e h r Arbeit auf sie verausgabt wird u n d nicht weil die Arbeit, die auf
sie verausgabt wird, von e i n e m h h e r n W e r t h ist. Articles of jewellery, iron,
plate u n d copper, would n o t rise, weil kein R o h p r o d u k t von der Oberflche 15
der Erde in ihre C o m p o s i t i o n eingeht, (p. 117) Die auf die profits hervorge-
b r a c h t e n effects w r d e n dieselben oder ungefhr dieselben sein, w e n n ein
Steigen im Preisse der a n d r e n necessaries stattgefunden, ausser food, on
which the wages of labour are expended, (p. 118) M i t d e m Steigen des
Marktprei einer W a a r e b e r ihren n a t r l i c h e n Prei, bersteigt n a t r l i c h 20
der Profit, in d i e s e m b e s o n d e r n Zweig, d e n allgemeinen level der profits.
Aber die n u r ein t e m p o r r e r Effect, (p. 118,19) profits d e p e n d on h i g h or
low wages, wages on the price of necessaries, a n d the price of necessaries
chiefly on the price of food. (p. 119)
Natrliche Tendenz des Profits also zufallen, weil im Fortschritt der Gesell- 25
schaft u n d des R e i c h t h u m s , die additional food m e h r u n d m e h r A r b e i t er-
heischt. Diese T e n d e n z , diese Gravitation des Profits aufgehalten in sich
wiederholenden Z w i s c h e n r u m e n durch die Verbesserungen in der M a -
schinerie, v e r b u n d e n m i t der P r o d u c t i o n der necessaries, wie d u r c h Ent-
d e c k u n g e n in der Wissenschaft der Agricultur, die die P r o d u c t i o n s k o s t e n 30
v e r m i n d e r n , (p. [120,] 121) M i t d e m Steigen des n a t u r a l price of food steigt
a u c h der Prei der a n d r e n necessaries, d u r c h d e n increased value des R o h -
materials wovon sie g e m a c h t sind, was weiter wages increase u n d profits
lower wrde, (p. 122,3) Der farmer und manufacturer can no more live without
profits, than the labourer without wages. Ihr Motiv fr die A c c u m u l a t i o n wird 35
d i m i n i s h m i t jeder d i m i n u t i o n of profit u n d ganz aufhren, w e n n ihre Prof-
its keine gehrige C o m p e n s a t i o n fr ihren trouble u n d das Risico, das Ca-
pital productiv a n z u w e n d e n , geben, (p. 123) D i e R a t e der profits w r d e b -
rigens n o c h rascher fallen als o b e n angegeben, da, w e n n das P r o d u c t sehr
steigt, the value of t h e farmer's stock would be greatly increased, weil es 40
n o t h w e n d i g aus vielen W a a r e n besteht, die im Preisse gestiegen sind. W a r
410
sein Profit 6% auf d e n Originalstock, so ist er jezt n u r m e h r 3%. . B.

3000 /. zu 6% g e b e n 180 /. E b e n s o 6000 /. zu 3% a u c h 180 /. U n d u n t e r die
sen U m s t n d e n on t h o s e t e r m s only could a new farmer with 6000 I. m o n e y
in his pocket enter into the farming business, (p. 123,4)
5 F r e i n e n Theil der F a b r i k a n t e n findet ebenfalls theilweise C o m p e n s a -
t i o n Statt. D e r Brauer, der Destillateur, der clothier, der l i n e n m a n u f a c t u r -
er z u m T h e i l c o m p e n s i r t fr die Verringerung ihrer profits d u r c h d e n rise
in t h e value of their stock of ||57| raw a n d finished materials; aber n i c h t so
b e i d e m m a n u f a c t u r e r of hardware, of jewellery etc, wie b e i d e n e n , d e r e n
10 Capital n u r aus G e l d besteht, (p. 124)
Andrerseits: W i e a u c h der rate of profits of stock a b n e h m e n m a g in
Folge der A c c u m u l a t i o n von Capital auf L a n d u n d d e m rise o f wages, m u
d o c h der Aggregatbetrag der profits wachsen. So unterstellt, d a m i t wie-
d e r h o l t e n a c c u m u l a t i o n s von 100,000 /. die R a t e des Profits falle von 20
15 auf 19, 18, 17%, k n n e n wir erwarten, d a der g a n z e amount of profits re-
ceived by t h e successive owners of capital would be always progressive; d a
er grsser sein w r d e , w e n n das Capital 200,000 als w e n n 100,000; n o c h
grsser, w e n n 300,000; u n d so weiter wachsend, obgleich zu e i n e m d i m i n -
ishing rate, with every increase of capital. Dieser Progress i n d e n u r w a h r
20 fr eine b e s t i m m t e Zeit: so 19% auf 200,000 l. ist m e h r als 20 auf 100,000;
18% auf 300,000 m e h r als 19% auf 200,000: a b e r n a c h d e m das Capital ac-
c u m u l i r t to a large a m o u n t u n d profits gefallen sind, v e r m i n d e r t die weitre
A c c u m u l a t i o n das aggregate of profits. So unterstellt die A c c u m u l a t i o n auf
1,000,000 u n d die profits 7%, wird der G e s a m m t b e t r a g des Profits 70,000 /.
25 sein; n u n w e n n eine a d d i t i o n von 100,000 /. Capital zu der Million ge-
m a c h t wird u n d Profits zu 6 % fallen, werden 66,000 /. oder eine V e r m i n d e -
r u n g von 4000 /. e m p f a n g e n von d e n E i g e n t h m e r n d e s stock, obgleich der
a m o u n t of stock gewachsen von 1,000,000 auf 1,100,000 /. (p. 124,5) Es
k a n n i n d e keine A c c u m u l a t i o n von Kapital stattfinden, solange das Capi-
30 tal Profit abwirft, o h n e n i c h t n u r eine V e r m e h r u n g des Products, s o n d e r n
e i n e n increase von value hervorzubringen. D u r c h die M e h r a n w e n d u n g v o n
100,000 I. a d d i t i o n a l capital, wird k e i n T h e i l d e s frhren Capitals u n p r o -
duktiver. Das P r o d u c t v o n L a n d u n d Arbeit m u wachsen u n d sein W e r t h
steigen, n i c h t n u r d u r c h d e n W e r t h der z u d e m frhren Q u a n t u m der p r o -
35 d u c t i o n s g e m a c h t e n additions, s o n d e r n d u r c h d e n N e u w e r t h der d e m gan-
z e n P r o d u c t des L a n d e s gegeben wird, by t h e increasing difficulty of p r o d u c -
ing the last p o r t i o n of it. W i r d die A c c u m u l a t i o n des Capitals j e d o c h sehr
gro, so wird es trotz d i e s e m vergrsserten W e r t h , so vertheilt, d a ein ge-
ringrer W e r t h als b i s h e r d e n profits appropriirt, w h r e n d der der R e n t e u n d
40 d e n wages devouirte, w a c h s e n wird ... landlords u n d labourers werden, auf
einer gewissen Stufe, m e h r als das additionelle P r o d u c t e r h a l t e n u n d will
411
from their situation be enabled to encroach even on the former gains of the
c a p i t a l i s t . . . D i e einzig realen G e w i n n e r wren die landlords, d e n n sie wr-
d e n m e h r P r o d u c t u n d m e h r W e r t h dafr erhalten ... D e r gestiegne Ar-
beitslohn wre fr d e n Arbeiter n u r n o m i n e l l u n d fiele selbst ... Obgleich
ein grrer W e r t h producirt ist, ist eine grre Proportion von d e m was b - 5
rigbleibt von d i e s e m W e r t h , n a c h Z a h l u n g der R e n t e , c o n s u m i r t d u r c h die
P r o d u c e n t e n u n d es ist das, u n d das allein, was die Profits regulirt ... E i n e
grre Proportion v o n d e m Theil des Products, die brig bleibt, u m , n a c h
Z a h l u n g der R e n t e , zwischen Capitalisten u n d L o h n a r b e i t e r n vertheilt zu
werden, wird fr die leztren apportionirt. Jeder m a n m a g weniger erhalten, 10
aber d a m e h r Arbeiter verwandt werden i m Verhltni z u m G a n z e n v o m
Pchter z u r c k g e h a l t n e n Product, wird der W e r t h einer grren Proportion
des g a n z e n Products d u r c h die wages absorbirt w e r d e n u n d folglich der
W e r t h einer kleineren Proportion fr die Profits bleiben, (p. 1 2 5 - 2 8 )
Die R a t e der Profits h n g t so ab von der erheischten Q u a n t i t t von Ar- 15
beit erheischt u m die necessaries auf d e m keine R e n t e b r i n g e n d e n L a n d z u
erzeugen. D i e effects der A c c u m u l a t i o n daher verschieden in v e r s c h i e d n e n
L n d e r n u n d besonders abhngig von der Fruchtbarkeit des Bodens, (p. 128)
W i r h a b e n gesehn, d a der Geldprei der W a a r e n - G o l d m a g das Pro-
d u c t des L a n d e s selbst sein oder nicht, nicht steigt m i t e i n e m rise of wages. 20
A b e r gesezt das G e g e n t h e i l sei wahr. Die Preisse der W a a r e n stiegen m i t
high wages, so wrde d e n n o c h das Steigen des Arbeitslohns d e n Profit ver-
ringern. Gesezt, der hatter, der hosier u n d der s h o e m a k e r zahle j e d e r 10 /.
m e h r fr wages u n d ihre P r o d u c t e stiegen a u c h um 10 /., so ihre Lage n i c h t
verbessert. W e n n der hosier sein stockings fr 110 /. statt fr 100 l. verkauft, 25
so seine Profits v o m selben Geldbetrag als frher; aber fr diese 110 /.
l
wrde e r / weniger hats, shoes u n d von jeder a n d r e n W a a r e erhalten, u n d
w
da er m i t d i e s e m frhren Betrag von savings weniger Arbeiter zu d e n in-

creased wages erhalten k n n t e u n d weniger R o h m a t e r i a l s kaufen zu d e n
increased prices, wre er in keiner besseren situation als w e n n seine m o n e y 30
profits realiter d i m i n u i r t h t t e n im Betrag, u n d j e d e s Ding auf s e i n e m frh-
ren Preisse geblieben wre ... Nur, in fact, htte sich der W e r t h des M e -
d i u m s verringert, worin prices u n d profits geschzt werden, (p. 129,30)
Verhltni von Profit und Arbeitslohn.
D e r Arbeitslohn k n n t e steigen 20% u n d Profits fallen folglich in einer 35

grren oder kleinren Proportion, o h n e die geringste Alteration zu verursa-
c h e n i n d e m relativen W e r t h verschiedner W a a r e n . (p.23)
412
Profits h n g e n ab v o n wages, n i c h t von n o m i n a l , s o n d e r n v o n real wages;

n i c h t von der Z a h l der Pfunde, die j h r l i c h d e m Arbeiter gezahlt werden
m g e n , s o n d e r n v o n der Z a h l of days' work, n o t h w e n d i g diese P f u n d e zu
erhalten. W a g e s k n n e n d a h e r prcis dieselben sein in zwei L n -
5 d e m ; ||58| sie m g e n a u c h in d e m s e l b e n V e r h l t n i Stenn z u r R e n t e u n d zu
d e m g a n z e n von d e m L a n d e r h a l t n e n Product, obgleich i n d e m e i n e n L a n d
der A r b e i t e r 10 sh. per W o c h e erhalten m a g , u n d in d e m a n d r e n 12.
(p. 152,53)
Im V e r h l t n i als weniger appropriirt ist fr wages, wird m e h r appropriirt
10 sein fr profits u n d vice versa, (p. 500)
D i e m e i s t e n G e g n e r v o n R i c a r d o , wie W a k e f i e l d . ., b e h a u p t e n , e r
k n n e d a s s u r p l u s n i c h t e r k l r e n . A l s o . B . E i n F a b r i k a n t legt 3 0 / . a u s
fr R o h m a t e r i a l , 2 0 fr M a s c h i n e r i e , 5 0 fr A r b e i t s l o h n . S u m m a S u m -
m a r u m 100 / . E r v e r k a u f t s e i n e W a a r e fr 110 / . W o k o m m e n d i e 101.
15 h e r ? G e s e z t er l e g e 50 /. fr M a s c h i n e r i e , 30 fr R o h m a t e r i a l , 20 fr Ar-
b e i t a u s a l s o 100 u n d v e r k a u f e n a c h wie vor z u 110. W i e h n g e n die 1 0
m i t d e m A r b e i t s l o h n z u s a m m e n ? S e i n Profit h n g t j a a b fr wieviel e r
die 100 / . v e r k a u f t , n i c h t wieviel i h m die A r b e i t k o s t e t . A l s o v o m H a n d e l ?
A b e r wer z a h l t i h m d i e 1 0 /.? D e r K a u f m a n n . A b e r v o n w e m e r h l t d e r
20 K a u f m a n n die 10 /. b e z a h l t ? V o n e i n e m a n d r e n K a u f m a n n . U n d dieser?
Schlielich v o m C o n s u m e n t e n . Aber wer ist dieser C o n s u m e n t ?
N o t h w e n d i g e i n l a n d l o r d , e i n F a b r i k a n t , o d e r ein A r b e i t e r . W e n n e i n
l a n d l o r d , w o v o n z a h l t er? V o n s e i n e r R e n t e . W e n n e i n F a b r i k a n t ? V o n
s e i n e m Profit. W e n n e i n A r b e i t e r v o n s e i n e m A r b e i t s l o h n . R e n t e u n d A r -
25 b e i t s l o h n s i n d a b e r selbst T h e i l e v o m W e r t h d e s P r o d u c t s d e s F a b r i k a n -
t e n . A l s o w e r d e n i h m d i e 1 0 / . b e r die 100 n u r i m H a n d e l g e z a h l t , weil
e r o d e r e i n a n d r e r F a b r i k a n t sie u r s p r n g l i c h i n d e r F a b r i k a t i o n s c h o n
p r o d u c i r t h a t . E s ist k l a r . D i e K a u f l e u t e , u n d s c h l i e l i c h d i e P r o d u c e n -
ten m g e n sich u n t e r einander bescheissen. W e n n das G e s a m m t s u r p l u s
30 h u n d e r t m a g d e r E i n e i m A u s t a u s c h 2 0 , d e r a n d r e 4 0 d e r a n d r e 10, d e r
t e t e
d r i t t e 8, d e r vierte 6, d e r 5 4, d e r 6 2 % v o n d i e s e m G e s a m m t s u r p l u s er-
halten u. s. w. D a m i t aber irgend einem von ihnen n a c h Ersatz des Ge-
s a m m t c a p i t a l s i h n e n e i n s u r p l u s b r i g bleibt, m u a n u n d fr s i c h e i n
s u r p l u s v o r h a n d e n sein. D i e r e l a t i v e n Profite, die sie d u r c h U e b e r v o r -
35 theilung m a c h e n , sind n u r eine ungleiche Vertheilung des G e s a m m t s u r -
p l u s . A b e r z u r V e r t h e i l u n g m u e t w a s d a s e i n z u m V e r t h e i l e n : D e r Profit
ist v o r a u s g e s e z t , u m u n g l e i c h z u sein. M a n e r k l r t d a s s u r p l u s d a h e r
nicht durch den H a n d e l , obgleich m a n d e n einzelnen Extraprofit a u s
ihm erklren k a n n . Die Sache verschwindet von vornherein, w e n n m a n
40 sich n a c h d e m Surplus der g a n z e n Klasse der industriellen Capitalisten
fragt. D i e n i c h t z u e r k l r e n , d a d u r c h d a sie s i c h selbst als K l a s s e b e -
413
stiehlt. E b e n s o k a n n c o n s t a n t i n e i n e m L a n d d e r Profit w a c h s e n d a d u r c h
d a e i n e K l a s s e , die i n d u s t r i e l l e die G r a n d e i g e n t h m l i c h e prellt. A b e r
das vorausgesezte E i n k o m m e n jeder besitzenden Klasse m u aus der
P r o d u c t i o n h e r s t a m m e n , a l s o v o n v o r n h e r e i n ein A b z u g v o n d e n Profits
o d e r v o n d e n w a g e s sein. 5
O d e r s a g t m a n vielleicht d a s G e s a m m t p r o d u c t w c h s t . D e r C a p i t a l i s t
w e n d e t 100 a n u n d e r h l t a n Q u a n t i t t ein P r o d u c t v o n 110. N a c h d e m e r
a l s o alles ersezt, bleibt i h m 1 0 b r i g . Allein e s h a n d e l t sich h i e r u m d e n
W e r t h u n d d e r W e r t h ist relativ: e r ist n i c h t die Q u a n t i t t , s o n d e r n i h r
V e r h l t n i z u e i n e m d r i t t e n . D i e s e s d r i t t e k a n n n u r die A r b e i t e r k l a s s e 1 0
sein. D a m i t d e r W e r t h d e s Profits steigt, m u ein d r i t t e s d a sein, d e s s e n
W e r t h fllt. W e n n e s h e i t d e r C a p i t a l i s t legt v o n 100 a u s 3 0 fr R o h m a -
terial, 20 fr M a s c h i n e r i e , 50 fr A r b e i t s l o h n u n d v e r k a u f t d i e s e 100
d a n n fr 110, vergit m a n , d a w e n n e r 6 0 fr A r b e i t s l o h n h t t e a u s l e -
g e n m s s e n er g a r k e i n e n Profit, auer den 110, 8, 2 % etc e r h a l t e n h a b e n 15
w r d e . E r t a u s c h t s e i n P r o d u c t fr ein a n d r e s a u s , d e s s e n W e r t h d u r c h
die a u f e s v e r w a n d t e A r b e i t s z e i t b e s t i m m t ist.
E r h a t e i n P r o d u c t s a g e v o n 2 0 A r b e i t s t a g e n verkauft, u n d t a u s c h t e i n s
dafr ein. D a s s u r p l u s b e s t e h t n i c h t i n d i e s e m A u s t a u s c h , o b g l e i c h e s
sich erst i n i h m realisirt. E s b e s t e h t d a r i n , d a v o n d i e s e m P r o d u c t , d a s 20
20 Arbeitstage kostet der Arbeiter n u r das Product von 10 etc Arbeitsta-
g e n e r h l t . I n d e m s e l b e n M a a , wie die P r o d u c t i v k r a f t d e r A r b e i t zu-
nimmt, n i m m t der Werth des Arbeitslohns ab. |
|59| Accumulation des Capitals.
M i t einer Population, die auf die Subsistenzmittel drckt, sind die einzi- 25
gen H e i l m i t t e l entweder eine R e d u c t i o n des Volkes, oder eine raschere Ac-
c u m u l a t i o n des Capitals. In r e i c h e n L n d e r n , wo aller fruchtbare B o d e n
s c h o n b e b a u t ist, ist das leztre Heilmittel weder sehr praktisch, n o c h sehr
wnschenswerth, weil sein Effect, wenn zu weit getrieben, sein wrde, alle
Klassen gleich a r m zu m a c h e n . A b e r in a r m e n L n d e r n das einzige M i t t e l 30
of removing the evil. (p. 94, 95)
414
Einflu von trade auf profits
E i n f l u d e s foreign t r a d e .
D a s Capital k a n n in doppelter W e i s e a c c u m u l i r t werden. Es k a n n erspart

werden in Folge vermehrten Einkommens oder verminderter Consumtion. Stei-
5 gen m e i n e Profits von 1000 auf 1200, whrend m e i n e A u s g a b e dieselbe
bleibt, so a c c u m u l i r e ich jhrlich 200 /. m e h r als frher. Spare i c h 200 /.
von m e i n e r A u s g a b e , w h r e n d m e i n e Profits dieselben bleiben, so der Ef-
fect derselbe, a u c h 200 l. jhrlich m e i n e m Capital hinzugefgt. ... Fiele in
Folge der M a s c h i n e r i e die G e s a m m t h e i t der W a a r e n , worauf die R e v e n u e
10 verausgabt war, um 20%, so k a n n ich ebenso wirksam sparen, als w e n n
m e i n e R e v e n u um 20 % z u g e n o m m e n ; aber in d e m e i n e n Fall die R a t e des
Profits stationr, i n d e m a n d r e n g e h o b e n u m 20%. K a n n d u r c h E i n f h r u n g
von f r e m d e m K o r n ich 20% sparen von m e i n e r A u s g a b e , der Effect prcis
derselbe, als w e n n die M a s c h i n e r i e verringert h t t e die expense of their
15 production, aber profits w r d e n nicht steigen. Es ist daher n i c h t in Folge
der A u s d e h n u n g des Markts, d a die R a t e des Profits wchst, obgleich sol-
che E x t e n s i o n gleich wirksam sein m a g in V e r m e h r u n g der M a s s e von
W a a r e n u n d u n s d a d u r c h befhigen m a g z u v e r m e h r e n die funds destined
fr d e n U n t e r h a l t der A r b e i t u n d des Materials worauf die A r b e i t verwen-
20 det wird ... W e n n d u r c h A u s d e h n u n g des fremden H a n d e l s , dasselbe wie
Verbesserung in der M a s c h i n e r i e - die food u n d die necessaries des Arbei-
ters zu r e d u c i r t e n Preissen auf d e n M a r k t gebracht werden k n n e n , so wer-
d e n Profits steigen. W e n n n i c h t nicht. ... D e r rate of wages wrde n i c h t af-
ficirt, w e n n a u c h W e i n , velvets, silks u n d andre kostspielige W a a r e n um
25 5 0% fielen u n d profits w r d e n folglich unalterirt bleiben. D e r auswrtige
H a n d e l daher, obgleich er e i n e m L a n d e sehr n t z l i c h ist, i n d e m er die
Masse u n d die Mannigfaltigkeit d e r G e g e n s t n d e vermehrt, worauf die R e -
venu verausgabt werden k a n n u n d , d u r c h d e n Ueberflu u n d die Wohlfeil-
heit der W a a r e n incentives to saving affords, u n d zur A c c u m u l a t i o n von
30 Capital, h a t keine T e n d e n z die profits (i. e. die R a t e ) of stocks zu v e r m e h -
ren, zu e r h h n , w e n n die importirten W a a r e n n i c h t von der Art sind worauf
Arbeitslohn verausgabt wird. (p. 1 3 5 - 1 3 8 )
Say sagt: Der H a n d e l befhigt u n s eine W a a r e in i h r e m H e i m a t h p l a t z
zu erhalten u n d sie n a c h e i n e m a n d r e n zu bringen, wo sie c o n s u m i r t wird.
35 Er giebt u n s daher die M a c h t d e n W e r t h der W a a r e zu v e r m e h r e n , um die
ganze Differenz zwischen s e i n e m Prei am ersten dieser Pltze u n d s e i n e m
Preisse am zweiten." W a h r . A b e r wie erhlt sie diesen additioneilen
Werth? D u r c h Hinzufgen zur Productionskost, erstlich, der expenses of
415
conveyance; zweitens des Profit auf die advances of capital m a d e by the

m e r c h a n t . D i e W a a r e ist werthvoller, aus d e m s e l b e n G r u n d e , w o d u r c h j e d e
W a a r e werthvoller wird, weil m e h r Arbeit verwandt auf ihre P r o d u c t i o n
u n d conveyance, eh sie v o m c o n s u m e r gekauft wird. Die ist nicht als einer
der Vortheile des Handels zu erwhnen. W e n n der G e g e n s t a n d g e n a u e r be- 5
trachtet wird, wird m a n finden, da die g a n z e n benefits des H a n d e l s sich
selbst auflsen in die Mittel, die er u n s giebt nicht m e h r werthvolle, aber
m e h r useful objects zu erhalten, (p. 309,10 Note.)
E i n f l u des h o m e t r a d e .
W a s v o m auswrtigen, gilt v o m i n l n d i s c h e n H a n d e l . D i e R a t e des Profits 10

steigt nie d u r c h eine bere Vertheilung der Arbeit, Erfindung von M a s c h i -
nerie, bere C o m m u n i c a t i o n e n oder d u r c h irgendein M i t t e l die A r b e i t ab-
z u k r z e n in der M a n u f a k t u r oder der conveyance of goods. Diese Ursa-
c h e n wirken auf d e n Prei u n d sind d e m C o n s u m e n t e n sehr n t z l i c h ; er
erhlt m e h r W a a r e n m i t derselben Arbeit oder d e m W e r t h derselben Ar- 15
beit, aber keine W i r k u n g auf d e n Profit. Andrerseits hebt jede Verminderung
des Arbeitslohns den Profit, (also ||60| w e n n sie a u c h a u s a n d r e n U r s a c h e n
als d e m F a l l e n d e r food h e r k o m m t ) , afficirt aber n i c h t d e n Prei der W a a -
ren. Das eine Vortheilhaft allen Klassen, da alle Klassen C o n s u m e n t e n ;
das andre n u r d e n P r o d u c e n t e n ; sie g e w i n n e n m e h r , aber j e d e s D i n g bleibt 20
auf s e i n e m frhren Prei. (p. 138)
Revulsion in trade.
In r e i c h e n u n d m c h t i g e n L n d e r n , wo grosse Capitalien in M a s c h i n e r i e
verausgabt werden, wird m e h r distress erfahren werden von einer revulsion
in trade, als in r m e r e n L n d e r n , wo verhltnimssig ein geringeres Q u a n - 25
t u m von fixem u n d ein viel grres von circulirendem Capital existirt, u n d
wo folglich die H a n d a r b e i t vorherrscht. Leichter circulirendes, als fixes Ca-
pital von e i n e m e m p l o y m e n t auf das andre zu bertragen. Oft u n m g l i c h ,
M a s c h i n e r i e , die zu e i n e m Zweck errichtet, fr die purposes einer a n d r e n
M a n u f a c t u r zu b e n u t z e n ; wohl aber das clothing, food u n d lodging des in 30
e i n e m Zweig beschftigten Arbeiter fr seine Beschftigung in e i n e m and-
ren Industriezweig zu verwenden, oder derselbe Arbeiter k a n n dasselbe
food, clothing, u n d lodging erhalten, w h r e n d sein e m p l o y m e n t gewechselt
wird. Die, inde ist ein Uebel, dem sich eine reiche Nation unterwerfen mu;
u n d es wre n i c h t rationeller darber zu klagen, als es fr e i n e n r e i c h e n 35
416
K a u f m a n n sein wrde zu l a m e n t i r e n da sein Schiff d e n Gefahren der See

ausgesezt, w h r e n d seines a r m e n N a c h b a r s cottage sicher vor solchem U n -
gefhr sei. (p. 311)
Effects der Accumulation auf Profits and Interest.
5 K e i n e A c c u m u l a t i o n of capital will profits p e r m a n e n t v e r m i n d e r n , w e n n

keine U r s a c h e da ist fr d e n rise of wages. ... A. S m i t h schreibt d e n fall der
profits der A c c u m u l a t i o n des Capitals zu u n d der daraus r e s u l t i r e n d e n
C o n c u r r e n z ... W e n n aber Capital sich v e r m e h r t hat, h a t sich das work to
be effected by capital in d e m s e l b e n Verhltni vermehrt. ... es giebt kei-
10 n e n Belauf von Capital, der n i c h t in e i n e m L a n d e verwandt w e r d e n k n n t e ,
weil die Nachfrage n u r d u r c h die P r o d u c t i o n b e s c h r n k t ist ... D u r c h d e n
A k t der P r o d u c t i o n wird der P r o d u c e n t C o n s u m e n t seiner eignen W a a r e n ,
oder Kufer u n d C o n s u m e n t der W a a r e n a n d r e r Personen. ... I n H o l l a n d
fielen die Profits, weil es fast alles Korn, das es b r a u c h t e , i m p o r t i r e n
15 m u t e , u n d a u s s e r d e m stieg der A r b e i t s l o h n d u r c h schwere S t e u e r n auf die
necessaries des Arbeiters ... ( R i c a r d o b e r s i e h t hier, w a s wir s c h o n f r h e r
b e i s e i n e r W e r t h b e s t i m m u n g b e m e r k t , d a d e r Austausch e i n e w e s e n t l i -
che B e d i n g u n g d e r s e l b e n ist. A l l e r d i n g s k a n n d e r C a p i t a l i s t i m m e r m i t
d e m A r b e i t e r a u s t a u s c h e n . A b e r e r t a u s c h t n u r s o l a n g e m i t i h m a u s , als
20 e r d a s P r o d u c t s e i n e r A r b e i t m i t Profit a u s t a u s c h e n k a n n . D i e s e r A u s -
t a u s c h h a t G r e n z e n a n d e n M i t t e l n u n d w a n t s d e r a n d r e n fr j e d e be-
stimmte W a a r e , die i n e i n e m L a n d e u n d selbst i n e i n e m g e g e b n e n M a r k t
auf dem Weltmarkt producirt werden k a n n . Die Unverhltnimssigkeit
z w i s c h e n d e m M a r k t - d e n T a u s c h e n d e n - u n d d e m C a p i t a l , die U n v e r -
25 hltnimssigkeit der Production im b e s t i m m t e n L a n d treibt eben auf
d e n W e l t m a r k t u n d v o n e i n e m M a r k t i n d e n a n d r e n . D i e - n a t r l i c h in-
nerhalb der brgerlichen Grenzen - proportionate production, bedarf
bei der m o d e r n e n Industrie eben den Erdkreis, um durch Production G e -
g e n p r o d u c t i o n u n d d a h e r active N a c h f r a g e h e r v o r z u r u f e n . ) . . . R i c a r d o
30 hilft sich g e n A. S m i t h d a d u r c h , da der T h e i l des Capitals, das surplus,
das must be sent abroad u n d exchanged for s o m e t h i n g for which there is a
d e m a n d a t h o m e " d a d u r c h , d a e r sagt, wer zwingt u n s d e n n ein surplus
of corn, woollen goods u n d hardware zu produciren; w e n n n i c h t vortheil-
haft die A n w e n d u n g eines Theils des Capitals in ihrer Production, capital
35 would be removed to some (in d e m s o m e s t e c k t s e b e n ) m o r e profitable
e m p l o y m e n t . ... es k a n n n u r ein glut von einer besondren Waare im M a r k t
existiren, aber nie m i t Bezug auf alle W a a r e n ... D i e A c c u m u l a t i o n des
Capitals k a n n n u r in e i n e m Falle von e i n e m Fall der Profite begleitet sein,
417
obgleich die food wohlfeil ist, n m l i c h , w e n n die funds fr die U n t e r h a l -

t u n g der Arbeit rascher wachsen als die Bevlkerung; - wages will t h e n be
h i g h u n d profits low. ... w e n n Kaufleute ihre Capitalien im auswrtigen
H a n d e l oder im T r a n s p o r t h a n d e l engagiren, so geschieht es stets aus W a h l
u n d nie aus Nothwendigkeit; nur, weil ||61| in d e m trade ihre profits etwas 5
grsser sein werden als i m h o m e trade. ... ( H c h s t p a u v r e R p l i q u e v o n
R i c a r d o m i t s e i n e m preparing some other sort of goods. W e n n wir
s a g t er, velvets b r a u c h t e n ( u n d wir w r e n v o m a u s w r t i g e n H a n d e l a b g e -
s c h l o s s e n ) k n n t e n wir n i c h t versuchen velvets zu m a c h e n ? u n d w e n n es
u n s n i c h t gelnge, k n n t e n wir n i c h t m o r e cloth m a c h e n , oder some other 10
object desirable to us? (p. 346)) ... D e r Zinsfu, obgleich schlielich u n d
p e r m a n e n t regiert d u r c h die R a t e des Profits, ist zeitlichen variations von
a n d r e n U r s a c h e n unterworfen. ... Fllt der Marktprei der W a a r e n von
einer a b u n d a n t e n Z u f u h r oder verminderter Nachfrage oder Steigen im
W e r t h des Geldes, so a c c u m u l i r t ein m a n u f a c t u r e r eine u n g e w h n l i c h e 15
Q u a n t i t t fertiger W a a r e n , die er zu d e n sehr gedrckten Preissen n i c h t
verkaufen will. Um seine gewhnlichen Z a h l u n g e n zu bewirken, fr die er
gewohnt war v o m Verkauf seiner W a a r e n a b z u h n g e n , sucht er auf Credit
z u borgen u n d m u oft w a c h s e n d e n Zins zahlen. D i e n u r v o n t e m p o r r e r
D a u e r ... A u c h V e r m e h r u n g des Geldes, abuse of b a n k i n g , obgleich sie 20
schlielich die Preisse der W a a r e n steigen m a c h e n , wirken in einer be-
s t i m m t e n Zwischenzeit auf d e n Z i n s . Der Prei der Staatspapiere kein
sichres C r i t e r i u m fr d e n Zinsfu. In Kriegszeit solche Aufeinanderfolge
von loans u n d solcher Effect d u r c h die A n t i c i p a t i o n der politischen Ereig-
nisse, da der Prei des stock keine Zeit sich zu s e i n e m fair price zu settle. 25
In Friedenszeit u m g e k e h r t , steigt der Prei des stock u n d fllt folglich sein
Z i n s u n t e r d e n M a r k t p r e i in Folge der O p e r a t i o n e n des sinking fund, der
unwillingness verschiedner persons ihre funds d i e s e m g e w o h n t e n employ-
m e n t zu e n t z i e h n , das sie fr sicher halten u n d worin die dividends regel-
mssig gezahlt werden. D a n n zahlt die Regierung v e r s c h i e d n e n Z i n s fr 30
verschiedne funds. 100 capital in 5 % stock oft selling fr 95 /. u n d excheq-
uerbills, die n u r 4 /. 11 sh. 3 p. Zins tragen, oft 100 1. selling fr 100 /. 5 sh.,
weil ein b e s t i m m t e r Theil dieser exchequerbills als sichre u n d m a r k e t a b l e
i n v e s t m e n t for b a n k e r s erheischt sind. (p. 3 3 8 - 3 5 1 . )
Vom Roh und Reinertrag. 35
A. S m i t h verherrlicht bestndig die Vortheile, die ein L a n d ableitet von

e i n e m grossen Rohertrag rather t h a n a large n e t i n c o m e ( u n d d a h e r die
V e r w e n d u n g d e s g r r e n T h e i l o d e r b e r h a u p t d e s C a p i t a l s i n d e r Agri-
418
cultur.) ( D a g e g e n n u n R i c a r d o . ) ( D a h e r a u c h . S m i t h s S t u f e n r e i h e d e r
ntzlichen Industrien: Agricultur, Manufactur, zulezt das im Exporthan-
del v e r w a n d t e C a p i t a l ) ... Das g a n z e P r o d u c t eines L a n d e s in 3 portions
t e
getheilt: ein T h e i l d e n wages, der a n d r e d e n profits, der 3 der r e n t b e -
5 s t i m m t . N u r von d e n 2 lezten portions k n n e n d e d u c t i o n s g e m a c h t werden
fr taxes oder fr savings. E i n e m Besitzer v o n 20,000 l. Capital gleichgl-
tig, w e n n seine profits per. a n n u m 2000 /., ob er 100 oder 1000 m e n anwen-
det, ob er die p r o d u c i r t e W a a r e zu 10,000 oder 20,000 /. verkauft. Is not the
real interest of the nation similar? W e n n ihr n e t real i n c o m e , rents u n d profits
10 dieselben sind, ist es gleichgltig, ob die N a t i o n a u s 10 oder 12 millions
E i n w o h n e r n besteht. I h r e M a c h t , F l o t t e n u n d A r m e e n z u u n t e r h a l t e n u n d
j e d e Art u n p r o d u c t i v e r Arbeit, m u sein i m V e r h l t n i z u i h r e m n e t u n d
n i c h t zu i h r e m gross i n c o m e . W e n n 5 millions of m e n so viel food u n d
clothing p r o d u c i r e n k n n t e n als nthig fr 10 millions, w r d e n food u n d
15 clothing fr 5 millions das n e t i n c o m e sein. W e l c h e r Vortheil d e n n , w e n n
7 Millions erheischt w r e n um dasselbe n e t i n c o m e zu p r o d u c i r e n , d. h.
w e n n 7 millions n u r food u n d cloth fr 12 millions h e r v o r b r c h t e n . D i e
A n w e n d u n g einer grren M e n s c h e n z a h l w r d e u n s weder befhigen,
e i n e n M a n n u n s r e r a r m y u n d navy h i n z u z u f g e n , n o c h eine G u i n e a m e h r
20 in taxes beizutragen, (p. 4 1 5 - 1 7 ) In der D i s t r i b u t i o n der Beschftigungen
u n t e r allen L n d e r n , wird das Capital der r m r e n n a t i o n s n a t r l i c h ver-
w a n d t in those pursuits, worin eine grosse q u a n t i t y von Arbeit supported is
at h o m e , weil in solchen L n d e r n food u n d necessaries fr eine w a c h s e n d e
Bevlkerung leicht verschafft werden k n n e n . I n r e i c h e n L n d e r n u m g e -
25 kehrt, wo food dear, will capital n a t r l i c h fliessen, w e n n H a n d e l frei, in die
Operations, wo d i e geringste Q u a n t i t t v o n Arbeit erheischt to be
m a i n t a i n e d at h o m e : so als carrying trade, entfernter fremder H a n d e l , u n d
trades, wo kostspielige M a s c h i n e r i e erheischt: zu trades, wo Profits sind im
V e r h l t n i z u m a n g e w a n d t e n Capital u n d n i c h t zur a n g e w a n d t e n H a n d a r -
30 beit. (p.418) ||62| Es ist wichtig, zwischen der gross r e v e n u e und n e t r e v e n u e
z u u n t e r s c h e i d e n , d e n n von der n e t r e v e n u e der Gesellschaft m s s e n alle
Steuern b e z a h l t werden. Unterstelle, d a alle W a a r e n im L a n d , alles K o r n ,
R o h p r o d u k t , fabricirte W a a r e n etc, die im Laufe des J a h r e s auf d e n M a r k t
gebracht werden, 2 0 millions Werth sind, u n d d a u m diesen W e r t h z u er-
35 halten, die Arbeit einer b e s t i m m t e n Z a h l von M n n e r n n o t h w e n d i g sei
u n d d a d i e a b s o l u t e n Bedrfnisse dieser Arbeiter e i n e A u s g a b e v o n
10 millions erheischen. Die gross r e v e n u e einer solchen Gesellschaft 20,
die n e t revenue 10 millions. Es folgt d a h e r n i c h t d a die A r b e i t e r n u r
10 millions von ihrer Arbeit erhalten sollten; sie k n n t e n 12, 14 o d e r
40 15 millions e r h a l t e n von d e m n e t i n c o m e . Der R e s t w r d e sich vertheilen
zwischen landlords u n d capitalists; aber d a s g a n z e n e t i n c o m e w r d e n i c h t
419
10 millions exceed. Zahlt eine solche Gesellschaft 2 millions in Steuern, so

ihr R e i n e i n k o m m e n reducirt auf 8 millions, (p. 512,13)
Steuern auf Profits.
S t e u e r n auf L u x u s g e g e n s t n d e fallen n u r auf die, die G e b r a u c h davon m a -

chen, auf die C o n s u m e n t e n , Steuern auf necessaries, so weit sie die wages 5
erhhen, fallen auf die Arbeitgeber nicht n u r als C o n s u m e n t e n , sondern al-
teriren a u c h d e n rate of profits, (p. 231) E i n e partielle Steuer auf profits er-
h h t d e n Prei der W a a r e , worauf sie fllt ... W r d e e i n e Steuer im Ver-
h l t n i zu den profits auf alle trades gelegt, so wrde j e d e W a a r e im
Preisse steigen. W r e die M i n e , die den standard unsres Geldes liefert, 10
a u c h im L a n d u n d wrden die profits des m i n e r a u c h besteuert, so w r d e
der Prei keiner W a a r e steigen ... Wird Geld n i c h t besteuert, u n d behlt
d a h e r seinen Werth, so fllt die Taxe also gleich auf gleiche Profits von
gleichen Capitalien. Ist die Steuer 100 /., so w r d e n die hats, das cloth u n d
das corn im W e r t h um 100 /. steigen. G e w i n n t der hatter 1100 l. fr seine 15
hats statt 1000 /. u n d zahlt er der Regierung 100 /. Steuern, so h a t er 1000 /.
fr seine eigne C o n s u m t i o n auszulegen. A b e r da cloth, corn u n d alle
a n d r e n W a a r e n aus d e m s e l b e n G r u n d im Preisse gestiegen sind, so erhlt
er n i c h t m e h r fr seine 1000 /. als frher fr seine 910 u n d [wird] so d u r c h
seine v e r m i n d e r t e n A u s g a b e n zu d e n Erfordernissen des Staats beitragen; 20
er wird, d u r c h die Z a h l u n g der Steuer, e i n e n Theil des Products des Bo-
dens u n d der Arbeit des L a n d e s zur Verfgung der Regierung gestellt ha-
ben, statt diese Portion selbst zu b r a u c h e n . W e n n er, statt die 1000 /. zu
verausgaben, sie s e i n e m Capital hinzufgt, so wird er finden im Steigen
des Arbeitslohns u n d in der v e r m e h r t e n Kost des R o h m a t e r i a l s u n d der 25
M a s c h i n e r i e , da diese Ersparung von 1000 l. sich n u r auf eine frhere von
910 /. beluft, (p. 2 3 2 - 3 3 ) Aber, obgleich, w e n n das G e l d n i c h t besteuert
wird, alle W a a r e n im Prei steigen, steigen sie n i c h t im selben V e r h l t n i ;
sie werden n a c h der Steuer nicht in d e m s e l b e n V e r h l t n i s t e h n wie vor
der Steuer. ... W i r h a b e n gesehn, da 2 manufacturers prcis d e n s e l b e n 30
Betrag Capital a n w e n d e n k n n e n , u n d prcis dieselbe S u m m e von profits
davon erhalten, aber ihre W a a r e n fr sehr verschiedne S u m m e n G e l d ver-
kaufen werden, je n a c h d e m die Capitalien, die sie a n w e n d e n , rasch oder
langsam, c o n s u m i r t u n d reproducirt werden: Das Hinzufgen der T a x e n
verndert hier das frhre Verhltni, sei es da sie direkt auf das Einkorn- 35
m e n , oder auf die W a a r e n selbst, im Verhltni des zu ihrer P r o d u c t i o n an-
g e w a n d t e n Capitals gelegt werden, (p. 234,35) D a r a u s folgt d a in e i n e m
L a n d e , wo Besteurung existirt, die Alteration im W e r t h e des Geldes, aris-
420
ing from scarcity or a b u n d a n c e , n i c h t gleichmssig auf die Preisse aller

W a a r e n wirken wird ... w e n n sie in d i e s e m Fall alle stiegen im V e r h l t n i
z u m Fall im W e r t h des Geld, w r d e n die profits u n g l e i c h g e m a c h t ,
(p. 236,37)
5 Maschinerie und Steuern. Einflu auf Profits.
Die E n t d e c k u n g von M a s c h i n e r i e , die h o m e m a n u f a c t u r e s verbessert,

strebt stets d e n relativen Werth des Geldes zu e r h h e n u n d d a h e r seinen I m -
port zu encouragiren. Alle Besteurung dagegen, alle v e r m e h r t e n Schwierig-
keiten, sei es fr d e n m a n u f a c t u r e r oder d e n grower v o n W a a r e n , streben
10 im G e g e n t h e i l d e n relativen Werth des Geldes zu v e r m i n d e r n u n d d a h e r sei-
n e n Export zu befrdern, (p. 243,44)
Steuern auf andre Waaren als Rohprodukt.
J e d e b e s o n d r e W a a r e , die besteuert wird, steigt im Preisse um d e n Betrag

der Steuer, (p.281) Bei Kriegsausgaben z . B . 20 millions geliehn. Diese ver-
15 ausgabt. D e m produktiven Capital des L a n d e s entzogen. Die j h r l i c h e
Steuer von 1 Million, um die Z i n s e n dieser Schuld zu zahlen, ||63| sind n u r
ein D e p l a c e m e n t , bertragen von d e n e n die sie z a h l e n auf die, die sie er-
halten, von d e m Steuerpflichtigen auf d e n Empfnger der Steuer. D i e real
expense sind die 20 millions u n d n i c h t der dafr zu z a h l e n d e Z i n s . D e r
20 Zins m a g gezahlt w e r d e n oder n i c h t ; das L a n d ist weder reicher n o c h r-
mer. D i e R e g i e r u n g h t t e a u c h auf e i n m a l die 20 millions einfordern kn-
n e n , u m sie z u r c k z u z a h l e n . Die n d e r t nichts a n der N a t u r der T r a n s a c -
tion, (p. 282,83.) (Aber s o stellt s i c h h e r a u s , d a die, die d e r R e g i e r u n g
Geld leihn, nicht ihr Geld, sondern das der Steuerpflichtigen leihn u n d
25 selbst p l u s o u m o i n s v o n d e r S t e u e r exirnirt sind, d a a l s o d i e g a n z e
T r a n s a c t i o n r e i n e r S c h e i n ist. A b e r wird m a n s a g e n , die S t e u e r fllt a u f
d e n P r e i d e r W a a r e n u n d trifft j e d e n s o weit, a l s e r C o n s u m e n t o d e r Ar-
b e i t g e b e r ist. U n d e i n s v o n b e i d e n ist j e d e r B e s i t z e n d e sicher. A b e r
primo W i r k n n e n a n n e h m e n , d a die A r b e i t g e b e r n i e verleihn, s o n d e r n
30 i m m e r b o r g e n . D a s ist die rgle g n r a l e . W i e k n n t e s o n s t d a s C a p i t a l
e i n e s L a n d e s sich r e p r o d u c i r e n ? W e n n die v e r h l t n i m s s i g y vielleicht
3
betragende M a s s e der Arbeitgeber statt das Capital der Nichtindustriel-

len productiv zu m a c h e n , ihr eignes Capital unproduktiv verwendete?
A l s o d e r C a s u s 1 fllt w e g . D e r A r b e i t g e b e r . E s b l e i b t n u r n o c h d e r C o n -
35 s u m e n t . secundo. W e n n d e r V e r l e i h e r geitzig i s t o d e r im A u s l a n d s e i n e
421
Dividenden consumirt, so trgt er einen geringen oder gar keinen Theil

d e r P r e i e r h h u n g als C o n s u m e n t . E r h a t b l o s die a n d r e n Steuerpflichti-
g e n g e z w u n g e n 1000, 2000 e t c / . d e r R e g i e r u n g , z . B . fr e i n e n K r i e g ge-
g e n die R e v o l u t i o n z u l e i h n , o b g l e i c h sie d i e s e m K r i e g s e h r a b h o l d s e i n
m g e n . D e r L e i h e r ist a l s o n i c h t g e z w u n g e n e i n e n e i n z i g e n c e n t i m e v o n 5
d e m G e l d z u zahlen, d a s e r d e r R e g i e r u n g leiht. E r l e i h t i h r n u r d a s G e l d
d e s p r o f a n u m v u l g u s . D a n n s t e h t die C o n s u m t i o n d i e s e s S u b j e k t s i n
d u r c h a u s k e i n e m V e r h l t n i z u d e r S u m m e des j h r l i c h e n P r o d u c t s d e r
N a t i o n , die e r a u s e i g n e m G u t d n k e n d e r R e g i e r u n g z u r V e r f g u n g ge-
stellt h a t . W i e d i e s e S u m m e sich vertheilt, wie die S t e u e r fllt u n d u n - 10
gleich die P r e i s s e e r h h t , ist r e i n zufllig, m u s o b a l d die S a c h e m a s s e n -
h a f t wird, auf die v o n d e r M a s s e c o n s u m i r t e n W a a r e n sich werfen, a l s o
g r a d e a u f die, w o r a n d e r V e r l e i h e r e x p r o f e s s o d e n g e r i n g s t e n A n t h e i l
n i m m t . D i e L e u t e , fr die d a s A u s l e i h n k e i n t r a d e , s o n d e r n ein S u b s i -
s t e n z m i t t e l ist, k o m m e n h i e r g a r n i c h t i n B e t r a c h t . S c h l i e l i c h : N a c h 15
e i n e m K r i e g e t c fllt alles i m P r e i , K o r n wie M a n u f a c t u r w a a r e n , a u s
G r n d e n , die h i e r n i c h t z u e n t w i c k e l n sind. A l s o d a s S c h l a g e n d e r
S t e u e r auf die W a a r e - w a s bei e i n e r alles i n B e s c h l a g n e h m e n d e n
S t e u e r l a s t o h n e h i n r e i n n o m i n e l l ist - s c h l g t i n s G e g e n t h e i l u m .
Smmtliche W a a r e n sinken in ihrem Geldprei. So erhlt der Ausleiher 20
n i c h t n u r d a s a u s g e l i e h n e C a p i t a l j h r l i c h z u r c k (die p e r p e t u i r l i c h e
S t a a t s s c h u l d ersezt i h m m e h r als d a s C a p i t a l m i t d e n g e w h n l i c h e n Z i n -
s e n u n d profits), s o n d e r n e r v e r m e h r t sein C a p i t a l e b e n s o s e h r q u a l i -
tativ, a l s q u a n t i t a t i v . D e r S t a a t s g l u b i g e r verleiht a l s o n i c h t n u r d a s
G e l d d e r a n d r e n , e r verleiht e s u n t e r d e n i h m v o r t h e i l h a f t e s t e n B e d i n - 25
g u n g e n , u n t e r B e d i n g u n g e n , w o r u n t e r sie e s n i e v e r l i e h n h t t e n . Sie z a h -
l e n u n d e r wird z u r c k b e z a h l t . E r h a t d e r N a t i o n e i n e S t e u e r auferlegt,
w o v o n e r sich selbst g a n z o d e r z u m g r t e n T h e i l eximirt u n d die e r sich
zur Einkommenquelle macht. V o m Standpunkt des brgerlichen Radica-
l i s m u s a u s ist e i n e N a t i o n a l s o selbst n a t i o n a l k o n o m i s c h n i c h t ver- 30
pflichtet die S t a a t s s c h u l d z u z a h l e n . V o m r e v o l u t i o n r e n il n ' e n f a u t
p a s parier.) |
|64| R i c a r d o m e i n t zwar: W e n n die Regierung n i c h t aufforderte gleich
ein fr allemal 2000 zu zahlen, statt 100 jhrlich, so b i n ich vielleicht ge-
zwungen, statt m e i n eignes productives Capital anzugreifen, die 2000 /. zu 35
p u m p e n (p. 283,4) u n d d i e s e m Privaten die 100 /. Z i n s j h r l i c h zu z a h l e n .
O b i c h sie i h m o d e r d e r R e g i e r u n g z a h l e , q u e l l e diffrence? R i c a r d o a n t -
w o r t e t selbst: It is by the profuse expenditure of G o v e r n m e n t , a n d of in-
dividuals, a n d by loans, t h a t the country is impoverished. (p.285,6) M a i s ,
m o n cher, q u ' e s t - c e q u e v o u s d o n n e l a g a r a n t i e , q u e l e g o u v e r n e m e n t , le- 4 0
v a n t e n u n e s e u l e fois, m i l l e fcs p . c . s u r c h a q u e i n d i v i d u , a u r a i t r u s s i ?
422
W e r giebt i h m a l s o die M i t t e l z u r profuse e x p e n d i t u r e als e b e n die

s t o c k u n d m o n e y j o b b e r s , die i m v o r a u s w i s s e n , d a sie n i c h t n u r n i c h t
d a b e i verlieren, s o n d e r n d a b e i g e w i n n e n , d a s i h n e n n i c h t g e h r i g e G e l d
des brigen Rests der N a t i o n zu verleihen!
5 Die Staatsschulden sind natrlich auch von einem andren Gesichts-
punkt zu betrachten.
K e i n sinking fund k a n n die Schuld v e r m i n d e r n , w e n n er n i c h t abgeleitet
ist, von d e m Excess des ffentlichen E i n k o m m e n s b e r die ffentliche rev-
e n u e , (p. 288) Das capital des stockholder k a n n n i e productiv g e m a c h t wer-
10 den, es ist in fact kein capital, (also r e i n e Fiction.) W e n n er s e i n e n stock
verkauft, um das dafr erhaltne Capital productiv zu verwenden, so k a n n er
die n u r by detaching t h e capital of the b u y e r of his stock from a p r o d u c -
tive e m p l o y m e n t , (p. 289)
Steuern gezahlt von dem Producer, (p. 457-59)
15 E n t h l t n i c h t s als einige B e m e r k u n g e n g e g e n Say u n d S i s m o n d i s a n s

consquence.
Steuern auf Huser.
Ausser Gold giebt es n o c h andre W a a r e n , d e r e n Q u a n t i t t nicht rasch re-

ducirt werden k a n n ; j e d e Steuer darauf wird d a h e r auf die E i g e n t h m e r fal-
20 len, w e n n das W a c h s t h u m des Preisses die Nachfrage v e r m i n d e r n sollte.
Steuern auf h o u s e s sind von dieser Art. Obgleich auf die M i e t h e r gelegt,
werden sie oft, d u r c h eine V e r m i n d r u n g der R e n t e , auf d e n landlord fallen.
Das Product des L a n d e s , wie der M a n u f a c t u r e s , ist c o n s u m i r t u n d r e p r o d u -
cirt von J a h r zu J a h r u n d so sind viele andre W a a r e n ; da sie rasch auf ein
25 level m i t der Nachfrage gebracht werden k n n e n , k n n e n sie n i c h t lang
i h r e n n a t u r a l price exceed. A b e r eine Steuer auf H u s e r k a n n b e t r a c h t e t
werden als an a d d i t i o n a l rent paid by the t e n a n t ; d a h e r ihre T e n d e n z die
Nachfrage n a c h H u s e r n von derselben a n n u a l rent z u v e r m i n d e r n , o h n e
die Zufuhr zu v e r m i n d e r n . R e n t wird d a h e r fallen u n d ein T h e i l der Steuer
30 d u r c h d e n landlord gezahlt werden, (p. 226)
423
VI.) Von den Steuern.
Steuern fallen auf Capital oder Revenue.
Steuern w e r d e n schlielich gezahlt von d e m Capital oder der R e v e n u eines

L a n d e s . ... W e n n die j h r l i c h e n Productions eines L a n d e s m e h r als erset-
z e n seine jhrliche C o n s u m t i o n , so vermehrt es sein Capital; w e n n n i c h t 5
m i n d e s t e n s sie ersezt, v e r m i n d e r t es dasselbe. Capital k a n n d a h e r v e r m e h r t
werden d u r c h eine vermehrte Production, oder d u r c h eine v e r m i n d e r t e u n -
produktive C o n s u m t i o n . Es h n g t d a h e r ab, ob der C o n s u m t i o n der Regie-
r u n g entspricht vergrsserte Production, oder d u r c h v e r m i n d e r t e C o n s u m -
t i o n von Seiten des Volks, ob die Steuern auf die R e v e n u fallen u n d das 10
n a t i o n a l e capital ungefhrdet lassen oder ob sie im u m g e k e h r t e n F a l l auf
das Capital fallen u n d so d e n fund, allotted to productive c o n s u m p t i o n ver-
m i n d e r n . Alle P r o d u c t i o n e n eines L a n d e s werden consumirt; a b e r der
grtmgliche Unterschied, ob d u r c h die, die sie reproduciren, oder d u r c h
die die e i n e n a n d r e n W e r t h reproduciren. W e n n wir sagen, d a R e v e n u er- 15
spart wird u n d d e m Capital hinzugefgt, so m e i n e n wir, d a sie d u r c h pro-
ductive statt d u r c h u n p r o d u c t i v e Arbeiter c o n s u m i r t wird. ... Im Verhlt-
n i wie das Capital eines L a n d e s , werden seine P r o d u c t i o n s v e r m i n d e r t
u n d daher, w e n n die Regierung u n d das Volk u n p r o d u c t i v verausgabt, m i t
einer bestndig v e r m i n d e r n d e n j h r l i c h e n Production, g e h n die R e s o u r c e n 20
flten etc. D e r u n g e h e u r e n A u s g a b e der englischen R e g i e r u n g im Conti-
nentalkrieg entsprach m e h r als w a c h s e n d e P r o d u c t i o n v o n Seiten des
Volks ... Alle Steuern h a b e n die T e n d e n z die M a c h t der Accu||65|mulation
aufzuhalten ... Greifen sie das Capital an, so h e m m e n sie die productive
I n d u s t r i e direkt. W e n n die R e v e n u , v e r m i n d e r n sie entweder die A c c u m u - 25
lation, oder zwingen die contributors to save d e n Betrag der Steuer, by m a k -
ing a corresponding d i m i n u t i o n of their former u n p r o d u c t i v e c o n s u m p t i o n
of the necessaries a n d luxuries of life. ... A u c h S t e u e r n auf Capital k n n e n
auf E i n k o m m e n fallen, w e n n ich m e i n e Ausgabe verhltnimssig v e r m i n -
dere, (p. 1 6 2 - 6 5 ) Besteurung u n t e r j e d e r F o r m bietet u n s e i n e W a h l von 30
U e b e l n ; wirkt sie n i c h t auf Profit u n d andre Quellen des E i n k o m m e n s , so
m u sie auf e x p e n d i t u r e wirken; u n d gesezt, da die B r d e gleichmssig
getragen u n d u n t e r d r c k e die R e p r o d u c t i o n nicht, so ist es gleichgltig,
worauf sie gelegt wird. ... Steuern auf e x p e n d i t u r e k a n n sich der G e i z h a l s
e n t z i e h n , aber n i c h t d e n e n auf Profit, sie seien direkt oder indirekt ... 35
W e n n eine R e v e n u 1000 /. per J a h r ist u n d ich m u 100 l. S t e u e r n z a h l e n ,
so gleichgltig ob von m e i n e r R e v e n u direkt, was m i r n u r 900 /. lt, oder
ob ich 100 l. m e h r zahle fr m e i n e agricultural c o m m o d i t i e s oder fr
424
m e i n e m a n u f a c t u r e d goods, (p. 184,5) Alles was d e n Tauschwerth von sehr

allgemein verlangten W a a r e n vermehrt, discouragirt cultivation u n d pro-
duction, aber die ist ein U e b e l u n z e r t r e n n l i c h von der Besteurung ... J e d e
n e u e Steuer eine n e u e charge o n p r o d u c t i o n u n d raises n a t u r a l price. E i n
5 Theil der Arbeit des L a n d e s , der frher zur Verfgung des contributor der
Steuer war, ist n u n zur Verfgung des Staats gestellt u n d k a n n d a h e r n i c h t
produktiv verwandt werden, (p. 206) E i n e theilweise Steuer auf profits fllt
n i e auf den trade, worauf sie gelegt wird, d e n n der trader will either quit his
e m p l o y m e n t , oder r e m u n e r a t e himself for the tax. (p. 210) Besteurung k a n n
10 n i e so gleichmssig angewandt werden, um in d e m s e l b e n V e r h l t n i auf
d e n W e r t h aller W a a r e n zu wirken u n d still to preserve t h e m at t h e s a m e
relative value, (p. 276) Steuern auf necessaries h a b e n k e i n e n b e s o n d r e n
N a c h t h e i l . Profits are i n d e e d lowered, b u t only z u m Betrag of the labour-
er's portion of the tax, die in j e d e m Fall gezahlt werden m u either by h i s
15 employer oder by t h e c o n s u m e r of the p r o d u c e of the labourer's work. (p. 3 84)
Vermehrter Prei der Waaren durch Steuern und Geld.
N i c h t m e h r Geld nthig, u m dieselbe Q u a n t i t t W a a r e n z u circuliren, de-

r e n Prei g e h o b e n d u r c h Besteurung u n d n i c h t d u r c h Schwierigkeit der
Production. Steigt der Prei der W a a r e n , so verzehre i c h weniger Q u a n t i t t
20 fr d e n s e l b e n Prei. D e r R e s t wird von der Regierung verzehrt. Sie erhlt
das Geld, was d a z u erheischt wird d u r c h die Steuer auf die b e s o n d r e
W a a r e . D e r F a b r i k a n t oder Pchter b e k m m t diese Steuer von d e m Public.
Versteckte T a x in kind. (Note p. 242,43.)
VII.) Aus der Vorrede. (Beginn des Buchs)
25 Das Product der Erde, alles, was abgeleitet ist von ihrer Oberflche d u r c h
die vereinigte A n w e n d u n g von Arbeit, M a s c h i n e r i e u n d Capital, ist ver-
theilt zwischen 3 Klassen des G e m e i n w e s e n s : n m l i c h der L a n d e i g e n t h -
mer, der Besitzer von zu ihrer Cultur n t h i g e n Capitals u n d die Arbeiter,
d u r c h deren Industrie sie b e b a u t wird. A b e r in verschiednen Stufen der
30 Gesellschaft, werden die Proportionen des g a n z e n Products der E r d e , die
j e d e r dieser 3 Klassen will be allotted, u n t e r d e n N a m e n v o n rent, profit
u n d wages, wesentlich verschieden sein; a b h n g e n d h a u p t s c h l i c h von der
actual fertility des soil, von der a c c u m u l a t i o n von Capital u n d Bevlke-
rung, u n d von der skill, ingenuity, u n d i n s t r u m e n t s employed in agricul-
35 ture. To determine the laws which regulate this distribution, is the principal prob-
lem in Political Economy. (Preface. A n f a n g . )
425
|66| Mai 1851.
Economist. Jahrgang 1845.
Remarkable discovery. Electricity and Agriculture.
Of all uses to which this new a n d marvellous agent (electricity) has b e e n

applied, n o n e promises s u c h remarkable results as to agriculture. It is a 5
principle which has b e e n long a d m i t t e d et u n d e r s t o o d , that electricity h a d
a considerable effect on vegetation, b u t it has n o t b e e n till now t h a t any
practical application of that aid has b e e n attempted. ... we are b o u n d to
say, da n a c h d e n n e u e r n E x p e r i m e n t s , wir look u p o n this new agent, as
o n e likely, before long, to produce as great a revolution in agriculture as 10
t h e invention of t h e s t e a m e n g i n e or the s p i n n i n g - j e n n y have d o n e in m a n -
ufactures. Das erzhlte E x p e r i m e n t fand statt im N o r d e n von Schottland.
A portion of a field of barley, to which the electric application was m a d e ,
l
p r o d u c e d last year at the rate of 13 qrs u n d / to the acre, while the sur-
2
r o u n d i n g land, similarly treated in other respects, p r o d u c e d the u s u a l 15

quantity of 5 to 6 qrs to the acre. T h e following is a detail of the very simple
m o d e in which t h e electric fluid is collected and applied to influence the
land.
A field is divided into oblong squares, 76 yards long a n d 40 yards wide,
a n d containing, therefore, just one acre each. T h e following is a p l a n of 20
s u c h square:
426
An j e d e m der P u n k t e A. B. C. D. pegs are driven into t h e ground; t h e exter-

n a l lines represent strong iron wires, extending from a n d fastened to e a c h
of the 4 pegs, a n d c o m m u n i c a t i n g with each other, so as to form a square of
wire, sunk 3 inches below the surface; at the Points E u n d F. poles are fixed
5 in the ground 15 feet high; a wire is c o n n e c t e d with the cross wire b e n e a t h
the surface at the Point E , - c a r r i e d up the pole a n d along t h e centre of t h e
square to t h e top of the pole at F, down which it is c o n d u c t e d a n d fixed to
the cross wire b e n e a t h t h e surface at t h a t point. We m u s t h e r e r e m a r k t h a t
t h e square m u s t be so formed, to r u n from n o r t h to south, so that the wire
10 passing from E to F shall be at right angles with the Equator. It is well
known t h a t a considerable body of electricity is generated in the a t m o s -
phere, a n d constantly travelling from east to west with the m o t i o n of t h e
earth. This electricity is attracted by the wire s u s p e n d e d from E to F, a n d
c o m m u n i c a t e d to the wires forming the square u n d e r the surface of the
15 ground, from the points A, B, C u n d D. It has, however, b e e n suggested to
u s , by a very c o m p e t e n t authority, who has at this m o m e n t a n u m b e r of ex-
p e r i m e n t s going forward that any quantity of electricity could be gen-
erated, t h a t m i g h t be required, by placing u n d e r the ground, at t h e point G,
a bag of charcoal, a n d plates of Zink at the p o i n t H, a n d to c o n n e c t the two
20 by a wire, passing over two poles similar to those at E u n d F, ||67| a n d cross-
ing the longitudinal wire passing from those points. T h e cost at which this
application can be m a d e is c o m p u t e d at one pound per acre, a n d it is reck-
oned to last 1 0 - 1 5 years, the wires being carefully t a k e n up a n d replaced
each year. (p. 383)
25 D i e poles w e r d e n aus dry wood gemacht. As the area increases, t h e cost di-
m i n i s h e s . ... T h e m o d e in which the plot is laid out is as follows. W i t h a
m a r i n e r ' s compass a n d m e a s u r e d lengths of c o m m o n string, lay o u t t h e
427
places for the wooden pins, to which t h e buried wire is attached (by passing
t h r o u g h a small staple) Care m u s t be t a k e n to lay the length of the b u r i e d
wire d u e n o r t h and s o u t h by compass, and the b r e a d t h d u e east a n d west.
This wire m u s t be placed from two to three inches deep in the soil. T h e
lines of the b u r i e d wire are t h e n completed. T h e suspended wire m u s t be 5
attached a n d in contact with t h e b u r i e d wires at b o t h of its e n d s . A w o o d e n
p i n with a staple m u s t therefore be driven in, and the two poles (one 14 feet
a n d the other 15 feet) being placed by the compass d u e n o r t h a n d south,
the wire is placed over t h e m , a n d fastened to the w o o d e n stake, b u t t o u c h -
ing likewise at this point the buried wire. T h e suspended wire m u s t n o t be 10
drawn too tight, otherwise the wind will break it. (p. 409.)
428
|68| Steuart. (Sir James) (Contin. von p. 55).

when paper is issued for no value received, t h e security of s u c h paper
stands alone u p o n t h e original capital of the b a n k , whereas w h e n it is is-
sued for value received, ist diese value die Sicherheit, worauf es u n m i t t e l -
5 bar stands u n d der b a n k s t o c k n u r subsidiary, (p. 360) every n o t e issued for
value c o n s u m e d statt fr value received u n d preserved, ist nichts als a par-
tial spending sei es des capital sei es der profits der b a n k . (1. c.) A u s d e m
G e s a g t e m folgt, d a die Soliditt einer Bank, die auf Privatsicherheit
Credit leiht, m e h r a b h n g t von d e n regulations they observe in granting
10 credit, als von d e m extent ihres original capital, (p. 362) This obligation to
pay in coin, owes its origin to the low state of credit in E u r o p e at t h e t i m e
when b a n k s first b e g a n to be introduced, (p. 365,66) C o i n comes to a b a n k ,
in the c o m m o n course of circulation, by p a y m e n t s m a d e to it, either for t h e
interest u p o n their loans, o r when m e r c h a n t s a n d landed m e n throw t h e
15 p a y m e n t s m a d e to t h e m into the bank, towards filling up their credits; a n d
by way of a safe deposit for their money. (1. c.) t h e b a n k of England keeps in
coin % of the value of all their notes in circulation, (p. 368) Die Folge der
obligation to pay in coin, ist, d a w h e n the n a t i o n comes to owe a b a l a n c e ,
the n o t e s which t h e b a n k h a d issued to support domestic circulation only,
20 c o m e u p o n it for p a y m e n t of a foreign b a l a n c e ; and thereby t h e coin which
it h a d provided for h o m e d e m a n d only, is drawn out. (p. 368) E i n Kauf-
m a n n der W a a r e n v o m A u s l a n d importirt h a t value i n his h a n d s from t h e
sale of t h e m ; aber dieser W e r t h besteht im Geld des Landes; ist die beson-
ders bankpaper, he m u s t give the b a n k p a p e r to the exchangers for a bill,
25 whose business it is to place funds in those parts u p o n which bills are de-
m a n d e d . T h e exchanger again m u s t d e m a n d coin from the b a n k s , for t h e
notes he received from t h e m e r c h a n t w h e n he gave h i m the foreign bill,
(p. 369,70) It is n o t b e c a u s e it is a balance of trade, die d e m F r e m d e n zu
z a h l e n ist, b u t b e c a u s e it is a p a y m e n t which c a n n o t be m a d e in paper cur-
429
rency, t h a t a d e m a n d is m a d e for coin, coin ist das money of the world, wie
notes das money of the society. D a s erste nthig, w e n n d e m F r e m d e n zu zah-
te
len; das 2 e b e n s o gut w h e n we pay a m o n g ourselves, (p. 370) t h e m a n n e r s
of a country m a k e more or less coin necessary, for circulating the same quantity
of paper. Diese Q u a n t i t t heisse . D e r G e b r a u c h von coin fr die i n l n - 5
dische Circulation lt sich z u s a m m e n f a s s e n u n t e r 2 H a u p t p u n k t e , pay-
m e n t of what o n e owes; t h e second, b u y i n g what o n e h a s occasion for: t h e
o n e a n d t h e o t h e r m a y be called by the general t e r m of ready m o n e y de-
m a n d s . . . . N o w t h e state of t r a d e m a n u f a c t u r e s , m o d e s of living, a n d t h e
customary expence of t h e i n h a b i t a n t s , w h e n t a k e n all together, regulate 10
a n d d e t e r m i n e what we m a y call t h e mass of ready m o n e y d e m a n d s , i.e. of
alienation. To operate this multiplicity of p a y m e n t s , a certain p r o p o r t i o n of
m o n e y is necessary. T h i s proportion again m a y increase or d i m i n i s h ac-
cording to c i r c u m s t a n c e s ; a l t h o u g h t h e quantity of a l i e n a t i o n s h o u l d
c o n t i n u e t h e s a m e . Z . B . w e n n die accounts einer Stadt d u r c h e i n e n einzi- 15
gen M a n n gehalten; d a n n alienation geht voran o h n e irgend eine Z a h l u n g ,
bis a c c o u n t s cleared sind; u n d d a n n nichts gezahlt, b u t general b a l a n c e s
u p o n t h e whole. Jedenfalls eine b e s t i m m t e S u m m e G e l d n t h i g fr die
d o m e s t i c alienation. D i e s e quantity heisse . D a s p a p e r heisse C. Also A =
+ C. D i e B i l a n z e n geschuldet von N a t i o n zu N a t i o n gezahlt in coin, met- 20
als oder bills, b a n k p a p e r of no u s e in s u c h p a y m e n t s . D i e q u a n t i t y der m e t
als, coin, bills, going o u t or c o m i n g into the country for p a y m e n t of s u c h
b a l a n c e heisse D . I n d e m country oder [der] B a n k m u i m m e r a q u a n t i t y
of coin r e m a i n = B. U n n t h i g zu b e s t i m m e n , welcher T h e i l v o n B. aufge-
locked in der b a n k , u n d welcher Theil in circulation b l e i b e n soll, b a n k s 25
selbst k n n e n diese Frage n i c h t b e s t i m m e n . A b e r profit of b a n k s to accus-
t o m people to t h e u s e of p a p e r as m u c h as possible u n d d a h e r z i e h n sie so
viel coin an s i c h als mglich, (p. 3 7 7 - 7 9 ) This is constantly t h e c o n s e -
q u e n c e of a s t a g n a t i o n of paper, from an overcharge of it, thrown i n t o cir-
culation. It r e t u r n s u p o n t h e bank, and d i m i n i s h e s t h e m a s s of their securi- 30
ties, b u t never that of their coin. Die Circulation eines Landes kann nur eine
bestimmte quantity von money (coin u n d paper) verschlingen; je m e h r G e -
b r a u c h es m a c h t von coin, desto weniger von paper vice versa. W e n n also
trade u n d alienation increase, caeteris paribus, d a n n a u c h m o n e y ... D i e
vicissitudes in the m a s s of circulation sind der p a p e r currency n i c h t pecu- 35
liar. Wo n i c h t s als m e t a l s circulirt, der Fall derselbe; n u r die O p e r a t i o n
m e h r aukward u n d expensive. Wird coin hier scarce, d a n n in r e m o t e prov-
inces k a u m mglich, a n y credit at all zu finden; u n d im C e n t r u m der Cir-
culation m u sein u s e (i. e. Zins) sehr steigen, bis selbst intelligent m e r -
chants will i m p o r t bullion to the m i n t ; which is t h e only b a n k they h a v e to 40
fit it for circulation. W e n n die m e t a l s coined, d a n n k n n e n m e n of prop-
430
erty borgen, oder ihre lands verkaufen. Andrerseits, w e n n gnstiger W e c h -

selkurs Ueberflu von coin ins L a n d bringt u n d zugleich a b s c h n e i d e t die
Nachfrage des trade for sending it abroad, it frequently falls into coffers;
wo es so n u t z l o s wird, wie in der M i n e ; u n d diese clumsy circulation pre-
5 vents it in die H n d e derer zu fallen, die G e l e g e n h e i t dafr h a b e n w r d e n ,
wten sie, wo es zu h a b e n . Paper dagegen w e n n b a n k s u n d trade well es-
tablished, is always to be found. Es liegt n i c h t todt. In an i n s t a n t p a p e r - m o n -
ey either creates or extinguishes an interest e q u a l to its value, in favour of
t h e possessor, (p. 379,80) Unterstellen wir n u n e i n e B a n k errichtet in e i n e m
10 L a n d das e i n e m a n d r e n eine Bilanz schuldet, so m u sie fhig sein zu
c o m m a n d i r e n a s u m of coin or bills = + D. D i e die diese b a l a n c e D
s c h u l d e n u n d d e n value for i t h a b e n , m s s e n u m sie z u z a h l e n entweder
e x h a u s t a part of , ||69| by s e n d i n g it away o d e r sie m s s e n e i n e n T h e i l
von C auf die b a n k bringen, to be paid for in coin. P i c k e n sie auf e i n e n T h e i l
15 von im L a n d e , so das coin in circulation v e r m i n d e r t u n t e r seine Propor
tion, u n d die Besitzer von C k o m m e n z u r B a n k for a supply, um to its
former s t a n d a r d zu bringen. Bringen sie ein T h e i l von C auf d i e Bank,
fr das p a y m e n t of D, so v e r m i n d e r n sie die quantity of C; c o n s e q u e n t l y
there will be a d e m a n d u p o n t h e b a n k for m o r e notes, to support d o m e s t i c
20 circulation, (p. 380) W r d e n notes z u r b a n k gebracht in Z a h l u n g der b a n k
geschuldeter debts, so v e r m i n d e r n sie die M a s s e of solid property m e l t e d
down in t h e securities lodged in der b a n k : aber w e n n notes zur b a n k ge-
bracht, zur V e r w a n d l u n g in coin oder bills, fr foreign exportation, so ver-
m i n d e r n sie n i c h t die M a s s e der Sicherheiten, sie pflastern d e n W e g fr
25 ihre V e r m e h r u n g ; die n o t e s m s s e n replacirt werden, (p. 381) Fllt C u n t e r
d e n level so c o m m o n l y c o m e s an application to t h e b a n k to give m o r e cred-
it, in order to support d o m e s t i c circulation, w h i c h if c o m p l i e d with, m o r e
solid property is c o n s e q u e n t l y m e l t e d down. (p. 383) Weigert sich die b a n k
credit von n e u e m zu g e b e n gegen ihr eignes u n d das Interesse des L a n d e s .
30 a b a n k is forced to pay to t h e last farthing of this b a l a n c e ; ( n a c h A u s s e n )
by paying it, t h e n o t e s t h a t were necessary for circulation are r e t u r n e d to
t h e m ; a n d they refuse to replace t h e m , for fear t h a t their supplying circula-
t i o n should create a new b a l a n c e against t h e m . This is voluntarily taking
on themselves all t h e loss of banking, a n d rejecting t h e advantages.
35 (p. 384) N o t e s issued to support t h e d e m a n d of circulation never c a n r e t u r n
u p o n t h e bank, so as to form a d e m a n d for coin; u n d w e n n sie return, m u
es sein um zu extinguish die securities granted by those who have credit in
bank, u n d w e n n diese n o t e s r e t u r n von selbst, o h n e eingerufen zu sein, so
liefert die P h n o m e n d e n Beweis d a die Circulation von selbst a b n i m m t :
40 aber in s o l c h e m Falle klar that such r e t u r n c a n p r o d u c e no call for coin;
weil w e n n die n o t e s r e t u r n es n i c h t ist fr coin s o n d e r n fr acquitting an
431
obligation or mortgage. N o t e s werden paid in, weil circulation h a s thrown

t h e m out als berflssig; also da keine occasion fr coin an ihrer Stelle; be-
cause coin answers d e n s e l b e n purpose. A b e r m a n sagt die n o t e s return,
weil coin ist wanted, n i c h t weil circulation has thrown t h e m out. G u t d e n n .
D a n n m a c h t die r e t u r n of another year's b a l a n c e a new d e m a n d for coin 5
necessary, (p. 388,9) Es ist n u r buying, . h. voluntary circulation, which is
stopped for want of currency. Paying d. h. involuntary circulation can n i e ge-
stoppt werden. Debtors must find money, as long as there is any in d e m
Land, were they to give an acre for a shilling oder ein H a u s fr e i n e halbe
Krone, (p. 389) S c h l g t vor that inland bills should be d e m a n d a b l e from 10
the b a n k at par, as well as specie. (p. 415) A u c h sollen matters so regulirt
werden, that all foreign exchanges m i g h t be transacted an der B a n k at
fixed rates, according to the place where the exchange is to be m a d e . (1. c.)
t. 111.
Book. IV. (V. Ill) 15
Pars II. On banks ( c o n t i n u a t i o . )
All t h e l a n d e d m e n who reside in L o n d o n , and m a n y other wealthy people,

n o t concerned in trade, constantly keep their m o n e y either in the b a n k , or
in some banker's h a n d , without interest: this enables bankers in general to
d i s c o u n t foreign bills at 4%, even when the rate of interest is rather above 20
that standard. This is, as it were, a contribution from the rich a n d idle, in
favour of the trade of the n a t i o n , (p. 7) T h e inland bills to be d i s c o u n t e d at
t h e b a n k of E n g l a n d m u s t all be payable in L o n d o n , (p. 8) Die R e g i e r u n g
should enable the b a n k to establish a fund in H o l l a n d , Antwerp, H a m b u r g
u n d vielleicht zu Cadiz u n d Lissabon, for borrowing s u m s of m o n e y e q u a l 25
to what m a y be d u e by E n g l a n d to the c o n t i n e n t u p o n certain emergencies,
(p. 13) M a n sagt, da d u r c h multiplication des papergelds E n g l a n d would
send off the coin. Aber es would return, while the trade of E n g l a n d flour-
ishes, (p. 18) I
432
|70| Laws B a n k u n d Dodge.
N a c h d e m T o d Louis X I V die von d i e s e m m o n a r c h contrahirten S c h u l d e n

2000 millions of livres, b e r 140 millions sterlings. D e m Herzog von Orle-
ans vorgeschlagen, die debt d u r c h e i n e n total b a n k r u p t c y a u s z u l s c h e n .
5 Verwarf das. E r n a n n t e statt dessen eine C o m m i s s i o n ( g e n a n n t le Visa) zu
inquire in die claims derjenigen of the n a t i o n s creditors, die n i c h t t h e n
properly liquidated waren, n o r secured by the appropriation of any fund for
t h e p a y m e n t of t h e interest. Im Lauf dieser C o m m i s s i o n viele exorbitant
frauds entdeckt, woraus hervorging, da grosse S u m m e n contrahirt for no
10 a d e q u a t e value paid to the King. E n d l i c h n a c h vielen arbitrary proceedings
b r a c h t e diese C o m m i s s i o n eine Art von O r d n u n g in die S c h u l d e n des K -
nigs. Die J e n i g e n formerly provided for w u r d e n alle auf 4% gesezt. D i e
creditors fr 600 millions, which h a d n o t b e e n liquidated n o r provided for,
h a t t e n ihre claims reducirt d u r c h die c o m m i s s i o n auf 250 m i l l i o n s , wofr
15 sie Staatsnoten erhielten Zinstragend 4% ebenfalls, (hiessen Billets d'etat.)
These operations performed, die G e s a m m t s c h u l d e n von L . X I V reducirt auf
2000 millions zu 4% oder 80 millions per a n n u m . Dieser interest wurde
schlecht gezahlt; a n d there hardly r e m a i n e d , o u t of an ill paid revenue, wo-
m i t die expences des civil government bestreiten. D a Law k a m z u m R e g e n t
20 m i t s e i n e m P l a n of a b a n k of circulation, (p. 19, 20) Urn Laws P l a n zu wr-
digen, ein Blick zuwerfen auf das french coin kurz vor u n d n a c h d e m T o d e
von L. XIV. 1709 was a new general coinage in F r a n c e , w o d u r c h der Knig
2 3 ^ 3 % u p o n all the specie coined gewann. V o n der M a r c of s t a n d a r d gold
w u r d e n c o i n e d 30 louis d'or, von 20 livres d e n o m i n a t i o n each. V o n der
25 M a r c standard Silver, 8 crowns, von 5 livres d e n o m i n a t i o n each; so d a die
M a r c Silber zu 40 livres gesezt. Aber d u r c h Edict v o m S e p t e m b e r 1713 t h e
old king appointed a d i m i n u t i o n der d e n o m i n a t i o n of silver u n d goldcoins;
wodurch, n a c h 11 successiven changes, das coin of F r a n c e was ordered to
be brought down, v o n 40 livres die m a r c auf 28, so da die 8 crowns which
30 were called 401ivres im M o n a t September 1713, am 2' S e p t e m b e r 1715 (der
Tag n a c h des Knigs Tod) were to be called only 28 livres. Am 13 A u g u s t
1715, kurz vor s e i n e m Todestag, (starb 1 Sept. 1715) he issued a declara-
tion, v e r o r d n e n d d a knftig das coin should r e m a i n auf 28 livres per
m a r c . Bis z u m J a h r 1689 war das G e l d in s e i n e m L a n d auf d i e s e m Fusse
35 gewesen. Bald n a c h des King's Tod, ab 2 J a n u a r 1716, erlie das new m i n -
istry an edict, which totally destroyed all. Seit 1709 war no general coinage
gewesen. D a s Edict v o m 2 J a n u a r 1716 ordered a new general coinage auf
d e m s e l b e n F u , in Bezug auf Gewicht, F e i n h e i t u n d d e n o m i n a t i o n als der
von 1709. Die alten M n z e n zugleich eingerufen. W h e n the louisdors were
433
called in, they were received at the m i n t zu n u r 16 livres; u n d by a stroke of

the wheel, they were, in an instant, converted into 20 livres, the d e n o m i n a -
tion of the new coin. W e r so 20 old louisdors auf die m i n t brachte, b e k a m
16 v o n seinen eignen 20 zurck. Jeder suchte daher zu dispose b e r sein
old coin, at any other m a r k e t t h a n at the Kings m i n t . Alles g e t h a n to smug- 5
gle it to Holland, wo der industrious D u t c h m a n stamped a 16 livre p i e c e
with the h e a d of a child, as well as the King of F r a n c e could do, a n d sent it
back to F r a n c e for a 20 livre piece. Alles geschah von Seiten der Regierung
to force in the old coin to t h e m i n t . Law hielt diese U m s t n d e fr eine Cir-
c u l a t i o n s b a n k geeignet. Seine B a n k errichtet 2 M a i 1716. D a s erste, was 10
Law t h a t war m i t b a n k n o t e s dieses old coin aufzukaufen, zu e i n e m h h e r n
Prei als die M n z e , aber viel % u n t e r der proportion of its value; sein pa-
per (zahlbar in d e m n e w coin at 40 livres per marc) was r u n u p o n for this
u n d andre G r n d e ; u n d a n i m m e n s e profit ensued, (p. 2 1 - 2 3 ) ||71| D i e
C o m p a n y h i e die G e n e r a l B a n k u n d die n o t e r a n t h u s : the b a n k p r o m - 15
ises to pay to the bearer at s i g h t - l i v r e s , in coin of the s a m e weight a n d fine-
ness with the coin of this day, value received at Paris. D e r erste fund
dieser b a n k b e s t a n d in 1200 actions von 1000 crowns oder 5000 livres
b a n k m o n e y ; in all six millions; die crown 5 livres, 8 c r o w n s to t h e m a r k ;
silver coin at 40 livres per mark, w h i c h m a k e s this livre j u s t worth o n e shil- 20
ling sterling; folglich die actions werth 250I. St. u n d der b a n k s t o c k
300,0001. St. W e g e n der Clause, to t h e t h e n weight u n d fineness zu zahlen,
bald die notes d e m coin vorgezogen u n d sie passirten fr 1 % m e h r als das
coin selbst. D i e B a n k b e s t a n d u n d erhielt grossen Credit bis 1 J a n u a r 1719:
wo der King r e i m b u r s e d all the proprietors of the shares, u n d die b a n k in 25
seine eignen H n d e n a h m , u n t e r d e m n a m e der Royal Bank. N u n der tenor
der n o t e gendert, n m l i c h d a h i n : The b a n k promises to pay to t h e bearer,
at sight-livres, in silver coin, value received at Paris. So das m o n e y in the
n o t e s denselben arbitrary variations unterworfen wie das m o n e y des coin.
Law widersezte sich, aber vergebens. Brachte k e i n e n m i g n s t i g e n Effect 30
auf das Public hervor. Es sah n u r auf die d e n o m i n a t i o n s , (p. 2 3 - 2 5 ) Bis
z u m lezten D e z e m b e r 1719 h a t t e der Regent fr 769 millions b a n k p a p e r
g e m a c h t , eingerechnet 59 millions, frher ausgegeben d u r c h die general
b a n k von Law u n d C o m p a n y , wofr die proprietors value erhielt, als er die
b a n k in seine eigne H a n d n a h m . (p. 28) Let the b a n k p a p e r exceed the 35
q u a n t i t y of coin im Verhltni von 1000:1, yet still it is perfectly good a n d
sufficient, w e n n die B a n k besizt an equivalent value in any species of good
property, (p. 30) Am 22 F e b r u a r 1720 ein arret, das constituted die u n i o n
der royal b a n k mit der c o m p a n y der Indies. D u r c h dieses arret dieser C o m -
pagnie das ganze m a n a g e m e n t der b a n k bertragen m i t allen Profits ge- 40
m a c h t d a d u r c h seit 1 J a n u a r 1719, and in t i m e coming. Nichtdestoweniger
434
blieb der King G a r a n t fr all the notes, which were n o t to be coined o h n e

ein order of council; die C o m p a g n i e d e m King verantwortlich fr ihre A d -
m i n i s t r a t i o n u n d als security ihres good m a n a g e m e n t engagirte sie sich
d e m Knig zu l e i h n 1600 millions of livres. V o n d i e s e m loan p r o c e e d e d
5 the downfall of the whole system, (p. 30) Cardinal Richelieu errichtete
zuerst trading c o m p a n i e s in F r a n c e , a n n o 1628, zur Zeit der Siege von R o -
chelle. Er t h e n set on foot die c o m p a n i e s der West u n d East Indies. Ver-
s c h i e d n e andre, wie fr C a n a d a , fr Leeward Islands, fr C a y e n n e etablirt
im Beginn des R e i c h s von Louis XIV. Diese C o m p a n i e s , vor 1664, h a t t e n
10 hufig changed their forms u n d succeeded very i l l . . . Colbert zahlte aus die
u n d e r t a k e r s aller dieser projects u n d m a c h t e a n e w establishment, die Com-
pagnie des Indes occidentales. Dieser exclusive trade u m f a t e d e n von Ca-
n a d a , d e n Caribischen Inseln, Acady, N e u f u n d l a n d , C a y e n n e , d e n french
c o n t i n e n t von A m e r i c a , von d e m A m a z o n e n f l u bis z u m Oronoko, der
15 coast von Senegal, G o r e e u n d a n d r e n P l t z e n in Africa: das G a n z e fr
40 Jahre, (p. 31) In d e m s e l b e n J a h r 1664 eine andre C o m p a g n i e gebildet
fr die East Indies. Diese c o m p a n i e s in j e d e r Art d u r c h das m o n e y des
King unterstzt. 1674 fand m a n , bei E x a m i n a t i o n , d a die W e s t i n d i s c h e
C o m p a g n i e , statt zu b e n u t z e n ihr extensive privilege, by carrying on a reg-
20 ular trade themselves, they h a d sold permissions to private people to trade
with t h e m . D e r King zahlte die C o m p a g n i e aus, a d d e d their possessions zu
seiner d o m a i n e u n d threw t h e trade o p e n t o his subjects. Solch E n d e n a h m
die Compagnie d'Occident. N a c h der U n t e r d r c k u n g dieser C o m p a g n i e ,
wurde der french trade n a c h A m e r i c a carried on u n d improved d u r c h pri-
25 vate adventurers, von d e n e n einige particular grants erhielten, to enable
t h e m to form colonies. U n t e r diesen war Robert Chevalier de la Sale, a native
of R o u e n . Er e n t d e c k t e zuerst d e n Mississippi u n d schlug 1683 d e m K i n g
vor, eine Colonie dort zu etabliren. He lost his life in the attempt. Hber-
ville, a C a n a d i a n , took up t h e project, starb a b e r bald. I h m folgte Antony
30 Crozat 1712, der bessern Erfolg hatte; aber der T o d des King 1715 u n d Law
liessen d e n R e g e n t e n m a k e Crozat r e n o u n c e his exclusive privilege of trad-
t e
ing. D u r c h Edict vom 6 September 1717 die 2 Compagnie d'Occident gebil-
det, zu G u n s t e n Laws; w e l c h e m was a d d e d der fur trade von C a n a d a , da-
mals in d e n h a n d s of private adventurers, u n d die farm of the t o b a c c o ,
35 wofr er 1,500,000 livres per J a h r zahlte. D i e 1664 errichtete Ostindische
C o m p a g n i e ging wie alles u n t e r Louis X I V caput. 1710 the m e r c h a n t s of
St. M a l o u n d e r t o o k the East I n d i a C o m p a n y . Es languished in their h a n d s
bis 1719, u n d ihre i m p o r t a t i o n s n i c h t sufficient to supply the d e m a n d of
F r a n c e for I n d i a goods; for this reason i h n e n a b g e n o m m e n u n d incorpo-
40 rated m i t Law's c o m p a n y of the W e s t Indies, in M a y 1719. D u r c h diese I n -
corporation etablirt die great Company of the Indies, die n o c h in F r a n k r e i c h
435
existirt. (p. 3 2 - 3 3 ) S t e u a r t gibt n u n folgende c h r o n o l o g i s c h e T a b e l l e : |

|72|
1709. Allgemeine coinage in F r a n c e . M a r c Standard silver, werth 2 /. St.,
p u t at 40 livres d e n o m i n a t i o n .
1713. September. Louis X I V reducirt die D e n o m i n a t i o n des silvercoin zu 5
28 livres die m a r c u n d das G o l d im Verhltni.
1716. 2 Januar. D e r R e g e n t verordnet a new general coinage, raises the sil-
vercoin auf 40 livres die m a r c u n d calls down the old King coin (ob-
gleich von d e m s e l b e n weight, fineness u n d d e n o m i n a t i o n ) 20%.
1716. Mai. Laws b a n k etablirt, b a n k n o t e s coined. D a s old coin b o u g h t to a 10
great discount.
1717. 6 Sept. Laws c o m p a n y der West Indies etablirt.
1718. 4 Sept. Law u n t e r n i m m t die farm des Tabaks.
22 Sept. Erste creation der actions der c o m p a n y of t h e west, 200,000
an Zahl, subscribed for in state bills, 500 livres per Actie. 15
1719. 1 Jan. Die b a n k z u m E i g e n t h u m des King gemacht. Zu dieser Zeit
59 millions of livres coined.
22 April, a new coinage von 51 millions N o t e n ; w u r d e die t e n u r e der
n o t e s verndert u n d das paper erklrt monnaie fixe. (!) (luces!)
Mai. Law's W e s t c o m p a g n i e incorporirt m i t der Ost I n d i e s c o m p a n y . 20
So gestiftet die Company of the Indies. June. 50,000 n e w actions der
incorporated c o m p a n y geschaffen; sold for coin zu 550 livres per actie.
June 10. Coined of b a n k n o t e s fr 50 millions of livres.
June. T h e m i n t m a d e over to the c o m p a n y fr 50 millions.
July. 50,000 A c t i o n s m e h r geschaffen, verkauft for n o t e s zu 1000 liv- 25
res per actie.
July 25. Coined of b a n k n o t e s fr 240 millions.
August. Die C o m p a g n i e erhlt die general farms: verspricht eine Di-
v i d e n d e u p o n every action von 200 livres; willigt ein d e m King
1600 millions zu 3 % zu leihn u n d have transferred to t h e m 48 mil- 30
lions per a n n u m fr d e n interest dieser sum.
September, 12. C o i n e d of b a n k n o t e s fr 120 millions.
September, 13. Geschaffen n i c h t weniger als 100,000 actions. Prei
fixirt zu 5000 livres per Actie.
September, 28. Geschaffen 100,000 A k t i o n m e h r , Prei wie frher, fi- 35
xirt zu 5000 livres per Actie.
October, 2. 100,000 A k t i e n m e h r , Prei fixirt wie oben.
October, 4. Coined by the regent's private order, n o t delivered to the
c o m p a n y , 24,000 m o r e actions, which completed t h e n u m b e r of
624,000 actions; b e y o n d which they never extended. 40
October, 24. Coined of b a n k n o t e s for 120 millions.
436
December, 29. Coined of b a n k n o t e s fr 129 millions.

1720. Januar. Coined of b a n k n o t e s fr 21 millions.
Februar fr 279 millions.
Februar, 22. Incorporation der b a n k m i t der C o m p a n y of the Indies.
5 Febr. 2 7. Verbot, w o n a c h n i e m a n d m e h r als 500 livres of coin in sei-
n e m Besitz h a b e n darf.
March 5. Das coin raised to 80 livres per m a r c .
March 11. D a s coin brought down auf 65 livres, per m a r c ; u n d gold
verboten to be coined at the m i n t , or u s e d in c o m m e r c e .
10 March. Coined of b a n k n o t e s fr 191,803,060
April. fr 792,474,720
Mai, 1. fr 642,395,130
Mai, 21. D i e denomination des paper d i m i n i s h e d by arret of council,
was sofort allem Credit ein E n d e m a c h t e u n d m a d e the b u b b l e burst.
15 Zu dieser Period 2,696,400,000 livres b a n k n o t e s coined, wovon is-
sued 2,235,083,590, blieb also in der b a n k 461,316,410.
Mai, 27. D a s arrt v o m 21 recalled u n d das paper restored to its full
denomination.
Mai, 29. D a s coin raised auf 82 livres 10 sols per m a r c .
20 June 3. 400,000 d e m R e g e n t e n gehrige actions verbrannt; 24,000
m e h r , geschaffen 4 Oct. 1719, u n t e r d r c k t ; a u c h 25 millions von
d e m Zins frher granted to the C o m p a n y fr ihr loan von 1600 mil-
lions, retroceded von der c o m p a n y u n d constituted again auf d e m
hotel de ville v o n Paris.
25 October, 10. Alle b a n k n o t e s , d u r c h order of this day, are ordered to
be suppressed, w e n n der B a n k n i c h t gebracht vor d e m 1 D e c e m b e r
1720, in order to be p a i d in t h e m a n n e r therein specified, (p. 34-36)1
|73| Sobald der R e g e n t die wonderful effects von Law's b a n k b e -
m e r k t e , beschlo er sofort G e b r a u c h von dieser M a s c h i n e zu m a c h e n , for
30 Clearing the Kings revenue von e i n e m Theil der u n s u p p o r t a b l e load von
80 millions von j h r l i c h e m interest, due, obgleich n u r irregularly paid, to
the creditors. Zu d i e s e m Zweck bestowed er auf Law die c o m p a n y der West
Indies u n d die farm des tobacco. Um 100 millions der m o s t discredited ar-
ticles of the King's debt zu absorbiren, 200,000 shares von dieser c o m p a n y
35 geschaffen. Diese rated zu 500 livres each u n d die subscription fr die ac-
tien was ordered b e z a h l t zu werden in billets d'tat, die so sehr discreditirt
waren d u r c h die schlechte Z a h l u n g des Zinses, d a 500 livres n o m i n a l val-
ue in diesen billets an der Brse sich n i c h t verkauft h a b e n wrde zu 160
oder 170 livres. In der subscription w u r d e n sie z u m vollen W e r t h g e n o m -
40 m e n . Da diese A k t i e n ein Theil v o m stock der C o m p a g n i e w u r d e n u n d der
Zins der billets i h n e n v o m Knig zu z a h l e n war, so war die effectually a
437
loan from the c o m p a n y to the King von 100 millions zu 4%. D e r n e x t step
war der c o m p a n y regelmssig d e n Z i n s zu zahlen. U p o n this steigen der
Actien, gekauft fr 170 livres real value, auf par, d. h. 500 livres. D i e
schrieb m a n d e n w u n d e r t h t i g e n W i r k u n g e n der b a n k zu, obgleich n u r ge-
schuldet der regelmssigen Z a h l u n g der Zinsen. Im M a i , n a c h der I n c o r p o - 5
ration der o s t i n d i s c h e n m i t der westindischen C o m p a g n i e , 50000 Actien
m e h r geschaffen J u n i 1719; da der sale der ersten actions no liquid value
producirt h a t t e w h i c h could be t u r n e d into trade (having b e e n paid in d e n
state bills): die subscription o p e n e d at 550 livres payable in effective coin.
V e r t r a u e n des Public in Law so gro, da er h h e r h t t e verkaufen k n n e n . 10
A b e r fr expedient gehalten die subscriptions auf diese s u m zu b e s c h r n -
ken: leaving t h e price of the actions to rise in the market, according to de-
m a n d , in favour of the original subscribers. D a s m o n e y , belaufend auf
27,500,000 livres in coin, was to be employed in b u i l d i n g of ships u n d and-
r e n preparations for carrying on the trade. In Aussicht auf diesen vortheil- 15
haften trade die A k t i e n greatly d e m a n d e d , accordingly, e i n e n m o n t h n a c h -
her, Juli 1719, n e u e 50,000 actien geschaffen u n d der Prei fixirt auf
1000 livres. Alle von der c o m p a n y der Indies ausgefertigten A k t i e n enthiel-
t e n ursprnglich n u r eine obligation der C o m p a g n i e fr 4% auf d e n W e r t h
von 500 livres, m i t a proportion der profits on t h e trade; so d a das Steigen 20
der A k t i e n gnzlich proceeded von der Hoffnung auf those great profits,
u n d v o m S i n k e n des Zinsfusses, eine Folge des Ueberflusses von m o n e y to
be lent. Ausser durch trade stieg ihr W e r t h in dieser Periode, weil grade vor
der lezten Schpfung von A k t i e n der Knig die M n z e der C o m p a g n i e fr
50 millions livres berlassen h a t t e u n d die j e d e m I n t e r e s s e n t e n eine n e u e 25
B r a n c h e des Profits erffnete ... Die 4' Creation der A k t i e n Anfang Sep-
l
t e m b e r 1719. I n d e m interval zwischen der 3 u n d 4 ' creation b e r m a c h t e
der Regent die general farms der company, die 3 millions advanced rent
for t h e m . U n d die C o m p a g n i e verpflichtete sich, d e m K n i g zu leihn die im-
mense sum von 1600 millions zu 3 %, d . h . fr 48 millions Z i n s . A b e r wovon? 30
Im S e p t e m b e r 1718 h a t t e sie 100 millions i h m geliehn, by taking die billets
d'tat fr die subscription der first creation der actions; die 2' creation
h a t t e coin producirt, laid o u t in mercantile preparations, u n d die 3* cre-
a t i o n von actions, zur standard value, war n u r 50 millions of livres werth;
die war ihr whole stock. W o v o n also 1500 millions m e h r verleihn? ... D i e 35
C o m p a n y , n a c h d e m sie in den Besitz der general farms g e k o m m e n , ver-
sprach eine dividend von 200 livres auf j e d e Aktie 10 x m e h r als zuerst ver-
sprochen war. So wurde die Aktie, die 500 werth gewesen 5000 werth; ac-
cordingly to 5000 did it rise, u p o n the promise of the new dividend. W a s
veranlate die C o m p a n y diese dividend zu versprechen, n u r 3 M o n a t e 40
n a c h ihrer Errichtung? ... D e r Plan, zwischen d e m R e g e n t u n d der c o m -
438
party concerted, scheint gewesen zu sein die A k t i e n auf diesen grossen

W e r t h zu erheben, um zu suspend a greater quantity of n o t e s in circula-
tion. This was t o ' b e accomplished, 1) by the R e g e n t ' s p u r c h a s i n g the ac-
tions himself from t h e C o m p a n y ; 2) by borrowing back the n o t e s he h a d
5 paid for t h e m , in order to fill up the loan which t h e c o m p a n y h a d agreed to
m a k e ; 3) to pay off all the public creditors with those n o t e s so borrowed
back; u n d 4) w h e n the n a t i o n was o n c e filled with bankpaper, to sell the a c -
tions he h a d p u r c h a s e d from the company, to withdraw his own paper, a n d
t h e n destroy it. D u r c h diese Operation t h e whole debts of F r a n c e were to
10 be t u r n e d into actions; u n d die c o m p a n y was to b e c o m e the p u b l i c debtor,
statt des King, der n u r n o c h 48 millions Zins der C o m p a g n i e zu z a h l e n
h a t t e . By this operation also, the R e g e n t was to withdraw all the b a n k n o t e s
which he h a d issued for no other value b u t for t h e p a y m e n t of debts; which
notes were d e m a n d a b l e at the bank; and for the future, he was to issue no
15 m o r e (I suppose) b u t for value preserved, (p. 3 6 - 4 0 )
D u t o t zhlt die R e v e n u e der C o m p a g n i e auf wie folgt:
Millionen
Zins gezahlt ihr per annum 48
Profits auf die general farms 15
20 Auf die general receipts der Steuern 1,500,000
Auf Tabak 2
Auf die mint 4
Auf their trade 10
Zusammen 80,500,000.
25 N o w if we sup-
pose d e n G e l d z i n s auf 3 % , wrde diese s u m answer d e m capital v o n
2664 millions, was m e h r war als alle debts des K i n g d o m , for w h i c h they
were to b e c o m e answerable, (p. 41) |
|74| D e r R e g e n t lie die C o m p a g n i e d e n Prei ihrer A k t i e n e r h h e n , u m
30 m e h r n o t e s in Circulation zu werfen. Allerdings h t t e er d e n creditors in
b a n k n o t e s z a h l e n k n n e n o h n e d i e s e m r o u n d - a b o u t way; u n d sie die Ak-
tien direkt von der C o m p a g n i e kaufen lassen. A b e r diese O p e r a t i o n zu u n -
verdeckt u n d k o n n t e d e m Credit der Bank schaden. Wogegen i n buying t h e
actions, which were r u n u p o n by every body, schien der state n u r desirous
35 A n t h e i l an d e n grossen profits der c o m p a n y zu m a c h e n . Da die C o m p a g n i e
willig schien to accept of b a n k n o t e s from the state, in p a y m e n t of their ac-
tions, this gave an a d d i t i o n a l credit b o t h to the actions, a n d to t h e n o t e s ...
Z u r Periode, wobei wir angelangt die Ausfhrung des s c h e m e s n o c h n i c h t
mglich, d e n n zu der Z e i t erst 400,000 actions created, rated zu 777 mil-
40 lions. U n d in b a n k n o t e s coined n u r fr 520 millions, (p. 42) Die Z a h l d e r
439
d e m public verkauften A k t i e n war unbetrchtlich, verglichen m i t d e n e n ,

die d e m R e g e n t e n verkauft w u r d e n u n d found in his h a n d s at the blowing
up of the system. ... Z u r Zeit, wo die Z a h l der A k t i e n aufs H c h s t e getrie-
b e n , auf 624,000, the b a n k n o t e s bore n o proportion t o their value; d e n n a m
4' October 1719, der lezten Periode der creation von actions, t h e b a n k n o t e s 5
did n o t exceed the s u m von 520 millions. A b e r n a c h d i e s e m D a t u m (4 Oc-
tober 1719), n a c h d e m die A c t i o n s zu ihrer full n u m b e r created, t h e n the
coinage of b a n k n o t e s b e g a n at a m o s t prodigious rate; M a i 1720 waren sie
gewachsen v o n 520 millions zu b e r 2696 u n d diese ganze s u m except
461 millions were found in circulation. ... W e n n der Regent u n d die com- 10
p a n y ihre R e c h n u n g m a c h t e n , in der H a n d des R e g e n t e n 400,000 actions,
w h i c h were b u r n t ; u n d 25 millions Z i n s auf die s u m of m o n e y d u e by t h e
King to the company, extinguished. Diese 400 000 actien gekauft m i t d e n
n o t e s coined nach d e m 4 Oktober 1719. D a n n die N o t e n , die in Z a h l u n g
fr diese A k t i e n gegeben wurden, borrowed back, to fill up t h e l o a n von 15
1600 millions of livres; which the c o m p a n y never could have otherwise lent
to the King. U n d schlielich, sicher, da die public debts abgezahlt m i t
diesen so von der C o m p a g n i e zurckgeborgten notes; weil wir die n o t e s in
Circulation finden M a i 1720. (p. 43,4) V o m 13 S e p t e m b e r bis 4 Oktober
1719 wurden 324,000 A k t i e n geschaffen, (p.44) U n d d o c h sagt D u t o t posi- 20
tiv da am 4 Oktober die C o m p a n i e verkauft fr n i c h t m e h r [als]
182,500,000 livres of their actions. N o w the total value as they were rated
w h e n created e x t e n d e d auf 1,797,500,000, so da wenig m e h r als y of the i0
value sold off. W a r u m d a h e r solche i m m e n s e quantities von A k t i e n ge-

schaffen u n d weit b e r die Nachfrage n a c h denselben, um d e m Public 25
D u n s t in die A u g e n zu streuen. N a c h d e m die A k t i e n d u r c h 4 successive
creations v o m 13 u n d 28 September, v o m 2 u n d 4 Oktober to their full
n u m b e r gebracht, erhielt die company, in d i e s e m Interval, d e n general re-
ceipt of the whole revenue. Sie war so intrusted m i t d e n whole revenues,
debts u n d expences des state. N o v e m b e r 1719 der Credit der b a n k u n d der 30
c o m p a n y so gro, da die A k t i e n zu 10,000 livres stiegen, obgleich die
C o m p a g n i e in einer W o c h e fr 30 Millions in d e n M a r k t warf ... D e r R e -
gent war ready to buy up every one t h a t lay u p o n h a n d , in concert m i t der
c o m p a n y . ... Es war das Interesse des R e g e n t e n , der zu der Zeit well
provided m i t actions war, to stockjob, u n d m i t einer H a n d zu kaufen, wh- 35
r e n d er m i t der a n d e r n verkaufte ... D u t o t unterrichtet u n s , d a die b a n k
gleichzeitig Geld verlieh, auf die security von actions, zu 2% ... w e n n
Geld, zu der Zeit, n u r 2 % trug u n d w e n n die c o m p a n y fhig war 200 livres
zu afford auf die Aktie, wo war die inequity die A k t i e n zu 10,000 livres zu
erheben? ... As for the p a y m e n t der dividends so war n i e in d e n h a n d s des 40
public, n o c h k o n n t e m e h r drin sein als, h a d all the creditors die 2000 mil-
440
Aus j. Steuart: An inquiry into the principles of political economy (Fortsetzung)
l
lions of public debts invested in actions at 10,000 a-piece, / of 624,000 ac- 2
tions disposed of: consequently wrden die 200 livres dividend sich auf
n i c h t m e h r belaufen h a b e n , auf die 312,000 Aktien, als zu 62,400,000 liv-
res u n d die R e v e n u der C o m p a n y b e r 80 mill, livres a year. (p. 4 4 - 6 ) In
5 d e m angefhrten Stand b l i e b e n things bis 22 F e b r u a r 1720, w h e n the b a n k
was incorporated m i t der c o m p a n y der Indies. D e r King blieb G a r a n t fr
alle b a n k n o t e s , keine zu coin ausser auf seine Autoritt, u n d der G e n e r a l -
controlleur m i t d e m Prevot des m a r c h a n d s von Paris h a t t e n ready access to
inspect the books der bank. Da die I n t e n t i o n , zur Zeit der Incorporation,
10 war sehr viele notes zu m a c h e n , um A k t i e n d a m i t zu kaufen; u n d das G e l d
z u r c k z u b o r g e n , um d e n Creditors zu zahlen: so war es proper so viel coin
als mglich z u s a m m e n zu gather, to guard gegen e i n e n r u n auf die b a n k ;
zu d i e s e m Zweck das Arret de Conseil, v o m 27 F e b r u a r 1720, verbot any
person m e h r als 500 livres in coin zu halten. D i e was plainly annulling die
15 Obligation in b a n k p a p e r to pay to t h e bearer on d e m a n d the s u m specified
in silvercoin. ... D e n n o c h der credit der b a n k n i c h t erschttert ... m a n y ,
who h a d coin u n d confidence, brought it in u n d waren glad to get p a p e r for
it. ||75| the coin being collected in a b o u t a week's t i m e , so wurde ein andres
Arret de conseil, am 5 M r z 1720 ausgegeben, raising die d e n o m i n a t i o n
20 von 60 auf 80 livres die M a r c . So, das coin, die W o c h e vorher a n g e n o m -
m e n zu 60 livres, ausgezahlt zu 80; die b a n k gewann 33% auf diese O p e -
ration. A u c h die schadete d e m credit des b a n k p a p e r n i c h t i m m i n d e s t e n .
Sobald das coin away gezahlt war, was a u c h wieder in m i n d e r d e n n einer
W o c h e geschah, k a m ein andres arret de conseil aus v o m 11 M r z , declar-
25 ing, da v o m 1 April das Coin wieder zu r e d u c i r e n sei auf 70 livres die
m a r c u n d am 1 M a i auf 65 livres. U p o n this, the coin which h a d b e e n p a i d
away the week before, c a m e pouring into the b a n k , for fear of the d i m i n u -
tion which was to take place d e n 1 April. In dieser Period von ungefhr
3 W o c h e n erhielt die B a n k ungefhr 44mill, livres ... W h r e n d der M o n a t e
30 Februar, M r z u n d April 1720 die grossen operations des Systems carried
on. Die prodigious s u m s of b a n k n o t e s coined u n d issued w h r e n d dieser
Zeit. W h r e n d dieser Period a u c h a final c o n c l u s i o n p u t to t h e r e i m b u r s i n g
all the public creditors m i t b a n k n o t e s : in Folge welcher Z a h l u n g , the for-
m e r securities granted to t h e m by the King, u n d e r the authority des Parla-
35 m e n t s von Paris, were withdrawn u n d annullirt. ... Blieb n u r n o c h ein step
z u m a c h e n , u m die Operation z u schliessen, n m l i c h der sale der actions,
die der R e g e n t zu 400,000 in seiner custody h a t t e . Diese were to be sold
d e m public, das z u dieser Zeit i m Besitz von b a n k n o t e s z u m W e r t h v o n
2,235,083,590 livres. H t t e der sale der A k t i e n stattgefunden, t h e notes
40 would all have r e t u r n e d zur b a n k u n d there have b e e n destroyed; d u r c h
welche Operation, die C o m p a g n i e der public debtor geworden wre fr die
441
dividends aller actien in their h a n d s u n d der King fr alle die die in d e n

h a n d s des R e g e n t r e m a i n e d , (p. 4 9 - 5 1 ) D u r c h welche A l b e r n h e i t ging der
ganze dodge caput? D u t o t k a n n hierauf a m besten antworten. E r h a t o b e n
gesagt, da das coin of F r a n c e = 1200 millions livres zu 60 livres das
Mark. D i e m a r c war n u n , M a i 1720, zu 65 livres; so der numerary value, as 5
he calls it, d.h. die d e n o m i n a t i o n des coin risen auf 1,300,000,000; aber die
b a n k n o t e s circulating im M o n a t M a i carried auf 2,696,400,000; d a n n fgt
er h i n z u : Die 1300 millions of coin die in F r a n k r e i c h waren, waren weit
entfernt von 2696 millions of notes. In diesem Fall war die s u m von n o t e s :
2
die s u m of coin = 2 / 1; d.h. d a 207 livres 8 sols 1 deniers in n o t e s n u r
21 10
werth waren 100 livres in coin; oder d a eine b a n k n o t e von 100 livres n u r
werth war 48 livres 4 sols 5 deniers in coin" ... So calculirt er d e n value des
bankpaper. D a n n fhrt er fort: Diese prodigious quantity v o n G e l d in cir-
culation, h o b d e n Prei aller D i n g e excessiv: so, um Preisse down zu brin-
gen, hielt m a n es fr m e h r expedient die d e n o m i n a t i o n der b a n k n o t e s zu 15
v e r m i n d e r n , als die d e n o m i n a t i o n des coin zu raise: b e c a u s e that d i m i n -
ished the quantity of m o n e y , this a u g m e n t e d it." D i e war der grosse P u n k t
u n t e r Deliberation, bevor das famous arret v o m 21 M a i gegeben war, n m -
lich to raise the value of the coin, das nicht der Bank s o n d e r n der french
n a t i o n gehrte, to d o u b l e the d e n o m i n a t i o n it bore at t h a t t i m e , d. h. zu 20
130 livres die m a r c w o d u r c h 1300 millions 2600 millions g e m a c h t h a b e n
wrden, oder to r e d u c e die 2 6 0 0 m i l l , b a n k n o t e s auf ]/ , d . h . auf 1300 mil-
2
lions, die total d e n o m i n a t i o n des coin. ... Sobald das arret publicirt die
g a n z e F a b r i k i m A r s c h . A m 2 2 M a i k o n n t e m a n v e r h u n g e r n m i t 100 mill,
paper in der Tasche, (p. 51,2) W r e das coin raised worden zu 130 livres das 25
m a r c , k e i n h u r t wahrscheinlich gefolgt u n d derselbe effect producirt. W r e
nichts geschehn, so keine b a d c o n s e q u e n c e s . Diese existirten n u r im H i r n
der french theorists. Da war i n d e e d 2x so viel Geld in b a n k n o t e s als in
coin in ganz Frankreich: a n d what t h e n ? (p. 53) N a c h der D e s t r u c t i o n der
400 000 A k t i e n s c h m a c h t e t e der Credit der b a n k n o t e s bis z u m 10 O k t o b e r 30
1720. D a s Objekt, wofr sie geschaffen, war now gone. D a s g a n z e s c h e m e
of transferring the King's debts auf die c o m p a n y vanished in t h e conflagra-
tion der actions. Die b a n k was at an end. 2235 millions der discredited
b a n k n o t e s in circulation u n d a small s u m of coin to m a k e t h e m good,
(p. 55) D u r c h arret v o m 10 Oct. 1720 alle b a n k n o t e s ganz u n t e r d r c k t u n d 35
erklrt, da sie n a c h d e m 1 D e c e m b e r k e i n e n Curs m e h r h a b e n wrden,
(p. 55) Schlielich d u r c h die O p e r a t i o n der jhrliche Z i n s von 80 millions
auf 57 reducirt, also defrauded by the s c h e m e 23 millions a year (die Credi-
tors d e s S t a a t . ) (p. 58) T h e actions were i m m e d i a t e l y p u t into a state of
stagnation: because of t h e discredit cast u p o n the b a n k n o t e s , with w h i c h it 40
h a d b e e n u s u a l to b u y t h e m . (p. 63) D i e a u g m e n t a t i o n , u p o n the ||76| value
442
of all capitals, w h r e n d des Mississippischeme, of lands as well as actions,

war in Folge des Falls des Zinsfusses u n d von k e i n e m a n d e r n artifice what-
ever, lands in F r a n c e , at that t i m e , sold at 80 u n d 100 years purchase,
(p. 65) Es war ein H a u p t m i s t a k e in this d i m i n u t i o n u p o n the paper to m a k e
5 it gradual. Evident da j e d e r s u c h e n wrde eine n o t e zu realize die in
i h r e m W e r t h progressiv j e d e n m o n t h a b n a h m . E i n e N o t e werth 10,000 liv-
res d e n 22 M a i war u n m i t t e l b a r reducirt auf 8000 livres u n d d e n 1 Juli n u r
m e h r 7500. This was plainly solliciting a r u n u p o n the b a n k . T h e stroke
should have b e e n struck at o n c e . (p. 72)
10 B a n k von A m s t e r d a m .
D a s Agio steigt oder fllt fr das Bankgeld, je n a c h d e m m e h r currency er-

fordert ist fr d e n A u s l n d i s c h e n H a n d e l etc oder m e h r bankcurrency, d . h .
Credit in d e n B c h e r n der b a n k ... Verlangt der trade von A m s t e r d a m a
larger supply of credit in der bank, als gewhnlichen im D u r c h s c h n i t t , so
15 steigt das Agio. Steigt es so h o c h as to afford a p r e m i u m u p o n carrying
coin to the bank, u p o n the footing of their own regulations, this will aug-
m e n t the s u m of b a n k c r e d i t . . . V e r m i n d e r t der trade von A m s t e r d a m , so as
to return to the ordinary standard, so wird diese overcharge of credit de-
press the rate of b a n k m o n e y u n d sink the agio u n t e r das par des intrinsic
20 value der 2 currencies, (p. 83,4) D e r extent des credit der b a n k von A m s t e r -
d a m ist b e s c h r n k t auf die s u m der credits written in i h r e n books, either in
p e r m a n e n t transfer, or in credit on cash deposited u p o n recipisse. All this
credit put together c a n n o t extend b e y o n d t h e limits der circulation der
Stadt A m s t e r d a m , i n their domestic dealings u n d i n i h r e m e x c h a n g e busi-
25 ness, welches leztre sehr gro. Der Credit der B a n k of E n g l a n d dagegen auf
das ganze L a n d etc. (p. 92)
Book IV.
Part III. On Exchange.
Z u r Zeit H e i n r i c h V I I war forbidding the exportation of coin, p r o m o v i r e n d

30 the exportation of english productions, (p. 113) W e n n eine N a t i o n w n s c h t
die expence to the m i n t zu v e r m i n d e r n , m u sie es das Interesse der mer-
chants m a c h e n alles a n d r e thing preferably to their own coin zu export.
D i e geschieht d u r c h duty auf das coinage; prvenirt das coin u n n t z aus-
zugehn, oder w e n n sein Export nthig, the coin will r e t u r n in the p a y m e n t s
443
m a d e to the n a t i o n , in Folge seines advanced value b e r any other b u l l i o n

which can be sent. (p. 115) Gesezt Paris schuldet L o n d o n eine Bilanz,
gleichgltig fr welche S u m m e . Die reciprocal debts zwischen Paris u n d
L o n d o n sind alle afficirt by the c o n s e q u e n c e of this b a l a n c e : d. h. einige
z a h l e n oder empfangen m e h r als das real par; andre pay or receive less. ... 5
In L o n d o n wird die d e m a n d sein for m o n e y in L o n d o n for bills on Paris;
u n d he who d e m a n d s , m u s t pay the exchange; folglich die L o n d o n mer-
chants, creditors to the nation-debtor, will pay the exchange; d. h. they will
sell their bills on Paris below par; u n d die L o n d o n m e r c h a n t s debtors to the
n a t i o n d e b t o r , will buy t h e m u n d gain the exchange; d. h. sie werden b u y 10
bills auf Paris u n t e r par. Diese Negotiation findet u n t e r E n g l n d e r n in
L o n d o n statt, von d e n e n der eine exact gewinnt, was der a n d r e verliert,
folglich England, in this respect, n e i t h e r gains or loses by the e x c h a n g e
p a i d in L o n d o n , (p. 119) U n t e r der Unterstellung verlieren die exporters,
g e w i n n e n die importers, (p. 120) A u f d e m Pariser M a r k t wird die Nachfrage 15
sein fr bills u p o n L o n d o n for m o n e y in Paris. D i e debtors d e m
nation-creditor zahlen hier d e n exchange u n d die creditors d e m n a t i o n -
creditor receive it. D i e balancirt sich, da beide frenchmen. Hier importers
de- u n d exporters encouragirt. (p. 120) Aber: Das e n h a n c i n g of the prices
of i m p o r t a t i o n s (auf d e n P r e i d e r W a a r e wirft d e r i m p o r t e r s e i n e n loss) 20
wird i h r e n sale at h o m e n i c h t so effectiv stren, als das e n h a n c i n g the
prices of exportations will discourage the sale of t h e m abroad. (p. 121)
S t e u a r t ist s e h r dafr d a s g a n z e a u s w r t i g e e x c h a n g e g e s c h f t e i n e r
S t a a t s b a n k z u b e r t r a g e n , (p. 1 2 8 - 3 1 )
Book IV. 25
Part IV. Of Public Credit.
If, all the interests of the state duly considered, that of trade be found to
p r e d o m i n a t e , less i n c o n v e n i e n c e will be found in allowing the m o n e y e d in-
terest to swell: b u t in m o n a r c h i e s , where the l a n d e d interest is the m o s t
powerful, it would be dangerous to erect so formidable a rival to it. (p. 134) 30
Erst die princes mortgaged their lands u n d principalities, u m eine S u m m e
von Geld darauf zu erhalten; they acted u p o n the principles of private cred-
it. ... Der second step was to raise m o n e y u p o n a b r a n c h of taxes assigned
to t h e lender, for t h e r e i m b u r s e m e n t of his capital a n d interest. ... D a n n
G e l d g e h o b e n on the subject, within the year, or u p o n what they called 35
short funds - endlich present form der public credit. M o n e y geborgt auf
d e t e r m i n a t e oder perpetual annuities; fund provided zu d i e s e m Zweck;
444
u n d das refunding des capital in vielen Fllen der option der R e g i e r u n g

berlassen, b u t never to be d e m a n d a b l e by the creditor, (p. 137) ||77| M i t
d e m Verfall des F e u d a l i s m u s , Militrdienste in Steuern verwandelt; u n d
im Maasse als F r s t e n ihre Jurisdiction b e r Stdte a u s d e h n t e n - frher
5 u n t e r der Protection der Bischffe, die in i h n e n residirten - taxes were
a u g m e n t e d . Aber u n b e t r c h t l i c h . Schlecht gelangt. D e n n grosser fraud in
collecting t h e m . So contrahirten F r s t e n nothwendig S c h u l d e n , wieder zu
zahlen d u r c h temporary assignments to the taxes imposed. F r o m this again
e n s u e d the m o s t terrible extortions on the side of the taxgatherers, oft in
10 F r a n k r e i c h complained, (p. 138)
Public credit h a d long grown up in F r a n c e , u n d e r the h a r d influence of
regal power; whereas in E n g l a n d it h a d sprung up lately, u n d e r the protec-
tion of liberty, a n d a m o s t limited authority, (p. 162) W h e n , in t h e early
times of public credit, the r e p a y m e n t of the capital was the chief object of
15 the lender, a m u c h m o r e extensive fund was necessary, t h a n at present,
when no m o r e is required t h a n the p a y m e n t of t h e interest, (p. 249)
Book V. Of Taxes and of the proper application

of their amount.
S c h l g t s c h l i e l i c h als d a s lezte vor: a tax, at so m u c h per cent u p o n t h e

20 sale of every c o m m o d i t y . (p. 377.)
445
(Custodi. Parte Antica. Tomo III.)

Montanari (Geminiano)
V o n d e n b e i d e n tractaten, der E i n e b e r den Werth des Geldes geschrieben
1680 bei G e l e g e n h e i t einiger alterazioni, die nothwendig g e m a c h t h a t t e n
u n a riforma nella zecca di Venezia. Die andre Schrift, della moneta ange- 5
fangen 1683 u n d in seiner K r a n k h e i t beendigt, [p. 8]
Della Moneta, (trattato Mercantile.)

V o n der Erfindung des Geldes s a g t d i e s e r J n g l i n g : da [ d u r c h ] sie cosi
f a t t a m e n t e diffusa per tutto il globo terrestre la c o m u n i c a z i o n e d e ' popoli
insieme, che p u quasi dirsi esser il m o n d o tutto divenuto u n a sola citt in 10
cui si fa p e r p e t u a fiera d'ogni m e r c a n z i a , e dove ogni u o m o di t u t t o ci che
la terra, gli a n i m a l i e l ' u m a n a industria altrove p r o d u c o n o , p u m e d i a n t e il
d a n a r o s t a n d o in sua casa provvedersi e godere. Maravigliosa invenzione!
(p. 40) Ma perch egli proprio ancora delle m i s u r e di aver siffatta rela-
zione colle cose m i s u r a t e , che in certo m o d o la m i s u r a t a divien m i s u r a 15
della m i s u r a n t e , o n d ' che siccome il m o t o m i s u r a del t e m p o cos il
t e m p o sia m i s u r a del m o t o stesso; q u i n d i avviene che n o n solo sono le m o -
n e t e m i s u r e d e ' nostri desideri, ma vicendevolmente a n c o r a sono i desideri
m i s u r a delle m o n e t e stesse e del valore, (p.41,2) [non] egli b e n manifesto
che q u a n t o maggior n u m e r o di m o n e t a correr in c o m m e r c i o entro il re- 20
cinto di quella provincia in proporzione delle cose vendibili che vi sono,
t a n t o p i care quelle s a r a n n o , se cara p u dirsi u n a cosa perciocch vaglia
m o l t o oro in paese ove l'oro a b b o n d i , e n o n piuttosto vile d e b b a in q u e l
caso chiamarsi l'oro m e d e s i m o , di cui t a n t a p o r z i o n e sia s t i m a t a q u a n t o
446
Aus G. Montanari: Della moneta
u n ' altra cosa che altrove p i vile viene considerata? (p. 48) H a t s c h o n das
Bild, d a die prezzi delle m e r c i del m o n d o n o n d i v e r s a m e n t e fra loro m e -
d i a n t e il c o m m e r c i o si livellino, di quello che facciano le a c q u e stagnanti,
che per q u a l u n q u e agitazione che p a t i s c a n o in fine si s p i a n a n o in livello
5 i n s i e m e etc. (p. 52,3) D i e V e r m e h r u n g des G e l d e s seit der E n t d e c k u n g von
A m e r i c a ha fatto c h e le cose t u t t e d ' E u r o p a sono d i v e n u t e t a n t o p i rare
di p r i m a e che m o l t o t e m p o h a n n o fluttuato nella variet i prezzi fr sie
e n d l i c h das n e u e level erreicht, (p. [54,] 55) A b b a s t a n z a si fatto conoscere
n e l p r e c e d e n t e capitolo, c o m e l ' a b b o n d a n z a carestia dell'oro dell'ar-
10 g e n t o n e l m o n d o altera i p r e z z i delle cose, o n d e sar facile da i n t e n d e r e
c o m e nelle citt di traffico ove pi oro ed argento corre che in altre, sia p i
caro il vitto, n o n p e r c h m i n o r q u a n t i t vi se ne trovi che in altre, ma per-
ch vi p i c o n c h e pagarlo. R e s t a ora a considerare, c o m e data la stessa
q u a n t i t d'oro e d'argento n e l m o n d o in q u a l c h e particolare citt, la ra-
15 rit ||78| f r e q u e n z a delle c o m o d i t cose c o n t r a t t a b i l i cresce e s c e m a il
loro valore, (p. 58)
H a n d e l t d a n n b e r d e n r e l a t i v e n W e r t h v o n G o l d u n d Silber u n d b e r
A e n d r u n g e n i n d i e s e r P r o p o r t i o n , ( p . 8 7 - 1 0 0 ) D a n n v o n K u p f e r , (p. 100
sqq.)
20
447
Le. Montanari. (G.) Breve trattato

del Valore delle monete in tutti gli stati.
F u pensiero d i u n m e r c a n t e letterato F i o r e n t i n o i n u n a sua L e z i o n e detta
in quell' a c a d e m i a , questa m a s s i m a universale, c h e tutte le c o m m o d i t
degli u o m i n i , che fra loro sono in c o m m e r c i o , comprese i n s i e m e vagliano 5
t a n t o , q u a n t o t u t t o l'oro, l'argento e il r a m e c o n i a t o in m o n e t a , che fra loro
corre m e d e s i m a m e n t e in commercio. N lo disse senza ragione, p e r c h se
fossero in maggior n u m e r o le c o m o d i t che v a n n o in c o m m e r c i o , n o n es-
sendovi d a n a r o per pagarle t u t t e , converrebbe darle a miglior p r e z z o per
esitarle; e se vi fosse maggior q u a n t i t di d a n a r o , chi lo avesse per i m p i e - 10
garlo p a g h e r e b b e q u a l c h e cosa pi le comodit, ovvero ritirerebbe in altri
u s i fuori di c o m m e r c i o l'oro e l'argento che gli avanzasse, c o m e i Messi-
c a n i e P e r u v a n i c h e avevano infinit di vasi d'oro e d'argento, p e r c h n o n
avevano in che impiegarlo in c o m m e r c i o di m o n e t a . Ora p e r c h il c o m m e r -
cio m e r c a n t i l e oggid cos diffuso per t u t t a la terra, che c o n c a t e n a d'oro e 15
di g e m m e si p u dire c h e i n c a t e n i i n s i e m e le p i r e m o t e Provincie, p o -
t r e m o affermare, stante la m a s s i m a suddetta, c h e t u t t o l'oro, argento e
r a m e c o n i a t o c h e corre in c o m m e r c i o c o n l'Europa, ed in t u t t e le altre parti
del m o n d o che c o n l'Europa c o n t r a t t a n o , sia il prezzo di t u t t e le c o m o d i t
(o necessarie 0 voluttuose c h e siano) che fra questi popoli si c o m p r a n o 20
v e n d o n o , (p. 290,1)
Es ist ein I r r t h u m vieler n o n b e n informati, che si d a n n o a credere do
versi valutare le m o n e t e affatto p r e c i s a m e n t e c o n la proporzione del metallo
fino che contengono. Z . B . die G o l d s c h m i e d e b r a u c h e n grade die M i s c h u n g ,
die in d e n Z e c h i n e n ist, z a h l e n dehalb etwas m e h r etc etc. (p. 338,9) 25
448
Aus R. Torrens: An essay on money and paper currency
Torrens (R.)
An Essay on Money and Paper Currency.
L o n d o n 1812.
Part. I Theoretischer Theil.
5 An increase in the quantity of m o n e y has a peculiar t e n d e n c y to enrich a

country, (p. 27)
In Spain a n d Portugal in particular, the u t m o s t anxiety was shown to
r e n d e r the treasures of t h e new world exclusively their own; a n d t h e expor-
t a t i o n of the precious m e t a l s was either restrained by heavy duties, or pro-
10 h i b i t e d u n d e r the severest penalties, (p. [49,] 50)
W h e n t h e b a n k turns its notes into m o n e y , at the option of the holder, it
m u s t regulate its i s s u e s , - n o t by the d e m a n d for circulating m e d i u m , b u t
by the state of the bullion market, a n d the quantity of the precious m e t a l s ,
which it c a n readily procure, to answer the occasional calls for cash. A real
15 increase m a y take place, in the d e m a n d for circulating m e d i u m , - m e r -
chants of u n d o u b t e d credit m a y apply, to have their bills d i s c o u n t e d , - a n d
yet the bankers m a y be u n a b l e , without incurring a greater expence, t h a n
t h e profits on discount will repay, to replenish their coffers with sufficient
rapidity, to answer the increasing calls for cash, occasioned by a m o r e ex-
20 tensive issue of their p a p e r - t h e country will lose m u c h of the benefit,
which a well regulated paper currency is capable of conferring, (p. 114,15)
J e d e B a n k giebt n o t h w e n d i g m e h r n o t e s aus, als sie cash hat. Bei pltzli-
c h e n emergencies sie d e m Bankrutt u n d die currency der E n t w e r t h u n g a u s -
gesezt. (p. 116,17) D e r Tauschwerth des Papiergeld, wie der T a u s c h w e r t h
25 v o n j e d e m a n d r e n Ding, das auf den M a r k t gebracht wird, ist regulirt d u r c h
das Verhltni zwischen Nachfrage u n d Zufuhr. Ist in e i n e m L a n d N a c h -
449
frage fr 10 M i l l i o n e n S t . u n d so viel b a n k p a p e r wird zugefhrt, d a n n this

paper, sei es, oder nicht, convertible in specie, at the option of the holder,
will sustain no depreciation. Umgekehrt, w e n n 11 Mill, ausgegeben, D e p r e -
ciation, a u c h w e n n die N o t e n convertible. Paper u n d cash werden ||79| de-
preciirt. Allerdings k a n n cash, weil leicht exportirt oder eingeschmolzen, 5
n i c h t lang d e n M a r k t b e r s t r m e n u n d in cash convertibles paper wird,
w e n n z u Excess ausgegeben, b e quickly thrown back u p o n the b a n k u n d
die limits der Nachfrage gebracht werden. ... Ist d a h e r ein Mittel da, wo-
d u r c h a paper currency, n o t convertible into cash, can be thrown back u p o n
t h e b a n k t h a t issued it, as soon as it b e c o m e s e x c e s s i v e - t h e n such currency 10
will not, any m o r e t h a n cash, or paper convertible into cash, exceed, for
any length of t i m e , t h e limits of the d e m a n d , (p. 1 2 2 - 2 4 ) Now, it will be
found, that limiting the issues of b a n k paper, to the discount of solid m e r -
cantile bills, payable at a fixed a n d m o d e r a t e date, is an effectual m e a n s of
r e t u r n i n g all superfluous paper u p o n the b a n k that issued it, a n d of bring- 15
ing the supply of circulating m e d i u m within the m e a s u r e of the d e m a n d .
W e n n die b a n k eine real m e r c a n t i l e bill discounts, so wirft sie paper n i c h t
gratuitously in d e n c h a n n e l der circulation; sie exchanges its n o t e s for a
just e q u i v a l e n t , - i t supplies a real d e m a n d . . . die increased issue of cur-
rency k a n n d a h e r d u r c h discounting der mercantile bills z u n c h s t den 20
M a r k t n i c h t overstock u n d keine depreciation h e r v o r b r i n g e n . . . D i s c o u n t s
die b a n k n u n n u r bills zahlbar at a fixed u n d m o d e r a t e date, so bleibt die
paper, issued u p o n s u c h discounts, nicht auf d e m Markt, n a c h d e m die
Nachfrage dafr aufgehrt hat. N a c h d e m es einige m e r k a n t i l e Operations
erfllt u n d was a b o u t to b e c o m e excessive, it would be r e t u r n e d to t h e 25
bank, in Z a h l u n g der bill, worauf es vorgeschossen ... F r o m the b a n k , a
stream would be perpetually p o u r e d into the c h a n n e l of circulation; b u t , as
an e q u a l stream would, as constantly, r e t u r n from the c h a n n e l of circula-
t i o n into t h e b a n k , t h a t c h a n n e l could never overflow, (p. 1 2 5 - 2 7 ) W h e n
the b a n k supplies a temporary d e m a n d for circulating m e d i u m , by uttering 30
paper, in discount of a real m e r c a n t i l e bill, payable at a short d a t e , - a n d
when, on this d e m a n d subsiding, the b a n k receives, in p a y m e n t of t h e bill,
w h i c h is discounted, n o t only t h e s u m which it advanced, b u t also t h e legal
interest on the bill,it is obviously impossible, that this transaction should
r e n d e r t h e currency excessive, or r e d u c e t h e relative value of any given por- 35
tion of it, in exchange for c o m m o d i t i e s , (p. 147,8) E i n u n g n s t i g e r foreign
e x c h a n g e m u sehr schdlich wirken u p o n domestic currency. ... W e n n der
rate of exchange is against a c o u n t r y , - i f a given portion of the precious
metals, will in the foreign market, purchase a credit exchangeable on the
h o m e market, for a greater q u a n t i t y - d a n n , w e n n die ganze currency aus 40
e d l e n M e t a l l e n besteht, diese exportirt etc. (p.165) Unterstellen wir n u n in-
450
Aus R. Torrens: An essay on money and paper currency
convertible paper currency. Now, let the real course of e x c h a n g e be 5 %

against the country; let an 100 o u n c e s of gold in the foreign market, pur-
chase a credit for 105 o u n c e s , in t h e h o m e market. U n t e r solchen U m s t n -
d e n I n d i v i d u e n powerfully stimulirt to export the precious metals; u n d
5 d u r c h die doppelte Operation of increasing d e m a n d , u n d d i m i n i s h i n g
supply, these metals, sei es im state of bullion, or of coin, will rise in value.
... D a s p a p e r m e d i u m , da die n i c h t auf die Zufuhr u n d Nachfrage dessel-
b e n wirkt, will preserve its former relative value, in exchange for c o m m o d -
ities; while bullion, a n d any small portion of coin, das n o c h r e m a i n s in Cir-
io culation m i t d e m paper, will, in e x c h a n g e for c o m m o d i t i e s , have
experienced considerable rise; 21 o n e p o u n d n o t e s will no longer be an
equivalent for 20 guineas; u n d an apparent depreciation des paper will be
produced, (p. 1 7 0 - 1 7 3 )
Part II. Anwendung auf die englischen Verhltnisse.
15 a rise in the value of t h e metals, which c a n n o t be c o m m u n i c a t e d to the pa-

per circulating with t h e m , is the necessary c o n s e q u e n c e of a large, foreign
expenditure, a n d unfavourable b a l a n c e of trade, (p. 191) 1809 bullion, t h a t
could be sworn off for exportation, b e c a m e m o r e valuable, t h a n bullion
which could not. (p. 192) the depreciation of foreign exchanges m a y , for al-
20 m o s t any length of t i m e , exceed the e x p e n c e of transmitting bullion,
(p. 205) for the high price of bullion in t h e h o m e market, which an unfa-
vourable course of exchange is sure to p r o d u c e , prevents the debts, d u e to
other countries, from being liquidated by its exportation, (p. 207) W h e n an
unfavourable b a l a n c e of p a y m e n t heightens t h e value of the metals, in t h e
25 same market, the extent of t h e depression of the exchange will be regulat-
e d - n o t by the expence of transmitting bullion, b u t by t h e expence of
transmitting c o m m o d i t i e s , (p. 208,9) Aber, selbst vorausgesezt, d a die
scarceness u n d der w a c h s e n d e W e r t h der e d l e n Metalle could n o t check
their exportation - d e n n o c h folgt d u r c h a u s nicht, da der u n g n s t i g e
30 Wechselkurs n i c h t fr any length of t i m e could exceed t h e expence of
transmitting bullion, from the debtor t o the creditor country. D e n n u m die
d u r c h subsidies to foreign powers oder m a i n t a i n i n g fleets u n d armies a-
broad, geschaffnen S c h u l d e n zu zahlen - die overstock t h e c o n t i n e n t a l
m a r k e t with English bills - zuerst Gold u n d Silber n a c h aussen geschickt,
35 d a n n W a a r e n , I m p o r t a b n e h m e n d etc. A b e r w h r e n d der l i q u i d a t i o n der al-
t e n wieder eine Schuld d u r c h dieselben G r n d e g e m a c h t . . . i f t h e debts
t h u s perpetually growing d u e , should c o n t i n u e to force exportation, o u r
c o m m o d i t i e s , glutting the foreign market, would n o t bring so large a s u m
451
as a smaller quantity of t h e m formerly brought, a n d the e x c h a n g e would be

injured; n o t improved, (p. 209 u n d 10) ||80| In c o n s e q u e n c e of t h e increased
value of bullion in the h o m e market, o u r paper is apparently depreciated,
(p. 238)
5
452
Aus W. M. Gouge: A short history of paper money .
m
Gouge (W M.)
A short history of Paper
Money and Banking in the United States etc.
Philadelphia. 1833.
5 Pars I. An Inquiry into the Principles

of the American Banking System, with considerations
of its effects on morals and happiness.
D u r c h die E n t d e c k u n g von A m e r i c a die Zufuhr der e d l e n Metalle v e r z e h n -

facht; aber da gleichzeitig die d e m a n d wuchs, owing to the increase of oth-
10 er kinds of wealth stiegen die Preisse von 1520 zu 1620 n u r um das Vierfa-
che, (p. 11) By the use of private credit p a y m e n t s are divided a m o n g t h e
different m o n t h s m o r e equally t h a n would otherwise be practicable. In wel-
c h e m Weg der H a n d e l i m m e r gefhrt wird, d u r c h barter, r u n n i n g a c c o u n t s ,
promissory notes, or bills of exchange, or m o n e y , one principle of v a l u a t i o n
15 is adhered to in countries having a s o u n d m o n e y system. T h e cash sales
regulate the credit sales, a n d the cash prices regulate the credit prices. A n -
ders w e n n das m o n e y of a country is paper, ausgegeben sei es von einer R e -
gierung oder Corporation, (p. 20) D i e Bank von A m s t e r d a m hatte in ihren
Kellern Millions deponirt, von d e n m e r c h a n t s u n d sie z a h l t e n fr das safe
20 keeping derselben u n d ihr transferring von e i n e m a c c o u n t z u m a n d r e n a
p r e m i u m . A b e r die B a n k lieh diese millions der I n d i a C o m p a n y u n d d e n
Provinces of H o l l a n d u n d W e s t Friesland. D a s fact lang g e h e i m gehalten;
entdeckt als die f r e n c h m e n in A m s t e r d a m einzogen 1794. (p. 22) Increase
of B a n k credits has the same effect on prices as increase of B a n k n o t e s .
25 (p. 23) Suspensions a n d r e s u m p t i o n s of specie p a y m e n t s only m a k e the ef-
453
fects of contraction a n d e x p a n s i o n m o r e obvious. T h e m o n e y of t h e c o u n -

try is p a p e r m o n e y now, as it was in 1815 and 1816. Its "convertibility" fixes
limits on its expansion; b u t frequent contractions are necessary to keep it
"convertible", a n d these expansions a n d contractions are followed by very
pernicious consequences, (p. 30) In times of "expansion", m e n are invited 5
to receive " a c c o m m o d a t i o n s " from the banks; a n d in t i m e of " c o n t r a c t i o n "
these " a c c o m m o d a t i o n s " are m a d e the i n s t r u m e n t s by which they are
fleeced of their property, (p. 31) Citirt von e i n e m english writer: "corpora-
tions have n e i t h e r bodies to be kicked, n o r souls to be d a m n e d . " (p. 42) T h e
a b u n d a n c e of land (in e i n e m S t a a t wie die V e r e i n i g t e n S t a a t e n wo n i c h t 10
Sklaverei) prevents t h e land being m o n o p o l i z e d , (p. 44) T h e difference be-
tween E n g l a n d a n d the U n i t e d States, is simply this: in the former country
exclusive privileges are conferred on individuals who are called Lords; in
the latter, exclusive privileges are conferred on corporations w h i c h are
called Banks. D e r effect on the people of b o t h countries is the s a m e . In 15
b o t h the m a n y live a n d labor for the benefit of the few. (I.e.) the b a n k s t e n d
to increase the rate of interest, by collecting capital into large masses, a n d
d i m i n i s h i n g the c o m p e t i t i o n a m o n g m o n e y lenders. They, also, by their va-
rious operations, i m m e d i a t e a n d remote, give rise to a m u l t i t u d e of u s u -
rious transactions, (p. 45) W a s die elasticity des B a n k m e d i u m s angeht: 20
when the d e m a n d for m o n e y is greatest, the banks are compelled to con-
tract their issues. W h e n t h e n a t u r a l d e m a n d is least, they are able e x p a n d
most. (p. 62) 100 J a h r e frher war es chief feature in the c o m m e r c i a l pol-
icy of nations, das amassing of gold a n d silver, as a k i n d of wealth p a r ex-
cellence. Now, he is t h e wisest statesman, who is most successful in driving 25
the precious metals from country, (p. 67) Regard the whole B a n k i n g interest as
o n e body corporate, a n d the whole of the rest of the c o m m u n i t y as o n e
b o d y politic, a n d it will be seen that the body politic pays interest to t h e
b o d y corporate for t h e whole a m o u n t of notes received, while t h e b o d y cor-
porate finally satisfies the d e m a n d s of the body politic by transferring the 30
body politic's own property to its credit. ... the interest which is d u e to t h e
productive classes t h a t receive the b a n k n o t e s , is paid to the Banks t h a t is-
sue t h e m . . . . T h e Banks owe their credit to their c h a r t e r s - t o special acts of
legislation in their favor, a n d to their notes being m a d e receivable in pay-
m e n t of dues to government, (p. 84,5) Die fundamental principles des a m e - 35
rikanischen Banksystems sind: a small a m o u n t of metallic m o n e y is p a i d
in: the other instalments are arranged by the discounting of stocknotes.
T h e b a n k extends its operations by discounts on deposits, a n d by substitut-
ing a paper for a metallic m e d i u m ; and, at a suitable t i m e , the founders of
the bank sell a portion of the stock, and invest the proceeds in lands, 40
houses a n d m e r c h a n d i s e , (p. 88)
454
Im alten R o m bankers, the u s u a l way of m a n a g i n g p e c u n i a r y transac-

tions, was by writing their n a m e s in the bankers books. In foro, et de
mensa? scriptura, magis q u a m ex arca d o m o q u e vel cista p e c u n i a n u m e r a b -
atur." (Terenz.) p. 1171
5 \81\ Pars II. A Short History of Paper Money and Banking.
Ch. I. Of the Medium of trade

vor der Introduction of Paper Money.
H a u p t s c h l i c h herrschte Barter vor: a great portion of the stock of m o n e y

which the original emigrants brought with t h e m , war bald e x c h a n g e d fr
io die comforts u n d conveniences, die E u r o p e could supply u n d trade by bar-
ter wurde der c u s t o m des L a n d e s . If the G o v e r n m e n t h a d n o t interfered, all
would have b e e n well. (p. 3) A b e r schon 1618 verordnete G o v e r n o r Argall
von Virginia that all goods should be sold at an advance von 2 5 % u n d Ta-
bak t a k e n in p a y m e n t zu 3 Sh. per p o u n d , nicht m e h r oder weniger, on the
15 penalty of 3 years servitude to the colony". (1. c.) 1641 die G e n e r a l Court
von M a s s a c h u s e t t s m a d e orders about p a y m e n t of debts, setting corn at
t h e u s u a l price, a n d m a k i n g it payable for all debts which should arise after
a t i m e prefixed". 1643 dieselbe G e n e r a l Court ordered "that W a m p o m p e a g
should pass current in the p a y m e n t of debts to the a m o u n t of 40 sh., t h e
20 white at eight a penny, the black at four a penny, except for c o u n t y rates."
(p. 4) In der P r o c l a m a t i o n des Virginia Governors u n d Councils findet m a n
die rates von fast alien W a a r e n u n d s o m e t h i n g like a scale of e x c h a n g e zwi-
schen specie u n d tobacco. Z . B . 1623, Canary, Malaga, Alicant, Tent, M u s -
cadel u n d Bastardwines, were rated zu 6 sh. in specie u n d 9 sh. t h e gallon
25 payable in tobacco. Sherry, Sack u n d Aquavitae zu 4 sh. or 4 sh. 6 d. in Ta-
bak. Weinessig zu 3 sh oder 4 sh. 6 d. in T a b a k etc. (p. 3 note.) In Pennsyl-
v a n i e n wie in d e n a n d r e n Colonien b e d e u t e n d e r traffic was carried on by
b a r t e r . . . n a c h 1732 in M a r y l a n d ein A k t passirend making t o b a c c o a legal
t e n d e r at o n e p e n n y a p o u n d , and I n d i a n corn at 20 p e n c e a bushel", (p. 5)
30 Bald aber d u r c h their trade with t h e Westindies, and a c l a n d e s t i n e c o m -
m e r c e m i t d e m Spanish M a i n e , Silber so plentiful, d a 1652 a m i n t was
established in N e w England for coining shillings, sixpences a n d 3 p e n n y
pieces. (p. 5) Virginia 1645 verbot dealings by barter, u n d etablirte das
Spanish piece of 8 at 6 sh., as t h e standard currency der colony. D i e a n d r e n
35 colonies affixed verschiedne d e n o m i n a t i o n s d e m dollar. D a s m o n e y ac-
c o u n t war berall n o m i n e l l dasselbe wie in England. Das c o i n des L a n d e s
455
war besonders spanisch u n d portugiesisch. E i n Shilling in P e n n s y l v a n i e n

war m e h r als E i n Sh. in N e w York u n d weniger als 1 sh. in Virginien. In
d e n 3 J a h r e n der Q u e e n A n n e Versuch gemacht, dieser Confusion ein
E n d e z u m a c h e n , d u r c h royal proclamation u n d Parlamentsakt, fixing the
p l a n t a t i o n p o u n d auf 2 U n z e n 16 p e n n y weights 16 grains Silber, v o n der 5
F e i n h e i t of c o m m o n pieces von 8 bis 6 sh. u n d 10 d half p e n n y per o u n c e .
Dieser A k t proved n u r effectiv in Barbadoes. In Sdcarolina wurde der Dol-
lar geschzt auf 4 s. 8 d, in Virginia u n d N e u e n g l a n d auf 6 s., in Pennsylva-
n i e n , Newjersey u n d M a r y l a n d auf 7 sh. 6 d., u n d in Newyork u n d N o r t h c a -
rolina auf 8 sh. (p. [5,] 6) 10
Ch. II. Of Provincial Paper Money.
Paper m o n e y zuerst ausgegeben Massachusetts 1690. Objekt war to satisfy

die d e m a n d s of some clamorous soldiers. A n d r e issues spter g e m a c h t ,
theils u m die Regierungskosten z u bestreiten, theils u m m o n e y plenty z u
m a c h e n . A b e r m i t der w a c h s e n d e n quantity fiel der W e r t h . 15
Exchange 1 ounce Silver
mit London.
1702 133 6 sh. 10 d.
1705 135 7
1713 150 8 20
1716 175 9 3
1717 225 12
1722 270 14
1728 340 18 sh.
1730 380 20 25
1737 500 26
1741 550 28
1749 400 60 (P.7)
Z h l t n u n darauf die verschiednen Versuche (die Provinz Pennsylvanien

m a c h t e ihren 1723) die die e i n z e l n e n Provinzen m i t Regierungsgeld m a - 30
c h e n , auf A n l a irgend unvorhergesehner A u s g a b e n , E x p e d i t i o n e n etc,
(auch in Folge des d o m e s t i c trade), (p. [7,] 8 sqq.)
Alle diese papers stets depreciirt; z. B. die von Pennsylvanien, die
A. S m i t h so sehr lobt 1 1 % depreciirt, w e n n gold u n d 7%, w e n n Silber als
Standard g e n o m m e n wird. (p. [8,] 9) Gleich in dieser ersten Periode allerlei 35
Betrgereien, (p. 10) Every s c h e m e for fixing the value of the provincial
bills of credit failed. (p. 19) In Massachusetts at length it was agreed t h a t
t h e eldest counsellor in each county should m e e t o n c e a year to ascertain
t h e depreciation, w o m i t n a t r l i c h wenig gedient. A u s s e r d e m wagte der nie
456
Aus W. M. Gouge: A short history of paper money ...
fr eine depreciation von vielleicht 20%, m e h r als 4 oder 5% allowance zu

m a c h e n , (p. 19, 20) ||82| I n d e giebt H u t c h i n s o n , g r o s s e r F e i n d des P a -
p i e r g e l d s z u : the major part of the people in n u m b e r , were no sufferers by a
depreciating currency; the n u m b e r of debtors is always m o r e t h a n t h e n u m -
5 ber of creditors, (p. 22) D i e provincial paper war a species of G o v e r n m e n t
script which by an act of tyranny was m a d e a legal tender. It fluctuated in
value according to the changes in d e m credit des a u s g e b e n d e n g o v e r n m e n t
u n d des a m o u n t thrown into the market, (p. 24)
Ch. 3. Of continental Money.
10 V o n 1 7 7 6 - 1 7 8 1 ausgegeben fr 357,476,541 Dollars. D i e first emission da-

tirt 10 M a i 1775, die n o t e n erst actuell in circulation A u g u s t 1776. (p. 25)
Bis die issues 9 millions berstiegen, the bills passed zu i h r e m N o m i n a l -
werth. D i e D e p r e c i a t i o n n a c h h e r sehr gro. . . . A m 31 M a i 1781 h r t e n die
c o n t i n e n t a l bills auf als m o n e y zu circuliren, aber sie w u r d e n n a c h h e r ge-
15 kauft auf Speculation zu various prices von 400 for 1 bis 1000 for 1. D e r
W e r t h des c o n t i n e n t a l paper war n i c h t derselbe in d e n v e r s c h i e d n e n T h e i -
len des L a n d e s . Z . B . der exchange, 25 D e c . 1779, war 35 for 1 in N e u e n g -
land, Newyork, Carolinas, Georgia, u n d zu 40 fr 1 in Pennsylvania, N e w
Jersey, Delaware, M a r y l a n d u n d Virginia, (p. 26) Die Depreciation des
20 c o n t i n e n t a l m o n e y never stopped t h e circulation of it. So lang it r e t a i n e d
any value at all, it passed quick e n o u g h : u n d would p u r c h a s e h a r d m o n e y
or any thing else, as readily as ever, wenn der e x c h a n g e war 200 fr 1 u n d
w h e n every h o p e , or even idea, of its being ultimately r e d e e m e d at n o m i n a l
value h a d entirely vanished." Die facility of raising ways u n d m e a n s , in t h e
25 early part of the war, by issues of paper, led to m u c h extravagance in t h e
commissary d e p a r t m e n t , (p. 27) D a s c o n t i n e n t a l m o n e y war a simple evi-
d e n c e of debt d u e by the G o v e r n m e n t u n d d a h e r in d e m first stage of its
operation, zu vergleichen m i t d e n forced loans d e n P o t e n t a t e n in E u r o p a .
A b e r forced currency zu vergleichen m i t d e m b a s e coin, das dieselben Po-
30 t e n t a t e n in schwierigen Z e i t e n ausgegeben, (p. [27,] 28) Schon 11 J a n .
1776 beschlo Congress to outlaw 'whoever should refuse to receive in
p a y m e n t c o n t i n e n t a l bills'. Dieses Princip 5 J a h r e d o c h b e i b e h a l t e n u n d
appeared in all shapes u n d forms, i. e. in tender acts, in limitation of
prices, in awful u n d t h r e a t e n i n g declarations, in penal laws with
35 dreadful a n d r u i n o u s p u n i s h m e n t s u n d all executed with a relentless sever-
ity by the highest authorities t h e n in being, i. e. by Congress, by Assemblies
u n d Conventions of the States u n d by c o m m i t t e e s of inspection (whose
powers in those days were nearly sovereign) u n d even by military f o r c e . . .
457
m a n y t h o u s a n d families of full a n d easy fortune were r u i n e d by these fatal

m e a s u r e s , u n d lie in ruins bis h e u t e 1790." (p. 29, citirt a u s e i n e m
Pamphlet von Pelatiah Webster)
Ch. 4 Die Bank von North America.
(gestiftet 7 J a n u a r 1782) G[ouge] zeigt n o c h d a diese b a n k k e i n e s w e g s 5

g r o s s e D i e n s t e geleistet w h r e n d d e s R e v o l u t i o n s k a m p f e s . D i e advances,
die sie der Regierung m a c h t e , b e r d e n a m o u n t of silvermoney, actually
paid in by t h e G o v e r n m e n t , nie b e r 165,000 dollars u n d fr e i n e n Theil
der Zeit beliefen sich n i c h t auf 50,000 dlrs. (p. 32) Die Operations des war
caused s u c h a drain of specie from Europa, da die B a n k von E n g l a n d was 10
brought into jeopardy, u n d die Caisse d'Escompte zu Paris wirklich Z a h -
lung suspendirte 1783 u n d such a flux of specie in die Vereinigten Staa-
ten, da wie derselbe W e b s t e r sagt hard m o n e y was never m o r e plenty or
m o r e easily collected", (p. 33) (Die U n i t e d States H a u p t p a r t n e r davon.)
[p. 34] 13 S e p t e m b e r 1785 ihr die Charter entzogen. W i e d e r reincorporated 15
am 17 M r z 1787, m i t limited powers u n d fr 14 Jahre. D u r c h successive
acts der Legislatur it has b e e n c o n t i n u e d in existence to the present day.
(p. 37)
ch. 5. Die Old Bank of the United States.
A u s d e m F u n d i r e n der revolutionary debt e n t s t a n d e n , % ihres Capitals be- 20

s t a n d e n aus public stocks. ... die period i m m e d i a t e l y succeeding the revo-
lutionary war, was an age of speculation. Trafficking in soldier's certifi-
cates, in t h e public lands, u n d in the various evidences of t h e p u b l i c debt,
was the business of m a n y who h a d m o n e y u n d of m a n y who h a d not.
Grosse Opposition d a m a l s der d e m o k r a t i s c h e n Parthei gegen das banking 25
u n d funding system", (p. 38) Abgewickelt als inconstitutionell 1811 u n d
1 J u n i 1812 trustees z a h l t e n over to the stockholders 70% des capital stock
u n d 18% m e h r am 1 October. . . . D i e Aufhebung dieser bank, v o n vielen als
ein N a t i o n a l u n g l c k geschildert etc. producirte ||83| k e i n e n r u i n at all.
(p. [40,] 41) D i e F a r m e r s B a n k von Gloucester h a t t e am 9 F e b r u a r 1809 in 30
specie 86 dlrs u n d 46 cents u n d in Circulation fr 580,000 dlrs. (p.50) Da-
m a l s banking was a closer m o n o p o l y t h a n it now is, u n d c i r c u m s t a n c e s
(Krieg etc) were such as to r e n d e r that m o n o p o l y very lucrative. (p. 52) D i e
Concurrenz zwischen d e n banks war kleiner, also die dividends h h e r :
1792, the B a n k of N o r t h A m e r i c a divided 15%, 1793 13%, v o n 1 7 9 4 - 9 9 35
458
( i n d . ) 12% per a n n u m , von 1 8 0 0 - 1 8 0 2 10%, 1803 9 / % , von 1 8 0 4 - 1 8 1 0

2
9%. Die Dividends der old B a n k of the U n i t e d States waren von 7 5 - 8 bis
10%. V o n 1 7 9 2 - 1 8 0 8 die b a n k of Pennsylvania never divided less als 8%
u n d m a n c h m a l 10%. 1810, sagt Dr Bollman, " n o n e of the b a n k s divided
5 less t h a n 8%, a n d s o m e of t h e m m u c h m o r e " , (p. 51 note.)
459
W.Cooke Taylor. (Of Trinity College, Dublin)

The Natural History of Society
in the barbarous and civilized state.
L o n d o n . 1840.
Vol. I. 5
Introduction.
Betrachten wir die actual condition of h u m a n i t y , our a t t e n t i o n is n o t less

forcibly arrested by the m o r a l t h a n by the physical differences which offer
themselves to o u r view. E i n e R a c e ist in a state of c o n t i n u o u s a n d progres-
sive i m p r o v e m e n t . . . a second race appears to have set b o u n d s to itself... 10
alles in der physisch-moralischen Lage der Gesellschaft scheint e i n e n ste-
reotypen Charakter a n g e n o m m e n zu h a b e n , von d e m M o d e l l des gering-
sten H a u s h a l t r a t h s bis zur h c h s t e n socialen Institution, there is p e r m a -
n e n t uniformity. (China) ... E n d l i c h eine R a c e little raised above the b r u t e
creation, wo weder E r i n n e r u n g an die Vergangenheit, n o c h Vorsicht der 15
Zukunft. (Ureinwohner von Australien) (p. 1, 2) W i e der N e g e r in W e s t i n -
d i e n seine physical s u s t e n a n c e von s e i n e m m a s t e r erhlt, so der H i n d o o
sein m o r a l food von d e m B r a h m i n e n . (p. 3) P i n e trees are found on the high
Alps n e a r the confines of perpetual snow; b u t they are stunted in their
growth, they scarce p u t forth any branches, a n d their leaves are n o t fully 20
developed. P i n e trees are also found in too l u x u r i a n t soils, which give t h e m
a precocious e x u b e r a n c e , leading to a deranged organism and early decay.
In either case, can the trees be said to be in their n a t u r a l state? (p. 6)
A n o m a l i e s (krperliche), produced accidentally, m a y be perpetuated artifi-
460
Aus W. C.Taylor: The natural history of society .
cially, and c i r c u m s t a n c e s m a y p r o d u c e t h e artificial state no less efficiently

t h a n design, (p. 15) Dr. Lord in seiner Physiologie b e m e r k t : "were a family
in which any of these peculiarities h a d a t e n d e n c y to occur, isolated from
the general stock, so as to necessitate frequent intermarriage of its m e m -
5 bers, their peculiarities would be repeated, propagated, a n d in a few genera-
tions r e n d e r e d p e r m a n e n t . ... But this isolation could only take place w h e n
t h e world was thinly i n h a b i t e d , and a wide space intervened b e t w e e n fam-
ily a n d family. A n y peculiarity occurring now-a-days speedily merges by
i n t e r m i x t u r e , a n d returns to t h e c o m m o n standard." (p. 15, 16)
io Ch.. 2. Characteristics and tendencies

of barbarism and civilisation.
Die average physical c o n d i t i o n of b a r b a r o u s tribes is inferior to t h a t of civi-

lized n a t i o n s , a n d even this average is attained by a l a m e n t a b l e waste of
life in its earliest ages. (p. 23) All travellers have n o t i c e d t h e i m p r o v i d e n c e
15 of savage life: s o m e will sell for m e r e trifles the fishing a n d h u n t i n g i m p l e -
m e n t s necessary to their support, others refuse to e x c h a n g e their r u d e
weapons for those of E u r o p e a n m a n u f a c t u r e , even w h e n t h e superiority was
obvious. No price could t e m p t the Carib to sell his b e d in t h e evening,
w h e n he was disposed to go to rest; b u t in the m o r n i n g it m i g h t be h a d for
20 t h e m e r e s t toy that caught his fancy. T h e strong h u t s necessary for protec-
tion in winter are s e l d o m erected u n t i l the cold season is considerably ad-
v a n c e d . It is rare to find provisions stored against t h e c h a n c e s of scarcity or
even t h e certainties of changing seasons. Like a m e r e a n i m a l , t h e savage is
affected m e r e l y by what is before his eyes ... F o o d , clothing, r e s i d e n c e -
25 wants w h i c h all m a n k i n d feel to be the m o s t pressing, are neglected in a
b a r b a r o u s state of society, u n t i l t h e necessity is so u r g e n t as to t h r e a t e n ex-
tinction, (p. 25,6) t h e n u m b e r of languages in any given district is generally
in t h e inverse proportion of t h e intellectual culture of t h e i n h a b i t a n t s ,
(p. 26) N a m e n t l i c h C h a r a k t e r i s t i s c h : W e n i g e Objects, dagegen sehr viele
30 N a m e n dafr, . B. D a s Eins e i n a n d r e r n a m e w e n n E i n belebtes o d e r E i n
u n b e l e b t e s Ding, E i n Tag, E i n L n g e n m a etc. D i e finden wir berall, wo
a t t e n t i o n is fixed on a limited n u m b e r of objects. A b e r dieselbe U r s a c h e
k a n n d a h e r dieselben effects hervorbringen in 2 E x t r e m e n von Barbarei
u n d Civilisation. . . D i e Arbeiter v o n B i r m i n g h a m wissen N a m e n fr
35 k a u m u n t e r s c h i e d l i c h e ||84| tools. So das B u c h von St. A l b a n ' s , g e s c h r i e b e n
im 15' J h . von Lady J u l i a n a Barnes, prioress of Sopwell, informs us t h a t in
speaking of n u m b e r s of flocks we m u s t say a herd of deer, a bevy of roes, a
461
sounder of swine, a rout of wolves, a richess of m a r t e n s , a brace of b u c k s ,

foxes or hares, and a couple of rabbits e t c . . . . So an a b u n d a n c e of s y n o n y m s
in a language with a limited vocabulary, is a proof of its intellectual pov-
erty, shewing it to be confined to a narrow range of objects u n d ideas.
A l l e r d i n g s these n a m e s are m o r e appropriate and picturesque t h a n general 5
terms, a n d h e n c e a language in its earliest stages is better adapted to des-
criptive poetry t h a n w h e n it is m o r e extensively cultivated, (p. 2 7 - 2 9 ) Sav-
age languages are deficient in general terms: they are destitute n o t only of
s u c h abstractions as t i m e , space, substance, b u t of such generic n a m e s as
tree, plant etc. (p.29) In der niedrigsten scale of barbarism kein effort to re- 10
cord incident, weil alle incidents of such a state of a sad uniformity etc.
(p. 30) Das sagkokok der Virginian I n d i a n s represented symbolically the
events which took place in a cycle of 60 years; each cycle was represented
by a wheel divided by its radii into sicty e q u a l parts. Lederer berichtet d a
in d e m i n d i s c h e n Dorf P o m m a o o m e k er e i n e n dieser cycles sah, worin die 15
E p o c h e der Ankunft der E u r o p e r an der K s t e von Virginien b e z e i c h n e t
war by the figure of a white swan, vomiting forth fire; t h u s at o n c e symbol-
izing their colour, their arrival by water, a n d the effects w h i c h their fire-
a r m s h a d p r o d u c e d on t h e Americans, (p. 31,2) T h e first a n d most simple
form (of association) is t h e domestic state. ... a m o n g a n i m a l s the length of 20
u n i o n between the parents is directly proportioned to the d u r a t i o n of the
state of infancy, (p. 34, 35) In d e m married state der savages verschiedne
differences. W e n n provisions are scanty, u n d die m e a n s of procuring sub-
sistence n i c h t leicht attainable, the m a n confines himself to o n e wife. In
warmer regions, where food is m o r e a b u n d a n t u n d n u t r i t i o u s vegetables 25
grow spontaneously, oft verschiedne Weiber von e i n e m M a n n g e n o m m e n .
D i e p e r m a n e n c e of the tie wechselt auch; in einigen countries marriages
p e r m a n e n t , in a n d r e n o h n e Prtext auflslich, (p. 36) U e b e r a u im savage
state die Lage des W e i b s elend. H e r very first step in life is o n e of suffering
a n d degradation; she is either stolen, or sold like the beast of the field. (1. c.) 30
Bei d e n T h i e r e n no decided inequality between the female a n d the m a l e ;
b u t in t h e savage state of h u m a n i t y , the comforts of o n e sex are based on
the misery of the other, (p. 41)
462
Aus W. C.Taylor: The natural history of society
ch. 3 social characteristics and tendencies

of barbarism and civilization.
M e n u n i t e d b e c a u s e they could n o t help it; they did n o t discover t h e ad-

vantages of association, b u t they found t h e m o u t after they h a d b e e n asso-
5 ciated. (p. 44) Sociality is n o t an attribute of t h e physical b u t of t h e m o r a l
constitution of m a n . Bees congregate now for t h e purpose of constructing a
h o n e y c o m b i n precisely t h e s a m e forms a n d u n d e r t h e s a m e c o n d i t i o n s
that they ever did; the principle of cohesion in their c o m m u n i t y is n o t o n e
whit greater or less t h a n it was when they were first n o t i c e d by m a n ; b u t t h e
10 social principle in h u m a n i t y is infinitely developed a n d e x t e n d e d by every
advance in civilization, (p. 45) In Kolff s Voyage of t h e Dourga, finden wir
d a die P a p u a n s oder natives of New G u i n e a will n o t hesitate to sell their
own children i n t o slavery, (p. 45) N a c h d i e s e m Lieut. Kolff ein P a p u a an
der Kste, um e i n e n foreign article zu h a b e n , bartert 1 oder 2 seiner K i n -
15 der, u n d w e n n sie n i c h t z u r H a n d sind, p u m p t die seines N a c h b a r s , p r o m -
ising to give his own in exchange w h e n they c o m e to h a n d , this request
being rarely refused, (p. 46) A e h n l i c h e Erfahrungen g e m a c h t im slavetrade.
(p. 46 sqq.) Alle F a m i l i e n b a n d e sehr schwach b e i d e n W i l d e n , (p. 51 sqq.)
Alle b a r b a r o u s n a t i o n s evince great respect for t h e dead. (p. 56) Bei diesen
20 Barbaren for t h e l a b o u r necessary to alleviate t h e cares a n d ills of life, is
substituted t h e luxury of a bawl over t h e grave. (p. 62) (C'est la faim, c'est
le petit ventre qui fait m o u v o i r le m o n d e sagt N a p o l e o n zu St. H e l e n a .
[p.64])
ch. IV. Social Relations, Property.
25 every institution, every art, a n d every science begins in an u n d e f i n e d state,

m i x e d up with others, a n d is n o t separated or distinctly developed, u n t i l
carried to a considerable distance from its source by the onward progress of
civilization, (p. 69, 70) Bei d e m u r s p r n g l i c h e n C o m m u n i s m u s diese
fallacy: that things w h i c h were n o t owned by any individual were t h e prop-
30 erty of all, t h e fact b e i n g t h a t they were the property of n o n e . (p. 72) Pri-
v a t e i g e n t h u m k a n n n i c h t abgeschafft w e r d e n ; schliessen . . die
O w e n ' s c h e n C o m m u n i t i e s sich n i c h t wechselseitig von G r u n d u n d B o d e n
aus? D i e a u c h der Fall w e n n das E i g e n t h u m ||85| der g a n z e n N a t i o n vindi-
cirt, so schliet sie a n d r e N a t i o n e n aus. (p.74,5) In any social barrack k a n n
35 n i c h t e i n m a l das property m i t Bezug auf die I n d i v i d u e n abgeschafft wer-
463
den; m o n o p o l y o f talk u n d t i m e , d a n n verschiedne physische u n d m e n t a l

a c q u i r e m e n t s , (p. 75,6) T h e processes of the individualization of things with
us are few a n d simple, (p. 80) Theft or robbery is n o t considered disgraceful
by the savage. (1. c.) t h e b a r b a r i a n recognises property; he only differs from
the civilized m a n respecting t h e m o d e of acquisition; he recognises force 5
a n d fraud as legitimate forms of acquisition, in fact, as b r a n c h e s of i n d u s -
try; he believes power, courage, or cunning, sufficient to establish a title,
n o t that every thing belongs promiscuously to every one. (p. 81)
Ch. 5 Social relations. Personal Security.
barbarism h a t T e n d e n z Sklaverei zu erzeugen; wir finden sie bei allen u n - io

civilisirten n a t i o n s , ausser where it is limited by the difficulty of procuring
subsistence, (p. 105)
Ch. 6. State of Nature-War. (p. 107 sqq.)
"Abel was a keeper of sheep, a n d C a i n a tiller of the g r o u n d . " Hostility be-

tween these occupations, on a larger scale, m e e t s us in t h e earliest pages of 15
history. T h e agriculturists settled in the valley of the Nile, felt t h a t the wan-
dering tribes of A r a b i a a n d Palestine were their n a t u r a l e n e m i e s , (p. 128)
T h e diversity of elements is necessary to life, a n d war is to a certain extent,
a necessary manifestation of t h a t life. T h e combats of parties within a giv-
en constitution, constitute t h e political life of a people. T h e s a m e is the 20
case with the external relations, (p. 128)
Ch. 7. Indigence.
U n d e r circumstances of high excitement, in war a n d in h u n t i n g , there is no

being m o r e u n t i r i n g t h a n the savage; b u t in peace, and in his own village,
he lounges a b o u t listlessly, miserable for want of e m p l o y m e n t , yet u n a b l e 25
to overcome his r e p u g n a n c e to labour, a n d compelling the females of his
family to work for h i m . (p. 162)
464
Aus W.C.Taylor: The natural history of society
Ch. 8 Superstitions and detached customs.
T h e general state of society in any country affords i m p o r t a n t aid to deter-

m i n e t h e n a t u r e a n d bearing of its religion. If we find a warlike ferocious
race, delighting in cruelty a n d devastation, we m a y be assured t h a t they
5 will have deities delighting in slaughter, a n d rites polluted with blood. A
m o r e i n d o l e n t race, whose sloth is only c h e q u e r e d by sensualism, will dis-
play deified passions a n d lustful ceremonies. Tribes scarcely rising above
t h e brute creation, too apathetic to r e m e m b e r t h e past, or speculate on the
future, who possess n o t in their language a single word to specify cause,
10 o h n e n o t i o n von G o d . (p. 164) Herr Bik, an intelligent officer im service des
king der N e t h e r l a n d s , giebt u n s in e i n e m a c c o u n t der natives der Anu Is-
lands, die er 1824 besezte: Sie h a t t e n k e i n e n Begriff von Gott. Sie fragten
ihn, wo er w o h n e : "I answered that the Deity was present everywhere; n o t
only a m o n g us, b u t in every plant which, t h r o u g h his goodness a n d power,
15 he has furnished us for food. ... ' T h e n this G o d is certainly in your arrack,
for I never feel happier t h a n w h e n I have d r u n k plenty of it.'" ( p . 1 6 6 - 1 6 8 )
Ch. 9 Varieties of savage life.
D i e barbarous races zerfallen in 3 divisions: they are hunters, shepherds or

agriculturists. N i c h t als w e n n ein tribe ausschlielich von e i n e m der 3 lebte;
20 aber die different divisions m a k e o n e or other of these pursuits their m a i n
source of subsistence, (p. 190) T h e t e n d e n c y to extinction in h u n t i n g tribes,
obviously arises from t h e disproportionately large space which they require
for subsistence. W h e n p o p u l a t i o n increases they m u s t either c h a n g e their
m o d e of life, migrate to a n o t h e r land, or t h i n their n u m b e r s by civil war.
25 We have no e x a m p l e of h u n t i n g tribes r e m a i n i n g in their own l a n d a n d
adopting voluntarily an agricultural or even pastoral life, b u t we have s o m e
reason to believe t h a t m a n y pastoral tribes n o r t h of t h e Oxus a n d East of
the Caspian, have b e e n compelled to exchange t h e care of flocks a n d h e r d s
for m o r e precarious labours of t h e chase, (p. 193) T h e incessant civil wars
30 a m o n g the pastoral tribes of Tartary, have frequently enabled t h e r u d e r
h u n t i n g tribes to bring t h e m u n d e r subjection, (p. 194) Zu a pastoral life ge-
hrt a certain a m o u n t of civilization: the art of d o m e s t i c a t i n g a n i m a l s ; a n d
so completely changing their n a t u r e as to efface the original type. (p. 195)
In no instance has a pastoral race, u n i n f l u e n c e d by external circumstances,
35 adopted a new m o d e of life. T h e change has always arisen from their being
c o n q u e r e d or conquerors, (p. 197) Die Tartars des 15' Jhrdrts wie die h e u t i -
465
gen. (p.197) ||86| T h e m o s t m a r k e d characteristic of n o m a d e tribes, w h e t h e r

h u n t i n g or pastoral, is i n d o m i t a b l e pride. They reject i m p r o v e m e n t a n d in-
n o v a t i o n with all the scorn of selfsatisfied ignorance, (p. 199) T h e various
missionaries who have visited n o m a d e races, found their labours utterly
unavailing, so long as a wandering life c o n t i n u e d , and they have only sue- 5
c e e d e d in bestowing the e l e m e n t s of civilization on those compelled by cir-
c u m s t a n c e s to adopt a settled habitation, (p. 199) D i e agricultural form of
b a r b a r o u s life besonders gefunden in t h e islands of t h e Pacific O c e a n ,
(p. 200) Diese Newzealanders h e u t e k e i n e n Schritt weiter als ihre country-
m e n , w h e n first visited by Captain Cook. (1. c.) the colder climates will n o t 10
a d m i t of s u c h improvidence as is manifested in tropical countries. " S u c h
negligence in providing clothing a n d h a b i t a t i o n s a n d in laying up stores of
provisions, as in w a r m a n d fertile countries is n o t i n c o m p a t i b l e with ex-
istence in a very r u d e state, would, in m o r e inhospitable regions, destroy
t h e whole race in the course of a single winter." (p. 203) 15
Ch. 10 the arts of savage life.
O n e x a m i n a t i o n findet m a n , t h a t m o s t inventions resulted from s o m e want

or necessity, created by t h e existing state of civilization: t h a t t h e r e is a
great h a r m o n y observable in t h e progress of the different arts, a n d t h a t im-
provements are for the m o s t part s i m u l t a n e o u s , or nearly so, in the princi- 20
pal branches of h u m a n industry. Diese H a r m o n i e n i c h t wo arts von A u s s e n
imported, wie der Fall m i t R u l a n d , (p. 204,5) Bei d e n b a r b a r o u s n a t i o n s
n i c h t diese uniformity, die wir b e i civilisirten finden; however low their
c o n d i t i o n m a y be, they usually possess one or two processes as far surpass-
ing the intellectual c o n d i t i o n of the people, that we can with difficulty b e - 25
lieve t h e m to be of native invention, (p. 205) D e r Fortschritt in d e n arts u n -
ter barbarians gewhnlich found in weapons of war, or instruments of music.
(p. [205,] 206) It is i m p o r t a n t to observe, t h a t no barbarous tribe claims the
i n v e n t i o n of any of the arts in which it displays special ingenuity. T h e in-
v e n t i o n is invariably ascribed to t h e gods, or to s o m e deified ancestor. 30
(p. 212) We find then, nearly in all barbarous n a t i o n s t h e relics of a m o r e
a n c i e n t system of civilization far superior to that which they at present pos-
sess; a n d traditions ascribing the invention of each of these better process-
es to some celestial being, (p. 215)
466
Aus W. C. Taylor: The natural history of society
Ch. 1 1 - 1 5 Ueber lost Civilization.
Ueberbleibsel alter Civilisations. Erstens in N o r d a m e r i k a , z . B . am Missis-

sippi u n d Ohio, wo die wildesten I n d i a n e r h a u s t e n . E b e n s o in W e s t a m e -
rika u n d im S d e n , (p. 217 sqq.) Agriculture, in a n c i e n t t i m e s , seems to
5 have b e e n a great cause of m e n associating together, a n d t h e early opera-
tions of farming were carried on in the vicinity of c i t i e s . . . It does n o t a p -
pear that these agricultural associations were formed merely for defence,
they s e e m to have b e e n rather designed for cooperation. T h e structures in
t h e state of Ohio, w h i c h most probably were erected to facilitate cultiva-
10 tion, give evidence that the n e i g h b o u r h o o d was p o p u l o u s by their great ex-
tent etc. (p. 219) Diese r e m a i n s in N o r d a m e r i k a very recently attracted the
earnest a t t e n t i o n of a m e r i c a n a n t i q u a r i a n s , besonders der Historical So-
ciety of Ohio, (p. 218) T r m m e r von Eisenwerken gefunden daselbst.
W h r e n d m a n sonst glaubte, das Eisen sei d e n A m e r i c a n s u n b e k a n n t ge-
15 wesen, vor der Herberkunft der Europer. It affords the strongest evidence
n o t only of the possible decline of civilization in a particular country, b u t
also of t h e possibility of an art being lost, which after having b e e n o n c e
possessed would s e e m almost indispensable to existence, (p. 220) So in M e -
xico viele T e m p e l , P y r a m i d e n etc. (p. 223,4) whatever people m a y h a v e
20 b e e n the builders of the e a r t h e n structures in N o r t h a m e r i c a , nichts sichrer
als die very r e m o t e antiquity of the works themselves, (p. 226) Es ist accu-
m u l a t e d evidence da, d a die alten E i n w o h n e r von d e n O h i o plains im Be-
sitz der arts of working in metals waren u n d of m a k i n g a species of porce-
lain, beide lang verloren vor des C o l u m b u s E n t d e c k u n g , (p. 236) skill in
25 metallurgy by no m e a n s proves a general advance in all other forms of civi-
lization, since it is m a i n l y p r o d u c e d by the facilities for working m i n e s
which n a t u r e affords. In the m i n i n g districts of E n g l a n d we have always
found t h e engineering a n d m e c h a n i c a l skill greatest where t h e m i n e s were
richest, b u t we have n o t found the ||87| general average of civilization
30 raised in anything like the same proportion, (p. 240,1) No e l e m e n t of civili-
zation is of m o r e i m p o r t a n c e t h a n the art of recording events. It is only
when m a n begins to register the past, t h a t he obtains a guide to t h e future,
(p.242) Also: a highly civilized race o n c e occupied the prairies a n d forests
of Ohio, where b a r b a r i s m in its worst form was found t r i u m p h a n t w h e n
35 A m e r i c a was first discovered. (p. 252)
whether we c o m e in contact with our red b r e t h r e n as e n e m i e s or as
friends, they every where m e l t before us like snow before t h e s u n . I n d e e d , it
is difficult to say w h e t h e r o u r friendship or our e n m i t y has b e e n m o s t fatal.
T h e infectious disorders which in m o m e n t s of profound peace, we have u n -
467
fortunately introduced, have proved infinitely m o r e destructive a n d m e r c i -

less t h a n our engines of war. By the small-pox alone it h a s b e e n c o m p u t e d
t h a t half the I n d i a n p o p u l a t i o n of N o r t h A m e r i c a has b e e n swept away,
(p. 267) N u n der Schnaps. F r o m the m o m e n t that the I n d i a n tastes "the in-
fernal fire-water", he is a r u i n e d m a n . (p. 270) Identity of the R e m a i n s of 5
Civilization in N o r t h a n d S o u t h America, (p. 279) H u m b o l d t has shewn the
extraordinary similarity between the architecture of the a m e r i c a n m o n u -
m e n t s a n d the structures found in t h e a n c i e n t country of t h e Mongols, he
has also shewn that the religion of M e x i c o was radically t h e s a m e as t h a t of
Tartary a n d Thibet. N a m e n t l i c h aber die Zeiteintheilung, B e n e n n u n g etc 10
d u r c h a u s z u s a m m e n f a l l e n d zwischen Chinese, J a p a n e s e , K a l m u c k s , M o n -
gols u n d M a n t c h e w s einerseits u n d zwischen Tolteks, Azteks, a n d r e n a m e -
rikanischen N a t i o n e n andrerseits. Bei d e n Tibetans, Mongols J a p a n e s e ei-
nerseits u n d d e n M e x i c a n s anderseits fast dieselben N a m e n fr dieselbe
Eintheilung. (p. 286,7) Also early identity zwischen der aboriginal race von 15
A m e r i c a u n d der asiatic family of n a t i o n s , at least so far as their system of
civilization is concerned, (p. 288) "Languages in the savage state are great
in n u m b e r , in improved society few. ... T h e negro races which i n h a b i t the
m o u n t a i n s of the Malaya peninsula, in the lowest a n d m o s t abject state of so-
cial existence, t h o u g h n u m e r i c a l l y few, are divided into a great m a n y tribes, 20
speaking as m a n y different languages. A m o n g the r u d e a n d scattered p o p u -
lation of the island of Timer, it is believed t h a t n o t less t h a n 40 languages
are spoken. On E n d e a n d Flores, we have also a multiplicity of languages,
a n d a m o n g the c a n n i b a l p o p u l a t i o n of Borneo, it is believed t h a t m a n y
h u n d r e d s are spoken." E b e n s o u n t e r den Australian tribes, wie obvious 25
from an inspection der vocabularies published in King's Survey. In A m e -
rica diese U r s a c h e n n o c h mchtiger, d e n n sagt A . v o n H u m b o l d t : "the con-
figuration of the soil, the strength of vegetation, the a p p r e h e n s i o n s of t h e
m o u n t a i n e e r s , u n d e r the tropics, of exposing themselves to the b u r n i n g
h e a t of the plains, are obstacles to c o m m u n i c a t i o n , a n d c o n t r i b u t e to the 30
a m a z i n g variety of A m e r i c a n dialects. This variety, is m o r e restrained in
the savannas and forests of the north, which are easily traversed by h u n t e r s ,
on t h e b a n k s of great rivers, along the coasts of the ocean, a n d in every
country, where the I n c a s h a d established their theocracy by force of a r m s . "
(p. 298,9) T h e system of sacrifice adopted by a n a t i o n will at o n c e shew 35
which principle has prevailed in the development of its religion, for sacrifi-
ces m a y be either offerings to testify love, or bribes to avert danger. W h e r -
ever there is an organized priesthood, a n d especially where there is a sacer-
dotal caste, we find the m o r e gloomy creed and the cruel ritual prevalent;
b u t where circumstances have weakened the sacerdotal power, a t e n d e n c y 40
to a m o r e cheerful faith a n d m i l d e r observances b e c o m e s manifest. T h e re-
468
Aus W.C.Taylor: The natural history of society...
ligion of colonies exhibits this i m p r o v e m e n t on t h e creed a n d worship of t h e

p a r e n t state. T h e C a r t h a g i n i a n s b r o u g h t t h e worship o f M o l o c h with t h e m
from Palestine, b u t they never indulged in s u c h sanguinary rites as were
u s e d by their ancestors in C a n a a n . It was a m o n g t h e G r e c i a n Colonies of
5 Asia m i n o r , t h a t t h e h e l l e n i c religion a s s u m e d t h e poetic form in w h i c h it
i s presented t o u s b y H o m e r . . . I n t h e countries adjacent t o H i n d u s t a n ,
which i n d u b i t a b l y derived their religion along with t h e first e l e m e n t s of
civilization from I n d i a , it is n o t B r a h m i n i s m w h i c h prevails, b u t
B u d d h i s m , a m i x e d political a n d philosophical reform of t h e H i n d u faith.
10 E b e n s o l c h e r Fortschritt von Peru gegen M e x i c o , (p. 301) ||88| D e r E s e l
g l a u b t d a G o t t i m Anfang die M e n s c h e n u n t e r r i c h t e t u n d da das verlo-
r e n gegangen etc. K e i n savage or b a r b a r o u s tribe gehe aus sich selbst vor-
wrts, s o n d e r n zurck, (p. 309, 310)
Vol. II.
15 two distinct races, t h e military C h a l d e a n s a n d t h e trading Babylonians,

possessed Babylon w h e n its history b e g a n to be i m p o r t a n t , (p. 34) polyg-
a m y ... characteristic of pastoral a n d w a n d e r i n g tribes, (p. 50) T h e colony
of a free p e o p l e generally exhibits greater f r e e d o m t h a n t h e p a r e n t state;
t h e t r a n s p l a n t e d i n s t i t u t i o n s are delivered from t h e l i m i t a t i o n s w h i c h antiq-
20 uity a n d p r e c e d e n t h a d b r o u g h t r o u n d t h e m , a n d necessarily receive great
er e x t e n s i o n a n d wider application. In t h e early struggles of a colony
t h e r e is a greater feeling of equality a m o n g t h e m e m b e r s , a n d a stronger
spirit of freedom, t h a n in a settled state. Every m a n ' s pride is n u r t u r e d by
his feelings of c o n s c i o u s superiority over t h e b a r b a r o u s race n e a r which, or
25 a m i d which, he is settled; a n d while fear of t h e aborigines p r o d u c e s c o m
m u n i t y a n d u n i o n , this pride keeps alive t h e feelings of i n d i v i d u a l i n d e p e n
d e n c e , (p. 73,4) In t h e asiatic n a t i o n s , we have seen t h a t a p r i n c i p l e of ex-
clusiveness is very p r o m i n e n t in all t h e i r i n s t i t u t i o n s : t h e Ejyptian
agriculturists were e x c l u d e d from c o m m e r c e , t h e T y r i a n m e r c h a n t s n e v e r
30 cultivated t h e soil, a n d sedentary pursuits were o d i o u s to t h e P e r s i a n n o
m a d e s . B u t in G r e e c e s u c h exclusiveness was i m p r a c t i c a b l e , a n d t h e va
riety of p u r s u i t s in active life r e n d e r e d it necessary to a c q u i r e m a n y k i n d s
of knowledge, a n d t h u s laid a broad basis for farther i m p r o v e m e n t . T h e
very n a t u r e of t h e c o u n t r y n o t only invited to industry, b u t i m m e d i a t e l y
35 suggested t h e e x c h a n g e of c o m m o d i t i e s , (p. 88) This exclusive a t t e n t i o n to
t h e power o f t h e state, a n d t h e neglect o f what m a y b e called t h e n a t u r a l
rights of m a n , appears to have arisen from t h e small size of the Grecian
communities. T h e s e were for t h e m o s t part cities with their adjacent dis-
469
tricts, so t h a t the ideas of state a n d city were designated by t h e s a m e n a m e .

T h e experience of all municipalities, a n c i e n t and m o d e r n , shews t h a t t h e r e
is a t e n d e n c y in corporations to sacrifice individual rights to t h e interests
of t h e corporate body; a n d this t e n d e n c y is n o t m u c h altered by t h e n a t u r e
of t h e constitution of t h a t b o d y ... In c o n s e q u e n c e of this principle the 5
form of t h e constitution was of infinitely m o r e i m p o r t a n c e in G r e e c e t h a n
it c a n possibly be in any m o d e r n n a t i o n , (p. 95) the early latin mythology
was identified with agriculture, (p. 115) Even in t h e age w h i c h p r e c e d e d t h e
fall of the (roman) republic, it was c o m p u t e d that only 2000 citizens pos-
sessed an i n d e p e n d e n t subsistence, (p. 135) A slaveholding country m u s t 10
ever be at the m e r c y of invaders, (p. 138) "Magic", sagt B . C o n s t a n t ; "is t h e
fetichism of civilized life. ... m a g i c is the effort of m a n to recover t h e idea
after it h a s b e e n lost." (p. 154) the limitation of the benefits of civilization
to the civic populations was a pernicious falsehood in the a n c i e n t systems:
t h e empires of the Babylonians, Saracens, Mongols, a n d Turks, n o t less 15
t h a n those of t h e R o m a n s a n d Byzantines, have shewn u s , t h a t t h e r e could
be flourishing cities like Babylon, Bagdad, a n d Delhi, in degraded n a t i o n s ,
(p. 193,4) A m o n g t h e Celtic a n d t e u t o n i c nations, the form of whatever civi-
lization they possessed was rural; this rendered it the m o r e r u d e , b u t n o t
the less real. (p. 194) the extent of a war is the only alleviation of its horrors, 20
for t h o u g h m o r e destructive to h u m a n life generally, it spares m o r a l life in
t h e survivors, (p. 197) F e u d a l i s m p r o d u c e d a physical c h a n g e in t h e c o n d i -
t i o n of society, fraught with very i m p o r t a n t c o n s e q u e n c e s . It transferred p o -
litical supremacy from t h e towns to the country, a n d from a corporate aris-
tocracy to isolated nobles. In the long a n d cruel wars of the n o r t h e r n 25
invasion, t h e cities h a d suffered m o r e severely t h a n the rural districts, b e -
cause they h a d m o r e wealth to attract the cupidity of the c o n q u e r o r s ; their
supremacy a n d rule over t h e surrounding country were destroyed; a n d
c o m m e r c i a l wealth, w h i c h subsequently b e c a m e the m e a n s of restoring
their influence, was very slowly produced. In the Situation a l m o s t every 30
town courted the protection of the ||[89]| [nearest noble, a n d the citizens
neglected the u s e of arms, entrusting the care of their defence to their feu-
dal lord; a n d thus t h e m u n i c i p a l i t i e s fell gradually into decay.] [...] |
470
H e f t IX
m Heft IX
m r
W Alex Mackinnon.
History of Civilisation.
L o n d o n 1846. 2 vol.
5 t. I.
in a civilised c o m m u n i t y the form of g o v e r n m e n t a n d its liberal t e n d e n c y

d e p e n d on t h e state of society, not the state of society on the form of gov-
e r n m e n t , (p. 30) Im a l t e n G r i e c h e n l a n d war by land, piracy by sea, filled
the whole country with incessant alarm", (p. 59) Grossen R e i c h t h u m ge-
lo w a n n die u p p e r u n d m i d d l e class in R o m by asiatic conquest, b u t n o t being
created by c o m m e r c e or m a n u f a c t u r e s , it r e s e m b l e d t h a t o b t a i n e d by Spain
from h e r A m e r i c a n Colonies, (p. 66)
England. (Zu b e m e r k e n , d a Herr Thierry in d e m early part seiner con-
qute de l'Angleterre" sehr viel als original research zuschreibt, was er ge-
15 sthlen aus: Milton: History of Britain c o n t i n u e d to the N o r m a n C o n q u e s t ,
[p. 85]) Ein alter chronicler erzhlt, d a J o h a n n o h n e L a n d i n t e n d e d n o t
t o b i n d himself with chains o f p a r c h m e n t . (p. 104) H e r r M . b e m e r k t b e r
Cromwell u n d Charles I c o n d e m n a t i o n : the m i d d l e class had, indeed, risen
into notice, a n d i n t o s o m e i m p o r t a n c e ; b u t it was n u t sufficiently powerful
20 to oppose a successful resistance, even if so inclined, to the lower class a n d
a fanatical army, led by a favourite general, (p. 153) C l a r e n d o n s a g t : " t h e
town of M a n c h e s t e r h a d , from the b e g i n n i n g , o u t of t h a t factious h u m o u r
which possessed [mos]t corporations, a n d t h e pride of their wealth, o p p o s e d
the King, a n d declared magisterially for the parliament[". (p. 1]69) Colqu-
471
Londoner Hefte 1850-1853. Heft IX
h o u n in d e n treatises on the W e a l t h a n d Resources of the british empire,

4 ed. p. 124 g a b n a c h d e m [ S c ] h l u d e r F e i n d s e e l i g k e i t e n 1814 f o l g e n d e
Tabelle:
Average of the Incomes of the People in Great Britain and Ireland.

Number of heads Aggregate of 5
of families. yearly income.
Upper Class.
Average der jhrlichen Einkommen derer die 3000 l.
und upward haben, alle individuals mit Ausnahme
des Sovereign eingeschlossen: 1,436 8,775,000 10
Middle Class.
Average des jhrlichen income derer die unter
3000 /. und nicht less als 150 haben 1,595,151 240,329,665
Lower Class.
Average des jhrlichen Einkommens derer von der 15
low. class, die ein income von 60 l. haben 1,904,193 181,270,707
Durchschnitt derer der low. class die assistance er-
halten ohne income 387,000 9,871,000
(P.311)
t. II. 20
F a d e r , D u m m e r , a l b e r n e r , flacher, langweiliger W h i g !
T h e pastoral tribes of the N o r t h were those by which t h e s o u t h e r n parts
of E u r o p e were over-run a n d conquered, (p. 345.)
Clarendon in s e i n e r H i s t o r y d e r e n g l i s c h e n R e v o l u t i o n (v. II) s a g t : "For
t h o u g h the g e n t l e m e n of a n c i e n t families u n d estates in E n g l a n d were, for 25
t h e m o s t part, well affected to the king, and easily discerned by what fac-
tion the Parliament was governed, yet there were a people of an inferior
degree, who, by good h u s b a n d r y , clothing a n d other thriving arts, h a d got-
ten very great fortunes, a n d by degrees getting themselves into the gentle-
m e n ' s estates, were angry t h a t they found n o t themselves in the s a m e 30
e s t e e m a n d r e p u t a t i o n with those whose estates they h a d , a n d therefore,
with m o r e industry t h a n t h e other, studied all ways to m a k e themselves
considerable. These, from t h e beginning, were fast friends to t h e parlia-
m e n t etc." [p. 159] M a n sieht hieraus, d a a new order of m e n aufgenom-
m e n war u n d sich im Besitz vieler estates [which h a d by t h a t t i m e b e e n 35
sold in c o n s e q u e n c e of t h e law for cutting off entails, to which allusion has
b e e n m a d e . [p. 160]] |
472
Aus J. D. Tuckett: A history of the past and present state of the labouring population
|2| J.D. Tuckett.

A History of the Past and Present State
of the Labouring Population,
including the progress of agriculture,
5 manufactures, and commerce etc
2 vol. L o n d o n 1846.
Vol. I.
ch. 1) English society and Institutions

during the early ages.
10 Britons u n d R m e r - Scots u n d Picts - Saxen u n d D n e n . W h r e n d der
langen S u p r e m a t i e der Anglo Saxons wurden die Britons gradually absorb-
ed in der M a s s e der new population. ... U n t e r d e n Saxons % u n d einige h i s -
torians sagen selbst % der Bevlkerung were either absolute slaves to the re-
m a i n d e r , oder in an i n t e r m e d i a t e state of vassalage to t h e m . (p. 3 - 1 5 ) but
15 it m u s t be observed, t h a t although the villain was t h e property of the pro-
prietor of t h e soil, yet t h e owner was b o u n d to support h i m , b o t h in sick-
ness, infirmity, a n d in decrepit old age, or whenever he could not, by his la-
bor, support himself. (p. 17)
473
ch. II. the lower classes during the feudal ages.
U n t e r d e n N o r m a n n e n : the labouring classes, and the great body of the

occupiers a n d cultivators of the land, r e m a i n e d , as during the saxon reigns,
serfs, villains, or b o n d s m e n attached to a particular m a n o r , or to an adven-
titious location, the property of the owner of the soil; although the lands 5
themselves were transferred from their old v a n q u i s h e d occupiers, to t h e fa-
vorites a n d vassals of t h e conqueror, so these altered the c o n d i t i o n of the
peasantry from serfs to the feudal System. (p. 25,6) Im 1 1 ' Jh. t h e t h e n Pope
erlie zuerst frmliche Bulle fr die e m a n c i p a t i o n of al[l] slaves u n d e r his
sovereignty u n d 1102, in d e m grossen Concil der N a t i o n , w u r d e es fr u n - io
gesetzlich erklrt fr any m a n to sell slaves openly in the market [wie es] vor-
h e r c o m m o n practice, (p. 27) Cromwell 1650 sent his scotch prisoners into
slavery, a n d sold t h e m to the W e s t I n d i a Planters. (1. c.) I n d e u n t e r der
n o r m a n n i s c h e n Herrschaft by a n d by die Sklaverei gebrochen, (p. 28) b o t h
Magna Charta u n d die charters von Henry III a class of m e n are referred to, 15
who appear to be recognized only as chattel property: it being expressly for-
b i d d e n for guardians to waste the men or cattle on the estates of m i n o r s ,
(p. [28,] 29) I n d e d o c h die majority der i n h a b i t a n t s m a n u m i t t i r t . (I.e.) A u s
diesen freigelanen Sklaven oder Leibeignen bildete sich eine industrielle
Klasse, [p. 29] Sie erweckte die Eifersucht der barons, laws b e g a n to be 20
e n a c t e d to regulate their habits, their dress, u n d die clothing of all persons
b e n e a t h their sphere a n d station in society. 1463 ein A c t to prohibit t h e
progress of luxury, u n d to curtail the excessive expense of clothing of the
middle a n d lower classes, da angefhrt wird als G r u n d , d a the c o m m o n s ,
as well m e n a n d w o m e n , were a c c u s t o m e d to deck themselves in costly a n d 25
i n o r d i n a t e array a n d apparel, to the great displeasure of A l m i g h t y G o d , a n d
to the impoverishing of t h e realm; a n d for the m o r e effectually enriching
the i n h a b i t a n t s of other countries, to the injury of the c o m m o n w e a l t h " .
Leztes b e z i e h t sich auf das T r a g e n von flmischen Wollzeugen, die in coin
b e z a h l t w u r d e n . . . Labourers u n d ihre wives, as well as artificers, m i t i h r e n 30
wives u n d families, were forbidden to adorn their bodies m i t girdles of sil-
ver, (p. 30,1) U n t e r Edward III Gesetz g e m a c h t , da charity c h o u l d n o t be
e x t e n d e d to, n o c h alms, auf any persons who were able to work: u n d if any
person violated the e n a c t m e n t , he should be fined 10 I. (p. 31) A b e r gleich-
zeitig a u c h schon die R e d e von labourers, who were willing to work aber un- 35
able to find employment, (p. 32) Der W o l l e n trade h a t t e b e g o n n e n zu b l h e n ,
d u r c h assistance der flemish operatives, die encouragirt w u r d e n d u r c h die
legislature to locate themselves in various parts of the K i n g d o m . ... t h e in-
flux from the rural districts m u s t have t e n d e d greatly to a u g m e n t t h e n u m -
474
Aus J. D.Tuckett: A history of the past and present state of the labouring population
ber of the operative class of t h e c o m m u n i t y . ... Expensive dress was so ex-

ceedingly prevalent, t h a t acts of P a r l i a m e n t were passed to regulate t h e
dress a n d Ornamente of the people, (p. 32) Gleichzeitig m i t diesen Luxusge-
setzen b e g i n n e n die e n a c t m e n t s regarding the pauperism of a n o t h e r class of
5 the c o m m u n i t y , u n d we readily infer, t h a t in proportion as o n e class of t h e
people b e c a m e wealthy, a n o t h e r b e c a m e s u n k i n indigence a n d e n g u l p h e d
in poverty, (p. 33) Viele Stdte, die n i c h t endowed zu dieser Period m i t cor-
porate privileges, w u r d e n die objects of general resort, da hier keine person-
al restrictions u n d die p o p u l a t i o n sie vorzog d e m residing in den old priv-
10 ileged corporate towns, oder in d e n adjacent agricultural districts, (p. 34)
Chartered towns a n d b o r o u g h s waren die einzigen places, wo die W o l l m a -
nufakturs (schon auf a small scale u n t e r d e n Saxons gefhrt) were carried
on. (1. c.) D i e guilds oder companies, die n o c h h e u t zu tage u n t e r various
classes of m a n u f a c t u r e r s u n d m e c h a n i c s , besonders in chartered towns
15 z u m Theil b e s t e h e n , first formed von d e n woollen m a n u f a c t u r e r s , d e n
Flemings (Flemish), who were obliged to reside in s u c h towns, for fear of
molestation by the natives; b u t the English soon availed themselves of t h e
advantages enjoyed by these foreigners, a n d were gradually corporated with
t h e m . (p. 35) Agricultural labourers are, for t h e first t i m e , m e n t i o n e d as dis-
20 tinct class, entitled to the protection of t h e legislature: this act passed in
t h e early part of the reign of Edward III, 1350; aus dessen regulations b e -
wiesen, d a labourers in husbandry, as well as operatives on t h e loom,
equally worked for hire. (p. 37)
ch. III. Civil war injurious to society.
25 "Contested titles, a n d a disputed succession, obliged Rufus a n d his succes-

sors, to m a k e concessions to the Anglo Saxons, who so m u c h surpassed t h e
conquering n a t i o n in n u m b e r s . " (p. 41) Diese i n n e r n Kriege b r a c h t e n n a -
trlich a u c h allerlei [ Z u g e s t n d n i s s e an d i e A n g e l s a c h s e n . ] So u n t e r E d -
ward I I I E i n Statut: d a beggars, a n d ||3| persons i m p o t e n t to serve, shall
30 abide in the cities or towns where they be dwelling at t h e t i m e of t h e pro-
c l a m a t i o n of this statute, a n d if the people of the said cities or towns will
not, or cannot, suffice to m a i n t a i n t h e m , t h e n t h e said beggars shall take
t h e m to other towns, within t h e h u n d r e d or rape, or wapentake, or to t h e
towns where they were b o m , within forty days after the said p r o c l a m a t i o n
35 m a d e , a n d there shall continually abide during their lives", (p. 43) In d e m -
selben Statut heits: that t h e sheriffs, mayors, bailiffs a n d Keepers of
gaols, shall be h o l d e n a n d charged to receive, t h e said servants, labourers,
beggars, a n d vagabonds, a n d to keep t h e m in prison, without letting to
475
m a i n p r i z e or in bail, a n d without fee, or any other thing taking of

themselves, or by any other, so long as they m a y be so i m p r i s o n e d , or at
their entry, or at their going forth". But as it is n o t possible to prevent pov-
erty by legislation, or to fill a hungry belly by acts of parliament, we find a
large p o r t i o n of the people d e p e n d e n t on the m o r e fortunate classes for 5
their daily subsistence, (p. 44) t h e kitchens of the nobility, w h o h a d s u c h a
large n u m b e r of retainers to feed daily, were of very great d i m e n s i o n s .
T h e r e is an a c c o u n t of an order, dated April 19, 1206, c o m m a n d i n g H u g h
de Neville to have the king's kitchen, at Clarendon, roofed with shingles,
a n d to cause two new kitchens to be erected, o n e at M a r l b o r o u g h , a n d the 10
other at Lugarshall, to dress the royal dinners in; a n d it is particularly di-
rected, t h a t each k i t c h e n should be provided with furnaces sufficiently
large to roast 2 or 3 o x e n at o n c e . (p. 45) U n t e r Edward I I I die Exportation
of wool verboten u n d das wearing of cloth by t h e natives, of any other t h a n
of english m a n u f a c t u r e a u c h forbidden by the legislature. ... V o n dieser Pe- 15
riod a u c h zu datiren die K u l t u r der teazle in this country, (p. 46)
{
ch. IV. state of society during the 13 and 14 century.
Die poor im 13' u n d 14' Jh. in a very deplorable c o n d i t i o n . . . large portions

of the destitute frequently fed by order of the reigning m o n a r c h s . . . at this
early period, a n d for centuries after, the monastic revenues were liberally dis- 20
tributed to the necessitous, (p. 48) Nirgend auf d e m C o n t i n e n t die exac-
tions u n d e n c r o a c h m e n t s der R o m a n clergy weiter getrieben als in Eng-
land, obgleich sie distributed a portion of their illgotten treasure in feeding
t h e destitute, (p. [48,] 49) Die Agricultur dieser Period in a very deplorable
state: superstition operated on the farmer, so that he w o u l d n o t sow his 25
seeds on certain u n l u c k y days etc; the i m p l e m e n t s of h u s b a n d r y also were
generally inefficient for good farming operations, h e n c e , indifferent crops
were the result, frequently n o t m o r e than six bushels an acre. (1. c.) Im
14' J a h r h u n d e r t a law to prevent l a n d e d proprietors from b e q u e a t h i n g
their estates to the n u n n e r i e s , was passed, a n d a restraint was p u t s o m e w h a t 30
u p o n the disposition of t h e rich, to bestow their lands on the c h u r c h .
(p. 51) Im 13' J a h r h u n d e r t besa die clergy half the lands of the Kingdom, on
which they erected churches, abbeys a n d n u n n e r i e s : while t h e l a n d e d pro-
prietors built castles a n d m a n s i o n s in great p r o f u s i o n - a n d t h e s e m u s t have
given e m p l o y m e n t to the handicraftsmen and artificers of every descrip- 35
tion, who m u s t have benefitted, as well as the labourers who assisted t h e m :
this m a y have b e e n the first cause of enticing the agricultural labourers o u t
of their districts into the adjacent towns, (p. 51) In der M i t t e des 14' J h . all-
476
g e m e i n grosse plague, aus A s i e n k o m m e n d , b e r g a n z E u r o p a , - a large

Theil der e u r o p i s c h e n Bevlkerung a b m h e n d , a u c h n a c h E n g l a n d .
Dr. M e a d sagt, d a die p o p u l a t i o n der island r e d u c e d d u r c h diese Pest auf
2,500,000. (Die schwarze Pest.) . . . J u d e n v e r f o l g u n g (fanden d a m a l s n u r in
5 Polen (Litthauen) u n t e r Casimir d e m G r o s s e n eine Zuflucht) (p. 5 2 - 5 4 ) In
Folge dieser v e r h e e r e n d e n Pest, die Zufuhr der labouring classes so ge-
s c h m o l z e n , d a ihr L o h n zu steigen b e g a n n . N u n The Statute of the Labour-
ers, w o d u r c h der L o h n der agricultural labourers niedergehalten. A u c h da-
d u r c h ihr dress u n d diet regulirt. A u c h sie prvenirt from removing from
10 one part of t h e K i n g d o m to a n o t h e r o h n e die sanction der magistrates, who
had also t h e power, d e p u t e d to t h e m by t h e s a m e authority, of altering or
regulating t h e wages of t h e labourer. E i n A k t passirt um dieselbe Zeit, to
prevent artificers u n d servants with being provided, m o r e t h a n once a day,
m i t m e a t u n d fish, or t h e waste of other victuals, as m i l k a n d cheese,
15 according to their station; u n d d a sie should wear cloth, of w h i c h t h e
whole piece did n o t cost m o r e als 12 d. per yard. Die cloth of y e o m e n u n d
t r a d e s m e n was n o t to cost m o r e als 1 sh. 6 d. per yard. Clothiers were c o m -
m a n d e d t o m a n u f a c t u r e t h e necessary k i n d s o f cloth u n d t r a d e s m e n t o
keep a sufficient stock u p o n h a n d , at t h e established legal price, (p. 5 4 - 5 6 )
20 M a n sieht h i e r a u s d a die aristocratic b a r o n s z u s a m m e n m i t d e n r i c h c o m -
m o n e r s die labouring classes down zu h a l t e n s u c h t e n . D a h e r die insurrec-
tions dieser classes gegen ihre despotic u n d arbitrary rulers, (p. 56)
ch.V. The Manufacturing Market.
Die legislature versuchte a u c h d e n manufacturing market zu regeln. 1307

25 Edward (III) issued an order, prohibiting either coined m o n e y or bullion,
to be carried out of the K i n g d o m on any a c c o u n t . 1308 d e n m e r c h a n t s v o n
F r a n c e an e x e m p t i o n bewilligt; u n d similar relaxations were afterwards
p e r m i t t e d in other cases, (p. 57) F e r n e r fixirt t h e standard of m e a s u r e for
t h e length of every piece of cloth i m p o r t e d into t h e K i n g d o m . A m e a s u r e r
30 wurde appointed von d e m King, der die pieces, wie sie importirt w u r d e n ,
zu m e s s e n h a t t e u n d w e n n sie n i c h t von d e n specified lengths, they were
forfeited to t h e m o n a r c h . . B. coloured cloths m u t e n 26 Ellen lang,
6 qrs. weit sein. E i n e Regulation fr standard weight u n d m e a s u r e z u r sel-
b e n Zeit adoptirt. H e n r y I ordered, d a a s t a n d a r d ell, or yard, should be
35 t h e exact length of his arm, from which, as a u n i t , all other m e a s u r e s , a n d
c o n s e q u e n t l y all weights, m i g h t be very readily assimilated a n d adjusted.
A n o t h e r ridiculous act was passed a b o u t this t i m e , to prevent forestalling,
(p. 58) (Die Statut gegen regrating u n d forestalling ist repealed in 1 2 * of
477
George III.) D i e Legislatur versuchte a u c h to fix the maximum price of com-

modities, (p. 60) E b e n s o ein act passed, wie es im p r e a m b l e heit, of reliev-
ing t h e people from t h e pressure of a severe famine, w o n a c h alle articles of
food were n o t to be retailed above certain prescribed prices. ... food w u r d e
d a d u r c h n o c h m o r e difficult to p [ r o c u r e - ] ||4| butchers m e a t disappeared 5
a l t o g e t h e r - p o u l t r y , an article of large c o n s u m p t i o n in those times, b e c a m e
nearly as scarce; grain was only to be h a d at e n o r m o u s p r i c e s . . . King u n d
p a r l i a m e n t h o b e n d a h e r die Gesetz wieder auf. (p. 60,1) It c a n n o t be de-
nied, however, that t h e p r o d u c e of the m o n a s t i c lands was considered t h e
legitimate right of the destitute u n d ausserdem the h e a d officer, or ty- 10
t h i n g m a n , of every parish, was compelled, u n d e r a penalty of 20 sh., to p r o c u r e
the collection of voluntary or charitable alms, t h a t n o n e of the poor of their
parish be compelled to go a begging: these alms were collected on Sundays,
holydays, a n d on the festivals of saints, (p. 61) Im 16' Jh. (1530 der Akt) die
Lage der rural population so destitute, d a ein P a r l a m e n t s a k t die beggars in 15
2 Klassen theilte, die aged u n d i m p o t e n t - u n d die vagabonds or idle per-
sons, who would n o t labour. D i e Friedensrichter bevollmchtigt to license
the first class to beg within certain limits, die sie n i c h t excediren durften -
ihre n a m e s were regularly registered, a n d read, a n d certified at the n e x t
quarter session after their registry. Begging without license oder ausserhalb 20
der a n g e g e b n e n precincts, gestraft m i t 2 Tag u n d 2 N a c h t Gefngni, wh-
r e n d welcher Zeit er n u r m i t Wasser u n d Brod fed; able b o d i e d beggars da-
gegen, called vagabonds, w u r d e n flogged at the cart's tail u n d t h e n sworn to
r e t u r n to their place of birth, or to the place, wo sie w h r e n d der lezten
3 J a h r e gewohnt, u n d dort to labour. A e h n l i c h Charles V published a long 25
edict in the N e t h e r l a n d s against vagrancy, (p. 62,3) H e n r y VIII h a t t e die
S a n c t i o n des P a r l a m e n t s fr die Aufhebung der m o n a s t e r i e s , e b e n s o fr
die appropriation to his own use, so that they m i g h t n o t have to raise taxes
for to support his extravagant habits. Aber viele von der Aristokratie
schrien gegen s u c h robbery. Henry, . . ... to quiet their clamor, either gave 30
s o m e of their lands, with the tythes attached, to his favorites, or sold t h e m
m u c h below their value; u n d die readily accounts for the n u m b e r of lay
improprietors at the present day ... Der historian R y m e r sagt, d a diese m o n -
astic lands were disposed of at 20 years purchase, a n d buildings at
15 years; their a n n u a l value was t h e n nearly 1 5 0 , 0 0 0 - a n d according to 35
the present price of land, their a n n u a l value is n o t less, n a c h Dr. Lengard,
als 52,000,000. Ausser d i e s e m i m m e n s e property, plate, jewels u n d goods
aller Art d e m King appropriated u n d fllten seine S c h a t z k a m m e r , m i t A u s -
n a h m e von about 80001, per year, die vertheilt wurden u n t e r die 6 b i s h o p -
rics of Westminster, Oxford, Peterborough, Bristol, Chester u n d G l o u c e - 40
ster. (p. 66,7) Vor dieser Periode der Reformation fast der G a n z e H a n d e l
478
des L a n d e s von F r e m d e n gefhrt u n d a very large proportion of the neces-

sitous poor von d e n proceeds der m o n a s t e r i e s supported ... Jezt die work-
ing classes gezwungen zu arbeiten oder zu stehlen ... E i n Theil v o n i h n e n
k m m t sehr auf m i t d e m Steigen der industriellen Mittelklasse, ein a n d r e r
5 wird g e f h r l i c h . . . W i r finden daher zu dieser Period two peculiar sorts of
acts of p a r l i a m e n t , - t h e one sort to prevent t h e rise in the price of wages u n d
die other sort to prevent pauperism, (p. [67,] 68)
ch. VI. The social effects of the reformation.
U n t e r H e n r y V I I war c o m m e r c i a l u n d m a n u f a c t u r i n g industry sehr ge-

10 wachsen von der c o m p e t i t i o n zwischen d e n native operatives u n d foreign
artizans, die sich in E n g l a n d niedergelassen ... G r a d u a l decay of the an-
cient burghs u n d das A u f b l h n n e u e r M a n u f a k t u r s t d t e . So k a m a u f Man-
chester, (p. 69) V o n i h m h e i t es, d a sein p e o p l e sei well set to work in
m a k i n g of cloth, as well as of linen as of woollen, whereby t h e i n h a b i t a n t s
15 of the said town have gotten a n d c o m e into riches a n d wealthy livings: a n d
by reason of great occupying, good order, strict a n d true dealing of the in-
h a b i t a n t s of t h e said town, m a n y strangers have resorted thither". So der
social state der town population improved; der der agricultural labourers war
affected by this change. Die Wollenmanufaktur in dieser Epoche sehr blhend.
20 Darum grosser Theil des Landes des Kingdom converted from tillage to pasture
u n d d a z u k a m A u s d e h n u n g des auswrtigen H a n d e l s u n d W a c h s e n der
power u n d inclination der landed gentry, u n d bei d e n reicher w e r d e n d e n
m i d d l e classes to furnish themselves, their families a n d h o u s e h o l d s , m i t
bessrem u n d kostbarerem clothing als ihre Vorfahren gewhnt. Birmingham
25 k a m auf als Sitz des Eisentrade. Cambden b e m e r k t that t h e woods were
t h i n n i n g away, by m a k i n g s u c h quantities of iron at the s a m e t i m e t h e soil
was m o r e churlish to yield to the plough". M i t der dissolution der m o n a s -
teries schritt das K i n g d o m rasch voran in d e n m a n u f a c t u r i n g arts. (p. 69,
70) U n t e r d e n chief obstacles der Industrie zu n e n n e n die m o n o p o l i e s of
30 particular articles wie iron, tin, paper, wool, salt etc etc granted to favoured
individuals: who, by virtue of their being the only parties allowed to sell,
fixed the prices of their respective patented articles to suit their own avari-
cious convenience. E i n andres powerful obstacle gegen das W a c h s t h u m des
i n n e r e n H a n d e l s war die situation of purveyor, whose business was to at-
35 t e n d the King in all his travels, to travel before h i m , to provide from t h e re-
sources of the towns a n d n e i g h b o u r h o o d for his majesty's a c c o m m o d a t i o n .
... T h e increased rearing of sheep a n d of cattle, to m e e t t h e growing de-
m a n d for wool and for b u t c h e r s ' m e a t : the inclosing of arable a n d waste
479
lands, to fit t h e m for pasturage a n d grazing: t h e disappearance of t h e cot-

tiers: t h e decay of t h e old corporate towns: t h e rising i m p o r t a n c e , a n d in-
creasing p o p u l a t i o n of other towns, where absence of corporate privileges
p e r m i t t e d freedom for industry: t h e gradual rise of t h e country gentry: t h e
growing prosperity a n d improving state of t h e m i d d l e classes: t h e rise of 5
wages of t h e labouring p o p u l a t i o n , alles die zeigt, wie h e i l s a m die Zerst-
r u n g der Klster etc. (p. 71[, 72]) |
|5| T h e h a b i t a t i o n s der p o o r waren little superior, in comfort u n d R a u m ,
d e n clay built hovels der Irish at this day. Die dwellings des c o m m o n p e o -
ple, sagt E r a s m u s , h a d n o t attained t h e comforts of a c h i m n e y , to let o u t 10
t h e s m o k e - , the flooring, t h e bare ground; their beds, consisting of straw,
a m o n g s t w h i c h was an a n c i e n t a c c u m u l a t i o n of filth a n d refuse, with a
h a r d block of wood for a pillow; u n d das war die c o n d i t i o n der labourers in
E u r o p a im A l l g e m e i n e n , (p. 72) Die wages der m e c h a n i c s u n d labourers wa-
r e n d u r c h P a r l a m e n t s a k t b e s t i m m t . N a c h Sir F.Eden im J a h r e 1500 die day 15
wages of a m a s o n 4 d., u n d 2 d. for diet; u n d der Prei von 2 rabbits war
2 d., 12 T a u b e n 4 d., 100 Eier 6 d. oder 7 d., a chicken 7 d., a wether sheep
1 s. 8 d., a l a m b 6 d., ein Ochs 11 s. 8 d., ein heifer 9 s. Also der A r b e i t s l o h n
der m e c h a n i c s grsser im V e r h l t n i zu d e n provisions als n u n : . B. der
m a s o n m i t s e i n e n 3 sh., per Tag k a n n n u r 72 eggs kaufen; der Prei des 20
c o m war d a m a l s per qr 3 sh. 4 d., so d a er m e h r als e i n e n b u s h e l W e i z e n
m i t one day's wages kaufen k o n n t e . D i e diet der people n i c h t sehr verschie-
d e n von der jetzigen. In cities Fleisch e i n g e h e n d in die general c o n s u m p -
t i o n der i n h a b i t a n t s , aber die food der agricultural labourers von sehr infe-
rior kind; b a c o n is recorded as being u s e d by t h e m . Sie l e b t e n so wie die 25
Scotch peasantry h e u t e von oat u n d rye bread, milk u n d pottage (water-
gruel). (p.73[, 74]) W a s die dress der labourer angeht, so b e m e r k t Moryson:
" H u s b a n d m e n weare g a r m e n t s of coarse cloth, m a d e at h o m e , a n d their
wives weare gowns of t h e s a m e cloth, kirtles of s o m e light stuffe, with l i n e n
aprons, a n d cover their h e a d s with a linen coyfe, a n d a felt hat, a n d in gen- 30
eral their l i n e n is coarse, a n d m a d e at h o m e . " linen shirt war confined auf
die higher classes. T h e e , Kaffe, Z u c k e r existirten n o c h nicht, (p. 74) I n d e
ein grosser Theil der people d u r c h die A u f h e b u n g der Klster g a n z destitu.
Sie b e c a m e a pest to t h e s u r r o u n d i n g n e i g h b o u r h o o d s . Sir F. E d e n , speak-
ing of this latter class, says: "There are at least 100,000 vagabonds, who 35
live without any regard to t h e laws of m a n or of G o d ; they are n o t only a
m o s t u n s p e a k a b l e oppression to poor t e n a n t s , who, if they give n o t bread,
or s o m e k i n d of provision, to perhaps 40 s u c h in a day, are sure to be insult-
ed by t h e m : b u t they likewise rob m a n y poor people who live in h o u s e s dis-
t a n t from any n e i g h b o u r h o o d . " Strype, Friedensrichter in Somersetshire 40
sagt that in that district alone, there were, in o n e year, 35 robbers b u r n t in
480
the h a n d , 37 whipped, a n d 183 discharged" u n d Harrison asserts, da in

d i e s e m reign (H.VJ.II) no less als 72,000 great and petty thieves were put to
death" u n d selbst im reign der Elisabeth, fhrt er fort, "rogues were trussed
up apace u n d there was n o t o n e year c o m m o n l y wherein 3 or 400 were n o t
5 devoured a n d e a t e n up by t h e gallows, in o n e place a n d another. A n d in
spite of these sanguinary p u n i s h m e n t s , the country, by being infested with
robbers a n d vagabonds, who would n o t work, was in a state of dreadful tur-
b u l e n c e . " U n d derselbe writer bemerkt: "there were at least 300 or 400 vag-
a b o n d s in every county who lived by theft a n d rapine, a n d who s o m e t i m e s
10 m e t in troops to t h e n u m b e r of 60, a n d c o m m i t t e d spoil on t h e i n h a b i t a n t s :
that if all the felons of this k i n d were r e d u c e d to good subjection, they
would form a strong army; a n d that the magistrates were awed by the asso-
ciation a n d threats of confederates from executing justice to t h e offenders."
(P. [75,] 76)
15 eh. VII. The Poor Laws.
V o n der M i t t e des 14' Jh. an b e g i n n t die vagrant m e n d i c a n c y die a t t e n t i o n

der legislature zu beschftigen. 1495 Akt, der die provisions des act v o n
1398 repeals. E i n e clause in d i e s e m Akt zeigt u n s die destitute c o n d i t i o n
der students an d e n universities zu dieser Zeit: " n o m a n shall be excused
20 for begging out of his h u n d r e d , except he be a clerk of o n e university or
other, without he show t h e letters of his chancellor from w h e n c e he saith he
c o m e t h . " (p. 78) T h e evils of vagrancy c o n t i n u e d to increase, n o t w i t h s t a n d -
ing all the laws w h i c h were e n a c t e d to prevent t h e m , bis zulezt stringent
e n a c t m e n t s , w o d u r c h enforced labour on the mendicant, as an equivalent for
25 his relief, (p. [78,] 79) 43 E l i z a b e t h was passed, (p. 80) Als dieser A k t zuerst
passirte die P o p u l a t i o n ungefhr 5 Mill, u n d die s u m raised war a b o u t
2 0 0 , 0 0 0 . Jezt (1841) die R a t e 6,009,564, on a p o p u l a t i o n of 15,911,725.
Also im J a h r 1601 erhielt 1 auf 50 parish relief; 1841, w e n n wir d e n value
of m o n e y als 4 fach geringer anschlagen als 1601; E i n e r auf 2 1 : Also der
30 P a u p e r i s m u s im Verhltnis z u r Bevlkerung n u n verdoppelt, (p. [80,] 81)
Die outlines des act der Elisabeth waren: 1) setting the children of t h e poor
to work, 2) putting poor children out apprentices. 3) setting the idle to
work. 4) purchasing raw materials for that purpose. 5) raising, by an assess-
m e n t , a s u m of m o n e y for support of the old, l a m e , i m p o t e n t a n d blind,
35 a n d s u c h as are u n a b l e to work from infirmity a n d other causes, a n d to pay
for t h e materials; 6) appointing 2 overseers, in a d d i t i o n to t h e churchward-
ens, to carry the act into execution. 7) authorising justices to appoint t h e
overseers, (p. 80) workhouses spter errichtet in d e n m e i s t e n parishes, in
481
virtue of t h e powers conferred by an act passed in 1723, which also a m e n d -

ed the law, by providing, that no justice of the peace should m a k e any or-
der for relief u n t i l o a t h should be m a d e before h i m of s o m e m a t t e r w h i c h
he should consider to be a reasonable cause, and u n t i l the party h a d m a d e
application, without success, to a vestry, or to two of the overseers, (p. 82) 5
1603 Pestilenz tdtet 36,000 persons in der metropolis; 1623 starben u n g e -
fhr ebenso viel daran; 1636: 10,000, 1665 aber 68,596. T h e destruction of
capital, and the sinews of industry involved in these terrible disasters, h a d
a powerful influence on the progress of the country during the succeeding
century. F r o m the survey m a d e to m e e t the Spanish invasion 1575 sieht 10
m a n , d a die ganze Bevlkerung des K i n g d o m geschzt auf 4 millions.
1700 n a c h d e n enquiries von R i c k m a n zu 5 millions, 1750 6 millions,
aber von 1 7 8 0 - 1 8 3 1 von 7,953,000 auf 14 millions, (p. 85) ||6| Altes engli-
sches Sprichwort: "her ladyship breakfasted on roast beef, b u t the
p l o u g h m a n regaled on water gruel." (p. 86) 15
chap. VIII. The Influence of Malt

Liquor and Ardent Spirits.
Die C o n s u m t i o n des m a l t liquor h a t a b g e n o m m e n w h r e n d der lezten

1% Jh. E i n H a u p t g r u n d dieses change der T h e e u n d Caff. D i e D u r c h -
schnittsquantity des m a l t m a d e for h o m e c o n s u m p t i o n war von 20
1 7 0 3 - 1 7 1 3 : 2,959,063 qrs; von 1 7 2 3 - 1 7 3 3 : 3,358,071 qrs; von 1 7 3 3 - 1 7 4 3 :
3,215,094 u n d von 1 7 4 3 - 1 7 5 3 : 3,404,026 qrs. (p. 89) G e g e n S c h l u des
reign von George I h r e n wir zuerst viel von excessive gin-drinking of t h e
p o p u l a c e of our great towns, (p. 90) Am 20. Februar 1736, a petition der
magistrates der county von Middlesex, wurde d e m H o u s e of C o m m o n s pr- 25
sentiri, worin es heit: that the drinking of gin, a n d other distilled spirit-
u o u s liquors, h a d s o m e years past greatly increased, especially a m o n g s t t h e
people of inferior rank; a n d that the constant a n d excessive u s e thereof,
h a d already destroyed t h o u s a n d s of his Majesty's subjects, a n d r e n d e r e d
great n u m b e r s of others unfit for useful labour a n d service, d e b a u c h i n g , at 30
t h e s a m e t i m e , their morals, a n d drawing t h e m into all m a n n e r of vice a n d
wickedness; and that, t h a t pernicious liquor was t h e n sold, n o t only by t h e
distillers a n d gin shops, b u t by m a n y other persons of inferior trades, by
which m e a n s , j o u r n e y m e n , apprentices, a n d servants, were drawn in to
taste, a n d by degrees to like, approve, a n d i m m o d e r a t e l y to drink thereof: 35
a n d t h a t t h e petitioners a p p r e h e n d the public welfare a n d safety, as well as
the trade of the n a t i o n , would be greatly affected by it; a n d therefore,
482
prayed, that the h o u s e would take the premises into their serious considera-
tion, and apply such remedy, as the h o u s e should j u d g e m o s t proper",
(p. 91,2) (Schon 1729 2. George II c.17 ein Act for Laying a Duty on C o m -
p o u n d Spirit of W a t e r s " , aber da es n u r fr c o m p o u n d galt, some of the dis-
5 tillers i m m e d i a t e l y b e g a n to m a k e a sort of p l a i n spirit, which they called
parliament brandy u n d davon m a c h t e das c o m m o n people as constant a n d
excessive an use of, as they did before of c o m p o u n d spirit, [p. 93]) Am
23 F e b r u a r (1736) u n d am 8 M r z 2 R e s o l u t i o n e n von Sir Joseph Jekyll pas-
sirt, wovon die erste d e n sale von d i e s e m u n d a n d r e n spirituous liquors be-
lo schrnkt auf persons keeping public brandyshops, victualling houses, cof-
le
feehouses, alehouses u n d i n n k e e p e r u n d apothecaries u n d surgeons, die 2 ,
da there should be laid u p o n all spirituous liquors sold by retail, the pro-
hibitory duty of 20 sh. per gallon, (p. 92) D a z u n o c h von a n d r e n R e s o l u t i o n
eingebracht, da 50 /. St. zu zahlen fr license von j e d e r person h a l t e n d a
15 public brandyshop, a public victualling h o u s e , coffeehouse, oder alehouse,
or i n n k e e p e r who should sell any spirituous liquors. A bill auf diese R e s o -
lutions gestzt, eingebracht, ging durch, t r o t z d e m Opposition, b e s o n d e r s
von d e m W e s t i n d i a interest. Es ist das 9 th George II. c. 2 3 . (p. 94) Sir
R. Walpole schrieb an s e i n e n Bruder H o r a c e , am 30 S e p t e m b e r (1736), the
20 day after the new law c a m e into operation, d a until the m i d d l e of the last
week er b e g a n n to receive again accounts from all quarters of the town that
the Jacobites were busy a n d industrious in e n d e a v o u r i n g to stir up the
c o m m o n people, a n d m a k e an advantage of t h e universal c l a m o u r t h a t pre-
vailed a m o n g the p o p u l a c e at the approaching expiration des G i n d r i n k e n s .
25 T h e s c h e m e that was laid, was, for all distillers t h a t were able to give away,
gratis, to all that should ask for it, as m u c h gin a n d strong waters as they
should desire, a n d t h e great distillers were to supply all t h e retailers a n d
small shops with so m u c h as they should want, to be distributed a n d given
away in like m a n n e r : the shops were to begin to be o p e n e d on T u e s d a y eve-
30 ning, the eve of M i c h a e l m a s day, a n d to be c o n t i n u e d a n d repeated on
W e d n e s d a y night, t h a t the m o b , being m a d e t h u s drunk, m i g h t b e prepared
a n d ready to c o m m i t any sort of mischief; a n d in order to this, a n o n y m o u s
letters were sent to t h e distillers a n d town retailers in all parts of t h e town,
to instruct t h e m , a n d incite t h e m to r u n a n d j o i n their friends, a n d do as
35 their neighbours did. F o u r of these letters have fallen into my h a n d " etc.
W a l p o l e p r v e n i r t e all U n r u h e n but" s a g t e r the m u r m u r i n g s a n d com-
plaints of the c o m m o n people for want of gin, a n d the great suffering a n d
loss of the dealers in spirituous liquors in general, have created such u n -
easiness, t h a t they well deserve a great deal of attention and consideration"
40 etc. (p. 94,5) W e n i g e M o n a t e , n a c h d e m das Gesetz passirt, b e r z e u g t e n
sich ||7| die c o m m i s s i o n e r s of excise selbst von der U n m g l i c h k e i t oder U n -
politik of carrying it rigorously into execution, (p. 95)
483
Smollet erzhlt: Obgleich keine duties gezahlt u n d licenses obtained,

wurde der gin in allen Straenecken ausgeschenkt, die informers d u r c h die
D r o h u n g e n des Volkes intimidirt, die Friedensrichter, aus I n d o l e n z oder
Corruption, neglected to p u t the law in execution u n d da die C o n s u m t i o n
des gin wuchs every year since those heavy duties were imposed". 1743 5
brachte das n e u e , n a c h der Expulsion von R. Walpole h e r g e k o m m n e M i n i -
s t e r i u m eine bill in das H o u s e of C o m m o n s fr die repeal des law, das
schlechter als a dead letter war. Passirte das H o u s e der C o m m o n s o h n e Op-
position, das der Lords erst n a c h long a n d w a r m altercations, (p. 96) Lord
Lonsdale selbst, G e g n e r der repeal, p r o d u c e d an account, woraus hervor- 10
ging, da das in England destillirte Q u a n t u m von G i n , das 1684, als das
business eingefhrt in die L a n d , 527,000 gallons war, 1694 gestiegen war
zu 948,000, 1704 zu 1,375,000, 1714 zu 2,000,000, 1724 zu. 3,520,000, 1734
zu 4,947,000 u n d 1752 zu 7,160,000. Lord Bathurst erwhnte, da w h r e n d
der 7 J a h r e der high duties die Z a h l der fr sale of spirit g e n o m m e n e n li- 15
censes n u r 2 war. (p. 96,7) D i e informers" s a g t d e r s e l b e waren oft fla-
grant u n d c o m m o n perjurers", das Volk verfolgte sie m i t der grten F e i n d -
schaft u n d m u r d e r e d " einige von i h n e n in d e n streets, (p. 98) Grosse
U r s a c h e der destitution u n d misery der families der necessitous ist der u n -
mssige use of m a l t liquor u n d ardent spirits. A b e r dieser a u c h befrdert 20
d u r c h d e n u n d u e influence of property". D i e brewers, distillers, ginshop-
keepers, licensed victuallers u n d proprietors of low lodging h o u s e s u n d pla-
ces of b a d fame sind generally powerful u n d influential m e n . (p. 99) In
L o n d o n ungefhr 1 p u b l i c h o u s e auf je 37 families, (p. 102) N a c h d e n par-
liamentary returns in der Metropolis 1839: 54,341 sellers (manufacturers, 25
dealers u n d retailers) of spirits, (p. 103) 1821 die Bevlkerung von E n g l a n d ,
Schottland u n d W a l e s 14,072,331 u n d 1831: 16,260,381, also der Z u w a c h s
2
= 2 : 1 6 , / , aber der increase of crime = 9 : 2 5 oder %, u n d folglich % gr-
l 6
sser als der der Bevlkerung, ( p . l l l note.) 1843 zahlten 40,000,000 bushels
of m a l t 5,262,362 duty; aber d o c h n i c h t so gro im Verhltni zur Bevl- 30
kerung wie die quantity, die duty 1703 zahlte. / 7 7 0 , 5,600,000 Population,
Qrs. of m a l t 2,959,063, Poors' rate 1 , 0 0 0 , 0 0 0 . 1843 P o p u l a t i o n
14,995,508, Qrs. of m a l t 5,000,000 u n d Poors' rate 6 , 3 5 1 , 8 2 8 . (p. [111,]
112) (Vor d e m A k t d e r E l i s a b e t h , d . h . before a compulsory rate was enact-
ed for the relief of the poor, versuchte die Legislatur eine M a s s e expe- 35
dients, um funds zu d i e s e m Zweck zu h e b e n . F i n e s were levied for profane-
ness u n d immorality; churchwardens were empowered to levy 12 p e n c e auf
j e d e n parishioner who o m i t t e d going to c h u r c h on Sunday (1588), half the
penalty for n o t wearing a woollen cap on a Sunday (1570), % der fines for
saying m a s s u n d andre offences gegen d e n established worship; penalties 40
for swearing, tippling u n d disorderly c o n d u c t on the Lord's day. Hilft alles
484
nichts, (, 79[, 80]) U n t e r George I workhouses errichtet in a great n u m b e r

of parishes, im Geist eines Akt von 1723, der a u c h d e n A k t der E l i s a b e t h
d a h i n a m e n d i r t e , t h a t k e i n F r i e d e n s r i c h t e r e i n e O r d e r fr relief m a c h e n
sollte u n t i l o a t h should be m a d e vor i h m of s o m e matter, die er als a rea-
5 sonable cause b e t r a c h t e n k n n e , u n d bis die party h a d m a d e application,
erfolglos, to a vestry o d e r 2 overseers. D i e m e i s t e n workhouses projectirt
u n d das m a n a g e m e n t der poor i n t h e m contracted for v o n M a t t h e w M a r -
ry ott, von Otney, B u c k i n g h a m s h i r e ; der effect, in m o s t cases, fr s o m e
years eine sehr betrchtliche R e d u c t i o n of rates. In t h e first o p e r a t i o n of
10 t h e w o r k h o u s e u n d contract system, savings effected, by t h e e c o n o m y of
purchasing on a large scale, u n d d u r c h die V e r m i n d e r u n g der Z a h l der p a u -
pers, die theils frchteten die c o n f i n e m e n t u n d discipline des w o r k h o u s e ,
theils die i n q u i r y strenger. In d e m original e s t a b l i s h m e n t zu Bristol
100 girls set to work in s p i n n i n g worsted u n d supported fr 1 sh. 4 d. per
15 week each, aber ihre diet a u c h in d i e s e m H a u s e sehr gut. D a s concern, auf
dieses principle, involved sich in a debt of s o m e 1000 of p o u n d s , (p. 82,3)
ch. IX. The Pawning System.
It is by frequent l l u c t u a t i o n im m o n t h , u n d by pawning o n e article to re-

lieve another, where a small s u m is o b t a i n e d , d a das P r e m i u m for m o n e y
20 so excessive wird. 240 licensed pawnbrokers in L o n d o n u n d fast 1450 in
d e m country. D a s capital employed wird etwas b e r 1 Mill, geschzt. W e -
nigstens 3 x u m g e s c h l a g e n j h r l i c h u n d j e d e s M a l im D u r c h s c h n i t t fr
33% Profit; so d a die inferior orders von E n g l a n d 1 M i l l i o n j h r l i c h z a h -
len fr a temporary l o a n E i n e r Million, exclusive of w h a t they loss by
25 goods being forfeited, (p. 114)
ch. X. State of the labouring Population

during the middle ages.
D i e internal prosperity des country fing ungefhr 100 ||8| J a h r e vor der Eli-
sabeth an. Agricultur, c o m m e r c e , m a n u f a c t u r e s , fisheries, entfernte R e i s e n
30 h a t t e n b e g o n n e n u n d prosperirt. (p. 117) U n t e r ihr shoals of flemish m a n u -
facturers, vertrieben v o m Herzog von Alba, f a n d e n Asyl. Thirst for m a r i -
t i m e adventures, (Drake, Raleigh, M i d d l e t o n , H u d s o n , Baffin, Davis, F r o -
bisher), f a m o u s as navigators. E s t a b l i s h m e n t von factories u n d colonies.
Cod fisheries of N e w f o u n d l a n d u n d die whale u n d seal fisheries of G r e e n -
485
land u n d Spitzbergen, successfully cultivated. A u c h der H a n d e l i n h u m a n

flesh b e g a n n in i h r e m Reich, (p. 117,18) Die n a t i o n a l cupidity war roused
d u r c h die accounts der visitors der bis d a h i n u n b e k a n n t e n G e g e n d e n . D i e
spices des Ostens h a d b e e n tasted, die rich silks, velvets, brocades u n d
cloth of gold von Italien i m p o r t e d u n d admired, die i m a g i n a t i o n dazzled 5
m i t der extravagant description der gold u n d d i a m o n d m i n e s von I n d i e n ,
Peru, M e x i c o , G u i a n o u n d Chili. U n t e r d e n T u d o r s die chief fruits u n d es-
culent herbs introduced, wie apricots, m e l o n s , currants, salads, cabbages,
turnips u n d hops, welche leztre als G a r t e n u n d n i c h t als Feldpflanze culti-
virt; u n d u n t e r der Elizabeth i n t r o d u c e d u n t e r a n d r e n plants u n d flowers io
die gillyflower, carnation, rose of providence, m u s k rose u n d d a m a s k rose.
A u c h die Verbesserungen in der Agricultur b e d e u t e n d ; an acre of l a n d pro-
d u c i n e so viel Korn wie frher zwei. Das average yield of corn on e a c h acre
well tilled war 20 bushels of wheat, 32 barley, u n d 40 of oats u n d pulse.
D e n m a n u r e s m e h r a t t e n t i o n geschenkt, n a m e n t l i c h von d e n agriculturists 15
in der N h e grosser Stdte. A b e r n o c h die m e a n s fr die s u s t e n a n c e of
cattle during the winter m o n t h s sehr limited. Serious privations were still
felt u n d experienced by all classes of society u n d n u r die sehr o p u l e n t as-
sen n i c h t salted m e a t d e n grren Theil des Jahres. I n a u t u m n a s m u c h
m e a t was cured as would last the winter; u n d u n t i l the spring pastures h a d 20
b e c o m e luxuriant, there were no m e a n s of fattening cattle for the table.
L a m b u n d a great m a n y delicate m e a t s m a r k the luxuries of this reign.
Breakfast was n o t c o m m o n as a m e a l . (p. 118,19) Silk u n d worsted hose
first b e g a n to be m a n u f a c t u r e d . Smoking tobacco b e c a m e general. S.Wal-
ter Raleigh fhrte es in E n g l a n d ein von d e n A m e r i c a n Colonies. N e w Era 25
der Litteratur. (p. 120) 32 different kinds von fremden W e i n e n eingefhrt
u n d die lusciousness des draught oft erhht d u r c h sugar, l e m o n , eggs or
spices. D a n e b e n various kinds of h o m e m a d e wines, (p. 121) D a s a u c h das
age for luxuries - Beweis d a a large portion der population sich bereichert
d u r c h c o m m e r c i a l transactions. (1. c.) D i e m e r c a n t i l e c o m m u n i t y b e g a n n 30
an i m p o r t a n c e zu wachsen. Die Landaristokratie blickte n o c h m i t d i s d a i n
on t h e traffcers u n d endeavoured to keep t h e m from elevating themselves,
(p. 121) D i e L o n d o n shops des 17' Jh. n o c h little booths oder cellars, gener-
ally o h n e doors u n d windows, u n d die masters took turns before the door,
crying! " W h a t d'ye lack, sir?" etc a n d t h e n he rehearsed a list of the c o m - 35
modities in which he dealt. Die articles des dealer von sehr h e t e r o g e n e o u s
description, h u d d l e d in bales u n d heaps in d e m little shop, u n d m i t t e n in
demselben, Tochter oder W e i b des master, plying t h e needle, knitting
wires, u n d eyeing the passing crowd, (p. 122) A n d e r s verhielt es sich m i t
d e n H u s e r n der m e r c h a n t s . S c h o n u n t e r Jacob I the dwelling of a chief 40
m e r c h a n t rivalled t h e palace of a n o b l e m a n , in the splendour of its furni-
486
ture. (1. c.) D i e apprentices waren die chief civic n u i s a n c e s des 16' u n d
17' Jh. Sehr uniirt. J e d e r bereit to h e a d the m i n o r insurrections. Oft n t h i g
Militr gegen sie a n z u w e n d e n ... L o n d o n u n d die highways equally in-
fested m i t robbers. Es war d a h e r u n s i c h e r zu reisen ausser in n u m b e r s u n d
5 well armed; u n d wer eine Tagreise u n t e r n a h m , h a d to wait u n t i l a tolerably
strong caravan h a d m u s t e r e d for the same rout. (p. 123) D e r extent u n d
confusion solchen Babels wie L o n d o n h a d now b e c o m e , seemed to stun t h e
intellects von Jacob I; u n d ausser d e n proclamations, die er gewohnt war
gegen das B a u e n von a d d i t i o n a l houses zu erlassen, wie Elisabeth vor i h m
10 g e t h a n u n d wie Karl I n a c h i h m t h a t u n d die Regierung der Republik, ver-
b o t er d e n Scots c o m i n g to L o n d o n u n d t h r e a t e n e d the skippers w h o
brought t h e m m i t fine u n d confiscation; er suchte die English nobles zu
b e r r e d e n to r e m a i n u p o n their estates etc. (p. 125,6) Er wollte whole colo-
nies of L o n d o n e r s u p o n the waste lands of Scotland verpflanzen etc. J e -
15 d o c h die W a c h s t h u m von L o n d o n n i c h t begleitet m i t d e n general improve-
m e n t s so necessary for civic life. D e r grre T h e i l des houses waren n o c h
sheds of wood oder von wood u n d brick. D i e Strassen waren crooked u n d
narrow u n d generally overshadowed by a perpetual twilight, from the abut-
m e n t s over head, t h a t rose story above story, u n t i l they almost closed u p o n
20 each other. A e h n l i c h e s k a n n m a n n o c h in Bristol, Newcastle u n d vielen and-
ren alten S t d t e n sehn. Strassen ungepflastert, d a m p u n d dirty selbst im
dry s u m m e r , bei regnigem W e t t e r stets k n e e deep in m u d . C o n s u m p t i o n
daher d a m a l s n a t i o n a l i n L o n d o n . Allgemeines H u s t e n . K u t s c h e n k a m e n
e b e n auf. D a s sprawling sie u n d ihre i n m a t e s in die k e n n e l wurde Favorit-
25 plaisir j|9| des L o n d o n m o b , who called coaches hell-carts u n d delighted in
upsetting t h e m . N a c h 9 U h r wirkliche Gefahr b e r die Strasse zu gehn.
(p. 126,7) U n g e h e u e r viel poor old m e n u n d w o m e n (mostly) sacrificed at
the shrine of witchcraft, (p. 127) divination a thriving trade. Als der Brger-
krieg ausbrach, u n d j e d e S t u n d e schwanger war m i t s o m e great event, this
30 n a t u r a l eagerness to anticipate the future b e c a m e so intense, da die stars
were m o r e eagerly studied t h a n t h e diurnals; u n d die cavaliers u n d r o u n d -
h e a d s thronged to the astrologers to learn the events of t h e succeeding
week. (p. 128) Zwischen 3 u n d 4000 persons executirt fr witchcraft zwi-
schen 1640 u n d der Restauration. (1. c.) D e r witchfinder (professed) c a m e
35 out in progress of t i m e . Besonders berchtigt H o p k i n s 1645 u n d 46.
(p. 129,30)
487
ch. XI. XII. XIII. XIV. The Progress of Manufactures.
D i e Gesellschaft h a t durchgegangen die Stufen v o n b a r b a r i s m to villein-

age, von villeinage to feudalism u n d von feudalism to the free labourer,
(p. 131) Silktrade. J a m e s I verordnete mulberry to be p l a n t e d in various
parts des K i n g d o m (schickte b e r 10,000 plants sent in e a c h c o u n t y at al- 5
m o s t n o m i n a l prices [p. 130]) um d e n silktrade zu befrdern, der frher be-
schrnkt auf Italien u n d Frankreich. Diese m a n u f a c t u r e wenig b e k a n n t bis
1554. Mary erlie ein Gesetz: That whoever shall wear silk in or u p o n his
or her hat, b o n n e t , or girdle, scabbard, hose, shoes, or spur leather, shall be
i m p r i s o n e d during 3 m o n t h s u n d forfeit 10 p o u n d s " , m i t einigen few ex- 10
ceptions fr persons of distinction. D i e m a n u f a c t u r e von stockings von silk
m a c h t e einigen Fortschritt zu dieser Zeit, aber in E n g l a n d n o c h a peculiar
rarity. H e n r y VIII was obliged to wear cloth hose, ausser als er von Spain a
pair of silk stockings fr gala days erhielt. Die broad silk m a n u f a c t u r e in
d i e s e m L a n d verursacht, als der D u k e von P a r m a A n t w e r p e n n a h m , wo die 15
silk m a n u f a c t u r e s for several ages successful gefhrt w u r d e n u n d er die city
d e m p l u n d e r seiner soldiers preigab, die silk operatives took refuge in this
country, settled in Spitalfields, a n d u n d e r the fostering p r o t e c t i o n des
reigning m o n a r c h , carried on their operations with success. 1697 a royal
lustring c o m p a n y etabliert in L o n d o n , m i t d e m Earl of P e m b r o k e als gover- 20
nor, for m a k i n g silk lustring" u n d la m o d e " . Erwirkten ein P a r l a m e n t s -
akt der d e n i m p o r t of foreign goods dieser Art verbot; aber eh sie viel Vor-
theil aus d i e s e m M o n o p o l , the fashion of wearing these silks h a d b e g u n to
change. 1713 die silk weavers' c o m p a n y petitionirten b e i m P a r l a m e n t ge-
gen d e n c o m m e r c i a l treaty m i t F r a n c e , vorstellend da der silk t r a d e 20 x 25
grsser in extent als 1664, affirming that black u n d coloured silks in qual-
ity so gut g e m a c h t w u r d e n wie in F r a n c e u n d da silk goods in E n g l a n d fa-
bricirt during several years fr 3 0 0 , 0 0 0 a year. 1772 passirte ein A k t
granting b o u n t i e s auf d e n Export of silk goods fr die 3 folgenden J a h r e .
D i e art of silk throwing zu dieser Periode am erfolgreichsten in Italien, wo 30
m a c h i n e r y of a particular description adopted zu d i e s e m Zweck u n d die
weavers von E n g l a n d ganz d e p e n d a n t on t h e m fr die Z u f u h r v o n silk
thread. 1715 reiste John Lombe, einer der 3 Brder, die ein Geschft in
L o n d o n h a t t e n als silk throwsters u n d m e r c h a n t s , n a c h Italien, u n d w u t e
sich in einer der mills ein M o d e l l zu erschleichen. A silkmill, m i t der i m - 35
proved m a c h i n e r y , 1719 errichtet in Derby d u r c h L o m b e u n d seine Brder.
Diese mill c o n t a i n e d 26,586 wheels, all t u r n e d by o n e water wheel. D a s
P a r l a m e n t granted h i m 1 4 , 0 0 0 o n condition o f t h e i n v e n t i o n being
thrown o p e n to the trade. Die mill, errichtet zu Derby, c o m e s n e a r e r to t h e
488
idea einer m o d e r n e n factory als irgendein previous establishment der Art.

D i e M a s c h i n e h a t t e 97,746 wheels, m o v e m e n t s , u n d individual parts work-
ing day u n d night, die alle ihre M o t i o n erhielten from o n e large water
wheel u n d were governed by one regulator; u n d it imployed 300 persons to
5 attend u n d supply it m i t work. Um diesen trade zu encouragiren duties ge-
legt auf foreign wrought silk. 1750 ein A k t verbot d e n Export der tools u n d
utensils u s e d in t h e silk m a n u f a c t u r e . N a c h d e m Vertrag von U t r e c h t 1713,
F r e n c h u n d Italian silks zugelassen, u n t e r considerable duties, aber 1765
die r i b b o n u n d andre silkmanufakturers p r o c u r e d das re-establishment des
10 prohibitory system, d a u e r t e die n c h s t e n 60 J a h r e , enforced by heavy pe-
nalties. M i t d e m increase der P o p u l a t i o n u n d der greater d e m a n d fr l u x u -
ries, the h o m e m a r k e t increased; aber der exporttrade, besonders n a c h
A m e r i c a , gradually decayed, (p. 1 3 2 - 4 ) U n t e r Charles II scheint der silk-
trade 40,000 persons beschftigt z u h a b e n . N a c h d e m Edict von N a n t e s ,
15 1685, b e r 50,000 refugees fled to England, wovon a large proportion set-
tled in Spitalfields u n d i n t r o d u c e d several new branches ihrer K u n s t . V o n
1 6 8 5 - 1 6 9 2 m a c h t e die silk m a n u f a c t u r e die raschsten Fortschritte, aber
foreign silks annually imported. D i e refugees, 1692, erhielten ein exclusive
p a t e n t fr certain articles, in 1697, auf ihre solicitation verbot das Parla-
20 m e n t d e n I m p o r t von french u n d a n d e r e n E u r o p e a n silk goods u n d d e h n t e
1701 diese p r o h i b i t i o n auf die silk goods von C h i n a u n d I n d i a aus. 1773 er-
h i e l t e n die w o r k m e n ||10| d e n s.g. Spitalfieldsakt, entitling die M i d d l e s e x
weavers to d e m a n d fixed wages, to be settled by the magistrates. Dieser A k t
trieb die werthvollsten b r a n c h e s der m a n u f a c t u r e von Spitalfields u n d t h a t
25 u n b e r e c h e n b a r e s mischief d e m trade; wiederrufen 1824. (p. 135) K e i n spirit
of invention zeigte sich im englischen silk trade, (p. 136)
Die woollen manufacture. D i e d o m e s t i c m a n u f a c t u r e of woollen cloth
b l h t e in E n g l a n d for upwards of a century. U n t e r der Elisabeth der trade
gefhrt, wie die silkmanufacture n o c h in Spitalfields. D e r clothier t h e n occu-
30 p i e d d e n Platz des millowner oder manufacturer; he was the capitalist w h o
b o u g h t the wool, a n d delivered it to the weaver, in portions v o n a b o u t
12 p o u n d s , to be m a d e into cloth. Im Anfang diese M a n u f a c t u r fast equally
vertheilt b e r das L a n d . In einer Insurrektion, die 1525 Stattfand, wird ge-
sprochen von m e h r als 4000 W e b e r versammelt out of L a n e h a m , S u d b u r y
35 u n d a n d r e n towns in Suffolk. D i e m a n u f a c t u r e frher eingefhrt in York-
shire. Im Anfang confined to cities u n d to corporate und markettowns, the in-
h a b i t a n t s of the villages m a k i n g little m o r e t h a n sufficed fr d e n u s e of
their families. A b e r as t h e power exercised over trades by m u n i c i p a l corpo-
rations u n d incorporated mysteries declined, the m a n u f a c t u r i n g arts began
40 to be successfully cultivated in t h e n o n c o r p o r a t e towns, favoured by local
advantages; u n d a u c h in country places, by farmers, graziers u n d h u s b a n d -
489
m e n , who c o m m e n c e d m a k i n g cloth for sale, as well as for domestic use.

I n d e n u r die coarser cloths so m a n u f a c t u r e d ; die von finer quality contin-
u i n g to be m a d e in p o p u l o u s towns, wo der clothier fand die m o s t skilful
artisans u n d could m o r e readily avail himself of the aids derived from a n i -
cer division of labour a n d larger capital for perfecting his work. D e r rise der 5
rural oder h o u s e h o l d m a n u f a c t u r e sehr eiferschtig angesehn d u r c h die
town exclusives, die d u r c h legislative checks ihren Fortschritt zu h i n d e r n
suchten. 1551 passirte ein Statut, das die Z a h l der looms u n d apprentices
b e s c h r n k t e , die gehalten werden durfte by clothiers u n d weavers residing
o u t of cities; u n d d a kein country weaver should have a tucking mill, n o r 10
any tucker a loom. E i n andres Gesetz desselben Jahres enacted, d a alle
weavers von broadcloths eine apprenticeship von 7 J a h r e n d u r c h g e m a c h t
h a b e n m u t e n , besonders gegen die country weavers gerichtet. N u r W a l e s ,
die n r d l i c h e n Counties u n d einige a n d r e n spezificirten Stdte abgerech-
net, clothiers were n o t to practise their trade in any city or town wo die art 15
of clothing n i c h t 10 J a h r e vorher ausgefhrt worden war. T r o t z a l l e d e m ,
die village m a n u f a c t u r e , as an object of mercantile profit took firm root. 5
u n d 6 Edward VI c. 22 - a statute express verbietet d e n use of machinery.
D i e leztren Gesetze in Somersetshire u n d Wiltshire, so late wie 1802 u n d
in Yorkshire n o c h spter, angerufen, wobei serious disturbances, gegen die 20
setting up gig-mills, or m a c h i n e s for raising the n a p on cloth. Daher, trotz
d e n i n E n g l a n d dieser M a n u f a c t u r besonders gnstigen U m s t n d e n , die
F l e m i n g s u n d D u t c h retained a decided superiority b e r die E n g l n d e r bis
E n d e des 17' Jh. Dagegen die laws confining the m a n u f a c t u r e in b e s t i m m t e
limits bald widerrufen. ( 1 3 6 - 8 ) Die erste W o l l e n m a n u f a k t u r errichtet in 25
W i n c h e s t e r zur Zeit der R m e r : das fleece des sheep zu dieser Zeit ge-
schzt auf % seines carcase. Spanische Wolle, als ein article of m a n u f a c -
ture, zuerst eingefhrt im 12' J a h r h u n d e r t , to supply t h e nobility m i t fine
cloths; aber wegen d e m S c h a d e n , d e n die d e n agricultural interests that,
verboten der I m p o r t d u r c h A k t u n t e r Henry II. A b e r Spanish cloth was 30
allowed to be imported u n d our own wool exported n a c h F l a n d e r n , to be
m a n u f a c t u r e d . Im 14' Jh. etablirten sich flemish m a n u f a c t u r e r s selbst in
England; n u n der Export der englischen Wolle verboten. F a r m e r s klagten
darber. W u r d e i m m e r als die H a u p t m a n u f a k t u r des L a n d e s b e t r a c h t e t
u n d j e d e s e n c o u r a g e m e n t gegeben ihr durch die ruling m o n a r c h s , bis end- 35
th
lieh in d e m 1 8 Charles II cap. 4, is enacted, d a n i e m a n d begraben w e r d e n
soll ausser in einer dress ganz c o m p o s e d of wool, u n t e r penalty von 5 1., to
be paid to the poor of t h e parish; 1678, act passed requiring die Pfaffen to
take an affidavit in every case from a relative of the deceased, at the t i m e of
i n t e r m e n t , showing that the statute h a d b e e n observed. 1668 der Dutch 40
loom eingefhrt von Holland, (p. 1 4 0 - 1 ) D u r c h die Einfhrung der M a s c h i -
490
n e n k o n n t e n 1800 35 P e r s o n e n so viel t h u n als 1634 in 1785; oder eine Per-

son, m i t aid der M a s c h i n e r i e , 1800 so viel work, als 46 1785. 1800 war das
Capital invested in mills, m a c h i n e r y etc appropriated d e m woollen trade
n i c h t less als 6 Mill. S t , u n d die G e s a m m t z a h l der persons of all ages, in
5 England, die in d i e s e m Zweig beschftigt 1,500,000. (p. 142,3) K a u m e i n e
M a n u f a k t u r solchen Vortheil von d e n i m p r o v e m e n t s in science als die
K u n s t T u c h zu frben, d u r c h die A n w e n d u n g der laws of chemistry.
(-144) I
| 1 1 | Erdwaare. D i e entferntesten ages des A l t e r t h u m s lay c l a i m auf die
10 E n t d e c k u n g der earthenware, w a h r s c h e i n l i c h die vollendetste M a n u f a k t u r
der alten Welt. U m aus e i n e m K l u m p e n o f earth U r n e n , V a s e n etc z u m a
c h e n : a simple wheel, a n d h a n d s u n t u t o r e d in o t h e r arts, effect this wonder
ful c h a n g e . D i e plastic power des clay frh entdeckt, to receive t h e impres-
sion of t h e seal. M a n y centuries eh praktisirt in E u r o p a h a t t e n d i e
15 C h i n e s e n es schon zu der V o l l e n d u n g gebracht, die ihr p o r c e l a i n n o w
exhibits. ... I n B r i t a n n i e n von d e n R m e r n die potteries e i n g e f h r t . . . Lang
blieb des potter's art im r o h e s t e n state: t h e coarse red clay ware only was
m a d e , aber k e i n Substitut fr utensils u n d vessels of wood u n d m e t a l . . .
D i e H a u p t r e f o r m m a c h t e Josiah Wedgwood, der founder des m o d e r n Etru-
20 ria. (Der pottery district von Staffordshire seit u n d e n k l i c h e n Z e i t e n b e -
r h m t fr E r d e n w a a r e , obgleich es bis E n d e des 17' J h . n i c h t s als coarse
wares u n d selbst diese n u r z u e i n e m limited a m o u n t producirte) S e i n e E n t -
deckung von 1720 datirend. (p. 1 4 5 - 4 8 ) Die ersten Fortschritte aber E n d e
l
17 u n d Anfang des 18' J a h r h u n d e r t s von e i n g e w a n d e r t e n H o l l n d e r n .
25 Merkwrdig, wie u n g e h e u e r d a m a l s die G e h e i m n i s s e der F a b r i k a t i o n in
d e n F a b r i k e n b e o b a c h t e t . So eine Fabrik, die halbe Imbecils im Vorzug vor an-
dern persons anwendet etc. W e d g w o o d n a h m kein P a t e n t auf seine Erfin-
dung. ( . [ 1 4 7 - ] 1 4 9 )
Hardware. M a n u f a c t u r e ursprnglich errichtet in B i r m i n g h a m . H a t t e
30 1640 n u r o n e parish church, (p. 153) Die i n d i s p e n s a b l e requisites of wood
u n d water, i n d u c e d t h e e s t a b l i s h m e n t of iron furnaces in situations where,
as soon as coke a n d s t e a m superseded their use, all trace of t h e iron m a n u -
facture v a n i s h e d to o t h e r counties, (p. 155) F r h e r weite distance der sev-
eral e s t a b l i s h m e n t s for melting t h e ore. charcoal (Holzkohle) b e i n g t h e
35 only fuel t h e n used, it was necessary to have t h e furnaces in n e i g h b o u r -
h o o d s where this necessary article could be p r o c u r e d u n d wo gleichzeitig a
stream existed with sufficient fall to t u r n t h e wheels that should act on t h e
bellows, raise t h e h a m m e r , or whirl t h e rollers. T h e p e r f o r m a n c e of one of
these operations was generally as m u c h as could be effected by t h e forcing
40 of water. F r o m t h e operations of these causes, t h e furnace was, of necessity,
placed at a distance from the m i n e , a n d t h e forge a n d the mills were far
491
th
separated, in order to keep the c o n s u m i n g power apart. .. T h e 1 7 century
was drawing to a close, a n d still no considerable c h a n g e in the state of this
m a n u f a c t u r e h a d t a k e n place. Previous to 1780, the vast bellows, alternate-
ly compressed, were still employed with indifferent success, to p r o d u c e the
c o n t i n u o u s blast at the furnaces; the a t m o s p h e r e was comperatively free 5
from smoke: the ore, w h e n raised, was b o r n e to the nearest woodlands, in
order to have the benefit of charcoal. This fuel, from its lightness u n d c u m -
b e r s o m e n e s s , was m o r e difficult of conveyance in suitable quantities,
t h r o u g h the deep a n d narrow roads of the t i m e , t h a n the p o n d e r o u s com-
pact a n d m o r e m a n a g e a b l e m i n e r a l itself. T h e removal was therefore still 10
m a d e ; a n d along t h e profound lanes the ore was conveyed, in various direc-
tions, towards the existing furnaces, on the backs of horses, perpetually
moving in long array, to keep up the indispensable, t h o u g h dribbling
supply; a n d s u c h was t h e t r a n q u i l character of the trade in those d a y s - s o
little of the stormy c o m p e t i t i o n of later years e x i s t e d - t h a t the a d d i t i o n a l 15
price laid on the wrought m a t e r i a l was u n t h o u g h t of. T h e capital employed
at that period was considerably smaller t h a n at present; a n d a furnace, a
forge, or a rolling or slitting mill, was each singly a sufficient u n d e r t a k i n g
for an individual speculator. In m a n y parts of F r a n c e h e u t n o c h die ab-
sence of coal still i n d u c e s similar removals, which p r o d u c e similar effects 20
im E r h h n des Eisenpreisses. (p. 155,6) Die increased scarcity of t i m b e r in
d e n Distrikten, wo die E i s e n s c h m e l z e r e i e n carried on seit J a h r h u n d e r t e n
wurde der G e g e n s t a n d legislativer provision, with a view of m a i n t a i n i n g the
supply of fuel; aber diese e n a c t m e n t s wenig Erfolg. Das Steigen im Eisen-
preisse zeigte die necessity eines a n d r e n remedy. Pflanzungen der waste 25
lands des K i n g d o m w u r d e n empfohlen; n a c h A m e r i c a sollte das S c h m e l z -
geschft verlegt werden. Die woods of Ireland in A n s p r u c h g e n o m m e n .
Zeitlang considerable quantity of iron daselbst geschmolzen. A u c h p l a n of
offering some public reward to any individual who ||12| should discover the
m e a n s of m a k i n g bar-iron m i t coal. 1619 schon Lord D u d l e y h a t t e hierauf 30
ein P a t e n t g e n o m m e n , vergessen, while the works which he h a d established
h a d b e e n destroyed by an infuriated m o b . 1740 Lord Dudleys Process reviv-
ed, iron m a d e von pit coal, at Colebrook Dale; aber 1747 wieder verges-
sen, (p. 156) I r o n works n u n etablirt in some of the m i d l a n d counties, n e a r
t h e great coal districts, where it has b e e n discovered, d a iron ore a n d coal 35
lay n e a r . . . D i e zu R o t h e r a m (Yorkshire) 1750 u n d die great works zu Car-
ron in Schottland 1760. (p. 157) D i e quantity of pig iron m a n u f a c t u r e d be-
lief sich 1740 auf 1700 t o n s producirt d u r c h 59 furnaces, 1750: 22,000 tons,
1788: 68,000 d u r c h 85 furnaces, 1796: 125,000 d u r c h 121 Hochfen, 1806:
250,000, d u r c h 169, 1820: 400,000, 1827: 690,000 d u r c h 284 Oefen. (1. c.) 40
D e r u s e of pit coal in the preparation of iron, fhrte z u m tablissement von
492
iron manufactories in Sdwales, gegen 1755. (p. 162) Glas. In Aegypten etc
das Glas m e h r what we call e n a m e l , being perfectly o p a q u e , a n d varying
m u c h in colour. T h e art of rendering glass transparent, was n o t discovered
u n t i l several centuries later. ... N e r o zahlte 50,000 fr 2 small cups of
5 transparent glass. B e i m B e g i n n der christlichen Era scheint das G l a s m a -
c h e n b e d e u t e n d e Fortschritte g e m a c h t z u h a b e n u n d a m E n d e des 3 ' Jahr-
h u n d e r t s finden wir e i n e N o t i z , d a es in einigen Fllen gebraucht fr glaz-
ing windows. Die Erfindung ging rasch voran in Italien u n d spter in
Frankreich; In E n g l a n d erste N o t i z 674, als der A b t Benedict Biscop n a c h
10 fremden artists s a n d t e to glaze t h e windows of the c h u r c h a n d m o n a s t e r y of
W e a r m o u t h , in D u r h a m . A b e r erst im 10 J h . zu d i e s e m G e b r a u c h in pri-
l
vate houses, oder selbst in churches, (p. 171,2) Im Anfang des 14 Jh. die art
of glassmaking was i n t r o d u c e d in F r a n c e on a large scale u n d n u r gentle-
m e n durften es fabriziren. 1688 grosse V e r b e r u n g g e m a c h t von Abraham
15 Thevnart, who resorted to the plan of casting plates of glass for looking glass-
es a n d other purposes. A large manufactory errichtet zu St. G o b e n , im d-
p a r t e m e n t de l'Aisne. Erst Anfang des 17' J h . wurde diese M a n u f a c t u r be-
d e u t e n d in England. 1670 w o r k m e n von Venedig gebracht. 1771 die british
plate glass c o m p a n y chartered d u r c h P a r l a m e n t s a k t u n d extensive factory
20 errichtet zu R a v e n s h e a d , bei St. H e l e n ' s , in Lancashire. Vor d e m Krieg m i t
F r a n k r e i c h die best kinds of glass, selbst fr Fenster, i m p o r t e d from
F r a n c e . Die M a n u f a c t u r v o n crownglass n i c h t i n E n g l a n d versucht bis n a c h
1760. (p. 173) D i e Glasfenster n i c h t c o m m o n l y found in d e n dwellings der
m i d d l e class, lang n a c h Einfhrung einer manufactory von flintglass, 1557.
25 D i e erste Errichtung eines glasshouse zu N e w n h a m , in Gloucestershire:
u n d in d e m s e l b e n Jahr, 1686, eines errichtet for m a n u f a c t u r i n g drinking
glasses etc zu Crutched Friars u n d d e m Savoyhouse, in the Strand L o n d o n .
D i e durch die Glaserei, ebensogut wie d u r c h das Eisen, verursachte de-
struction of wood K l a g e n hervorgerufen in Elisabeths Zeit u n d u n t e r Ja-
30 m e s I. Sir R. Morrell e n t d e c k t e a m e t h o d , glass m i t coal zu m a c h e n , n u n
Proclamation, die A n w e n d u n g des Holzes zu d i e s e m Behuf verbietend.
(1616) Die o b e n e r w h n t e C o m p a n y of British Cast Plate Glass M a n u f a c -
ture (1773) lie ein capital von 4 0 , 0 0 0 u n t e r s c h r e i b e n ... D i e M a t e r i a l
h a t u n t e r vielen a n d r e n invaluable benefits, assisted the a s t r o n o m e r in his
35 researches, a n d the microscopic philosopher etc a n d to it we are i n d e b t e d
for our chief discoveries in electricity, (p. [174,] 175) 1344, G i a c o m o
D o n d i , errichtete zu P a d u a seine b e r h m t e Uhr, die ausser d. Tagesstun-
d e n d e n Lauf der S o n n e in der Ecliptic zeigte u n d die places der p l a n e t s . . .
D i e A d o p t i o n des P e n d u l u m , d u r c h d e n b e r h m t e n Huygens, 1657,
40 b r a c h t e clockmaking to perfection, (p. 177,8) 1714 ein P a r l a m e n t s a k t ver-
sprach 10,000, 15,000 u n d 20,000 respectively, fr die discovery der
493
m e a n s of ascertaining die longitude in 60, 40, u n d 30 miles of a degree. Im

p r e a m b l e heit: " W h e r e a s it is well known by all t h a t are a c q u a i n t e d with
the art of navigation, t h a t n o t h i n g is so m u c h wanted a n d desired at sea as
t h e discovery of the longitude, for the safety a n d quickness of voyages, u n d
preservation of ships a n d the lives of m e n . " Harrison m a c h t e 1726 e i n e n 5
c h r o n o m e t e r u n d 1729 b e g a n n er seine experiments fr a m a r i n e c h r o n o m -
eter. 1761 fertig damit, (p. 1 7 7 - 9 )
Coming. Die erste coining-mill impelled by the power of steam, errichtet
zu Soho, 1788, when a m e d a l , a b o u t the size of a guinea, was struck as a
specimen, (p. 186,87) (Boulton u n d Watt) ||13| 8 C o t t o n m a s c h i n e n , die 10
1825 5 0 0 0 kosteten. 1833 were sold fr 300. (p.204) D i e d e m a n d for cot-
ton war betrchtlich gewachsen gegen Mitte des 18' Jh., obgleich die
Durchschnittseinfuhr von cotton wool nicht 2 Mill. Pfunde berstieg; aber
ein betrchtlich Q u a n t u m von cottonyarn eingefhrt d u r c h die Ostindische
C o m p a g n i e . In working up cotton yarn an active weaver could keep in con- 15
t i n u a l operation 3 w o m e n at the wheel spinning weft, a n d unless the article
could be o b t a i n e d in sufficient quantity, he was u n a b l e to fulfil his engage-
m e n t s with the m e r c h a n t and t h e wholesale manufacturer, the latter press-
ing u p o n t h e weaver for the completion of his work, compelled h i m to be
u r g e n t with spinners. At the close of the century, the d e m a n d for this c o m - 20
p o u n d fabric so sehr gewachsen, d a die greatest difficulty erfahren v o m
W e b e r a n d all who were c o n n e c t e d felt the want of s o m e process for
accelerating t h e operation of the spinners a n d enabling t h e m to keep pace
with the loom. ... D i e led to the inventions of Arkwright, Hargreaves u n d
Crompton. (p. 208) 1733 die erste M a s c h i n e z u m S p i n n e n v o n cotton o h n e 25
die Intervention von h u m a n fingers" erfunden von Wyatt. 17'41 die inven-
tion in praktische Operation gebracht in e i n e m warehouse zu Birming-
h a m ; die m a c h i n e set in m o t i o n by two asses walking r o u n d an axis. A b e r
failure des establishment. Das G a r n schlechter als das von der c o m m o n
h a n d - w h e e l erhaltne. (p. 208,9) Wyatt h a t t e d e n p l a n of spinning by roll- 30
ers ... Arkwright verbesserte es ... he completed a m o d e l of his s p i n n i n g
m a c h i n e in 1767. (p.210,11) Cartwright powerloom. (p.215) A first rate cot-
ton spinning factory c a n n o t be built, filled with m a c h i n e r y , a n d fitted with
gas works a n d s t e a m engine, u n d e r 100,000. A s t e a m e n g i n e of o n e h u n -
dred horsepower will t u r n 50,000 spindles, which will p r o d u c e 62,500 m i l e s 35
of fine cotton thread per day. In such a factory 1000 persons will spin as
m u c h t h r e a d as 250,000 persons could without m a c h i n e r y . M' Cullock esti-
m a t e s the n u m b e r in Britain at 130,000. (p. 218)
494
ch. XV. Tin, copper, and coal mines.
1586 zuerst copper ore von a cornish M i n e shipped to Wales, to be refined;

vor 1700 ganz derived v o n tin m i n e s oder those, die ursprnglich worked
w u r d e n fr tin. Kupfer largely imported in the early part des 18' Jh. u n d
5 erst 1720 E n g l a n d m i t d i e s e m M e t a l l supplied von seinen eignen M i n e n .
Erst 1717 sein Kupfer coin von s e i n e m eignen M e t a l l geprgt, (p. 219,20)
At the revolution von 1688 gab die K r o n e alle A n s p r c h e auf die ores der
ignoble metals auf u n d n u n , in prospect of realizing great profits, large cap-
itals b e c a m e invested in m i n i n g speculations in Cornwall, which h a v e b e e n
10 increasing as the skill a n d m a c h i n e r y employed for raising the ore a n d con-
veying off t h e water from great depths, h a v e progressed, (p. 220) D e r erste
published a c c o u n t b e r coal gas gegen Beginn des 18' Jh., w h e n Dr. Hales
o b t a i n e d von 158 grains of Newcastle coal, 180 cubic inches of gas. Dieser
a c c o u n t geschrieben 1726. Dr. Clayton's account, addressed to R o b e r t
15 Boyle, u p o n his e x p e r i m e n t s of coal gas, m u s t have b e e n prior to Boyle's
death, der 1691 stattfand. Er distillirte nicht n u r Gas, was er den spirit of
coal" n a n n t e , sondern er filled bladders with it" u n d frequently a m u s e d
his friends by b u r n i n g it like a candle. ... Die A n w e n d u n g des Coalgases
als Licht ganz z u z u s c h r e i b e n William Murdock, a Cornish engineer, who lit
20 his h o u s e a n d offices m i t Gas, zu R e d r u t h , 1792. 1798 he partially lighted
with it the manufactory of Boulton a n d Watt, at Soho. Die public a t t e n t i o n
erst d a r a u f g e r i c h t e t 1802, w e n n zur Feier des Friedens von A m i e n s the ex-
tensive range of buildings at Soho d a m i t b e l e u c h t e t wurde, (p. 234) D e r as-
bestos stone ist so fibrous, da l i n e n h a s b e e n m a n u f a c t u r e d from it.
25 (p. 243)
ch. XVI. The british fisheries.
D i e british fisheries gegeben Beschftigung zu 220,000 m e n zur See u n d

wenigstens 100,000 persons on shore, (p. 244) |
|14| ch. XVII. The improvement in Roads.
30 T h e i m p r o v e m e n t s in the various grades of society m a y be readily traced,

n o t only in t h e m e t h o d s which have b e e n a d o p t e d in t h e cultivation of t h e
various m a n u f a c t u r e s , b u t likewise in the facility of c o m m u n i c a t i o n , a n d
in the transmission j e n e r Artikel, (p. 257) T h e first general act for repairing
495
the roads was passed in 1555. (p. 259) 1763 the L o n d o n coach set off from
E d i n b u r g h only o n c e a m o n t h , a n d was 12 bis 16 days on the road; a j o u r -
ney to a n d from E d i n b u r g h was a doubtful a n d h a z a r d o u s expedition. (1. c.)
In L o n d o n , selbst n a c h 1730, die Strassen z u m grten Theil ungepflastert,
e a c h t r a d e s m a n paved t h e e n t r a n c e to his shop in his own fashion, (p. 260) 5
(what was in those days called pavement, was t h e edge of t h e street, railed
off by posts, for the protection of foot passengers.) 1580 coaches in E n g l a n d
eingefhrt, (p. 261) Stage coaches appear to have b e g u n to be established
on the great roads gen E n d e des reign v o n Charles I u n d in d e m reign von
Charles II; die t r a d e s m e n in u n d n e a r L o n d o n petitioned the king to p u t an 10
e n d to the stage coach n u i s a n c e , (p. 265) Turnpikes were i n t r o d u c e d soon
after the R e s t a u r a t i o n . In d e m reign von George II it was m a d e felony to
pull t h e m down, yet our highways c o n t i n u e d to be generally kept in repair
merely by the compulsory l a b o u r of parish paupers, or, where these could
n o t be obtained, a compulsory statute labour on various farms in t h e par- 15
ish; ... In der W i n t e r s e a s o n die roads ( z u m grten Theil) in t h e k i n g d o m
hardly passable for carriages, a n d exceedingly d e e p a n d miry for any other
k i n d of travelling, except with horses, which m a y now be seen in t h e hilly
parts of Cornwall. T h e u s u a l m a n n e r of travelling was to hire post horses,
which on the greatest thoroughfares were to be hired every t e n miles. 20
(p. 266,7) Wo keine o r d e n t l i c h e n W e g e existiren, there can hardly be said
to be a c o m m u n i t y ; the people could have n o t h i n g in c o m m o n , (p. 270) D e r
erste Canal in E n g l a n d der des D u k e of Bridgewater (sein engineer Brind-
ley) von seinen coalmines at Worsley to the town of M a n c h e s t e r . (1. c.)
( N a c h 1750) Sezte seinen C a n a l n a c h 1760 a u c h in entgegengesezter R i c h - 25
t u n g fort u n d etablirte so a perfect water-way zwischen Liverpool a n d M a n -
chester, (p. 272) Perfected 1791. (1. c.) Brindley gab zuerst das Beispiel of
tunnelling t h r o u g h a hill too elevated to be passed conveniently by o t h e r
m e a n s , (p. 273) E b e n s o E n d e des 18' Jh. great i m p r o v e m e n t s der roads in
Schottland u n t e r der u n m i t t e l b a r e n Leitung von Telford, (p. 274) D i e T o - 30
talzahl der Canale ist 59, die cost 1 4 , 3 6 2 , 4 3 5 , producing j h r l i c h 6%,
obgleich sehr verschieden, einige canals n i c h t zahlend %%, andre 1 5 - 3 6 % .
(p. 275) Das erste Dampfschiff von F u l t o n (und Livingstone) The Cler-
m o n t " b e g o n n e n in Newyork 1806. 1807 fuhr es zuerst, (p. 277) (Erste
Reise von Newyork n a c h Albany, 145 m i l e s in 5 miles per h o u r ) D a n n 35
H e n r y Bell, Schotte, fr m a n y years a h o u s e carpenter in Glasgow, errich-
tete J a n u a r 1812 zwischen Glasgow u n d H e l e n s b u r g h Dampfschiffverbin-
d u n g (Helensburgh a watering place on the Clyde) ... D i e owners of fly-
boats u n d coaches erregten das popular feeling dagegen, so d a er keine
h i n r e i c h e n d e Z a h l von passengers, obgleich die passage was effected in so 40
kurzer Zeit wie die der K u t s c h e , u n d m i t superior a c c o m m o d a t i o n at char-
496
ges zu % d e r coach fares. Das s c h e m e war am Z u s a m m e n b r e c h e n , als sev-

eral g e n t l e m e n c a m e forward freiwillig 1813, u n t e r s t t z t e n d e n Bell. T h e
n e x t year this vessel was employed as a j a u n t i n g boat, all over t h e coast of
England, Ireland a n d Scotland, to show t h e public the advantage of steam-
5 b o a t navigation over other m o d e s of sailing, (p. 278) (This vessel was lost
on the west coast of Scotland, in D e c e m b e r , 1820, u n d im folgenden J a h r
verbrannte ein andres seiner Schiffe. K e i n e s war versichert. Er h a t t e zuerst
die grand invention in E u r o p a praktisch eingefhrt. Sah sich n i c h t n u r dis-
t a n c e d by his rivals, s o n d e r n r u i n e d in the c o m p e t i t i o n u n d r e d u c e d to in-
10 digence.) ||15| David N a p i e r c o m m e n c e d a series of experiments, to deter-
m i n e t h e best form for s t e a m vessels a n d at length contrived a n e w u n d
very superior m o d e of construction, 1818 he established the R o b R o y von
ungefhr 90 t o n s zwischen G r e e n o c k u n d Belfast. (Vor 1818 s t e a m b o a t s
b u t rarely ventured b e y o n d the precincts of t h e river a n d coasts of the
15 Friths, and t h a t o n l y in fine weather.) (p. 280)
ch. XVIII. The effect of Railways

on the Condition of the People.
Railways frher entworfen in E n g l a n d als knstliche K a n l e , as a m o d e of

c o m m u n i c a t i o n between distant places. D i e rails zuerst g e m a c h t v o n wood,
20 which were laid down to facilitate the transport of coal from t h e collieries
at Newcastle; a n d in s o m e other parts, long pieces of t i m b e r were laid in
the ruts of t h e roads, to prevent t h e m from b e c o m i n g impassable, (p. 282)
Bis vor wenigen J a h r e n railroads have b e e n only considered as s u p p l e m e n -
tary to canals, to be employed in short distances, or where the n a t u r e of the
25 ground has precluded t h e application of i n l a n d n a v i g a t i o n . . . Seit 50 oder
60 J a h r e n iron rails gradually substituted fur wood in railroads; a n d their
construction has, by degrees, b e c o m e better u n d e r s t o o d a n d executed.
... Railroads were only considered fit for heavy goods, as coal, iron, or
stone. T h e locomotive engine, for drawing carriages on railroads, was n o t
30 t h o u g h t of, obgleich W a t t , in his patent, describes a s c h e m e for w h i c h he
formed a s t e a m carriage, b u t he never carried it into practice. Murdoch, his
pupil, a n engineer ( a C o r n i s h m a n ) w h e n c o n n e c t e d m i t Boulton u n d W a t t ,
war the first who actually constructed a steam" carriage in this country
1782... Die first practical application der s t e a m e n g i n e to t h e propulsion of
35 carriages, wurde effected d u r c h Trevethick u n d Vivian, who p a t e n t e d their
invention 1812. . . . s i e constructed an ingenious s t e a m carriage for c o m m o n
roads u n d exhibited it in L o n d o n ; b u t the generally defective state of the
497
roads caused the patentees to a b a n d o n this application of their invention,

u n d k a u m ein attempt g e m a c h t t o establish steam carriages o n t h e ordinary
roads, (p. 283,4) Die E i s e n b a h n e n gradually e x t e n d e d their operations
u p o n the collieries in t h e N o r t h of E n g l a n d . . . Grosses Vorurtheil dagegen,
(p. 284,5) U n t e r George Stephenson die E i s e n b a h n zwischen Liverpool u n d 5
M a n c h e s t e r . (1824) at t h e first Project of t h e Railway, war d u r c h a u s n i c h t
decided, welche Art power fr die l o c o m o t i o n angewandt werden solle, ob
horses or engines, or fixed engines, drawing the load by m e a n s of ropes
from o n e station to another. 1829 a p r e m i u m (durch die directors) von
500 l. fr die m o s t improved locomotive engine angeboten, subject to cer- 10
tain stipulations a n d conditions, (p. [285,] 286) Am 15 S e p t e m b e r 1830 die
railway was o p e n e d by t h e passage of 8 locomotive engines, all built by Ste-
p h e n s o n et Co. i h n e n a n g e h a n g e n 28 carriages, (p. 287) 1836 die railway
m a n i a , b e r b o t e n d u r c h die von 1 8 4 3 - 4 8 . (p. 287)
Ch. XIX und XX. Commerce. 15
D i e T u d o r s trieben (von H e n r y VII an) solchen M i b r a u c h m i t m o n o p o -

lies, die grievance wurde so intolerable, d a 1624 das famous statute, by
which all monopolies, grants, letters patent, a n d licences for b u y i n g a n d
selling, a n d m a k i n g of goods a n d m a n u f a c t u r e s , n o t given by any act of t h e
legislature, sind erklrt den Reichsgesetzen entgegen u n d of n o n e effect, 20
m i t A u s n a h m e von p a t e n t s fr 14 J a h r e for the sole m a k i n g of new m a n u -
factures etc. (p.296) (It was u s u a l for the reigning m o n a r c h to grant m o n o p -
olies instead of pensions, to individuals on w h o m they wished to convey fa-
vours. [296])
Vol. II. 25
ch. XXI bis XXV. Agriculture.
l
Im 15 Jh. Harrison asserts, da die farmers k a u m able to pay their rents
o h n e selling a cow, or a horse, or some of their produce, obgleich sie h c h -
stens 4 fr eine farm z a h l t e n . . . T h e farmer in these t i m e s c o n s u m e d the
chief part of the p r o d u c e he raised, his servants taking their seats with h i m 30
at his table ... t h e principal materials for clothing were n o t bought, b u t
were o b t a i n e d by the industry of each family. T h e i n s t r u m e n t s of h u s -
b a n d r y were so simple, t h a t m a n y of t h e m were m a d e , or at least kept in re-
498
pair by the farmer himself. Every y e o m a n was expected to know h o w

to ||16| m a k e yokes or bows, a n d p l o u g h gear; s u c h work employed their
winter evenings, (p. 324,25) Cromwell encouragirte (Hortib xxx d e n G r t -
ner) die Agricultur, die i n d e langsam voranging. Both i m p l e m e n t s a n d
5 m o d e s of h u s b a n d r y varied in adjacent c o u n t i e s u n d frequently in adjoin-
ing parishes. S o m e of their i m p l e m e n t s waren schrecklich c u m b e r s o m e in
their size etc. (p. 330) Im Anfang des 17' Jh. t h e m e t h o d of farming in this
country was similar to that generally adopted by the agriculturists of t h e
H i g h l a n d s of Scotland, a n d in Ireland at the present day; u n d scarcely ay-
10 thing was to be seen b u t thistles, weeds u n d couchgrass, n o t a single field
being in proper cultivation, as gaming, fencing u n d h u n t i n g , were t h e prin-
cipal e m p l o y m e n t s der country g e n t l e m e n u n d farmers, (p. 331) D i e
ploughs waren oft m e h r als 13 F u lang; 4 - 1 0 yoke of o x e n waren nthig
to draw t h e m in heavy soils, (p. 332) Karl II Statut u n t e r Vorwand of
15 providing for the better relief of the poor, r e d u c e d at o n c e t h e agricultural
labourers to their a n c i e n t condition of serfs, or compulsorily a t t a c h i n g e a c h
to the soil of some particular parish. N m l i c h zustndig zwei Friedensrich-
tern, u p o n complaint of the overseer or churchwarden, in 40 days after t h e
arrival of any new c o m e r in a parish, to remove h i m , by force, to t h e parish
20 where he last settled, either as a native, householder, sojourner, apprentice
or servant, unless he r e n t e d a t e n e m e n t of 10 a year, or could give securi-
ty against b e c o m i n g b u r d e n s o m e to the parish, (p. 335) D a s general average
p r o d u c e of grain, in d e n counties visited by A. Y o u n g , in his n o r t h e r n
tours, is a b o u t 3 qrs of wheat per acre, of barley 4 qrs, oats 4 qrs u n d rye
25 3 qrs 3 bushels, m e h r als er erwartete, n a c h der slovenly m a n n e r der Kultur,
die still in practice on m a n y farms, (p. 339) Im G a n z e n n o c h wenig Fort-
schritt selbst im 18' Jh. Y o u n g schreibt die d e n low rents zu u n d a d d u c e s
n u m e r o u s instances, in which on rents being raised, a m o r e spirited system
of farming was i m m e d i a t e l y c o m m e n c e d , (p. 339) In m a n y parts of E n g -
30 land, as well as Scotland, long after the U n i o n , landlords were equally anx-
ious of retaining an old t e n a n t , even at the old rent, as large tracts r e m a i n e d
u n o c c u p i e d , attributed at the t i m e to the effects of the cornlaws, in
keeping down the price of grain; for t h o u g h the k i n g d o m exported large
quantities of corn, which was stimulated by a b o u n t y of 5 sh. per qr, yet t h e
35 cheapness in the h o m e m a r k e t was not a sufficient r e m u n e r a t i o n to t h e
grower, which was o n e reason why the proprietors withdrew a large p o r t i o n
of the best arable land from cultivation, a n d stocked it with sheep, there
being an increased d e m a n d for wool for the m a n u f a c t u r e s . T h e rise of wa-
ges also rendered tillage, on which m u c h l a b o u r was required, m o r e expen-
40 sive t h a n formerly. This change, w h i c h greatly affected t h e c o n d i t i o n of t h e
agriculturists, occasioned in m a n y places the c o m p l a i n t of a r e d u n d a n t
499
population; for where householders, farmers, and m a n y labourers were e m -

ployed, there were now to be seen b u t the shepherd a n d his dog. (p. 339,40)
Das 17' Jh. zeichnet sich aus d u r c h i n t r o d u c t i o n of turnips u n d clover, for
t h e m a i n t e n a n c e of live s t o c k . . . d o c h die slowly adopted. A. Y o u n g in-
forms u s , da selbst zu seiner Zeit clover, sainfoin u n d artificial grasses 5
verhltnimssig wenig b e k a n n t den c o m m o n farmers, (p. 341) Kelp m a n u -
factured i n d e n Hebrides, m a i n l a n d , Orkneys u n d Schottland, erhielt d e n
c o u p de grace d u r c h das H e r a b s e t z e n der high duties auf barilla u n d soda
u n d die repeal der salt tax; this m a n u f a c t u r e is now almost extinct; u n d
shores t h a t formerly yielded the proprietors a rent of from 2 0 0 to 5 0 0 10
per a n n u m , are now worth nothing, (p. [342,] 343) (Kelp is formed of m a -
rine plants, growing on rocks u n d e r high water mark. [p. 344]) |
|17] D a s gradual a d v a n c e m e n t in d e m price der provisions b a l d n a c h
1760, verursacht d u r c h das W a c h s t h u m der Bevlkerung u n d d e n wealth
derived from m a n u f a c t u r e s u n d c o m m e r c e , gab d e n m o s t powerful stimu- 15
lus to rural industry u n d rief a m o r e skilful u n d enterprising race of cultiva-
tors hervor u n d besonders rasch die Verberungen seit d e m a m e r i k a n i -
schen Krieg (1782); die rents of the lands stiegen um das 2, 3 u n d selbst
4fache. Die i m p r o v e m e n t s in the roads were also a m e a n s of equalising t h e
prices of t h e various m a r k e t s , which formerly varied 80%. D i e acres g a b e n 20
jezt double the quantity of corn u n d herbage for h u m a n provisions,
9 9
(p. 347,8) V o n d e m p r o d u c e der earth, useful t o m a n , / sind das P r o d u c e
m
of m a n . (p. 348) W h r e n d der years of high prices (war 1800 bis 3) die
S u m m e von 20 Mill, amassed by the farmers, which so enriched t h e m , t h a t
they were stimulated to increase their energy, a n d e n d e a v o u r e d to profit by 25
its c o n t i n u a n c e , (p. 349) It would require four acres to give the weight of
flour e q u a l to the weight of milk, given by a single cow in n i n e m o n t h s . A
milk cow in n i n e m o n t h s , or 270 days in milk, at 10 qrs p e r day would give
2700 qrs or 5400 p o u n d s weight of milk. (p. 357) B e m e r k t in B e z u g a u f die
H i g h l a n d s v o n S c h o t t l a n d : the country is stated to be m o r e p o p u l o u s at 30
present t h a n before the sheep feeding system c o m m e n c e d . " (p. 361)
Die quantity of corn raised per acre, varies of course according to the
soil. T h e p r o d u c e of wheat in some counties a m o u n t s to 6 qrs, in others n u r
zu 2. D e r average des K i n g d o m calculated zu 3 qrs fr wheat, 4 fr barley,
4]/ fr oats, 2% tur rye, 3 fr peas, 3 fr beans. 2 8 0 - 3 0 0 W i n c h e s t e r b u s h -
2 35
els fr potatoes, obgleich 5 - 6 5 0 bushels sind jezt n u r an average crop,
(p. 366) (Diese Z a h l e n fr 1805) Die most remarkable cultivated districts
sind n u n die Lothians, wo 1727, ein field von 8 acres was sown m i t w h e a t
in der Nachbarschaft von Edinburgh, was solche V e r w u n d e r u n g erregte,
d a die ganze Nachbarschaft kam, es zu sehn. Jezt diese b a r r e n districts 40
fertile fields, R e n t e abwerfend von 6 0 - 1 4 0 sh. per acre. Diese l a n d s sind all
500
Aus j. D. Tuckett: A history of the past and present state of the labouring population
u n d e r the plough, p r o d u c i n g 5 qrs of wheat per acre a n d m a n c h e 6 qr. im

Durchschnitt; 1 0 - 1 1 qrs of oats, 8 - 1 0 tons of potatoes, 2 6 - 3 0 t o n s of tur-
nips. W h e n the lands are sown with grass seeds for 2 years, the herbage is
sold to a butcher, or a dairyman, for s u m m e r grazing, who also contracts
5 for the turnips for his cows in t h e winter, so t h a t t h e grower u n d stock farm-
er have two distinct interests. In E n g l a n d Northumberland, Norfolk und Kent
rank n e x t to the L o t h i a n s . Leicestershire is the finest grazing country,
(p. 373,4) So lang barley in general use als food war, war es extensiver ge-
b a u t als W e i z e n n u n . . . frher glaubte m a n , d a W e i z e n n u r auf d e n rich-
10 est soils u n d d e n oldest enclosures of a farm g e b a u t w e r d e n k n n e ; it was
never risked, unless prepared by a s u m m e r fallow, u n d all t h e m a n u r e t h a t
could be raised on the farm: j e z t gest auf lands, die 40 years since would
only p r o d u c e f e r n s . . . m i t d e n i m p r o v e m e n t s des drill roller u n d der feed-
ing of Sheep, it is grown erfolgreich selbst on t h e sandy l a n d s of Norfolk.
15 (p. 375) M a n berechnet, d a im D u r c h s c h n i t t das Gewicht eines b u s h e l von
good english wheat is 58 lbs, (wechselt n a t r l i c h n a c h d e n seasons u n d je
n a c h d e m its situation be sheltered or exposed von 56 lbs zu 64 lbs.) per
bushel, u n d die average quantity yielded is 13 lbs. of flour to 141bs of grain.
... 1804 k e i n einziger public baker in M a n c h e s t e r , (p. 376) V o n 1266
20 customary to regulate the price wozu bread should be sold according to t h e
price of flour and w h e a t . . . 1815 expressly abolished in L o n d o n u n d its en-
virons by an act of parliament, (p. 377) |
1181 Large quantities of barley have b e e n long grown in Britain, a n d
m u c h used as the principal food of m o s t of the i n h a b i t a n t s , till within the
25 last century. ... the principal d e m a n d for barley is to convert it i n t o m a l t to
be u s e d in the m a n u f a c t u r e of porter, ale a n d british spirits, (p. 378) In t h e
cultivation of turnips for sheep feeding, on lands which before were n o t
worth two shillings, per acre, diee V e r b e r u n g verdankt d e m Lord
Townsend, der von H a n n o v e r die species dieser root entdeckte, die p a t for
30 feeding cattle a n d enriching the soil. Er b r a c h t e d e n seed u n d die practice
n a c h England u n t e r Georg I . F r h e r k a n n t e m a n n u r die t u r n i p s o f t h e
small D u t c h species, cultivirt in gardens u n d als luxuries betrachtet,
(p. 379) D i e experiments on the superior p r o d u c t i o n of spade tillage, which
have in succeeding years, b e e n m a d e by Mr. Falla, n u r s e r y m a n , n e a r
35 Newcastle, fully prove the extraordinary increase of produce, as c o m p a r e d
with the plough t i l l a g e . . . W h e a t sown broad cast after spade culture, pro-
duced m o r e t h a n 58 bushels per acre; while similar land, ploughed p r o d u c e d
the same season b u t 38 bushels; 33 sh. per acre, were paid for digging
t h e land. Potatoes p r o d u c e d 800 bushels per acre, being d o u b l e t h e q u a n -
40 tity p r o d u c e d after the p l o u g h the same season, u p o n similar adjoining
land: a n d s o m e e x p e r i m e n t s in drilling, wheat p r o d u c e d 6 1 , 62 u n d
501
63 bushels per acre, u n d sown broad-cast as m u c h as 76 bushels per acre.

This writer considers t h a t by the spade a d e p t h of well worked earth of 9 or
10 inches will p r o d u c e m o r e t h a n twice the d e p t h of that by the plough, at
the same t i m e a loose b r o k e n b o t t o m is particularly favourable to vegeta-
tion. T h e overplus water sinks b e n e a t h the roots, by the tread of horses, a n d 5
the iron share of the plough, forming a hard bottom, that holds water,
which covers, a n d rots t h e seed; the h a r d track m a d e at t h e b o t t o m of the
ploughshare, i m p e d e s the growth of the roots which c a n n o t strike freely
into the e a r t h : - a s it is t h e law of n a t u r e that if the roots c a n n o t spread, the
vegetable power c a n n o t rise in any good proportion, a n d where m a n u r e is 10
m a d e use of, it is completely covered by spade culture; where the p l o u g h is
used, a considerable portion r e m a i n s on the surface, the nutritive particles
of which evaporate, a n d thereby in a great m e a s u r e it b e c o m e s useless. In
spade culture every part is regularly t u r n e d over, a n d thereby completely
destroys, a n d buries the a n n u a l a n d b i e n n i a l weeds which c a n n o t be effec- 15
tually d o n e by the plough, (p. 386,7)
D i e gnstigsten Z e i t e n fr die agricultural tenantry scheint gewesen zu
sein grade vor d e m r u p t u r e m i t d e n A m e r i c a n s . D e r value des L a n d e s da-
mals zu 32 years purchase, h h e r als before oder since, t h o u g h in p o i n t of
m o n e y value n o t % of its present price; die verursacht by rents being near- 20
ly the same, as they were at t h e beginning of t h e century. D i e d a m a l s einge-
fhrten V e r b e r u n g e n befhigten die farmers m e h r p r o d u c e zu g e w i n n e n
m i t der addition of advance in price, d e n n der landlord at this t i m e h o b die
R e n t e n i c h t u n d lease after lease was granted on the s a m e t e r m s . . . zu die-
ser Zeit, sagt A. Y o u n g , war die Arbeit m o r e plentiful als die labourers, any 25
m a n m i t d e n m e a n e s t abilities was eagerly employed, da die m a n u f a c t u r e s
took up m o s t of the idlers. Large tracts of c o m m o n l a n d were let von 1 bis
2 sh. per acre per a n n u m .
D i e average rent of land in 1400 war ungefhr 4
d. per acre 1500-1600 lsh. 30
1842 17 sh. 9 d .
In Ireland, tillable l a n d , averages 20 sh.
(p. 388,89) V o n 1 8 1 0 - 1 8 3 0 sehr wichtige Periode in der G e s c h i c h t e der
Agricultur dieses L a n d e s . Zuerst die high prices of every description of pro-
d u c e ||19| gereaped von d e n t e n a n t s , aber von 1 7 9 2 - 1 8 1 4 rents were d o u b - 35
led u n d selbst trebled, the m o s t extensive c o m districts, t h a t were before
only cropped by rabbits, a n d fed large flocks of geese, or served as p a s t u r e
for the half starved straggling sheep, or cattle belonging to the cottagers, at
this t i m e were all inclosed, even in m a n y places without the least reserve
for those labourers, who h a d b e e n obtaining from t h e m a scanty liveli- 40
h o o d . . . these c o m m o n s a n d light sandy lands, were now waving in rich ex-
502
u b e r a n c e of susperior cultivation; t h e downs, woods a n d clays are fertilized

with chalk a n d lime, m a r l i n g renders t h e b a r r e n sands fruitful, by the ad-
m i x t u r e of clay, to t h e fens, t h e peats b e c o m e productive, a n d lime
improves t h e arid soil of t h e m o o r l a n d s ; i n d e e d u n d e r t h e old system, t h e
5 claylands p r o d u c e d t h e great bulk of the food of t h e c o u n t r y . . . It appears
by these i m p r o v e m e n t s that now t h e b u l k of t h e food for t h e p o p u l a t i o n is
transferred from t h e clay to the light sandy soils, a n d t h e advantages of
their productiveness are to be attributed to t h e i n t r o d u c t i o n of artificial
grasses a n d root crops, as food for cattle, with roots a n d vegetable crops for
10 domestic c o n s u m p t i o n , w h i c h leads to a m o r e perfect tillage, a n d a progres-
sive e n r i c h m e n t of t h e soil. T h e q u a n t i t y of cattle that are n o w fed by these
m e a n s , is perhaps 10 x as m a n y as could be m a i n t a i n e d on t h e old
pastures. T h e old grass lands on which our ancestors d e p e n d e d for a
supply, of a n i m a l food, could only fatten a very limited q u a n t i t y of stock,
15 and as there was little h a y for winter keep, they were u n d e r t h e necessity of
laying in provisions of salt m e a t , for winter c o n s u m p t i o n . . . We chiefly owe
t h e luxury of fresh m e a t all t h e year r o u n d to t h e i n t r o d u c t i o n of c o m m o n
turnips, (p. 389,90) Crushed b o n e s eingefhrt als m a n u r e 1 8 0 1 , aber erst in
d e n lezten 20 J a h r e n w u r d e ihr u s e e x t e n s i v . . . D u r c h die grosse Nachfrage
20 d a n a c h . B. t h e n u m e r o u s herds of cattle t h a t r o a m in a state of n a t u r e
over t h e plains of S o u t h America, u s e d formerly to be slaughtered for t h e
sake of t h e i r hides, tallow, a n d h o r n s , which were brought to E u r o p e , t h e i r
b o n e s were left to w h i t e n on t h e plains, aber j e z t g e s a m m e l t , u n d ships are
regularly d i s p a t c h e d to be loaded with t h e m for t h e use of t h e farmers.
25 (p. 391) since t h e use of l i m e as a m a n u r e in t h e c o u n t i e s of D e v o n a n d
Cornwall, t h e crops of corn have b e e n m o r e t h a n doubled, (p. 392) l a n d in
an u n c u l t i v a t e d state d a s n u r a few h u n d r e d s of hay p r o d u c i r e n w r d e u n d
w e n n p a s t u r e d k a u m able sein w r d e 2 oder 3 Schaafe per acre zu h a l t e n ,
k a n n d u r c h A n w e n d u n g o f m a n u r e , m i t d e m p l o u g h u n d labour, p r o d u c e
30 turnips as follows:
W i t h d u n g of cattle 13 t o n s per acre

Three cwt, of U r a t e 12
ditto G u a n o 12%
ditto P o t e r n s 12
35 Pearl A s h e s 10
24 b u s h e l s of B o n e D u s t 10 (I.e.)
T h e n e x t great i m p r o v e m e n t which is in s o m e degree a c c o m p l i s h e d in

particular spots, is to adapt t h e clay lands to alternate h u s b a n d r y , so as to
e n a b l e t h e m to feed stock on roots u n d green crops, as well as to p r o d u c e
40 grain, d i s c o n t i n u i n g in toto t h e n a k e d f a l l o w . . . aber d a z u vorher n t h i g ,
503
da diese L a n d s be effectually drained u n d selbst jezt % des cultivirten

l a n d von E n g l a n d erheischt draining. (1. c.) V o n 1 8 1 0 - 1 8 2 0 fanden 853
inclosures statt e n t h a l t e n d 1,410,000 acres, (p. 393) Die a n c i e n t feudal
t e n u r e s enslaved die t e n a n t s u n t e r d e m landlord, aber der t e n a n t
hatte ||20| seine possessions for life ... Als die F e u d a l e wegfiel terms of 5
years an die Stelle g e s e z t . . . D i e Zeit allowed war von 3 - 2 1 years u n d t h e
latter in t h e e n d b e c a m e t h e general l i m i t a t i o n u n d ist der m o s t prevalent
t e r m of lease at this t i m e . (p. 397) Im A c k e r b a u fngt m a n i m m e r m i t d e n
b e s t e n M a s c h i n e n an, in der Industrie m i t d e n schlechtesten, erstre w e r d e n
i m m e r schlechter, leztre i m m e r besser, (p. 402) 10
Irish Agriculture. D i e agricultural labourers u n t e r d e n c o m m o n Irish in
their m o d e of living inferior to the I n d i a n h a b i t a n t s of America. M e a n h u t s
or cabins, built of earth a n d straw, partitioned in the m i d d l e by a wall of
the s a m e materials, serve the d o u b l e purpose fr F a m i l i e n w o h n u n g , die
promiscuously live a n d sleep, having their fires on turf in t h e m i d d l e of the 15
floor, with an opening t h r o u g h t h e roof for c h i m n e y , the other part b e i n g
occupied by a cow a n d their pigs, a n d such pieces of furniture as are n o t in
i m m e d i a t e use. 1841 war die T o t a l a n z a h l der in Irland aus m u d g e b a u t e n
H u s e r 1,024,575, der r e m a i n d e r n u r 304,264 built of brick or stone, n h m -
l
lich 1 class of good h o u s e s 4,080, 2 class of farmhouses 264,184, 3 class 20
m u d cottages, 533,297, 4 class m u d h u t s 491,269. (p. 406,7) Z e h n t e n s y -
stem, (p. 408 sqq.) Leslie Foster, einer der Barons des Irish exchequer, esti-
m a t e s the lands belonging to all d e n Bischofssitzen (sees) auf 617,598 Irish
acres, n i c h t eingeschlossen die d e m e s n e lands, attached to t h e episcopal
residence, die von 1 0 0 - 5 0 0 acres wechseln, m a k i n g the entire p a t r i m o n y 25
der bishops a b o u t 623,598 acres. Diese lands sind geschzt 20 sh. per acre;
zu dieser geringen R a t e selbst w r d e n die bishops lands yield e i n e total
revenue von 6 2 3 , 5 9 8 , durchschnittlich 28,340 fr j e d e n Prlaten. A b e r
die tenantry meist n i c h t die des Bischofs. D e r lessee holds das L a n d von
d e n bishops fr 21 J a h r e , t h e bishops renew the leases from year to year, al- 30
ways leaving 21 years u n e x p i r e d . So die R e n t e meist die alte von Charles II
her, almost n o m i n a l u n d das real i n c o m e des bishop proceed von d e n an-
n u a l fines for renewing the leases: now, diese fines betragen m e i s t % der
R e n t e eines gewhnlichen landlord, so d a sie actually receive n u r
124,719. (p. 409,10) D i e c h u r c h der principal proprietor des soil, aber die 35
vast tracts of lands u n t e r d e m u n b e s t i m m t e n System nie zu cultivate to ad-
vantage ... dabei an ecclesiastical t e n a n t n i e sicher d e n s e l b e n lord zu hal-
t e n fr any duration, er liable to be discharged d u r c h d e a t h oder transla-
tion. D i e Glebes der inferior Clergy a u c h i m m e n s , obgleich in d e n 2,450
parishes von Irland n u r 1100 K i r c h e n u n d davon 474 g e b a u t in d e m lezten 40
J a h r h u n d e r t , (p. 410) D e r clergyman s o m e t i m e s leases t h e tithes s e i n e m
504
Exzerpte aus John Debell Tuckett:
A history of the past and present state of the labouring population
Heft IX. Seite 20
Agenten, d e m proctor, at a fixed rent like a farm, whilst the proctor nicht
unhufig sie wieder einer a n d r e n Person verleiht. In d e m S d e n v o n Irland
die Z e h n t e n set o u t u n d d u r c h public a u c t i o n verkauft on the premises,
u n d in einigen Pltzen gewhnlich to call a sale just before the harvest, at
5 which they are sold to any person who chooses to collect t h e m . (p. 411) Die-
ser body von Pfaffen besizt so Y des Bodens, in see lands u n d glebes, u n d
w
claims y von d e n r e m a i n i n g % u n d das property u n d e m o l u m e n t divided

w a
a m o n g 850 individuals whose a n n u a l revenue a m o u n t s to 1,425,587 u n d

dieser a m o u n t ist n u r % of that wrung out of the earnings der a r m e n Land-
10 arbeiter Irlands, (p. 412) D i e Z a h l der farms war (1841) von 1 - 5 acres:
310,436 acres, von 5 - 1 5 : 252,799, von 1 5 - 3 0 : 79,342, b e r 30: 48,625 ...
das total a n n u a l r e n t a l der cultivated l a n d s in Ireland ist geschazt auf
13,783,967. Die folgende Tafel zeigt die divisions der families:
According to pursuits. According to means,

15 Agriculture 974,188 vested means,
professions etc 38,657
Manufactures, Direction of Labour 467,806
trades etc 352,016
Other pursuits 146,583 Their own manual
20 labour 926,501
Nicht specificirte
means 39,823
1,472,787 1,472,787.
(p. 413)
1838 exportirte Irland n a c h E n g l a n d 2,479,000qrs of corn, 600,000cwt of

25 butter, 500,000 cwt of b a c o n u n d an i m m e n s e quantity of h a m s , lard, live
pigs, cattle, horses, sheep, m e i s t n a c h L o n d o n u n d Liverpool; a u s s e r d e m
eggs u n d poultry, (p. 414) In Ireland there are m a n y single estates m u c h
m o r e extensive t h a n g e r m a n principalities with farms n o t larger t h a n the
portion of ground which an english g e n t l e m a n would set aside for his rab-
30 bits, in a corner of his park. In der Grafschaft Tipperary out of 3,400 hold-
ings sind 280 less t h a n an acre u n d 1,056 davon sind von 1=5 acres each,
(p. 417) D a s System der m i d d l e m e n , (p. 417) Obgleich die E n g l n d e r im
12' Jh. laid claim to all Ireland by virtue of a gift of the Pope, n i c h t in Be-
sitz g e n o m m e n bis H e n r y V I I I u n d Elizabeth u n d das what was called the
35 Pale" n a h m n i e m e h r ein als % der Island. C o m p l e t e d d u r c h Cromwell u n d
W i l l i a m III. Obgleich die c o n q u e s t (cont. p. 34) |
507
|34| Tuckett. (cont. von p.20)

e i n e n irish landlord entitled zu possession, oft a u c h estates d u r c h treachery
u n d fraud erhalten; fr lange Zeit k o n n t e ein S o h n disinherit his father
oder ein jngrer S o h n seinen ltren Bruder, by e m b r a c i n g protestantism,
(p. 417,18) Allowing 4 lbs per day of raw potatoes as food sufficient fr d e n 5
support of an adult, an acre of l a n d producing an average crop of 100 sacks
per acre, of 280 lbs per sack, equalling 28,000 lbs, would m a i n t a i n 20 per-
sons, for a year; u n d an acre of wheat p r o d u c i n g an average crop of 24 W i n -
chester bushels of 60 lbs per bushel, equalling 1,440 lbs of wheat; o n e
p o u n d of wheat o h n e d e d u c t i n g the bran, producirt 1% lbs of baked bread, 10
sufficient fr e a c h person per day, so da ein acre of wheat will m a i n t a i n
4 persons for a year. (p. 426 note.) Das average p r o d u c e of Irland n a c h
Y o u n g ist fr an acre of potatoes 82 barrels zu 20 stone t h e barrel
= 22,960 p o u n d s ; w h e n das p r o d u c e eines average crop in E n g l a n d culti-
vated in der most improved m a n n e r nicht less als 36 oder 40 000 lbs. D a s 15
irish l a n d u n d clima gnstiger for their growth, (p. 427) N a c h Kartoffeln Ir-
l a n d das land of Oats, i m m e n s e quantities j h r l i c h n a c h Britain u n d for-
eign parts verschifft, (p. 428) D a s Product des oats h n g t m e h r von culture
u n d good m a n a g e m e n t ab als bei irgend e i n e m grain; w e n n der B o d e n is
foul a n d exhausted, its increase n u r 30 bushels per acre, aber on richer 20
soils well m a n a g e d , 6 4 - 7 2 u n d m a n c h m a l 96 bushels reaped, (p. 429) Es
geht d e n I r l n d e m , die auf Kartoffeln, wie d e n H i n d o o s die auf Reis leben.
(1. c.) D i e barbarischen conquerors des Mittelalter gaben sich das Privile-
g i u m der Jagd, s c h o n u m das unterjochte Volk von d e m G e b r a u c h der
Waffen auszuschliessen. W i r finden in d e n feudal constitutions ein u n d 25
dasselbe Gesetz verbietend the rustics in general from carrying arms, u n d
also prescribing t h e use of snares, nets or other engines for destroying the
g a m e . This exclusive privilege well suited the martial genius of the
c o n q u e r i n g t r o o p s . . . we find in England die i m m u n i t i e s of carta de foresta
508
extorted from the King ebenso schwierig wie die der M a g n a Charta
selbst ... D e r erste qualification act in 15 R i c h a r d II der title of w h i c h is:
" N o n e shall h u n t b u t those who have a sufficient living." ... D a r i n verord-
net, d a kein artificer, labourer, oder other layman, der n i c h t l a n d s or t e n e -
5 m e n t s zu d e m W e r t h von 40 sh. a year hat, n o c h any priest, der n i c h t z u m
W e r t h von 10 shall keep any dogs, nets, or engines to destroy deer, hares
or conies, n o r indulge in any other gentlemanly games u n t e r Strafe of o n e
year's i m p r i s o n m e n t . ... U n t e r Charles II zuerst erwhnt der G a m e k e e p e r .
Verschiedne regulations g e m a c h t s e i t d e m u n t e r W i l l i a m u n d Mary, u n d
10 A n n a , d a no Lord or Lady of a m a n o r shall appoint m o r e t h a n o n e G a m e -
keeper within e a c h m a n o r having power t o kill g a m e , u n d d a h i s n a m e
m u s t be entered by the clerk of the peace. ... In the Saxon times, t h o u g h
no m a n was allowed to kill or chase the king's deer, he m i g h t start any
g a m e a n d p u r s u e , a n d kill the same u p o n his own estate. T h e N o r m a n s de-
15 populated whole counties for the purpose of the king's royal diversion u n d
subjected t h e m u n d all the a n c i e n t forests des k i n g d o m , to d e n u n r e a s o n -
able severities der forest laws imported von d e m C o n t i n e n t ... N i e m a n d
durfte j a g e n ausser wer express permission from the king, by a grant of
chase, or free warren u n d die franchise gegeben zugleich to preserve t h e
20 breed of a n i m a l s , als zu gratify die inclination of the subject. D a h e r by de-
grees e n t s p r u n g e n die g a m e laws ... the first laws etablirten n u r e i n e n
m c h t i g e n h u n t e r im Land, die g a m e laws raised a little N e r o in every
m a n o r . ... n o w a freeholder von less als 100 a year, is forbidden to kill a
partridge on his own estate. ... % der c o m m i t m e n t s in d e m country fr
25 Jagdfrevel ... Die q u a n t i t y sent to m a r k e t by the g e n t l e m e n who have con-
descended t o supply t h e L o n d o n poulterers u n d salesmen m i t g a m e o n
c o m m i s s i o n as a m e a n s of a u g m e n t i n g their revenue, bears b u t a small pro-
portion to t h e quantity a n d n u m b e r brought for sale into t h e various m a r -
kets, (p. 4 3 0 - 3 6 )
30 The Present Condition of the People.
Necessary offices were almost u n k n o w n on the c o n t i n e n t vor 1814, in m o s t

country places or farmhouses there was no place provided prior to 1800 the
only a c c o m m o d a t i o n was a pit dug etc. (p. 441) V o n 1 7 9 5 - 1 8 0 1 die
Bevlkerung v o n E n g l a n d gewachsen auf about n i n e millions von 8 u n d
35 der increase der poor rate 10 x so rasch als der increase der Bevlkerung,
(p.448) ||35| S c h o n 1795: the parish contracted m i t individuals to h a v e their
work performed by the paupers at a given price, t h e parish paying t h e p a u -
pers, a n d in m a n y places the r o u n d s m a n system was effected by m e a n s of
509
an auction, 1834, in Sulgrove, N o r t h a m p t o n s h i r e , t h e aged a n d infirm,

were sold o n c e a m o n t h to the highest bidder, at prices varying n a c h der
season des Jahres von 1 s. 6 d. zu 3 sh. per week. Zu Yardly, Hastings, all
the u n e m p l o y e d m e n were p u t u p t o sale weekly; u n d der Clergyman der
Parish, told the Poor Law Commissioner, d a he h a d seen 10 m e n , t h e 5
week before knocked down to o n e of the farmers fr 5 sh. u n d da von 170
m a l e paupers, belonging to the parish, 70 were let out in this m a n n e r . So
b e k a m der farmer e i n e n Theil seines assessment zurck in der form of
cheap labour oder a u c h das G a n z e , (p. 448,49) Der total a m o u n t raised u n -
der t h e n a m e of parochial u n d county rates 1785 was 2 , 1 8 4 , 9 0 4 u n d die 10
average e x p e n d i t u r e der 3 v o r h e r g e h e n d e n J a h r e 2 , 0 0 4 , 2 3 0 . 1801 die s u m
e x p e n d e d 4 , 0 1 7 , 8 7 1 oder m e h r als 2x was war die lezten 18 J a h r e . Be-
vlkerung ungefhr 8 Mill, in E n g l a n d 1795 u n d 9 in 1 8 0 1 . Einiges d a z u
wohl beitragend der h i g h price der provisions, aber n i c h t % k a n n so be ac-
c o u n t e d for. (p. 451) Sir F. E d e n sagt von dieser Zeit (von 1765 u n g e f h r 15
n a m e n t l i c h a b e r v o n 80 a n ) : T h e fact seems to have b e e n that instead of
an advance of wages proportionate to the increased d e m a n d for labour, the
labourer has received that portion of his employer's capital which was des-
tined for his m a i n t e n a n c e , in the form of poorrate (the very worst form it
could assume) instead of being paid as t h e reward of equivalent labour. 20
(p. 452) In L o n d o n in d e n 2 ersten Dritteln des 1 8 ' J h . the only class receiv-
ing constant high wages, was the Spitalfield weavers, the apprentices u n d
j o u r n e y m e n of incorporated trades, die coalheavers u n d other labourers die
a u c h incorporirt. D i e apprentices u n d j o u r n e y m e n could scarcely be said to
[belong to] the working classes, they were the future m e m b e r s der m i d d l e 25
classes in a state of probation. T h e wealthy t r a d e s m a n h a d n o t t h e n so
completely t a k e n possession of the L o n d o n trades as to r e n d e r t h e capital-
ists u n d operatives a p e r m a n e n t l y distinct class. ... U n t e r d e m r e m a i n d e r
der h o n e s t poor, wages h o c h aber prekr, hufig n u r % ihrer Zeit ange-
wandt, (p. 459,60) 30
Total number of committals taking decimal years.

wheat per qr- committed. convicted. population. one to males females
sh. d.
In 1805 89 9d. 4,605 9,422,763 2,046 3,267 3 381
1815 65. 7. 7,818 10,974,437 1,412 6,035 1413 35
1817 96. 11 13,932 11,349,750 815 11,895 2125
1825 68. 6 14,437 12,881,906 896 11,880 2 543
1835 39. 4 20,731 16,500 14,752,430 712 18,880 3 571
1840 66. 4 27,187 20,733 15,892,554 534 21,975 5 212
(p. 468) 40
510
O u r offences like our pursuits, are of a m e r c a n t i l e n a t u r e , u n d highway

robbery lscht aus, the crimes of burglary, forgery, coining, swindling,
theft, fraudulent insolvencies, smuggling fast das whole der offences des
present day. (p.470) In Scotland 1832 war 1 offender auf 973 Einwohner, in
5 Wales n u r 1 auf 2,348, was z u z u s c h r e i b e n der absence of m u c h c o m m e r -
cial business. In dieser view wre S p a n i e n 3 x less vicious als F r a n c e u n d
7 times less als England, (p. 472) N a t i o n s u n d fast j e d e family live up to t h e
limits of their ability (if they are at all contracted) in the p r o c u r a n c e of
food, b u t this limit varies with the degree of refinement, which has b e e n es-
10 tablished a m o n g t h e m without reference to clothing. T h e limit of t h e N o r -
wegian is the bark of the lichen tree, of the N e w Zealander, fish a n d worms,
of a South A m e r i c a n the fruit of the b a n a n a tree, an O t a h e i t a n t h e bread-
fruit tree, der Chinese a dish of rice, Pole oder U n g a r the m a i z e or I n d i a n
corn, an I r i s h m a n potatoes, a F r e n c h m a n in vielen D e p a r t m e n t s chesnuts,
15 an E n g l i s h m a n a n i m a l food, beer, a n d w h e a t e n bread. Je h h e r der stand-
ard of subsistence eines L a n d e s , desto further r e m o v e d ist es von famine,
(p. 482) I
|36| U e b e r Leeds giebt E. Baker, Esq. folgenden Report. (1839 o d e r
w a n n ? s a g t d e r E s e l n i c h t . A b e r u m die Z e i t o d e r 1840) Persons m i t sed-
20 entary e m p l o y m e n t 1,586, m i t p e r a m b u l a t o r y e m p l o y m e n t 967, Professions
292, M e r c h a n t s 427, Persons working in m i n e s 130, general o u t d o o r la-
bourers u n d h a n d i c r a f t s m e n 3,988, Indoorlabourers u n d h a n d i c r a f t s m e n
13,455, Dyers 665. In trade 2,799, N o t in business 1,905, Persons u n t e r
15 years of age 31,056. Other persons o h n e o c c u p a t i o n meist p a u p e r s
25 21,990, persons employed in manufacturers 8,363, z u s a m m e n 87,613. A l s o
in Leeds % der g a n z e n Bevlkerung o h n e Beschftigung, (p. 492,93) Selbst
in d e n Stdten, e s t e e m e d almost ausschlielich m a n u f a c t u r i n g ones die
portion der p o p u l a t i o n directly employed in d e n various manufactories ist
extremely small verglichen m i t der n u m b e r of i n h a b i t a n t s , m i t A u s n a h m e
30 von Sheffield, B i r m i n g h a m u n d a n d r e n Pltzen wo h a u p t s c h l i c h hardware
bearbeitet. In Glasgow m i t a p o p u l a t i o n von 250,000 n u r 29,287 (as ap-
pears by the Stanary Reports) direct oder indirekt c o n n e c t e d m i t d e m cot-
t o n trade u n d taking all t h e factories j e d e r Art n u r 3,885 males employed
in t h e m . In s o m e other m a n u f a c t u r i n g towns ( S c h o t t l a n d s ? ) die dispropor-
35 tion n o c h grsser, d e n n von 424,209 operatives engaged in d e n 5 H a u p t i n -
dustriezweigen, cotton, wool, worsted, flax u n d silk n u r 96,752 oder weni-
ger als 2 3 % auf das G a n z e were males b e r 18 J a h r e alt, w h r e n d die
n u m b e r of females b e r 18 war 130, 218 u n d die u n t e r d i e s e m Alter
114,603. (p.494)
40 D i e erste Notiz von der Combination of workmen 1548. A statute des Jahres
statuirt da artificers, handicraftsmen u n d labourers, have m a d e confedera-
511
cies u n d promises u n d sworn m u t u a l oaths, that they will n o t m e d d l e with

o n e anothers work, or perform a n d finish that which a n o t h e r m a n h a d be-
gone; b u t they will constitute a n d appoint how m u c h work they shall do in
a day u n d what h o u r s u n d t i m e s they shall work, contrary to t h e laws of this
r e a l m etc. (p. 498) Subsequently acts passed expressly to restrain c o m b i n a - 5
tions for raising wages, aber die hufige repetition der e n a c t m e n t s dieser Art
zeigen ihre futility. Die c o m b i n a t i o n s n a h m e n i m m e r zu. 1824 all the old
statutes von d e m 33 Edward I (ungefhr 30) relative to the c o m b i n a t i o n of
w o r k m e n repealed, (p. 499) the operatives in d e m 15 u n d 16' J a h r h u n d e r t
resorted zu den freien h a m l e t s (wie M a n c h e s t e r ) to escape the arbitrary io
jurisdiction of incorporate Bodies or G u i l d s u n d diese obscure h a m l e t s
d u r c h i h r e n influence speedily outstretched the a n c i e n t cities u n d bor-
oughs m i t all their i m m u n i t i e s , (p. 502) Der increase im trade of our cotton
goods war 22%, aber in cotton G a r n 90%, ebenso rasches W a c h s t h u m in
der Ausfuhr von W o l l e n u n d Leinengarn als Z e u g e n . D e r Export der h a r d - 15
ware [ist g e w a c h s e n ] 32% in value, der of iron u n d steel 89%. D i e foreign-
ers take out raw materials, or allow t h e m to pass t h r o u g h the first stage of
m a n u f a c t u r e , in c o n s e q u e n c e of our m a c h i n e r y being far superior to their
own, a n d t h e n receive a n d perfect t h e m t h r o u g h the s u b s e q u e n t principles
wo die e x p e n d i t u r e der m a n u a l labour is the greatest, (p. 509) N a c h d e m 20
lezten C e n s u s die Z a h l der agricultural m a l e labourers 887,167, die m i t ih-
r e n respectiven families, represent a population of n o t less als 3,500,000
oder Ys der whole p o p u l a t i o n des g a n z e n empire u n d Y m e h r als die opera-
3
tives directly employed by manufacturers. ... wages wechseln fr able bod-

ied labourers von 6 - 1 2 sh. weekly ... ausser d e m stipulated a m o u n t of 25
wages, im H e r b s t m o n a t (whrend des Einerndtens) d o u b l e the ordinary
weekly wages u n d die m i t d e m leasing of the fields in fine corn years be-
luft sich von 4 10 sh. zu 7 aber diese sources of occasional assistance
sehr r e d u c e d d u r c h d e n influx der Irish labourers. M a n sieht auf d e n ersten
Blick, da there c a n be no portion dieser small i n c o m e s reserved for cloth- 30
ing, e d u c a t i o n oder a n d e r e expenses, ausser d e n absolute necessaries for
life; u n d d a die Majoritt der agricultural labourers are at t h e best only
just able to struggle on from h a n d to m o u t h u n d d a any suspension of e m -
ployment, rise in t h e price of provisions, oder u n v o r h e r g e s e h n e casualty sie
nothwendig z u r charity treibt oder n o c h tiefer h e r a b z u s t e i g e n zu coarser 35
diet etc. (p. 5 1 0 - 5 1 2 ) Geschichtlich, da complaints b e r vagrants u n d
idleness, ||37| u n d die Schwierigkeit fr die poor zu sorgen zuerst gehrt
gen Anfang des 15'Jh. u n d da diese complaints u n d difficulties bis j e z t ge-
wachsen, in the same ratio that the progress of consolidating farms, u n d ab-
stracting from t h e english cottagers, the crofts, curtilages u n d c o m m o n 40
rights, have prevailed. Einige der large farms in Wilts, Dorset u n d H a m p -
512
shire, j e d e b e s t e h e n d aus einigen 1000 acres have b e e n consolidated. We

observed o n e in Dorsetshire, of 3000 acres which used to m a i n t a i n a p o p u -
lation of several 100 persons u n d now gives constant e m p l o y m e n t n u r zu
20, a considerable portion of it being converted into sheep walks, a t t e n d e d
5 only by the shepherd a n d his dog. In der parish of C l a p h a m in Sussex,
there is a farm called Holt, comprising 160 acres, in der o c c u p a t i o n E i n e s
tenant, wo 13 oder 14 centuries vorher, ein h a m l e t war, worin wenigstens
22 proprietors of land. T h e d o c u m e n t s relating to t h e m are in a state of per-
fect preservation, a n d b e a r various dates, b e t w e e n 1200 u n d 1400. 1400 t h e
10 n u m b e r of proprietors began to decrease, 1520 they were r e d u c e d to 6. U n -
ter J a m e s I die six r e d u c e d to 2 u n d bald n a c h der R e s t a u r a t i o n v o n
Charles II das whole b e c a m e the property of o n e owner, who let it as a
single farm to o n e t e n a n t . D i e P o p u l a t i o n frher resident on this farm, u n d
deriving subsistence von its p r o d u c e u n m g l i c h u n t e r 100, j e z t 10 belong-
15 ing to t h e farmers family u n d 30, die als p a u p e r s leben u n d a few day la-
bourers. D i e G e s c h i c h t e des E i g e n t h u m s in dieser farm illustration der
changes die vor d e m close des 1 4 ' J h . stattfanden, (p. 513,14) If the general
rate of increase h a d b e e n u n i f o r m t h r o u g h o u t t h e different counties, a n d
there h a d b e e n no emigrating from o n e district to another, in search of s u b -
20 sistence, the p o p u l a t i o n of the m e r e agricultural counties would have b e e n
greater t h a n it now is, in E n g l a n d , by 289,487; u n d in Scotland by 60,512.
(p. 515) In Schottland the n u m b e r of m a r r i e d cotters greatly r e d u c e d u n d
das bothie system eingefhrt, d. h. a n u m b e r of u n m a r r i e d m e n employed,
who live together in a b o t h i e or hovel, attached to t h e farm h a s b e e n
25 exceedingly increased. ... giebt kein m o r e effective m e a n s of brutalizing
u n d demoralizing t h e peasantry ... heit: transplanting the lodging h o u s e s
von d e n wynds of Glasgow in das H e r z der rural districts, die eins der
grten U e b e l attached zur I n t r o d u c t i o n grosser farms in E n g l a n d u n d
Schottland, (p. 525,6) Da in Schottland no poor laws, die proportionate rate
30 of increase in favour der m a n u f a c t u r i n g c o u n t i e s doppelt als wie in Eng-
land; in Glasgow n i c h t 15% der patients a d m i t t e d in die principal fever
hospitals were natives der town, m i n d e s t e n s 4 5 % k a m e n von d e n High-
lands u n d Agricultural Districts of Scotland. Ferner: 45 % der individuals
received into the h o u s e of refuge zu E d i n b u r g h keine natives der town; in
35 D u n d e e von 914 persons a d m i t t e d n u r 544 natives; in A b e r d e e n n u r 400
von 1517. (p. 524) Solche i m p r o v e m e n t s in der m o d e u n d operating of
farming gemacht, d a 8 oder 10 h a n d s jezt die necessaries fr 100 liefern
k n n e n , wo 20 J a h r e frher 35 persons zu n t h i g waren u n d a century fr-
her, so viele wie j e z t in Italien, 7 5 - 8 5 . D a d u r c h ein Theil der labourers in
40 die Fabrikstdte getrieben, die a n d r e n g e z w u n g e n to accept lower a n d
lower terms, (p. 527) Formerly almost every villager h a d his cow a n d plot of
513
land; jezt h a t ein c o m m o n labourer h c h s t selten eins von d e n b e i d e n . V o n

1 8 0 1 - 1 8 3 5 , 3,511,700 acres of c o m m o n land inclosed, der labourer verlor
so pasturage for his cow. (p. 528)
D i e c o n d i t i o n der p o p u l a t i o n employed in d e n fisheries e n t s c h i e d e n su-
perior als der agricultural labourer, (p. 530) A u c h in Irland, (p. 531) D i e 5
M i n e n a r b e i t e r weit besser d r a n als die agricultural u n d m a n u f a c t u r i n g . D i e
Commissioners state: In the Staffordshire coal u n d iron works von 15 zu
18 sh. per W o c h e (fr die ber 18 Jahre), in Warwickshire 18 sh., in York-
shire von 2 0 - 2 5 sh., i n D u r h a m u n d N o r t h u m b e r l a n d von 2 0 - 3 0 ; i n Corn-
wall von 4 0 - 6 5 a m o n t h , in Southwales 2 5 - 6 0 sh. a week u n d in Lanca- io
shire von 2 4 - 4 0 a week. A u s s e r d e m die earnings all der boys in der family
u n d in einigen districts der girls von 9 - 1 0 J a h r e n at a rate s e l d o m lower als
die der handloomweaver. Sie h a b e n little c o m p e t i t i o n von d e n u n e m p l o y e d
labourers von a n d r e n Klassen, da diese Arbeit fr die die n i c h t regularly
trained, u n a n g e n e h m ; a u s s e r d e m M i n e n b e s i t z e r eine Art M o n o p o l , nicht 15
so grosse Concurrenz unter e i n a n d e r wie die manufacturers,
(p. 535) ||38| Die quantity of beer, porter, gin u n d c o m p o u n d s , sold in p u b -
lichouses, in der city v o n L o n d o n u n d environs ist n a c h a late a u t h o r
158,400,580 pots of porter, ale a n d 2 p e n n y valued at 2 , 3 1 1 , 4 6 6 , gin u n d
c o m p o u n d s at 9 7 5 , 0 0 0 , tobacco u n d pipes sold at public h o u s e s at 20
113,533, total a m o u n t 3 , 3 1 0 , 0 0 0 . (p. 543) % d e r Population in G r o b r i -
t a n n i e n unfhig to gain a subsistence by lawful industry (von der adult
p o p u l a t i o n ; % in E n g l a n d u n d Schottland, % in Irland. N i c h t g e r e c h n e t a
large portion der i n d e p e n d e n t labourers, die unfhig sind to support t h e m -
selves in tolerable comfort by their exertions, or m a k e any provision 25
against illness, old age, or suspension of e m p l o y m e n t , so d a sie b e i diesen
casualties nothwendig b e c o m e i m m e r g e d i n die destitute u n d p a u p e r
class), (p. 546)
Improvements and Reforms in the State

of Society proposed. 30
J. Locke als einer der c o m m i s s i o n e r s des board of trade, sagt da % derer

die parochial relief erhalten fhig wren zu arbeiten. Er sagt aber nicht, wie
sie sich ihre Arbeit verschaffen sollen. Empfiehlt a stricter enforcement der
vagrant laws u n d advocated the plans of establishing work schools fr das
e m p l o y m e n t derer, die able, b u t unwilling to labour. 1720 John Bellars re- 35
published his proposals for employing the poor in a College of Industry,
vergleicht die poor m i t r o h e m D i a m a n t , dessen W e r t h u n b e k a n n t , Schlug
vor to raise a fund for the p a y m e n t of wages u n d to employ t h e poor in cul-
514
tivating the waste lands des K i n g d o m . J e d e m P a u p e r zu grant 4 acres of

land rent free, or at n o t m o r e als 2 s . - 5 s. per acre, according to t h e price
usually paid by t h e farmers at that period. M i t spade h u s b a n d r y n m l i c h
4 acres das H c h s t e was Einer bearbeiten k a n n . 1721 Dr. Leslie in an essay
5 on the divine right of tithes, n a c h d e m er b e m e r k t da die poor vor der R e -
formation generally m a i n t a i n e d von der clergy, schlgt vor, to charge all
the poor again auf die Kirche u n d d e n Z e h n t e n . 1732 Mr. Brock q u o t e d die
D u t c h als exemplary m a n a g e r s , deren scheme to relieve their m e n d i c i t y zu
Frederick Oord, was founded u p o n the project of h o m e colonization. De
10 Foe schlug sie a u c h vor. (p. 550,51)
In the country, labourers were formerly hired by t h e year during w h i c h
they were g u a r a n t e e d against all casualties ... t h e n again t h e agricultural
labourer h i n g n i c h t allein von wages a b ; die waste lands often supplied
t h e m with a right of c o m m o n , where they kept a cow, a pig u n d oft flock of
15 geese, which was profitable to t h e m as a temporary resort, (p. 554) Schlgt
das allotmentsystem vor. (p. 563 sqq.) N a c h einer recent calculation der
general c o n s u m p t i o n of adult persons they c o n s u m e 5 bis 8 oz. of a n i m a l
food, 8 o z . of bread, 16 oz. of potatoes or vegetables, z u s a m m e n 3 2 o z s . per
day u n d von 3 pints - 2 qrts of liquid, (p. 567)
r d
20 D a s 4 3 E l i z a b e t h theilt die indigent in 3 distinct classes, 1) children
whose parents were u n a b l e to m a i n t a i n t h e m ; 2) adults able to work, aber
entweder o h n e M i t t e l oder N e i g u n g dazu; 3) die really i m p o t e n t u n d neces-
te
sitous. F r die erste u n d 2 the requisite materials for work were to be pro-
t e
vided u n d die K i n d e r to be placed o u t as apprentices; u n d fr die 3 class
25 der necessary relief u n d h a b i t a t i o n s fr their abode. U n t e r James I new u n d
severe p u n i s h m e n t s inflicted on rogues u n d vagabonds. N i c h t gerhrt an
d e n Akt der Elisabeth bis Charles II. Die legislature klagt in der p r e a m b l e
des act oft t h e necessity, n u m b e r u n d c o n t i n u a l increase der poor, d a
they h a d b e c o m e exeedingly b u r d e n s o m e , which was attributed to defects
30 in t h e law respecting settlements, a n d for want of d u e provisions for relief
u n d e m p l o y m e n t in s u c h parishes where they are legally settled, w h i c h
doth enforce m a n y to b e c o m e incorrigible rogues u n d others to perish for
want, together with the neglect der faithful e x e c u t i o n der laws m a d e for ap-
p r e h e n d i n g rogues u n d vagabonds u n d for the good order of the poor". In
s t e n
35 dem 4 3 E l i z a b e t h war das principle national, aber die practice parochial.
Dieser Act dagegen ordains t h a t persons renting any t e n e m e n t u n d e r f 10 a
year, a n d residing 40 days in any parish n o t d e e m e d his legal settlement,
m a y be removed to his own parish. A restraint was here laid u p o n the free
circulation of ||39| l a b o u r ... a legal warfare between parish u n d parish
te
40 created (Dieser A c t der 13 u n d 1 4 of Charles II) 3 u n d 4 of W i l l i a m u n d
Mary recognise the acts von Charles u n d J a m e s u n d , u n t e r d e m S c h e i n to
515
extend the privileges of t h e poor, creates at the s a m e t i m e a new system of

restraints u n d checks u n d increase the m a c h i n e r y of a system radically
wrong u n d n o c h feindlicher der free circulation of l a b o u r ... D e r A k t ent-
hlt a u c h that every person receiving parish relief shall wear a badge upon
his arm, u n d e r to penalty of losing the relief a n d being c o m m i t t e d to, a n d 5
whipped at the h o u s e of correction". A n d n o n e were to be relieved without
the badge of degradation ... every reign a d d e d new difficulties to this c o m -
plicated m a c h i n e r y of removals a n d settlements. C o l q u h o o n berechnet,
d a in diesen 100 J a h r e n ausgegeben von d e n A r m e n r a t e s
fr litigations 30,000 in 100 years 3,000,000 10
Removals 20,000 2,000,000
Entertainments 10,000 1,000,000
6,000,000
r d
D i e original i n t e n t i o n des 4 3 Elizabeth ganz ausser Gesicht verloren, in
prosecuting u n d defending appeals. D i e question was n o t how the poor 15
should be set to work, or by what m e a n s stocks of raw materials should be
procured for t h a t purpose, b u t how the parish officers could best avail
themselves of legal substitutes in order to get rid of intruders. D i e a c c u m u -
lations von P a r l a m e n t s a c t e n increased die Maschinerie, w h i c h it was found
i n c o m p e t e n t for parish officers to c o m p r e h e n d , or to form a j u d g m e n t how 20
far the rights of the parish were, or were n o t invaded: h e n c e , law advisers
b e c a m e absolutely necessary, a n d h e n c e originated the expensive a p p e n d -
age of vestry clerks, regularly e d u c a t e d in the profession of t h e law. D e n
n e u e n Poorlawact von 1834 some of the magistrates b e t r a c h t e t e n als e i n e n
Insult. Their clerks suffered a severe loss, da j e d e application for a relief 25
h a d before brought t h e m a fee; there was o n e for the s u m m o n s a n d a n o t h e r
for t h e hearing; einige acknowledged d a das n e u e A r m e n g e s e t z took away
the c r e a m of their business, (p. 6 1 5 - 2 0 ) M a n hat berechnet, da der Con-
s u m von food wchentlich ist: an i n d e p e n d e n t labourer 7 lbs., able b o d i e d
paupers in workhouses 9 lbs. 7 o z . , suspected thief, prison allowance 12 lbs. 30
11 oz. convicted dto 14 lbs. 15 oz., transported thief, in Australia 20 lbs.
10 oz. (p. 623 note.) N a c h d e m Gesetz von 1834 wird er erst in sein parish
gebracht, sobald er krank etc sich um U n t e r s t t z u n g an die workhouses
w a n d t e however degraded a p a u p e r m a y be, er ist ein i m p r o v e m e n t on t h e
beggar. W h e n slavery oder life-apprenticeship was abolished, the labourer 35
b e c a m e his own m a s t e r u n d wurde seinen eignen resources berlassen.
Aber, w e n n o h n e h i n l n g l i c h e A r b e i t etc m e n will n o t starve whilst they
can beg or steal, consequently t h e first character the poor a s s u m e d was that
of thieves or m e n d i c a n t s , u n d it was to assist t h e m in t h a t capacity d a die
first efforts der legislature was directed, ere resort was h a d to a compulsory 40
rate for their relief, (p. 637 note) O n e r e m a r k a b l e distinction of the present
516
state of society, since Elisabeth, ist da ihr A r m e n a k t besonders ein A k t

war for the enforcement of industry, i n t e n d e d to m e e t the m a s s of vagrancy
t h a t grew o u t of t h e suppression der m o n a s t e r i e s u n d der transition from
slavery to free labour. ... the great difficulty t h e n was to overcome the
5 propensity of idleness u n d vagabondage, n o t to procure t h e m r e m u n e r a t i v e
occupation. During this reign there were several acts of the legislature to enforce
t h
the idle to labour. Als Beispiel davon der 5 of Elizabeth, directing h o u s e -
holders using half a p l o u g h of land (d. h. solches Q u a n t u m L a n d as a t e a m
of o x e n m i g h t plough in a year) in tillage, to require any person they m i g h t
10 find u n e m p l o y e d , to b e c o m e their apprentice, sei es in h u s b a n d r y oder in
any art oder mystery; u n d w e n n widerwillig, i h n before a justice zu bringen,
who was almost compelled to c o m m i t h i m to ward (prison) u n t i l he con-
sented to be b o u n d . U n t e r der Elisabeth 85 n t h i g u n t e r 100 zur P r o d u c -
tion of food. At present, n i c h t a lack of industry, b u t of profitable employ-
15 m e n t . (643,44) ( C o n t i n u a t i o p. 65) |
517
| 2 i | John Barton.
Observations on the circumstances
which influence the condition of the labouring
classes of Society.
L o n d o n 1817. 5
Es giebt facts, die zeigen, d a zu gewissen E p o c h e n u n s r e r G e s c h i c h t e , der

Progress der Bevlkerung n i c h t entsprach der a c c u m u l a t i o n of wealth. E i n e
dieser P e r i o d e n a b o u t t h e reign of Henry V I I I ... Zu k e i n e r Zeit grre
Klagen b e r Depopulation, (p. 7, 8) So heits 4 Henry V I I c. 19: t h e King
r e m e m b r e t h t h a t great inconveniences daily doe increase by desolation, 10
a n d pulling downe, a n d willfull waste of houses and townes within this
realme, a n d laying to pasture lands which customably have b e e n u s e d in
tillage, whereby idlenesse, which is the ground and b e g i n n i n g of all m i s -
chiefes, daily d o t h increase. For where in some townes, two h u n d r e d per-
sons were occupied, a n d lived by their lawfull labours, n o w there are 15
occupied 2 or 3 h e a r d s m e n , a n d the residue fall into idlenesse; the h u s b a n d -
rie, which is o n e of the greatest c o m m o d i t i e s of this realme, is greatly de-
cayed; churches destroyed; the bodies there b u r i e d n o t prayed for; the de-
fence of this l a n d against o u r e n e m i e s outward, feebled a n d i m p a i r e d etc.
(p. 8, 9) Dagegen heit es 31 Eliz. c. 2. An A c t against t h e erecting a n d 20
m a i n t a i n i n g of Cottages im preamble: "For avoiding the great inconven-
iences which are found to grow by the erecting and building of great n u m -
bers a n d m u l t i t u d e of cottages, which are daily m o r e increased in m a n y
parts of this realm." (p. 10, 11) Die Population dieses L a n d s ist f e m e r n i c h t
e n t s p r e c h e n d gewachsen seit Karl I bis to the latter part of t h e reign of 25
George II. A u s einer Tafel die Z a h l der bills for the inclosing of l a n d
passed in each session seit der Revolution, gegeben in d e m Lord's R e p o r t
518
Aus J. Barton: Observations on the circumstances ...
on the Poor Laws (1816?) sieht m a n , da in d e n 66 J a h r e n von 1 6 8 8 - 1 7 5 4

123 bills, in d e n 69 J a h r e n von 1 7 5 4 - 1 8 1 3 dagegen 3315. D e r Progress of
cultivation ungefhr 25 X rascher w h r e n d der lezteren Periode als in der
frhren. A b e r whrend der ersten 66 J a h r e m o r e and m o r e corn was grown
5 continually for exportation; w h r e n d w h r e n d des greater part der lezten
69 J a h r e alles consumirt, was frher exportirt, aber zugleich importirt an
increasing u n d zulezt a very large quantity fr u n s r e n eignen C o n s u m . D a s
W a c h s t h u m der Bevlkerung in der 1' Periode verglichen m i t der l e z t e n also
n o c h langsamer als der progress of cultivation m i g h t appear to indicate.
10 (p. 11,12) D i e deaths in E n g l a n d u n d Wales in d e n J a h r e n 1 7 0 0 , 1 7 1 0 , 1 7 2 0 ,
1730 u n d 1740, wie sie given in the returns von d e n parish registers, u n t e r
d e m Populationakt, exceed the births by 2018; w h r e n d in d e n J a h r e n 1750,
1760, 1770, 1780, 1790 u n d 1800 die births exceed die deaths urn 2 4 7 2 1 1 .
M a l t h u s m a c h t gegen diese R e c h n u n g allerlei schlechte B e d e n k e n . A b e r
15 i h m zugegeben, d a die omissions in d e m register of births zahlreicher
sind als die in d e m of deaths, da die erstren zu % u n d die leztren n u r zu
y des G a n z e n sich belaufen, so findet m a n , da der a n n u a l increase A n -
u
fang des lezten Jh. sich belief auf 6,400 persons, which, according to E u -
ler's table, would d o u b l e t h e p o p u l a t i o n in 600 years nearly. At the p r e s e n t
20 rate of increase it d o u b l e s in 55 years, (p. 12, 13.) 1688 die P o p u l a t i o n von
E n g l a n d u n d Wales n a c h Gregory King, der sie n a c h der Z a h l der H u s e r
l
schzte, 5 / millions. 1780 n a c h M a l t h u s die P o p u l a t i o n 7,700,000. Also
2
gewachsen in 92 J a h r e n 2,200,000; in d e n folgenden 30 J a h r e n wuchs sie

m e h r als 2,700,000. A b e r von d e m ersten W a c h s t h u m wahrscheinlich, d a
25 der grre Theil stattfand von 1 7 5 0 - 1 7 8 0 . (p. 13) B e r e c h n e t n a c h g u t e n
A n g a b e n d a 1750 die A n z a h l der E i n w o h n e r 5,946,000, m a k i n g an in-
crease seit der R e v o l u t i o n von 446,000 oder 7200 per a n n u m , (p. 14) N a c h
der lowest estimate d a n n der progress of p o p u l a t i o n 10 x rascher of late
years als a century ago. A b e r u n m g l i c h zu glauben, da die A c c u m u l a t i o n
30 des capital 10 x grsser, (p. 14) Die d e m a n d for labour d e p e n d s on the in-
crease of circulating, a n d n o t of fixed capital. W e r e it t r u e t h a t t h e propor-
tion between these 2 sorts of capital is t h e s a m e at all times, a n d in all
countries, t h e n i n d e e d it follows that the n u m b e r of labourers employed is
in proportion to the wealth of the state. A b e r as arts are cui[tivate]d, a n d civ-
35 ilization is extended, fixed capital bears a larger a n d larger proportion to
c i r c u l a t i n g capitals.] [So] ||22| in der P r o d u c t i o n von brittisch M u s l i n 100,
vielleicht 1000 x m e h r fix capital angewandt als fr ein similar Stck of In-
dian muslin. Das circulirende Capital aber verhltnimssig 100 x weniger,
(p. 16, 17) Das V e r h l t n i welches die wages of labour at any given t i m e
40 bear to the whole p r o d u c e of labour, b e s t i m m t die appropriation of capital
in one (fixed) or the other (circulating) way. (p. 17) Fllt der Arbeitslohn,
519
w h r e n d der Prei der W a a r e n stationair bleibt, oder steigt der W a a r e n -

prei, w h r e n d der Arbeitslohn derselbe bleibt, so the profit des employer
wchst u n d er ist i n d u c e d to hire m o r e h a n d s . Steigen dagegen wages im
Verhltni zu W a a r e n , so hlt der M a n u f a c t u r e r so wenig h a n d s als m g -
lich u n d sucht alles d u r c h M a s c h i n e r i e zu m a c h e n , (p. 1 7 , 1 8 ) we have good 5
evidence t h a t p o p u l a t i o n advanced m u c h m o r e slowly u n d e r a gradual rise
of wages w h r e n d des earlier part des lezten century, als w h r e n d des latter
part desselben century while the real price of l a b o u r fell rapidly, (p. 25) D a s
folgende s t a t e m e n t zeigt (die wages stiegen von der Mitte des 17' bis Mitte
des 18' Jh. d e n n der Kornprei fiel whrend dieser Zeit n i c h t weniger als 10
35%) what proportion the wages of h u s b a n d r y labour have b o r n e to the
price of corn, w h r e n d der lezten 70 Jahre.
Periods Weekly Pay Wheat per Qr. Wages in pints

of Wheat.
1742-1752 6sh. Od. 30 sh. Od. 102 15
1761-1770 7sh. 6d. 42 sh. 6d. 90
1780-1790 8sh. Od. 51 sh. 2d. 80
1795-1799 9sh. Od. 70 sh. 8d. 65
1800-1808 11 sh. Od. 86 sh. 8d. 60 (p. [25,] 26)
A rise of wages, of itself, t h e n , never increase the labouring population, a 20

fall of wages k a n n sie sehr schnell wachsen m a c h e n . . B. der E n g l n d e r
sinke in seinen F o r d e r u n g e n z u m Irlnder. So wird der F a b r i k a n t m e h r an-
w e n d e n in proportion to t h e d i m i n i s h e d expence of m a i n t e n a n c e . (I.e.) It is
t h e difficulty of finding e m p l o y m e n t , m u c h m o r e t h a n the insufficiency of
the rate of wages, which discourages marriage, (p. 27) It is a d m i t t e d d a 25
j e d e s W a c h s t h u m des R e i c h t h u m s die T e n d e n z h a t a fresh d e m a n d fr la-
b o u r zu schaffen, aber da l a b o u r von allen W a a r e n die grte Zeitlnge zu
ihrer P r o d u c t i o n erheischt, so, of all c o m m o d i t i e s , it is t h e m o s t raised in
price by a given increase of d e m a n d ; u n d da j e d e r rise of wages ein tenfold
r e d u c t i o n of profits produces, so klar, d a die V e r m e h r u n g des Capitals n u r 30
l a n g s a m wirken k a n n in adding to the effectual d e m a n d for labour, unless
preceded by s u c h an increase of p o p u l a t i o n as shall have t h e effect of keep-
ing down the rate of wages, (p. 28) Verglichen gegen 1 7 3 5 - 1 7 5 5 , w h e n a
day's labour would p u r c h a s e a peck of wheat, sind die wages von
1 7 5 0 - 1 8 0 3 u r n 40% gefallen, (p. 29) D e r remarkable increase der Popula- 35
tion, der in d e n 50 oder 60 lezten years fast in ganz E u r o p a stattfand h a t
vielleicht seinen H a u p t g r u n d in der increased productiveness der a m e r i c a n
m i n e s . E i n vermehrter Ueberflu der precious metals h e b t d e n Prei der
W a a r e n in grrem Verhltni als den Prei der Arbeit; it depresses the condi-
tion des labourer, und zugleich increases the gains of his employer, der so mehr 40
circulating capital zum Miethen von hands anwendet und die befrdert das
520
Aus J. Barton: Observations on the circumstances
Wachsthum der Bevlkerung ... M a l t h u s bemerkt, d a die discovery der

m i n e s von A m e r i c a , w h r e n d sie d e n price of corn 3 - 4 m a l , d e n der Arbeit
n u r 2 x h o b . ... D e r Prei der W a a r e n fr h o m e c o n s u m p t i o n ( z . B . Korn)
steigt n i c h t u n m i t t e l b a r in Folge eines influx von m o n e y ; a b e r da der rate
5 of profit in der Agricultur so gegen d e n in der I n d u s t r i e fllt, capital von
der erstren der letzren zugewandt; thus all capital c o m e s to yield higher
profits t h a n formerly, u n d a rise of profits stets gleich a fall of wages ... D i e
i m p o r t a t i o n von G o l d u n d Silber ist der only b r a n c h of t r a d e w h i c h raises
profits ... t h e precious metals fallen nie wie a n d r e W a a r e n im V e r h l t n i
10 zu ihrer increased quantity, wenigstens erst so l a n g s a m as m a y be suffi-
cient to t e r m i n a t e all existing contracts. ... the d e h n a n d for] l[a]bour h n g t
absolut a b von d e m j o i n t a m o u n t o f revenue u n d circulating capital. A b e r
die [ d e m a n d for commodities] nicht so limirt, at least n o t in the case of an
influx of t h e precious metals, [because the d e m a n d for forjeign countries is
15 superadded to the d e m a n d for h o m e c o n s u m p t i o n , (p. 2 9 - 3 5 ) |
|23| U n t e r H e n r y VII der decline des feudal c u s t o m of subdividing the
land in n u m e r o u s small portions: these small portions w u r d e n consolidated
into farms of a larger size. (p. 36) F i x e d capital, when o n c e formed, ceases
to affect t h e d e m a n d for labour, b u t during its formation it gives employ-
20 m e n t to j u s t as m a n y h a n d s as an e q u a l a m o u n t would employ, either of
circulating capital, or of revenue, (p. 56)
521
The Westminster Review. January 1826.
Effect of the Employment of Machinery etc

upon the Happiness of the Working Classes.
In the early stages of society, w h e n the i n s t r u m e n t s employed in the culti-

vation of the earth were few a n d r u d e , when t h e draining a n d m a n u r i n g of 5
the land, a n d the rotation of crops were as yet u n t h o u g h t of, the a t t e n t i o n
of the h u s b a n d m a n was directed exclusively to the better description of
soil. (p. 103) Wo ein I n d i v i d u u m seine eignen savings productiv anwendet,
die R e m u n e r a t i o n fr his t i m e a n d skill eine agency for superintendance;
(femer schliet der Profit das Risico ein, to which his capital m a y have 10
b e e n exposed in his particular business) u n d die r e m u n e r a t i o n for t h e pro-
ductive e m p l o y m e n t of his savings, interest. D a s G a n z e dieser R e m u n e r a -
tion gross Profit. Wo ein I n d i v i d u u m die savings eines a n d r e n anwendet, er-
hlt es die agency only. Wo ein I n d i v i d u u m seine savings e i n e m a n d r e n
leiht, n u r d e n interest oder die neat profits, (p. 107,8) D i e s e A b h a n d l u n g 15
h a n d e l t n u n n u r v o n d e m n e a t profit. (1. c.) T h e destruction of capital, ver-
ursacht by s u c h t r e m e n d o u s visitations wie famine, Kriegsexpenditure etc
ist rasch repaired, ausser wo das Volk selbst retrograd in knowledge. T h e
e m p l o y m e n t of a d i m i n i s h e d capital with the same skill which existed pre-
vious to its d i m i n u t i o n , m u s t necessarily be a t t e n d e d with an increased 20
rate of profit; a n d increased profit is t h e c h a r m which draws savings from
their hoard, a n d adds to t h e fund w h e n c e a c c u m u l a t i o n s are to be m a d e ,
(p. 108,9) every i m p r o v e m e n t in the arts of p r o d u c t i o n is a m e a n s of deriv-
ing profit from an inferior description of soil. (p. 112) An i m p r o v e m e n t in
m a c h i n e r y , c o n n e c t e d with the p r o d u c t i o n of one c o m m o d i t y in a country, 25
is in principle precisely similar to o n e c o n n e c t e d with all the c o m m o d i t i e s .
522
Aus The Westminster Review. 1826
T h e c o m m o d i t y with w h i c h t h e i m p r o v e m e n t is exclusively c o n n e c t e d , falls

in exchangeable value. If t h e d e m a n d of t h e n a t i o n for t h a t c o m m o d i t y
should, contrary to t h e u s u a l course of events, h a p p e n n o t to increase in
proportion to t h e r e d u c e d cost of p r o d u c t i o n , a p o r t i o n of capital would be
5 transferred to s o m e other business. ... T h e a d d i t i o n a l capital devoted to t h e
c o n s t r u c t i o n of a new m a c h i n e is n o t drawn from t h e fund to w h i c h t h e la-
bourers have to look for support, b u t from t h a t fund d e n die E r s p a r u n g e n
i m m e r liefern in A u s s i c h t auf w a c h s e n d e n Profit ... W h e n t h a t a d d i t i o n a l
capital is i n t r o d u c e d , motives in a b u n d a n c e are p r e s e n t e d for a still further
10 a c c u m u l a t i o n , since profits will have risen in as m u c h as t h e s a m e n u m b e r
of labourers, aided by m o r e powerful i n s t r u m e n t s , will be able to p r o d u c e a
larger quantity of c o m m o d i t i e s , (p. 115,16) Every i m p r o v e m e n t in d e n arts
of p r o d u c t i o n , die n i c h t does disturb die proportions zwischen d e n portions
des capital, gewidmet u n d n i c h t gewidmet d e m p a y m e n t of wages, is at-
15 t e n d e d m i t an increase of e m p l o y m e n t to t h e labouring classes: j e d e fresh
application of m a c h i n e r y u n d horse l a b o u r is a t t e n d e d m i t an increase of
p r o d u c e u n d folglich v o n Capital; to whatever extent it m a y d i m i n i s h t h e
ratio w h i c h t h a t part of t h e n a t i o n a l capital forming t h e fund for t h e pay-
m e n t of wages bears to t h a t w h i c h is otherwise employed, seine T e n d e n z
20 ist, not to d i m i n i s h but to increase t h e absolute a m o u n t of t h a t fund, u n d
h e n c e to increase t h e q u a n t i t y of e m p l o y m e n t , (p. 123) t h e e m p l o y m e n t of
capital abroad is highly advantageous to t h e labouring classes; ... it is o p -
erative in increasing das n a t i o n a l capital. If from a country, wo der Prei
des w h e a t per b u s h e l 8 sh. ist u n d no a d d i t i o n a l quantity zu d i e s e m Prei
25 producirt werden k a n n , capital . . n a c h N o r d a m e r i k a o d e r N e u s d w a l e s
exportirt wird, wo W e i z e n wohlfeiler zu p r o d u c i r e n , so k a n n solcher trans-
fer des capital der es a u s s e n d e n d e n G e g e n d n t z l i c h sein, k n n t e d a d u r c h
m e h r W e i z e n z u m alten oder ||24| zu n o c h geringerem Prei geliefert
werden, would n o t t h e p r o d u c t i o n of the c o m m o d i t i e s d e m a n d e d in pay-
30 m e n t for this wheat, furnish e m p l o y m e n t for a d d i t i o n a l capital a n d a d d i -
tional labourers? . . . A c h e a p e r m o d e of p r o d u c i n g corn would be dis-
covered, t h r o u g h t h e m e d i u m of cloth, h a r d w a r e etc. T h u s t h e act of
exporting capital would be t h e m e a n s of increasing t h e capital of t h e c o u n -
try from w h i c h it was exported, (p. 129) O u r general c o n c l u s i o n is, t h a t cap-
35 italists ought n o t to suffer themselves to be diverted from any profitable em-
ployment of their capitals by a fear of injuring t h e working classes.
Wherever their capitals c a n be m o s t profitably employed for themselves,
w h e t h e r in m a c h i n e r y or horselabour, or in foreign countries, there it is
m o s t for t h e interest of the labouring classes that they should be invested.
40 (p. 130)
523
David Buchanan: Observations on the subjects

treated of in Dr Smiths Inquiry into the
Nature and Causes of the wealth of Nations.
E d i n b u r g h 1814.
On the Principles of Metallic Currency. 5
In an early stage of society, w h e n n a t i o n s are poor, a n d their p a y m e n t s tri-

fling, copper has frequently b e e n k n o w n to answer all t h e purposes of cur-
rency u n d it is coined into pieces of very low d e n o m i n a t i o n s , in order to fa-
cilitate t h e inconsiderable exchanges which t h e n take place. So in den
early ages der r o m a n Republik, Schottland etc. (p. 3) T h e general wealth of 10
a country is very accurately m e a s u r e d by the n a t u r e of its p a y m e n t s a n d the
state of its coin; and the decided prevalence of a coarse m e t a l in its cur-
rency, j o i n e d to the use of coins of very low d e n o m i n a t i o n s , m a r k s a r u d e
state of society, (p. 4) Spter das business der currency theilt sich in 2 dis-
tinct d e p a r t m e n t s ; the duty of effecting the m a i n p a y m e n t s fr die m o r e 15
precious m e t a l s ; die inferior metals dagegen retained fr m o r e trivial ex-
changes u n d so rein subservient to the m a i n currency. Zwischen der ersten
i n t r o d u c t i o n eines edlern Metalls in die currency eines L a n d s u n d s e i n e m
exclusiven G e b r a u c h in d e n m a i n p a y m e n t s , weiter Interval; u n d die pay-
m e n t s des retail trade m s s e n , in der Zwischenzeit, so considerable gewor- 20
d e n sein, in Folge des increase of wealth, da sie z u m Theil m i n d e s t e n s
could be conveniently m a n a g e d by the new u n d m o r e valuable coin; since
no coin can be used for the m a i n p a y m e n t s which is n o t suited, zu gleicher
Zeit, to the transactions des retail trade, da jeder trade schlielich v o m
C o n s u m e r die return of its capital e r h l t . . . Silber h a t sich auf d e m Conti- 25
524
Aus D.Buchanan: Observations on the subjects treated of in Dr. Smith's inquiry ...
n e n t berall i n d e n m a i n p a y m e n t s gehalten ... I n B r i t a n n i e n die Q u a n t i -

tt von Silber in Circulation berschreitet nicht, was nthig fr die smaller
p a y m e n t s , da es oft schwer change fr eine g u i n e a sich zu verschaffen; u n d
silver coin has at t i m e s b e e n sold for a p r e m i u m . Silver selten in grren
5 S u m m e n als 20 sh. gesehn; u n d faktisch few p a y m e n t s von d e m Belauf in
Silber gemacht. Vor d e m reign von W i l l i a m III silver was brought in large
bags to the treasury in p a y m e n t der n a t i o n a l revenue. Zu this period fand
der grosse W e c h s e l Statt ... D i e exclusive i n t r o d u c t i o n von G o l d in die
m a i n p a y m e n t s of E n g l a n d , war a clear proof, d a die returns des retail
10 trade zu dieser Zeit h a u p t s c h l i c h in Gold gemacht; die mglich, o h n e
da ein single p a y m e n t stets exceeded oder selbst equalled any of t h e gold
coins; because, in the general a b u n d a n c e of gold u n d scarcity of silver, gold
coins n a t r l i c h offered fr small s u m s u n d a b a l a n c e of silver d e m a n d e d in
return; wodurch gold, by t h u s assisting im retail trade u n d e c o n o m i s i n g
15 d e n use of silver selbst fr die smaller p a y m e n t s , would prevent its a c c u m u -
lation by the retail trader ... D i e Substitution von G o l d fr Silber verur-
sacht u n m i t t e l b a r e i n e n Excess des Silbers u n d folglich e i n e n Fall in sei-
n e m W e r t h ... Z u r Zeit wo der great change in der currency von
G r o b r i t a n n i e n stattfand, die silver coin so clipped, d a E i n e G u i n e a
20 = 30 sh. Silber coinage n e u g e m a c h t , issued, zu d e m a m o u n t in tale of
6,882,908. 19 sh. 7 d. ||25| Da aber Silber n u n ausgeschlossen v o n d e n
H a u p t z a h l u n g e n , die quantity issued zu gro fr die A n w e n d u n g in small-
er p a y m e n t s u n d d a s silver coin fiel 4 % u n t e r seinen intrinsic value. ...
converted in bullion u n d exported. Diese coinage h a t t e die Regierung ge-
25 kostet 2 , 7 0 0 , 0 0 0 ; in 17 J a h r e n fast ganz v e r s c h w u n d e n ... Allerdings war
das Silber, zu 22 sh. fr G u i n e a , u n d e r r a t e d im Parlamentsakt; aber da die
m i n t e s t i m a t i o n nicht followed auf d e m Markt, viel m e h r n u r 21 sh. 6 d. ge-
geben fr a guinea, it could n o t have occasioned t h e evil c o m p l a i n e d of. ...
A b e r der M a r k t p r e i selbst u n d e r r a t e d das coin u n t e r s e i n e m Bullion
30 Werth, so a u c h fr french louisdors u n d Portugal moidores, sie exchanged
for m o r e t h a n their worth in silvercoin. ... Gleichzeitig wie m a n aus
N e w t o n s e i g e n e m R e p o r t on the State of t h e Coin sieht, stieg das Silber
in Schweden h h e r z u m G o l d als in irgend e i n e m Theil von E u r o p a . Der-
selbe change wie in England. Sweden, frher c o n t e n t m i t a copper cur-
35 rency, b e g a n now to a b o u n d in silver. ... t h e high price of silver coin in
Sweden, a n d its low price in England, were necessary to perfect the desired
i m p r o v e m e n t . A u f Sir Issac Newton's advice a royal p r o c l a m a t i o n reducirte
die G u i n e a auf 21 sh. ... der fall in its value h a d by this t i m e cleared the
currency of what was superfluous u n d n u r m e h r in Circulation was n t h i g
40 fr die smaller p a y m e n t s . ... Klar, d a das coin used for the larger pay-
m e n t s can only pass current at its intrinsic worth ... A b e r i n n r e r W e r t h |
525
I nicht nthig fr a subsidiary currency ... In R o m e , so lange copper das pre-

vailing coin, current only fr seinen i n n r e n W e r t h ... 5 J a h r e von d e m A n -
fang des ersten p u n i s c h e n Kriegs Silber eingefhrt, verdrngte n a c h u n d
n a c h Kupfer in d e n H a u p t z a h l u n g e n ... 62 J a h r e n a c h d e m Silber Gold,
b u t it never seems to have excluded silver from t h e m a i n p a y m e n t s ... In 5
I n d i e n Kupfer keine subsidiary currency; passirt d e h a l b n u r fr s e i n e n in-
trinsic worth. D i e rupee, a silver coin von 2 sh. 3 d., ist das m o n e y of ac-
count; in relation wozu das m o h o u r , a gold coin, u n d das pice a copper
coin, are allowed to find their value in the market, stets die n u m b e r of pice
currently exchanged fr a r u p e e varies m i t d e m Gewicht u n d W e r t h des 10
coin, w h r e n d hier 24 halfpence n u r = 1 sh. o h n e R c k s i c h t auf ihr G e -
wicht. I n I n d i e n m u der Retaildealer n o c h i m m e r considerable quantities
of copper fur seine goods n e h m e n u n d he c a n n o t afford to take it, daher,
b u t fr s e i n e n i n n e r n W e r t h ... In den currencies von E u r o p a Kupfer pass-
es fr j e d e n W e r t h , der auf es fixirt ist, o h n e E x a m i n a t i o n seines Gewichts 15
oder fineness, (p. 4 - 1 8 ) U n t e r H e n r y VIII. Silber sehr berschzt gegen
Gold, circulirte als fr s e i n e n i n n r e n W e r t h ; jezt aber subsidiary currency
circulates at an arbitrary value, (p. 19) Gold u n d Silber sind abwechselnd
g e b a n n t worden von der currency of E n g l a n d by a erroneous e s t i m a t i o n
ihres W e r t h s . Sie h a b e n gelegentlich a u c h passed current at a value differ- 20
e n t von der der mintregulation. N a c h der E n t d e c k u n g der a m e r i c a n m i n e s
fiel Silber in s e i n e m W e r t h verglichen m i t Gold; die gold coins folglich
entweder m e l t e d down oder exported; J a m e s I daher gezwungen i h r e n
W e r t h um fast 1 1 % gegen das silver coin zu erhhn. Jezt aber wieder das
gold coin zu h o c h geschzt. Silber coin, n a c h dieser Alteration, fast ganz 25
g e b a n n t aus der Circulation. I n d e fuhr der W e r t h des Silbers fort im Ver-
h l t n i z u m Gold zu fallen; so da eine n e u e S c h t z u n g des G o l d s bald
wieder nthig; u n d die currency bestndiger disorder ausgesezt von d e m
constantly declining value des Silbers, bis es schlielich seine lowest de-
pression erreichte, (p. 22, 23) G b e m a n ein n e u e s Silbergeld aus zu % 30
m e h r als sein intrinsic worth, so k n n t e es k a u m afficirt werden d u r c h any
change in d e m Marktprei des Silbers, da das M e t a l l m e h r als 30% steigen
m t e , before es profitable sein k n n t e es in Bullion zu verwandeln, (p.26)
Kupfer sollte nicht legale M n z e sein b e r 6 p e n c e , die niedrigste Silber-
m n z e u n d Silber n i c h t legal t e n d e r b e r a guinea, (p. 29) In E n g l a n d ein 35
Excess von Kupfergeld ausgegeben 1798, by private traders; u n d obgleich
copper n u r legal p a y m e n t fr 6 d., fand s e i n e n W e g (das surplus) zu d e n
Retailtraders; die s u c h t e n es wieder in Circulation zu setzen; kehrte aber
schlielich zu i h n e n zurck. Als diese currency gestoppt war, copper accu-
m u l i r t bei d e n retail dealers in s u m s von 20, 30 u n d selbst 50 /., die sie 40
schlielich zu i h r e m intrinsic worth verkaufen m u t e n , (p. 31) |
526
Aus D. Buchanan: Observations on the subjects treated of in Dr. Smith's inquiry
|26| On the price of such commodities as yield a rent.
D e r high price (bei d e n P r o d u c e n t e n die R e n t e zahlen) ist offenbar n i c h t

nthig to insure p r o d u c t i o n , for although l a n d yielded no rent, it would still
be cultivated. ...die d a h e r zu erklren von der comparative scarcity worin
5 articles die yield a rent are generally produced. ... d u r c h d e n rise of price
die c o n s u m p t i o n is confined in d e n limits der Zufuhr ... Prei der grosse
Regulator der C o n s u m t i o n ... der price of such c o m m o d i t i e s as yield a r e n t
being fixed with a view to regulate c o n s u m p t i o n , is in this m a n n e r wholly
i n d e p e n d e n t of their original c o s t . . . the very existence of rent, or of a sur-
10 plus i n d e p e n d e n t of the expences of p r o d u c t i o n , is of itself a sufficient
proof that those expences n e i t h e r limit n o r d e t e r m i n e the price ... die ex-
pences of p r o d u c t i o n m s s e n d a h e r be defrayed o u t of the rent; u n d w e n n
sie rise or fall ist die Folge n i c h t ein higher or a lower price, s o n d e r n a
higher oder a lower rent. (p. 3 3 - 3 8 ) M a n u f a c t u r i n g industry increases its
15 p r o d u c e im Verhltni zur d e m a n d u n d der price falls; aber das p r o d u c e of
l a n d c a n n o t be so increased u n d a high price ist nthig to prevent d e n Con-
s u m to exceed die supply, (p. 40)
On the wages of labour.
M a l t h u s , von der fallacy ausgehend, da jeder increase of wages will be

20 spent in p u r c h a s i n g food, n i m m t an, d a obgleich a d e m a n d for labour,
verursacht, d u r c h an increase des trading capital, would raise its m o n e y
price, der price of provisions would rise along with it u n d d a der labourer
so n i c h t m e h r fr das m e h r Geld. Es m a c h t so ein Progress der wages on in-
finitum mglich, ( u p o n this principle) Sobald der Arbeiter m e r k t , d a die
25 L o h n e r h h u n g n u r n o m i n e l l , verlangt er n u n weitre etc. (p. 52,3) W a s z . B .
in Polen fehlt ist n i c h t food, for the m a i n t e n a n c e of labour, s o n d e r n capital
to supply materials u n d skill to set industry to work ... grade in d e m agri-
cultural country finden wir p o p u l a t i o n m i t plenty of food kept back by t h e
want of e m p l o y m e n t , (p. 58,9) D e r price of labour h a t keine n o t h w e n d i g e
30 c o n n e x i o n m i t d e m price of food, weil er ganz a b h n g t von der supply of
labourers c o m p a r e d m i t der d e m a n d , (p. 59) ( N i m m t d a b e i a n da der h i g h
price of provision ein certain i n d i c a t i o n of a deficient supply ist u n d d a h e r
grade der Prei h o c h ist, d a m i t jeder, also a u c h der Arbeiter seinen A n t h e i l
am C o n s u m beschrnkt, p. 59, 60)
527
On Stock.
Das saving of r e v e n u e increases t h e supply of capital, w h r e n d das spend-

ing of it increases t h e d e m a n d , (p. 76) A c c u m u l a t i o n u n d e x p e n d i t u r e ,
w e n n keeping p a c e m i t e i n a n d e r , m a y increase t o any extent; b e c a u s e
every increase of r e v e n u e m a y be partly saved a n d partly spent, a n d m a y 5
t h u s add equally to the d e m a n d for capital as well as to t h e supply. So is no
limiting d e n increase of capital, (p. 76, 77) t h e s a m e capital will provide for
a larger e x p e n d i t u r e where profit is high t h a n where it is low. A capital of
1 0 , 0 0 0 , yielding a profit of 10%, will provide for an e x p e n d i t u r e of
11,000; a n d if this capital be increased o h n e any increase of e x p e n d i t u r e , 10
ist die C o n s e q u e n z a d i m i n u t i o n of profit, to t h e precise a m o u n t des addi-
t i o n a l capital; b e c a u s e otherwise this capital c a n n o t find e m p l o y m e n t . A
larger capital t h a n 10,000 m i t a profit of 10% c a n never be e m p l o y e d in
providing for an e x p e n d i t u r e of 11,000. An increase of capital o h n e any
increase of e x p e n d i t u r e zu vergleichen der V e r m e h r u n g der currency o h n e 15
increase of trade, (p. 78,9)
On Paper Currency.
M e r c h a n t s , die in derselben Stadt residiren b r a u c h e n k e i n e n b a n k e r ; aber

w e n n i n distant places, k n n e n sie k e i n e Z a h l u n g e n m a c h e n o h n e cash z u
r e m i t t i r e n u n d j e d e separate t r a n s a c t i o n erheischt a separate r e m i t t a n c e . 20
To avoid those p a y m e n t s in detail, das business b e r t r a g e n to a p a r t i c u l a r
class of dealers, who bring t h e whole dieser transactions to a c o m m o n bal-
ance, for which o n e general r e m i t t a n c e is sufficient, u n d so die extensive
dealings von trading towns gesettled m i t verhltnimssig small r e m i t t a n c e
of cash. (p. 92) A b e r w e n n die transactions of trading towns lead to no i n - 25
tercourse between their respective m o n e y dealers, ihre m u t u a l p a y m e n t s
g e m a c h t d u r c h das m e d i u m of s o m e third place, by drawing on which,
t h e i r occasional balances b e i n g transferred to a m o r e general fund of d e b t
a n d credit, will u l t i m a ||27| tely be b r o u g h t to a c o m m o n b a l a n c e . . B.
w e n n E d i n b u r g h Bristol G e l d schuldet, die b a l a n c e discharged d u r c h a 30
draft on L o n d o n , w h i c h would t h u s c o m e in place of Bristol as t h e creditor
of E d i n b u r g h , t h e d e b t b e i n g transferred to t h e general c a s h a c c o u n t dieser
2 places. A b e r E d i n b u r g h m a y be t h e creditor of o t h e r towns, as well as t h e
debtor; a n d L o n d o n being credited m i t d e m m o n e y to be received, as it was
formerly charged m i t d e m m o n e y to be paid, die 2 s u m s m a y be nearly 35
equal; i n d i e s e m Fall die general b a l a n c e bearing n o p r o p o r t i o n t o t h e
528
Aus D. Buchanan: Observations on the subjects treated of in Dr. Smith's inquiry ...
m a s s of account, t h e m o s t extensive m o n e y dealings between distant places

m a y be settled m i t a very small r e m i t t a n c e of specie. T h e scattered b a l a n -
ces arising on the transactions of t h e country will t h u s be collected into
new a c c o u n t by the bankers der reichen u n d p o p u l o u s towns, in which it is
5 found convenient to settle t h e m o n e y dealings of the n e i g h b o u r h o o d ; u n d
die metropolis, das centre of intercourse u n d trade, wird a u c h z u m centre
dieses great system, where the respective debts a n d credits of the inferior
towns, which c a n n o t be settled otherwise, will be brought to a final bal-
ance, (p. [93,] 94) 1780 war stated, in evidence, vor e i n e m C o m m i t t e e des
10 H o u s e of C o m m o n s , von verschiednen collectors der public revenue, d a
vor ungefhr 40 J a h r e n vor dieser period das p r e m i u m on L o n d o n bills
wechselte von 2 s. 6 d. zu 20 s. % in proportion to the distance from L o n -
don. 1764 a p r e m i u m of 7 s. 6 d. gezahlt on m o n e y r e m i t t e d von W a l e s .
1774 die public revenue r e m i t t e d von Dorsetshire n a c h L o n d o n , by bills
15 payable at 40 days u n d procured fr a p r e m i u m of 2 s. 6 d. per cent. N o r
was there any c h a n n e l w o d u r c h diese r e m i t t a n c e s could be regularly m a d e ;
so da die collectors gezwungen zu procure drafts on L o n d o n , on t h e best
t e r m s they could, von solchen manufacturers u n d m e r c h a n t s , die die deal-
ings m i t der metropolis. Im progress of m o n e y dealing u n d c o m m e r c e das
20 p r e m i u m on L o n d o n bills graduell v e r m i n d e r t u n d ganz abolished 1778,
t h e t e r m of p a y m e n t being shortened zu gleicher Zeit. (p. 95,6)
On Productive and Unproductive Labour.
If t h e soldier, for example, be t e r m e d a productive labourer b e c a u s e h i s la-

b o u r is subservient to p r o d u c t i o n , the productive labourer might, by t h e
25 s a m e rule, lay claim to military h o n o u r s ; as it is certain that without his as-
sistance no a r m y could ever take the field to fight battles or to gain victo-
ries, (p. 132) F e r n e r zu u n t e r s c h e i d e n zwischen der Arbeit, die d e n Werth
des E i g e n t h u m s schafft u n d vermehrt u n d der Protection, die n u r die pos-
session sichert. (1. c.) E b e n s o recht h a t S m i t h m i t m e n i a l servants. W e r sie
30 hlt, vermindert seinen R e i c h t h u m . N i c h t so bei d e m labourer, (p. 133) D a s
n e a t surplus, wewegen die E c o n o m i s t s die N t z l i c h k e i t der Agricultur
u n d ihre Productivitt auf d e n ersten R a n g stellen, entspringt n u r von d e m
h i g h price ihres Products. D e m Landlord n t z l i c h , sicher n i c h t d e m Consu-
mer. V e r m e h r t n i c h t die P r o d u c t i v i t t , d i e s e r h i g h p r i c e . D i e landlord's
35 r e n t keine addition z u m n a t i o n a l wealth, s o n d e r n bertragung des R e i c h -
t h u m s von d e n c o n s u m e r s auf d e n Landlord. (p. 134,5) In jeder improving
society der Prei der manufacturers graduell reducirt d u r c h d e n G e b r a u c h
der M a s c h i n e n . W e n n M a n u f a c t u r e s , obgleich wohlfeiler producirt, den-
529
n o c h zu i h r e m alten Prei verkauft wrden, blieben a large surplus n a c h

der Z a h l u n g von wages u n d profit, u n d d a n n wren die M a n u f a k t u r i n d u -
strien n a c h den Oekonomists produktiv, (p. 136)
On the Progress of National Opulence.
In Schottland, jezt wo die lezten S p u r e n der F e u d a l i t t verschwinden the 5

p o p u l a t i o n is reduced, n o t to what t h e land will m a i n t a i n , b u t to what it
will employ. (p. 144) E i n Volk von simple m a n n e r s k a n n leichter verschaf-
fen die n t h i g e Zufuhr von food u n d m a n u f a c t u r e s als wo luxury prevails
u n d es bleibt ein larger surplus of industry fr andre Zwecke. In s o l c h e m
state of society k a n n eine N a t i o n freiem G e b r a u c h von ihrer Bevlkerung 10
fr d e n Krieg m a c h e n . A u f die M o d e l gegrndet die a n c i e n t military
c o m m u n i t i e s von G r e e c e u n d R o m e . (p. 145) W e n n eine n a t i o n wants capi-
tal u n d Industrie fr M a n u f a k t u r e n , oder fr die supply eines Equivalent
fr ihr ganzes R o h p r o d u k t , m u das surplus ins A u s l a n d gesandt w e r d e n
fr die M a n u f a k t u r e n reicher Lnder; sobald die Population u n d I n d u s t r i e 15
des exporting L a n d e s u n t e r d e s s e n sich verbessern im Verhltni zu s e i n e n
a b u n d a n t m e a n s of subsistence u n d e m p l o y m e n t , wird das frher n a c h aus-
sen gesandte surplus Product bald erheischt fr die Beschftigung u n d s u p -
port der domestic industry. W c h s t das L a n d weiter an P o p u l a t i o n u n d In-
dustrie, so gengt sein P r o d u c t bald n i c h t m e h r den wants seiner 20
E i n w o h n e r u n d R o h p r o d u k t d a n n von A u s s e n verschafft d u r c h Export von
m a n u f a c t u r e s . Agricultur, in der Zwischenzeit begnstigt, d u r c h die grosse
Nachfrage n a c h Subsistenz, Folge der improving industry u n d increasing
population, ||28| schreitet rasch voran u n d wieder wird ihr increasing pro-
d u c e g e n g e n d fr d e n support u n d A n w e n d u n g der g a n z e n Bevlkerung. 25
So in vorschreitenden Lndern, werden agriculture u n d m a n u f a c t u r e ab-
wechselnd die lead n e h m e n , die supply of raw p r o d u c e u n d subsistence,
s o m e t i m e s exceeding u n d at other t i m e s falling short of the d e m a n d s of
p o p u l a t i o n a n d industry. England fhrte frher Wolle fr franzsische
W e i n e u n d feine cloths von F l a n d e r n aus. N o c h u n t e r J a m e s I hing Eng- 30
land fr sein bread von F r e m d e n ab; regular i m p o r t a t i o n from the Baltic,
wie von F r a n c e . V o n da an, m i t der Verberung seiner C u l t u r gengte sein
h e i m i s c h e s Product. 1707 u n d 8 blieb surplus fr Export - 1780 h r t e das
surplus auf; war nthig fr die domestic industry u n d seit der Zeit, bei d e m
raschen W a c h s e n der manufactures, I m p o r t von raw p r o d u c e u n d subsist- 35
enee. (p. 1 3 7 - 1 4 0 ) D e r Progress von A m e r i k a stets assistirt von europ-
i s c h e m Capital u n d I n d u s t r i e . So a supply von m a n u f a c t u r e s provided, das
Capital des L a n d e s frei gelassen fr die Cultur des L a n d e s , rascher Fort-
530
Aus D.Buchanan: Observations on the subjects treated of in Dr. Smith's inquiry ...
schritt der Agricultur u n d Population. B u t in a less improved state of the

world, the d e m a n d of A m e r i c a for m a n u f a c t u r e s could n o t have b e e n sup-
plied from abroad; her capital m u s t , in t h a t case, have b e e n divided zwi-
schen der Agricultur u n d M a n u f a c t u r of her own raw produce, u n d p o p -
5 u l a t i o n slowly advanced, wie in a n d r e n L n d e r n , (p. 143)
On the Cornlaws.
V o n Charles II bis 1765 I m p o r t verboten, Export von W i l l i a m III an e n c o u -

ragirt. V o n 1 7 6 5 - 1 7 7 3 Export verboten u n d I m p o r t erlaubt. V o n
1 7 7 3 - 1 7 9 1 I m p o r t frei w h r e n d 8 J a h r e n , c o r n being in these years stets
10 b e r d e m Prei, wozu die duties on i m p o r t a t i o n were exigible. Gleichzeitig
whrend dieser 13 J a h r e keine Begnstigung des Exports, da der Prei wh-
r e n d dieser J a h r e zu h o c h to warrant die Z a h l u n g der b o u n t y , die das G e -
setz erlaubte. N a c h 1791 Export u n d I m p o r t im A l l g e m e i n e n frei, da K o r n
meist b e r d e m Prei, wozu die high duty exigible oder die b o u n t y pay-
15 able. (p. 149,50)
On National Defence.
Allerlei K o h l b e r d e n K r i e g .
Of the East India Company.
1784 besizt die C o m p a g n i e ein N o m i n a l c a p i t a l von 3,200,000, wovon n u r

20 ein Theil, 2,800,000 u n t e r s c h r i e b e n war, die directors retaining t h e power
of calling for the r e m a i n d e r . 1786, additionelles Capital von 800,000 sub-
scribirt, zu 1 5 5 P / C , which p r o d u c e d 1,240,000.1789 1 Million m e h r ad-
ded z u m Kapitalstock, zu 174 P / C u n d 1793 das Capital vermehrt d u r c h
eine andre Million zu 2 0 0 P / C ; so da das n o m i n a l Capital der C o m p a n y
25 wofr D i v i d e n d e zahlbar, 6 , 0 0 0 , 0 0 0 , wofr cash has b e e n p a i d in die
C o m p a n y ' s funds zu 7,780,000. (p. 208,9) 1765 the East I n d i a c o m p a n y
acquired by a grant from S h a h A l l u m , t h e M o g u l Emperor, the territorial
revenues of Bangal, B a h a r u n d Orissa. (p.234[, 235]) 1770 famine in Ben-
gal tdtete % der Einwohner, [p. 237] Die C o m p a n y u n d ihre farmers n u n
30 when a very considerable portion, supposed even % of the whole i n h a b i t -
ants, h a d perished, the r e m a i n i n g % were obliged to pay for the l a n d s n o w
left without cultivators", (p. 240)
531
Of taxation.
On public debts.
By borrowing . . t h e a n n u a l s u m of 20 millions, a n d i m p o s i n g taxes for

t h e interest only, at t h e rate of 5 %, t h e comparatively small s u m of 1 mil
lion is all t h a t will be i m m e d i a t e l y required. Diese small s u m aber wird a 5
p e r m a n e n t b u r d e n o n t h e c o m m u n i t y ... I n 2 0 years t h e s u m p a i d for inter
est will e q u a l t h e e x p e n d i t u r e , a n d in this m a n n e r t h e system will p r o c e e d
slowly b u t surely to u n d e r m i n e t h e resources of t h e state, (p. 297,8) An act
of bankruptcy, t h o u g h it involves t h o u s a n d s in distress a n d m i n , strengthens
a state, (p. 299) M a n h a t n a c h d e m F r i e d e n der foreign e x p e n d i t u r e das 10
Steigen des b u l l i o n b e r die N o t e n zugeschrieben. But a rise in t h e price of
bullion confined to this country would n o t have affected t h e e x c h a n g e of
p a p e r for b u l l i o n on t h e c o n t i n e n t , where, according to this hypothesis, no
rise of price h a d taken place. T h o u g h p a p e r would not e x c h a n g e at p a r for
specie in Britain, where t h e price of specie h a d risen, it o u g h t still to h a v e 15
e x c h a n g e d at par for specie on t h e c o n t i n e n t , where t h e price of specie h a d
n o t risen. W e f i n d , however, t h a t o n t h e c o n t i n e n t , t h e o n e p o u n d n o t e s der
B a n k of E n g l a n d e x c h a n g e d fur 13 sh. 6 d.; which plainly proves t h a t t h e r e
was really no rise in t h e price of bullion u n d d a der scheinbare rise i m m e r
verursacht d u r c h d e n d i m i n i s h e d value of t h e n o t e . (p. 314,15) 20
532
Aus T. R. Malthus: The measure of value
T.R.Malthus.
The Measure of Value Stated and Illustrated.
L o n d o n 1823.
any given quantity of labour m u s t be of t h e s a m e value as t h e wages which

5 c o m m a n d it, or for which it actually exchanges, (p. 5) It is observed by
A. Smith t h a t corn is an a n n u a l crop, b u t c h e r s ' m e a t a crop which requires
4 or 5 years to grow; a n d consequently, if we c o m p a r e 2 quantities of corn
a n d beef which are of e q u a l exchangeable value, it is certain that a differ-
ence of 3 or 4 a d d i t i o n a l years profit at 15 % u p o n the capital employed in
10 the p r o d u c t i o n of the beef would, exclusively of any other considerations,
m a k e up in value for a m u c h smaller quantity of labour, a n d t h u s we m i g h t
have 2 c o m m o d i t i e s of the s a m e exchangeable value, while the a c c u m u -
lated a n d i m m e d i a t e l a b o u r of the o n e was 40 or 50% less t h a n t h a t of the
other. This is an event of daily occurrence in reference to a vast m a s s of the
15 m o s t i m p o r t a n t c o m m o d i t i e s in the country; and if profits were to fall from
15% to 8%, the value of beef compared with corn would fall above 20%. (p. 10[,
11]) D i e exchangeable value von W a a r e n h n g t n i c h t ausschlielich von
der u p o n t h e m verwandten Q u a n t i t t von Arbeit ab, ausser in d e n very
peculiar cases when b o t h the returns der advances u n d die proportions v o n
20 fixed u n d circulating capitals are exactly t h e s a m e . (p. 13) In d e m s e l b e n
L a n d , zur selben Zeit, der Tauschwerth der W a a r e n , die sich in l a b o u r u n d '
profits allein auflsen, exact gemessen d u r c h die Q u a n t i t t Arbeit, resulti-
r e n d von der a c c u m u l a t e d u n d i m m e d i a t e Arbeit actually worked u p i n
t h e m + t h e varying a m o u n t of the profits on all t h e advances estimated in
25 labour. But, this m u s t necessarily be the same as the quantity of l a b o u r
which they will c o m m a n d , (p. 15,16) T h e c o n d i t i o n s der supply of c o m m o d i -
ties do n o t require that they should retain always the same relative values,
b u t that e a c h should retain its proper natural value, or t h e m e a n s of obtain-
533
ing those objects which will c o n t i n u e to the p r o d u c e r the s a m e power of

p r o d u c t i o n a n d a c c u m u l a t i o n ... profits are calculated u p o n the advances
necessary to p r o d u c t i o n ... the specific advances of capitalists do n o t consist
of cloth, b u t of labour; a n d as no other object whatever can represent a
given quantity of labour, klar d a es ist die quantity of labour which a c o m - 5
m o d i t y will c o m m a n d , a n d n o t the quantity of any other c o m m o d i t y ,
w h i c h c a n represent the c o n d i t i o n s of its supply, or its n a t u r a l value, (p. 17,
18) W e n n m a n die E l e m e n t e der n a t u r a l u n d relative value der W a a r e n i n
d e m s e l b e n L a n d k e n n t - die Differenz im W e r t h des Gelds in d e n ver-
s c h i e d n e n L n d e r n , so k e n n t m a n die R a t e wozu die W a a r e n verschiedner 10
L n d e r sich gegen e i n a n d e r a u s t a u s c h e n ... u n d die differences in t h e val-
ue of m o n e y in different countries are proportioned to t h e differences in
the m o n e y prices of agricultural labour, (p. 20) M a l t h u s b e h a u p t e t a l s o
d a die value der Arbeit constants ist. (p. 29 N o t e ) S o d a w e n n d e r L o h n
steigt o d e r fllt, die W a a r e n g e s t i e g e n o d e r gefallen sind. Steigt die 15
Nachfrage fr Arbeit, so die greater earnings des labourer verursacht, n i c h t
by a rise in the value of labour, sondern by a fall in the value of t h e pro-
d u c e for which the labour was exchanged. U n d im case der a b u n d a n c e der
Arbeit, the small earnings des labourer verursacht d u r c h a rise in the value
of the p r o d u c e u n d n i c h t by a fall in the value der labour, (p. 35) W e n n Ar- 20
beit allein, o h n e capital, were employed in procuring the fruits of the earth,
the greater facility of procuring o n e sort of t h e m c o m p a r e d with another,
would not, it is acknowledged, alter the value of labour, or the exchange-
able value of the whole p r o d u c e o b t a i n e d by a given quantity of exertion.
We should, without hesitation, allow t h a t the difference was in the c h e a p - 25
ness or dearness of the p r o d u c e , n o t of the labour. Dasselbe gilt w e n n capi-
tal u n d profits enter into the c o m p u t a t i o n of value u n d die d e m a n d for la-
b o u r varies ... F i n d e t der increased reward des Arbeiters statt o h n e ein
increase des produce, die n u r mglich b e i e i n e m fall of profits ... To o b -
tain any given portion of t h e p r o d u c e t h e s a m e quantity of labour is n e c e s - 30
sary as before, b u t profits being diminished, the value of t h e p r o d u c e is de-
creased; while this d i m i n u t i o n of profits in reference to the value of wages
is j u s t counterbalanced by the increased quantity of labour necessary to
p r o c u r e the increased p r o d u c e awarded to the labourer, leaving t h e value of
labour the same as before, (p. 33, 34) U m g e k e h r t im u m g e k e h r t e n F a l l . A 35
smaller quantity of p r o d u c e would be awarded to t h e labourer a n d profits
would rise. A given quantity of produce, which h a d b e e n o b t a i n e d by the
s a m e quantity of labour as before, would rise in value on a c c o u n t of the
rise of profits, while this rise of profits, in reference to the wages of the la-
bourer, would be b a l a n c e d by the smaller quantity of l a b o u r necessary to 40
obtain the d i m i n i s h e d p r o d u c e awarded to the labourer, (p. 35) |
534
Aus T. R. Malthus: The measure of value
|30| A u s der constant value der Arbeit folgt, d a 1) der W e r t h des G e l d e s

i n d e n verschiednen L n d e r n gegeben ( d u r c h d e n m o n e y p r i c e o f l a b o u r )
die n a t u r a l prices der W a a r e n worauf dieselben Q u a n t a Arbeit verwandt,
a b h n g e n von d e m rate u n d quantity of profits; 2) W e n n die R a t e der Pro-
5 fite u n d der value of m o n e y gegeben, von der quantity of labour e m p l o y e d
u p o n t h e m ; 3) W e n n die quantity of labour employed on t h e m u n d der rate
u n d quantity der Profite, von d e m value of m o n e y , (p. 44, 45) A l s o : the la-
b o u r which a c o m m o d i t y c o m m a n d i r e n k a n n , ist a standard m e a s u r e of
value. (p. 61) W e n n I n d i e n u n d England, jedes, M i n e n von gleicher
10 F r u c h t b a r k e i t h t t e n , wrde die superior W i r k s a m k e i t der englischen Ar-
beit, assisted by m a c h i n e r y , e i n e viel grre quantity m e t a l aus solchen
M i n e n ziehen; u n d der Geldprei der Arbeit k n n t e 3 oder 4 x h h e r sein
u n d der value of m o n e y 3 oder 4 x niedriger in E n g l a n d als in I n d i e n . Der-
selbe Effect jezt praktisch producirt d u r c h d e n skill u n d m a c h i n e r y e m -
15 ployed on the m a n u f a c t u r e s w o m i t E n g l a n d sein G o l d kauft. If she can pre-
pare exportable c o m m o d i t i e s die in d e m a n d a b r o a d sind, m i t viel weniger
Arbeit als andre n a t i o n s , wird es fhig sein G o l d zu e i n e m viel lower n a t u -
ral value zu kaufen u n d will c o n t i n u e to i m p o r t it u n d e r favourable ex-
changes, till its value falls in proportion, (p. 65)
20 Der price of labour, n a c h d e n c o m m u n i c a t i o n s des Board of Agriculture,
war 1790 8 sh. 1 d. per W o c h e , 1796 (nach F. M. E d e n ) 8 sh. 11 d., 1803
11 sh. 5 d., 1810 u n d 11 14 sh. 6 d . D i e a steady u n d very great rise im
Preisse der agricultural l a b o u r whrend 20 J a h r e n . D e r bullion price of la-
bour fr 1810 n u r a n z u s c h l a g e n 12 sh. D e r bullion price also gestiegen
25 50%. (p. [68,] 69)
535
R. Torrens.
An Essay on the Production of Wealth etc
L o n d o n . 1821.
Ch. 1. Wealth-Value-Price.
Capital n u r a particular species of wealth, n m l i c h der b e s t i m m t ist n i c h t 5

to t h e i m m e d i a t e supplying of our wants, sondern to the o b t a i n i n g of other
articles of utility, (p. 5) In d e m r u d e u n d early state kein fixes criterion zur
R e g u l i r u n g des exchangeable value. D i e terms of barter, die gelegentlich
stattfanden, would, in e a c h successive instance, be regulated by t h e i m m e -
diate wants u n d desires der contracting parties. A n d e r s sobald die fre- 10
q u e n c y der exchanges began to lead to p e r m a n e n t divisions of employ-
m e n t , (p. 19)
G e s e z t Capitals von different degrees of durability w e r d e n angewandt.
W e n n ein woollen u n d e i n silk m a n u f a c t u r e r j e d e r ein Capital v o n 2000
a n w e n d e n u n d der erste 1500 /. in durable m a c h i n e s u n d 500 /. in wages 15
u n d materials anwendet; while der leztre n u r 500 /. in durable materials an-
w e n d e t u n d 1500 Z. in wages u n d materials. Gesezt ] / dieser fixed capitals
w
sei j h r l i c h c o n s u m i r t u n d die R a t e des Profits 10%, d a n n , da t h e results of

t h e woollen m a n u f a c t u r e r ' s capital of 20001., to give h i m this profit, 2200
sein m s s e n u n d da der W e r t h seines fixen Capitals d u r c h d e n Process der 20
P r o d u c t i o n reducirt ist von 1500 auf 1350 /., die goods p r o d u c e d m s s e n
sell fr 850 /. A n d in like m a n n e r , da das fixe Kapital des silk m a n u f a c t u r e r
d u r c h d e n process of p r o d u c t i o n y reducirt ist, o d e r von 500 /. auf 450, t h e
i0
silks p r o d u c e d must, in order to yield h i m t h e c u s t o m a r y rate of profit

u p o n his whole capital of 20001., sell for 1750 I. ... when capitals e q u a l in 25
a m o u n t , b u t of different degrees of durability, are employed, t h e articles
536
Aus R. Torrens: An essay on the production of wealth
produced, together with t h e residue of capital, in o n e o c c u p a t i o n , will be

e q u a l in exchangeable value to t h e things p r o d u c e d , a n d the r e s i d u e of cap-
ital, in a n o t h e r o c c u p a t i o n , (p. [28,] 29) E q u a l capitals oder in a n d r e n W o r -
ten, e q u a l q u a n t i t i e s of a c c u m u l a t e d l a b o u r will often p u t in m o t i o n differ-
5 ent q u a n t i t i e s of i m m e d i a t e labour, ndert aber nichts an der Sache,
(p. 29, 30) In der early period of society ist es die total q u a n t i t y of labour,
a c c u m u l a t e d u n d i m m e d i a t e , e x p e n d e d o n p r o d u c t i o n , die d e n relativen
W e r t h der W a a r e n b e s t i m m t . Sobald aber stock a c c u m u l a t e d u n d E i n e
Klasse v o n Capitalisten sich u n t e r s c h e i d e t von einer a n d r e n v o n A r b e i t e r n ,
10 w h e n t h e person who u n d e r t a k e s a n y b r a n c h of industry, does n o t perform
his own work, b u t advances subsistence a n d materials to others, t h e n it is
t h e a m o u n t of capital, or t h e q u a n t i t y of a c c u m u l a t e d l a b o u r e x p e n d e d in
p r o d u c t i o n , die die e x c h a n g e a b l e power of c o m m o d i t i e s b e s t i m m t , (p. 33,
34) So lange 2 Capitalisten gleich, ihre P r o d u c e v o n g l e i c h e m W e r t h ,
15 however we m a y vary t h e q u a n t i t y of i m m e d i a t e l a b o u r which they p u t in
m o t i o n , or which their products m a y require. Sind sie ungleich, ihre prod-
u c t s of u n e q u a l value, t h o u g h t h e total quantity of l a b o u r e x p e n d e d u p o n
each, should be precisely equal, (p. 39) Also n a c h dieser separation v o n
capitalists u n d labour, ist es der a m o u n t of capital, oder die q u a n t i t y of ac-
20 c u m u l a t e d labour, u n d nicht, wie vor dieser T r e n n u n g , die s u m of a c c u m u -
lated und i m m e d i a t e labour, e x p e n d e d on p r o d u c t i o n , die d e n T a u s c h -
werth b e s t i m m t , (p. 39, 40) |
| 3 1 | M a r k e t price schliet stets ein d e n c u s t o m a r y rate of profit for t h e
t i m e being. N a t u r a l price, consisting of t h e cost of production, or, in o t h e r
25 words of t h e capital e x p e n d e d in raising or fabricating c o m m o d i t i e s , can-
n o t i n c l u d e the rate of profit, (p. 51) Es w r e d a s s e l b e , s a g t T., a l s w e n n
e i n Pchter fr 100 qrs of corn 120 qrs in r e t u r n erhlt; d a n n 20 qrs der Pro-
fit; wre absurd diesen Excess oder Profit a part of t h e e x p e n d i t u r e zu n e n -
n e n ... E b e n s o erhielte der m a n u f a c t u r e r in r e t u r n a q u a n t i t y of finished
30 work v o n a higher exchangeable value als die materials etc. (p. 5 1 - 5 3 . ) M i t
d e n 2 0 qrs g i n g d i e s e r f a d e S c h a r f s i n n l e i c h t e r . N u n , w e n n d e r f a r m e r
lOOqrs v e r s t u n d n u r 5 0 q r s z u r c k e r h l t , s o wird T . s a g e n e r h a b e 5 0 q r s
V e r l u s t . Vielleicht h a t e r 100 G e w i n n . K m m t alles a u f d e n T a u s c h w e r t h
d e r 50 Q r s an.) D e r Profit of stock, statt e i n e n T h e i l der Productionskost zu
35 bilden, is a surplus remaining after this cost has been completely replaced. ...
E i n s u r p l u s - new creation over a n d above all t h a t is necessary to replace
t h e cost of p r o d u c t i o n or t h e capital advanced, (p. 54) Marketprice is t h a t
w h i c h we give in order to o b t a i n a c o m m o d i t y by e x c h a n g e in t h e m a r k e t ;
natural price is t h a t w h i c h we give to effect a p u r c h a s e at t h e great ware-
40 h o u s e of n a t u r e : it consists of the several articles of capital e m p l o y e d in
p r o d u c t i o n , a n d c a n n o t by possibility i n c l u d e t h e surplus or profit created
537
during the process of production, (p. 55) Exchangeable value is d e t e r m i n e d

n o t by absolute, b u t by the relative cost of p r o d u c t i o n . If t h e cost of
p r o d u c i n g gold r e m a i n e d the same, while the cost of p r o d u c i n g all other
things should be doubled, t h e n would gold have a less power of p u r c h a s i n g
all other things t h a n before; oder its exchangeable value would fall %; u n d 5
die d i m i n u t i o n in s e i n e m Tauschwerth prcis derselbe im Effect, als w e n n
die cost of producing all other things r e m a i n e d unaltered, while t h a t of pro-
ducing gold h a d b e e n r e d u c e d %. (p. 56, 57)
ch. II. Instruments of Production.

Different Kinds of Industry. 10
the employing of capital seems peculiar to the h u m a n species, (p. 70) In

d e m ersten Stein, d e n der W i l d e auf die Bestie wirft, die er verfolgt; in d e m
ersten Stock d e n er packt um die F r u c h t n i e d e r z u z i e h n , die above his
r e a c h hngt, sehn wir die A n e i g n u n g eines Artikels z u m Zweck of aiding in
t h e acquisition of a n o t h e r u n d t h u s discover the origin of capital, (p. 70, 71) 15
eh. III. Appropriatile Industry.
Im h u n t i n g oder savage state der Gesellschaft, die application der Produc-

tionsinstrumente zur A n e i g n u n g der freiwilligen G a b e n der N a t u r die H a u p t
u n d fast die einzige Industrie, (p. 78) Im civilisirten Z u s t a n d die b e i d e n
H a u p t i n d u s t r i e n , gerichtet auf A n e i g n u n g der freiwilligen G a b e n der N a - 20
tur, sind fishing u n d m i n i n g , (p. 79)
ch. IV. Manufacturing Industry.
Die Industrie, die solche P r o d u c t e der N a t u r , die considerable preparation

erheischen, bevor sie c a n supply our wants or gratify o u r desires (wie
Flachs, Eisen) fits this latter class of p r o d u c t i o n fr c o n s u m p t i o n , h e i t 25
m a n u f a c t u r i n g industry, (p. 83) Obgleich m a n u f a c t u r i n g industry s e k u n d r
der appropriative, in Bezug auf die order of t i m e , d u r c h a u s n i c h t in Bezug
auf its i m p o r t a n c e als source of wealth, (p. 84, 85)
538
Aus R. Torrens: An essay on the production of wealth
ch. V. Agricultural Industry.
(Die R e n t s c h e i s s e . N i c h t s S e l b s t s t n d i g e s . )
ch. VI. Mercantile Industry.
W h i l e m e r c a n t i l e industry multiplies the effective powers of labour, by

5 causing the most dissimilar a n d distant operations to c o n c u r in t h e busi-
ness of p r o d u c t i o n , it occasions a highly i m p o r t a n t saving in capital,
(p. 169) Every d i m i n u t i o n in the a m o u n t of m e r c a n t i l e capital, which c a n
be effected without retarding exchanges, a n d checking the division of e m -
p l o y m e n t t e n d s to increase the wealth of the c o m m u n i t y , (p. 184)
io Sect. VI. On the Principles of Demand and Supply.
T h e effectual d e m a n d for any c o m m o d i t y is always d e t e r m i n e d , a n d u n d e r

any given rate of profit, is constantly c o m m e n s u r a t e m i t der q u a n t i t y of t h e
ingredients of capital, or of the things required in its p r o d u c t i o n , which
c o n s u m e r s m a y be able a n d willing to offer in exchange for it. (p. 344)
15 Wherever t h e r e is a profitable sale for an increased quantity of c o m m o d i -
ties, one of two things m u s t necessarily have o c c u r r e d ; - e i t h e r the c o n s u m -
ers m u s t have acquired a greater quantity of these ingredients e x p e n d e d in
increasing the supply of other c o m m o d i t i e s ; or else i m p r o v e m e n t s m u s t
have b e e n effected in industry, admitting of increased p r o d u c t i o n without
20 an increase of cost. In t h e former case, a greater q u a n t i t y of the ingredients
of capital is p r o d u c e d ; in the latter, a greater quantity of the things, in t h e
acquisition of which capital is expended; a n d in both, increased supply is
the one a n d only cause of increased effectual d e m a n d , (p. 347,48) w h e n t h e
cost of p r o d u c i n g c o m m o d i t i e s increases, we lose the power of p u r c h a s i n g
25 them, unless we possess the power of m a k i n g a greater sacrifice in order to
obtain t h e m . (p. 369 note) A deficient supply of so i m p o r t a n t an ingredient
of capital as corn, is in effect the s a m e thing as a r e d u n d a n t supply of all
other articles. ... Unless the quantity of this i m p o r t a n t ingredient of capital
be in s o m e degree steady a n d uniform, it is impossible to preserve t h a t
30 justly proportioned p r o d u c t i o n which secures for every c o m m o d i t y b r o u g h t
to m a r k e t a certain a n d profitable vend. (p. 418)
During a glut or r e g o r g e m e n t . . . is o n e class which c o n t i n u e s to flourish
amidst the general distress. D i e deren property realised in m o n e y . D e r u n i -
539
verseile Fall der Waarenpreisse gleich Steigen des Preisses des Gelds. A u s -
s e r d e m steigt der Zins fr Geld. So gewinnt der m o n i e d capitalist doppelt,
(p. 4 1 9 ) |
|32| Da Geld das universal equivalent u n d m e d i u m of exchange. ... das
want of d u e proportion between the quantities of the several things pro- 5
d u c e d u n d brought to market, which renders it difficult to exchange c o m -
m o d i t i e s against c o m m o d i t i e s , never can r e n d e r it difficult to e x c h a n g e
m o n e y against c o m m o d i t i e s . ... On every occasion of glut or general stag-
n a t i o n , the desire of turning goods into m o n e y is rendered m o r e i n t e n s e
t h a n the desire of turning m o n e y into goods, (p. [420,] 421) V o n a d o u b l e 10
cause wird der Zinsflu steigen. E i n m a l gezwungen der Industrielle, theils
u m Verpflichtungen z u erfllen, theils u m sein Geschft fortzutreiben,
trotz der Krise, Geld zu leihn. Anderseits this distress which increased the
i n c l i n a t i o n to borrow, would d i m i n i s h the inclination to lend. ... So der
rate of interest ausser allem Verhltni z u m rate of profit. As interest rose, 15
lands, a n n u i t i e s , u n d public funds, would all sell for a smaller n u m b e r of
years purchase t h a n before, u n d amidst this universal depreciation an ex-
traordinary proportion des property des country would pass into the h a n d s
of the m o n i e d capitalist, (p. 424,25) W h e n the pressure u p o n industry is
c o n t i n u o u s , the impossibility of paying large p r e m i u m s out of small re- 20
t u r n s restores the proportion between interest a n d profit, a n d renders e a c h
a tolerably accurate i n d e x of the other, (p. 425)
540
M.Carey: Essays on political economy
M. Carey. Essays on Political Economy;

or the most certain Means
of promoting the wealth, power, resources,
and Happiness of Nations.
5 Applied particularly to the United States.
Philadelphia 1822.
D a s G a n z e gegen den freetrade. F r Schutzzollsystem in America.
541
Piercy Ravenstone, M. A.
Thoughts on the Funding System
and its Effects.
L o n d o n 1824.
To t e a c h t h a t the wealth a n d power of a n a t i o n d e p e n d on its capital, is to 5

m a k e industry ancillary to riches, to m a k e m e n subservient to property,
(p. 7) In der Streitfrage, was vortheilhafter einer N a t i o n ist, w h r e n d des
Kriegs die Mittel zu seiner F h r u n g zu borgen, oder die Friedensintervalle
zu b e n u t z e n fr die m e a n s of future expense - h a t m a n vorausgesagt, o h n e
allen Beweis, da eine ganze Nation accumuliren kann, n i c h t in d e m w a h r e n 10
S i n n of a d d i n g every day to the comforts of every class of t h e people, son-
d e r n i n d e m of laying by a part of its i n c o m e , of p r o d u c i n g m o r e t h a n it
c o n s u m e s ... W a s j e d e s I n d i v i d u u m t h u n kann, glaubte m a n , die die
c o m m u n i t y t h u n k n n e ... Aber bei Privaten: acquisition is only transfer.
To a whole people it is therefore impossible. They m a y a d d to their pro- 15
d u c e , they m a y increase their c o n s u m p t i o n , they m a y swell the a m o u n t of
their comforts. ... b u t they c a n n o t lay by. N o c h sonderbarer der m i s t a k e
der G e g n e r der A c c u m u l a t i o n , die Defendants des funding systems. In pre-
tending to stave off the expenses of the present h o u r to a future day, in con-
t e n d i n g t h a t you can b u r t h e n posterity to supply the wants of t h e existing 20
generation, b e h a u p t e n sie das A b s u r d e that you can c o n s u m e what does
n o t yet exist, that you c a n feed on provisions before their seeds have b e e n
sown in the earth, (p. 7, 8) Es ist u n m g l i c h fr eine N a t i o n either to save
or to anticipate its revenues ... all that is p r o d u c e d m u s t be c o n s u m e d at
t h e very t i m e of p r o d u c t i o n ... diese P u n k t e klar g e m a c h t folgt, d a : 25
borrowing will not have d i m i n i s h e d the expense of the present day, n o r
have a d d e d to that of t i m e to c o m e . All the wisdom of o u r s t a t e s m e n will
542
Aus P. Ravenstone: Thoughts on the funding system, and its effects
have e n d e d in a great transfer of property from o n e class of persons to a n o t h -

er, in creating an e n o r m o u s fund for the reward of jobs a n d peculation,
(p. 9) wealth u n d power sind rein relativ, sie have no positive existence; all
their value is derived from t h e poverty a n d weakness of others. N u t z l o s fr
5 e i n e n M a n n zu viel zu h a b e n , sein Ueberflu fgt s e i n e m Einflu nichts
h i n z u unless there were others who h a d too little. Ihre wants constitute his
wealth. ... W r e n alle gleich, so wrde keiner fr den a n d r e n arbeiten. T h e
necessaries of life would be o v e r a b u n d a n t whilst its comforts were entirely
wanting, (p. 10) In j e d e m stage of society, as increased n u m b e r s a n d better
10 contrivances add to each m a n ' s power of production, t h e n u m b e r of those
who labour is gradually d i m i n i s h e d . ... Property grows from the improve-
m e n t of the m e a n s of p r o d u c t i o n ; its sole business is e n c o u r a g e m e n t of
idleness. W h e n e a c h m a n ' s labour is barely sufficient for his own subsist-
ence, as there can be no property, there will be no idle m e n . W h e n o n e
15 m a n ' s labour can m a i n t a i n five, there will be four idle m e n for o n e e m -
ployed in production: in no other way c a n the p r o d u c e be c o n s u m e d . ...
the object of society is to magnify the idle at the expense of the industri-
ous, to create power o u t of plenty. (11.) the industry which p r o d u c e s is t h e
p a r e n t of property: that which aids c o n s u m p t i o n is its child. (12) D e r
20 growth of property, this greater ability to m a i n t a i n idle m e n , a n d u n p r o d u c -
tive industry, that in political e c o n o m y is called capital. (13) As t h e desti-
n a t i o n of property is expense, as without that it is wholly useless to its
owner, its existence is intimately c o n n e c t e d with that of the industry of
c o n s u m p t i o n (1. c.) If e a c h m a n ' s labour were b u t e n o u g h to procure his
25 own food, there could be no property, a n d no part of a people's industry
could be t u r n e d away to work for the wants of the imagination, (p. 1 4 , 1 5 ) |
13 31 Gold u n d Silber h a b e n n u r a conventional value, (p. 16) M i t H o a r d -
ing k a n n ein Staat N i c h t s ausrichten ... T h e Italian Republics of t h e m i d -
dle ages i n d e e d waged war solely m i t m o n e y ; their armies were entirely
30 filled m i t m e r c e n a r i e s ; their citizens fought b u t m i t their purses. A b e r they
were no n a t i o n s ; sie waren n u r guilds of traders, o h n e E i g e n t h u m o h n e das
von i h r e m traffic abgeleitete. Sie besassen kein Territorium, also a u c h
keine productive I n d u s t r i e ; theirs was the industry of c o n s u m p t i o n , which,
administering to artificial wants, lives b u t by the p l u n d e r of the world. ...
35 T h e hiring of stranger soldiers was t h e only way in which they could e m -
ploy t h e profits they m a d e from foreigners. W h a t they gained as traders,
they were forced to lose as sovereigns. They were b u t t h e channels t h r o u g h
which the Swiss a n d t h e G e r m a n s a n d the M o u n t a i n e e r s of Italy applied
their surplus p r o d u c e to the m a i n t e n a n c e of idlers. W h a t Florence gained
40 from t h e m by trade she gave back to t h e m for protection. ... it was only in
their persons the poorer debtors could discharge the b a l a n c e of their trad-
543
ing transactions ... T h a t part of a n a t i o n ' s revenue which is derived from

foreigners m u s t , in s o m e way or other, be spent on foreigners. As every
thing that is produced forms i n c o m e to somebody, the i n c o m e derived
from n a t i o n a l resources m u s t always be equal in a m o u n t to all the n a t i o n a l
c o m m o d i t i e s . T h e i n c o m e derived from foreign sources can only be m e t by 5
foreign p r o d u c e . Solches i n c o m e meist dissipated in foreign luxuries; aber
die s u m p t u a r y laws h i n d e r t e n Florenz hieran; also forced to hire their per-
sons. ... T h e trade a n d migrations of half the people of the world are regu-
lated on the same principle. Ireland sends h e r surplus p r o d u c e to pay t h e
rents of her landlords in England, a n d h e r surplus poor follow to c o n s u m e 10
it. Switzerland hires o u t h e r children d e n N a c h b a m a t i o n e n u n d sie accu-
m u l a t e s her savings in d e m imaginary wealth of foreign funds in debts
which are never to be paid. ... D e r stream of wealth which t h e tribute of
M e x i c o a n d Peru p o u r e d in Spain trug nicht bei to feed her native i n d u s -
try. ... H t t e es nie besessen die m i n e s of Potosi she h a d never wanted t h e 15
corn o f Poland, (p. 1 8 - 2 0 ) L e g t m a n C o n s u m s t e u e r n auf, s o m u d e r Ar-
b e i t e r m e h r t h u n , u m d e n s e l b e n r e a l e n L o h n herauszuschlagen. This h e will
be enabled to do o h n e zu overload d e n M a r k t m i t his peculiar industry;
d e n n , as whatever is raised by taxes goes to the m a i n t e n a n c e of idle m e n ,
every additional tax, whilst it increases the n u m b e r of c o n s u m e r s , lessens 20
the n u m b e r of workmen, (p. 22) Allerdings h a t die seine G r e n z e , da der
Arbeiter nicht b e r eine gewisse Q u a n t i t t Arbeitsanstrengung h i n a u s
k a n n . (23) S o weit ists i n E n g l a n d . D a h e r : Whatever b u r t h e n s are n o w i m -
posed m u s t fall on t h e property of the country. N o t h i n g can be given to
taxes b u t what is t a k e n from rent. D e r public m i n d h a t d a h e r e i n e n t u r n 25
g e n o m m e n . Das F u n d i n g system: so long as borrowing only pressed on t h e
poor, so long as its worst c o n s e q u e n c e s were only the r e d u c i n g to beggary
the great body of t h e people, wurde es gepriesen als eine m e a s u r e de salut
public. Jezt wo seine effects harmless, wo es nichts t h u n k a n n als transfer
das property from o n e set of useless m e n to a n o t h e r equally useless, all its 30
defects a n d all its vices are i m m e d i a t e l y discovered, (p. 23,4) the real ex-
penses des war (gegen die f r a n z s i s c h e R e v o l u t i o n ) were, as they m u s t al-
ways be, really defrayed by the funds raised from taxes, (the e x p e n d i t u r e al-
ways preceded the loan; t h e n a t i o n in borrowing only changed t h e
description of debts which h a d b e e n already contracted; the s u m borrowed 35
did n o t on an average exceed % of what was spent) u n d da der stock
created went only to satisfy the gains of the contractors, u n d die j o b s u n d
p e c u l a t i o n die so profusely a t t e n d e d the expense of the war. (p. 26,7) D i e
ganze Schuldengeschichte wurde confus d u r c h das sinking system ... Be-
tween what was borrowed from necessity, a n d what was borrowed for 40
a m u s e m e n t , between loans that were to increase the debt, a n d l o a n s t h a t
544
were to pay it off, Confusion etc. (p. 31) Interest u n d c o m p o u n d interest,

debt u n d r e d e m p t i o n d a n c e d before m e n ' s eyes in s u c h p e r p e t u a l succes-
sion; there was such a p h a n t a s m a g o r i a of consols a n d navy, of d e b e n t u r e s
a n d e x c h e q u e r bills, of capital without interest u n d interest without capital,
5 that the strongest u n d e r s t a n d i n g was bewildered, (p. 31) V o n d e n 900 d e m
Staat angeblich geborgten Millionen, d. h. von d e n 900 Mill, stock created
there was n o m i n a l l y received a b o u t 600 millions; b u t as 390 m i l l i o n s were
for the purposes of the sinking fund, the debt really contracted was 400 mil-
lions, for which 600 millions of stock was created, (p. 31) Die G e s c h i c h t e in
10 d e m 20 j h r i g e n Krieg ging ungefhr so z u : T h e 400 millions die der war
a d d e d zu der n a t i o n a l debt is m a d e up of these s u m s :
T h e s u m of which the state is supposed to have h a d really t h e use, being
the difference between the e x p e n d i t u r e a n d the a m o u n t raised by taxes
during the war: 114,000,000
15 C o m p o u n d interest on this s u m , 13 years, at 5% per
an., average rate, wozu loans were m a d e 108,300,000
Loss by t h e sinking fund, being the difference b e -
tween the price at which the stock was created a n d re-
deemed 14,300,000
20 C o m p o u n d interest as above 13,600,000
Profit der loan contractors. Da der sinking fund im
D u r c h s c h n i t t zu 7% stock kaufte h h e r als der con-
tract price u n d da their purchases constant u n d regular,
this m a y fairly be a s s u m e d as t h e rate of the contractors'
25 profit. D e r Stock created 900 [millions] zu 7% 67,500,000
C o m p o u n d interest as above 63,750,000
Loss on funding of navy u n d exchequerbills u n d h n -
liche operations, z u m a m o u n t von 9,000,000
C o m p o u n d interest as above 8,550,000
30 Total 399,000,000
(p. 3 2 - 3 3 ) ( F o r t s e t z u n g p. 40) |
545
poi P. Ravenstone. Schlu von p. 3 3 .

A b e r w e n n die loan contractors 7% Z i n s m a c h t e n , ganz a n d r e n Profit die
m e h r mysterisen u n d weniger der C o n c u r r e n z ausgesezten Kriegscontrac-
tors. So die 114 millions n u r a small part der gains die fraud u n d corrup-
tion von ihren dealings m i t der R e g i e r u n g m a c h t e n , (p. 34) T h e principle of 5
the s t e a m e n g i n e was k n o w n long before the state of o u r p o p u l a t i o n called
i t i n t o general use. H a d n o t o u r m e n grown faster t h a n o u r sheep, h a d there
still b e e n wool e n o u g h for our clothing, Arkwright's spinning-jennies ht-
t e n sich n u r bewegt z u m a m u s e m e n t der curious. ... chemistry u n d m e -
chanics have only be studied m i t ardour, since society, n e e d i n g their aid, 10
has m a d e their knowledge a road to fortune. (43) M a c h i n e r y c a n s e l d o m be
applied with success to abridge the labours of an individual; m o r e t i m e
would be lost in its c o n s t r u c t i o n t h a n could be saved by its application. It
is only really useful w h e n it acts on great masses, w h e n a single m a c h i n e
c a n assist the labours of t h o u s a n d s . It is accordingly in t h e m o s t p o p u l o u s 15
countries where there are m o s t idle m e n t h a t it is always m o s t a b u n d a n t . . .
It is n o t called into action by a scarcity of m e n , b u t by the facility with
which they can be b r o u g h t to act in masses, (p. 45)
In the early stages of society, w h e n m e n have no artificial assistance to
their powers of industry, the proportion of their earnings which c a n be af- 20
forded to rent is exeedingly small; for l a n d has no n a t u r a l value, it owes all
its p r o d u c e to industry. B u t every increase of skill adds to the proportion
which c a n be reserved for rent. Wo die Arbeit von 9 erheischt fr den U n -
terhalt von 10, k a n n n u r Y des gross p r o d u c e to rent gehn. Wo 1 M a n n Ar-
10
beit fr 5 gengt, % will go to rent oder die a n d r e n charges des state, w h i c h 25

c a n only be provided for out of the surplus p r o d u c e of industry. D a s erste
scheint der Fall in E n g l a n d gewesen zu sein zur Zeit der C o n q u e s t ; das
zweite jezt, wo n u r % v o m A c k e r b a u beschftigt ist. Da die P o p u l a t i o n jezt
8 x das, was zur Zeit der conquest, folgt, d a die R e n t e 64 x gewachsen ist.
546
Z u r Zeit der conquest P o p u l a t i o n 1,800,000. D i e Subsistenz j e d e s Indivi-

l
d u u m s im D u r c h s c h n i t t wenigstens / b u s h e l wheat per W o c h e . D a s gross
2
p r o d u c e von E n g l a n d d a m a l s also = 46,000,000 bushels of wheat, zu 1 s.

3 d. Geld der Zeit a b o u t 2,900,000 /. u n d we learn von d e m a m o u n t of a
5 subsidy, da das R e n t a l von England, Z e h n t e n u n d j e d e Art property ein-
geschlossen n i c h t exceeded 300,000 /., im jezigen Geld 900,000. N a c h
derselben R e c h n u n g das gross p r o d u c e des country at present
= 360,000,000 bushels worth at 6 s h . 8 d. per b., 120,000,000/.; r e n t
25,000,000; tithes 8,000,000; county rates 3,000,000 u n d taxes, n e b s t d e n
10 K o s t e n sie zu s a m m e l n , 60,000,000; z u s a m m e n 96,000,000. R e n t also
1 0 0 x gewachsen, whrend P o p u l a t i o n n u r 8 x . A b e r Theil dieser increase
zu verwerfen, weil der K o r n p r e i knstlich zu h o c h . Zu 4 sh. 6 d. der wheat
per bushel, d. h. der D u r c h s c h n i t t s p r e i auf d e m C o n t i n e n t in E u r o p a b e -
rechnet, gross p r o d u c e = 81,000,000 u n d r e n t = 62,000,000, d . h . 6 8 x
15 m e h r als zur Zeit des Eroberers. ( 4 5 - 4 7 ) Z u r Zeit als zuerst die l a n d t a x i m -
x
posed, die P o p u l a t i o n v o n E n g l a n d 5,500,000. / b u s h e l wheat per W o c h e ,
2
das gross p r o d u c e des L a n d e s m u gewesen sein = 1 4 3 millions o f bushels

of wheat, werth zu 4 sh. per b u s h e l 28,600,000 /. D i e expense of cultivation
war d a m a l s % des Products, blieb 19,000,000 fr das net p r o d u c e , or the
20 idle m a n ' s share. R e n t belief sich d a h e r zu 10,000,0001., Tithes zu
2,000,000 I, taxes zu 6,000,000 /. C o u n t y rates frassen d e n Rest. Selbst in
der k u r z e n Zeit, die s e i t d e m verflossen, t h e share of property in d e m gross
p r o d u c e des L a n d e s h a s advanced von % zu %, w h r e n d der der I n d u s t r i e
h a s sunk von % zu %, so true it is that society t u r n s every i m p r o v e m e n t b u t
25 to the increase of idleness, (p. 48) E i n G u t e s d a s debtsystem, obgleich es
raubt a large portion of their property of t h e a n c i e n t gentry of the land, to
transfer it to these new fangled hidalgos as a reward for their skill in t h e
arts of fraud a n d peculation. ... die System to create a debt for w h i c h no
value has ever b e e n given ... if it encourage fraud u n d m e a n n e s s ; if it
30 clothe quackery u n d p r e t e n s i o n in t h e garb of wisdom; if it t u r n a whole
people in a n a t i o n of jobbers ... if it break d o w n all t h e prejudices of r a n k
a n d birth to r e n d e r m o n e y the only distinction a m o n g m e n ... it destroys
the perpetuity of property etc. (p. 5 1 , 52) till the creation der n a t i o n a l debt,
das Volk in Schottland sunk d e e p in cloth, a n d pride a n d poverty, (p. 56)
35 A b e r N a t i o n a l s c h u l d z u r c k z a h l e n ist ebenso toll als sie contrahiren ... If
an equivalent be given t h e m the debt will n o t have ceased to exist; its n a m e
only will have b e e n changed; it will still be a rentcharge on t h e industry of
t h e country, (p. 61) N a c h R . d e r g a n z e K r i e g g e g e n die f r a n z s i s c h e R e v o -
l u t i o n has achieved no higher adventure t h a n the turning a few Jews into
40 gentlemen, u n d a few blockheads into political economists. (p. 66,7) T h e
smaller proportion of our people employed in raising food, is decisive evi-
547
d e n c e of the cheapness of our h u s b a n d r y . T h a t work really costs least

which is d o n e by fewest m e n . In Russia u n d Poland % der people employed
in raising the subsistence of the whole, in England gengt %. B u t the real
expense of cultivation is that part of the crop ||41| which is c o n s u m e d in its
P r o d u c t i o n . ... rent is that which r e m a i n s after paying the expense of culti- 5
vation, where t h a t is highest the expense m u s t be least. T h e qr of w h e a t das
d e m landlord 3 bushels bringen k a n n m u d e m farmer weniger gekostet
h a b e n als das wovon er n u r e i n e n zahlen kann. ... In E n g l a n d e a c h m a n ' s
labour producirt 160 bushels b e r seinen eignen C o n s u m , in F r a n k r e i c h
100. In R u l a n d k a u m 40. In m o n e y rents das Miverhltni n o c h grsser. 10
In R u l a n d land on average zahlt nicht 1 sh. per acre, in F r a n k r e i c h 7, in
E n g l a n d 22. (p.71,2)
548
Aus T. Hodgskin: Popular political economy
Thomas Hodgskin. Popular Political Economy.

Four Lectures delivered
at the London Mechanics' Institution.
L o n d o n 1827.
5 Introduction. Object and Scope of Political Economy.
D i e politische O e k o n o m i e ist the science of All the circumstances or laws

which influence the productive power of labour, a n d which regulate a n d
d e t e r m i n e the distribution of all the products of labour. (p. 5, 6.)
U n t e r s t e l l t da n i c h t b e r % of our whole p o p u l a t i o n provides every
10 thing which is c o n s u m e d by all. (p. 14) L a n d , however fertile, does n o t cre-
ate wealth, any m o r e t h a n s u n s h i n e a n d rain. (p. 19)
Book I. Natural circumstances which

influence the productive Power of Labour.
ch. I. Mental and bodily Labour.-Productive Power.
15 Zwei species von Arbeit; viz t h e labour of observing a n d ascertaining by

what m e a n s the material world will give us m o s t wealth (mental), a n d the la-
b o u r of carrying those m e a n s , w h e n ascertained, into execution, (p. 45)
Beide A r t e n Arbeit obgleich in versch[iednen] G r a d e n practised by almost
every individual. (47) easy l a b o u r is only t r a n s m i t t e d skill. (48) Alle l a b o u r
20 productive, w h i c h enables t h e labourer to subsist. (50[, 51])
549
f
ch. II. Influence of observation and knowledge.
Dr Paris sagt in A Treatise on Diet,: "There is scarcely a vegetable t h a t

we at present employ that can be found growing naturally. Buffon states
t h a t our wheat is a factitous production, raised to its present c o n d i t i o n by
t h e art of agriculture. Rice, rye, barley, or even oats, are n o t to be found 5
wild; d. h. growing naturally in any part of the earth; b u t have b e e n altered
by the industry of m a n k i n d , from plants n o t now resembling t h e m even in
s u c h a degree as to enable us to recognise their relatives. T h e acrid a n d dis-
agreeable a p i u m graveolens has t h u s b e e n transformed into delicious cel-
ery; a n d t h e colewort, a plant of scanty leaves, n o t weighing altogether half 10
an o u n c e , has b e e n improved into cabbage, t h e leaves of w h i c h weigh m a n y
p o u n d s , or into a cauliflower of considerable d i m e n s i o n s etc. T h e p o t a t o e
again ... derives its origin from a small acrid bitter root, w h i c h grows wild
in Chili a n d M o n t e Video." (p. 62, 63)
Als T h e e zuerst n a c h E u r o p a gebracht, gen 1610, seine H a u p t k o s t 15
consisting in t h e expense of bringing it, war v o n 6 l. zu 10 I. St. das Pfund
Gewicht. It c o n t i n u e d to sell in this country fr 60 s. per p o u n d , the price
at Batavia being t h e n 2 s. 6 d. oder 3 s. bis gen 1700 u n d j e z t der retail price
in d e n shops zwischen 5 u n d 16 sh. (Die schliet ein duty on tea, the
retailers' u n d m e r c h a n t s ' profit, das M o n o p o l der O s t i n d i s c h e n C o m p a - 20
gnie.) Zu Newyork u n d in A m s t e r d a m der wholesale price of tea ist von 1 s.
3 d. to 3 s. 1 d. per p o u n d . So die R e d u c t i o n of freight on tea seit 1700 m i n -
destens fifteen fold. D u r c h Verbesserungen in der Schiffskunst, Geogra-
phie, A s t r o n o m i e , grres skill der Schiffsbauer etc. (p. 65, 66) D i e m a t e -
rials woraus die grten P y r a m i d e n construirt, were dug o u t of t h e earth at 25
a considerable depth; a n d at no small distance from their present situation.
T h e y cover m o r e als 11 english acres; and are piled up to the height of
a b o u t 700 feet. N a c h D u p i n ihr v o l u m e = 4,000,000 Cubikmetres; ihr G e -
wicht 10,400,000 tons, which raised zur H h e von 11 metres from t h e bot-
t o m der quarries to the surface of the earth, u n d of fortynine m o r e as t h e i r 30
m e a n elevation above the basis; in all 60 m e t r e s b e r d e m original level -
giebt 624,000,000 tons raised to the height of o n e metre. N u n m i t d e n
s t e a m engines in E n g l a n d (1820) = der force von 520,000 horses u n d can
raise 862,800,000 t o n s zur H h e of one m e t r e in 24 h o u r s . So d a die
steamengines of E n g l a n d could have raised the materials woraus die great 35
p y r a m i d is constructed o u t of the quarries, could have conveyed t h e m to
their present place, u n d h e a p e d t h e m up in their present form, in weniger
als % eines Tages, i. e. less als 18 S t u n d e n . N a c h D i o d o r u s Siculus this build-
ing employed 360,000 w o r k m e n ; n a c h H e r o d o t 100,000 w h r e n d 20 J a h -
550
ren. Also die british m e c h a n i s c h e power zur gyptischen = 20 J a h r e zu

18 S t u n d e n ; oder a b o u t 10,000 x. (p.[68,] 69) 1765 cotton cloth viel t h e u r e r
als L e i n e n u n d cotton stockings fast so t h e u e r als Seide, (p. 71) 1826 bef-
higte die various m a c h i n e r y used in m a n u f a c t u r i n g cotton 1 M a n n to perform
5 das W e r k von 150. N u n gesezt n u r 280,000 m e n seien j e z t d r i n beschftigt;
so h t t e n e i n h a l b J h d t . frher 42,000,000 drin sein m s s e n , (p. 72) |
|42| ch. III. Natural laws which regulate

the progress of society in knowledge.
Die invention und knowledge geht nothwendig der Theilung der Arbeit
10 v o r a u s . D i e W i l d e n h a b e n gelernt to m a k e bows u n d arrows, to c a t c h a n i -
m a l s u n d fish, to cultivate the g r o u n d a n d weave cloth before s o m e of t h e m
dedicated themselves exclusively to m a k i n g these i n s t r u m e n t s , to h u n t i n g ,
fishing, agriculture u n d weaving. ... t h e art of working in metals, leather, or
wood, was u n q u e s t i o n a b l y k n o w n to a certain extent, before there were
15 smiths, shoemakers u n d carpenters. In very m o d e r n t i m e s , s t e a m e n g i n e s
a n d spinning m u l e s were invented, before some m e n m a d e it their chief or
only business to m a n u f a c t u r e m u l e s a n d s t e a m e n g i n e s . (p. 79, 80) D i e engi-
neers (journeymen,) [und] die die m i t d e n powerlooms arbeiten, breaking
up some other trades, u n d giving a d e a t h blow to corporation u n d appren-
20 tice laws, w h i c h do n o t apply to t h e m , h a v e b e e n separated from o t h e r
w o r k m e n d u r c h die zahlreichen m o d e r n e n Erfindungen, die die arts in
Existenz riefen, die sie a u s b e n , (p. 80) In I n d i e n T h e i l u n g der Arbeit.
M a n is there the only m a c h i n e ; a n d although he acquires exquisite tact
u n d skill in his particular calling, he is incapable of inventing any thing.
25 (p. 81) I m p o r t a n t inventions sind das result of the necessity to l a b o u r u n d
of the n a t u r a l increase of population. Sind z . B . die s p o n t a n e o u s fruits auf-
gefressen, so wird der M e n s c h Fischer etc. (p. 85) D e r H a u p t s t i m u l u s des
inventor ist der desire of providing for his wants or bettering his condition.
Aber wo p o p u l a t i o n nicht wchst, da sind keine a d d i t i o n a l wants to provide
30 for. (p. 85) O h n e W a c h s t h u m der Bevlkerung k e i n stimulus to invention,
kein increase of knowledge. ... Necessity is the m o t h e r of i n v e n t i o n ; u n d
die c o n t i n u a l existence of necessity c a n only be explained by t h e c o n t i n u a l
increase of people. ... Z . B . der rise im price of cattle verursacht d u r c h in-
crease of people u n d by an increase in their m a n u f a c t u r i n g or other pro-
35 duce. D e r rise im Prei des cattle leads to cultivating food for t h e m , aug-
m e n t i n g m a n u r e u n d occasioning t h a t increased quantity o f p r o d u c e , die
in diesem L a n d e fast / . (p. 86, 87) Watt z. B. could not have invented t h e
3
551
s t e a m e n g i n e im IT Jh. ... society was n o t prepared to adopt such an inven-

tion, h a d it b e e n m a d e ; n o r could he t h e n have possessed the requisite
knowledge, nor found the m e a n s for putting his invention into practice.
G r a d e zur Zeit, wo der zu d e n k e n begann, a vast flood of light, proceeding
in scattered rays from every capital a n d almost every town of n o t e in 5
E u r o p e , its generality proving t h a t it d e p e n d e d on s o m e general law, was
spreading itself b e r die bis d a h i n u n b e k a n n t e Welt der C h e m i e . B e r g m a n
u n d Scheele in Schweden, Klaproth zu Berlin, Rouelle, Lavoisier u n d Ber-
thollet in F r a n k r e i c h u n d Black, Cavendish u n d Priestley in E n g l a n d fixir-
t e n d a m a l s die allgemeine A u f m e r k s a m k e i t auf diese Wissenschaft. ... 10
A b e r auf d e m C o n t i n e n t war n i c h t dieselbe d e m a n d for m e a n s of abridging
labour as in this country; n o r were there the same m e c h a n i c a l m e a n s pre-
pared for carrying such inventions into execution. ... W a t t fand a u s s e r d e m
a vast deal of practical manual skill ready formed to his h a n d s oder h t t e nie
fabriciren k n n e n his own inventions. (8891) Allerdings a u c h influencirt 15
der Fortschritt d u r c h diversity of organization a m o n g tribes a n d races of
m e n peculiarities in geographical position language (weil die das In-
s t r u m e n t des G e d a n k e n s ) (p. 92) D i e H a u p t q u e l l e der E r f i n d u n g e n bleibt
i n d e die Population ... N i e m a n d zweifelt d a die rapid communication zwi-
schen d e n verschiednen T h e i l e n des L a n d e s contributes b o t h to the in- 20
crease of Knowledge u n d wealth. ... Numbers of m i n d s are instantly set to
work even by a h i n t ; u n d j e d e discovery is instantly appreciated u n d fast
ebenso rasch verbessert. D i e chances of i m p r o v e m e n t gro im V e r h l t n i
als die persons are multiplied whose attention is devoted to any particular
subject. D e r increase in n u m b e r of persons produces t h e same effect as 25
c o m m u n i c a t i o n ; d e n n die leztre wirkt n u r b y bringing n u m b e r s t o t h i n k o n
the s a m e subject. ... As t h e world grows older, a n d as m e n increase a n d
multiply, there is a constant, n a t u r a l a n d necessary t e n d e n c y to an increase
in their knowledge, a n d consequently in their productive power. ... Fast
alle discoveries g e m a c h t in crowded cities u n d densely peopled countries. 30
... D i e E n t d e c k u n g von A m e r i c a h a t a d d e d b e r 50 Millions of people to
t h e m a s s of h u m a n beings c o m m u n i c a t i n g with e a c h other. ... Seit der Z e i t
grosser Fortschritt of E u r o p e u n d of A m e r i c a ... "More discoveries, sagt
M c C u l l o c h , will be m a d e according to the degree, in which more individu-
als are placed in a situation to m a k e t h e m . " ... Die N o t h der Arbeit erzeugt 35
observation, diese knowledge, diese wchst m i t der Bevlkerung - U n s e r
Wille h a t gar nichts d a m i t z u t h u n ... D i e p o l i t i s c h e O e k o n o m i e h a t n a c h -
z u w e i s e n 1) d e n influence of knowledge on productive power u n d 2) die
n a t u r a l laws which regulate the progress of society in knowledge, (p. 9 3 - 9 7 )
N u n d e r E i n f l u v o n R e l i g i o n , F r e i h e i t etc P r e s s e u . s . w . auf die E n t w i c k - 40
l u n g d i e s e r G e s c h i c h t e , (p. 98)
552
ch. IV. Einflu der Theilung der Arbeit.
Da alle von der T h e i l u n g der Arbeit abgeleiteten Vortheile naturally centre

in u n d belong d e m Arbeiter, if they are deprived of t h e m , u n d im progress
der society n u r die sich b e r e i c h e r n by their improved skill who never la-
5 b o u r - this m u s t arise from unjust appropriation; from u s u r p a t i o n u n d
p l u n d e r in the party enriched, u n d von consenting submission in the party
impoverished, (p. 108,9) In all countries u n d u n d e r all kinds of political in-
stitutions division of labour takes place, (p. 109)
ch. V. Causes which give rise to, and limit,

io Division of Labour.
Theilung der Arbeit zwischen d e n Geschlechtern, sobald eine F a m i l i e exi-

stirt. In d e n m o s t b a r b a r o u s tribes fr d e n M a n n Krieg, Jagd, Fischfang, fr
die w o m a n labours in u n d a b o u t the hut. ... this primary division of l a b o u r
springs from sexual difference of organization, it has its f o u n d a t i o n in t h e
15 difference of o u r physical constitution, in the different parental duties re-
quired of the sexes u n d ist co-extensive m i t der existence ||43| of o u r race.
... D a n n k o m m e n die Altersverschiedenheiten ... d a n n peculiarities of
constitution which m a k e s e a c h select in preference, some particular occu-
p a t i o n . ... T h e difference of sex, of age, of bodily a n d m e n t a l power, or dif-
20 ference of organization, is t h e chief source of division of labour, a n d it is
continually e x t e n d e d in the progress of society by the different tastes, dis-
positions, a n d talents of individuals, a n d their different aptitudes for differ-
ent e m p l o y m e n t s . ... barter is the consequence n o t the cause of division of
labour. ... O h n e barter aber k n n t e die T h e i l u n g der Arbeit n i c h t b e r die
25 G r e n z e n einer F a m i l i e h i n a u s g e h e n , (p. 1 1 1 - 1 4 ) Die Grenzen fr die Thei-
lung der Arbeit sind n a c h dr O e k o n o m i e 1) der extent des market u n d 2) die
nature of different employments. ... T h e c o m m o d i t y p r o d u c e d by o n e labour-
er ... constitutes in reality u n d ultimately the m a r k e t for the c o m m o d i t i e s
p r o d u c e d by other labourers; a n d they a n d their p r o d u c t i o n s are m u t u a l l y
30 the m a r k e t for o n e another. ... the extent des m a r k e t m u b e d e u t e n die
n u m b e r of labourers, oder ihre productive power u n d eher die erstere als
die leztre, weil die wants von j e d e m are circumscribed u n d w e n n sie n i c h t
in Z a h l wachsen kein Motiv oder Mittel for a u g m e n t i n g p r o d u c t i o n . ... di-
vision of labour d a h e r u n b e s t i m m t u n d bestndig a u s d e h n b a r , m i t der
35 M u l t i p l i c a t i o n of people ... Different tastes in individuals, their different
553
aptitudes etc, even inventions u n d discoveries, were p o p u l a t i o n stationary,

would only cause a change of e m p l o y m e n t a n d no further division of la-
bour. These circumstances exist in A s i a as well as in E u r o p e , b u t t h e r e p o p -
u l a t i o n a n d division of labour s e e m b o t h alike stationary. ... In Landflek-
k e n E i n e r t h u t alles was in Eisen, der andre alles was in H o l z zu t h u n , 5
w h r e n d der trade von carpenters u n d smiths sehr getheilt in d e n p o p u l o u s
districts, in viele b r a n c h e s . In country places verkauft ein shopkeeper Alles
u n d k a n n k a u m leben; i n L o n d o n sind frstliche V e r m g e n g e m a c h t wor-
d e n by dealing in shoeblacking ... Knives, watches etc b e i n g of general
utility u n d easily transported, c o m m a n d an extensive m a r k e t u n d in t h e 10
m a n u f a c t u r e of t h e m division is almost u n l i m i t e d ... Improved m e t h o d s of
conveyance, wie rail-roads, steam-vessels, canals, alle m e a n s of facilitating
intercourse between distant countries wirken auf die T h e i l u n g der A r b e i t
wie an a c t u a l increase in t h e n u m b e r of people: they bring m o r e labourers
into c o m m u n i c a t i o n m i t einander, u n d m o r e produce to be exchanged. ... 15
As the n u m b e r of labourers increases, t h e productive power of society aug-
m e n t s in the c o m p o u n d ratio of t h a t increase, multiplied by the effects of
t h e division of labour a n d the increase of Knowledge. ... D i e Arbeiter ver-
m e h r e n sich allerdings zu rasch, w e n n that multiplication is only c o m p a r e d
with the want of the capitalist for their services ... Irland scheint A u s - 20
n h m e zu bilden, weil sehr bevlkert u n d zugleich eines der r m s t e n u n -
wissendsten L n d e r - Impoverished d u r c h seine Kriegsgeschichte, misgov-
e r n m e n t etc. (p. 1 1 5 - 2 5 ) M a l t h u s points out the effects which an increase
in der number of labourers h a s in lessening the share w h i c h e a c h o n e
receives of the a n n u a l p r o d u c e , - t h e portion of t h a t distributed a m o n g s t 25
t h e m being a definite and d e t e r m i n a t e quantity n o t regulated in any degree
by what they annually create, (p. 126)
ch. VI. Territorial division of Labour.

Limit to Division of Labour from the nature of Employments.
Die andre G r e n z e der Theilung der Arbeit ist die n a t u r e of different e m - 30

ployments. M i t d e m Fortschritt der Wissenschaft verschwindet diese
scheinbare G r e n z e ... M a s c h i n e n werden erfunden, die e i n e n M a n n bef-
higen to perform die several parts einer productiven O p e r a t i o n die vorher 2
oder 3 erheischte ... T h e application of steamengines to working power
looms enables o n e m a n to perform the operations of several; or to weave as 35
m u c h cloth as 3 or 4 persons can weave by the h a n d l o o m . This is a compli-
cation of e m p l o y m e n t s . ... aber d a n n folgt wieder s u b s e q u e n t simplifica-
554
tion - so perpetual renewal of occasions for the farther division of labour.

... Ausser d e n bisher b e t r a c h t e t e n aptitudes u n d capacities in d e n e n die
work giebt es different aptitudes u n d capacities in the n a t u r a l i n s t r u m e n t s
they work with. Diversities of soil, climate, a n d situation, a n d peculiarities
5 in the s p o n t a n e o u s p r o d u c t i o n s of t h e earth, a n d of the m i n e r a l s c o n t a i n e d
in its bowels, a d a p t certain spots to certain arts. An e i n e m Ort an ever-
bright sun brings to perfection Orangen, T r a u b e n , etc; im a n d r e n c o n t i n u a l
m o i s t u r e r e i c h e n Graswuchs u n d grosse Leichtigkeit fr V i e h z u c h t , Butter,
Ks; in fertile plains corn is a l u x u r i a n t crop; u n d on m o u n t a i n s , where
10 corn will n o t grow, pasturage is excellent. Placed on t h e b a n k s of a river
wird ein M a n n ein Fischer u n d ein Jger w e n n sein native l a n d wild, bergig
u n d holzreich ... So einige arts an einigen Orten u n m g l i c h , in a n d r e n von
der N a t u r d e m m a n aufgedrngt. T h e different arts u n d species of cultiva-
tion, which grow up in different climates a n d situations from their n a t u r a l
15 peculiarities, are called territorial division of labour. ... A u s ihr folgt d a n n
E x c h a n g e der verschiednen P r o d u c t e der verschiednen L n d e r u n d L a n d -
striche. Diese Species von T h e i l u n g der Arbeit n i c h t confined or limited
oder c o n n e c t e d m i t der politischen separation of m a n k i n d into different
n a t i o n s ... Z . B . der grosse Weindistrikt von Europa, von 47 der latitude bis
20 z u r der southern extremity dieses C o n t i n e n t s schliet aus England, Schwe-
den, D n e m a r k u n d all the states to the n o r t h of this latitude; schliet ein
part of Germany, sehr grossen Theil von F r a n c e , Spain, Portugal, Italy
etc ... Kent u n d Sussex, a b o u n d i n g in timber, h a t t e n betrchtliche Eisen
u n d Wolle||44|manufakturen, jezt keine solche M a n u f a k t u r m e h r i n Exi-
25 Stenz. Seit K o h l e in G e b r a u c h g e k o m m e n , h a b e n alle diese m a n u f a c t u r e s
die Holz fr die Kohlendistrikte verlassen, (p. 1 2 7 - 1 3 3 ) W a s n u n die divi-
sion of labour in agriculture angeht, so h n g t sie ab on t h e agriculturist u s i n g
the different n a t u r a l capabilities of the soil in the m o s t advantageous m a n -
ner. ... die politische E i n m i s c h u n g der Legislatur der v e r s c h i e d n e n N a -
30 tions h a t at all t i m e s a n d places laid restrictions on the intercourse w h i c h
m i g h t u n d would sonst have t a k e n place zwischen d e n i n h a b i t a n t s of differ-
e n t districts a n d climates; and never has it b e e n possible for t h e agricultur-
ist, owing to these restrictions, to p u s h division of labour in his art, as far as
would be generally beneficial. (134) M i t der appropriation des G e m e i n d e -
35 e i g e n t h u m s war c o n n e c t e d die Sklaverei des agricultural labourer, der stets
in einer schlechtren condition, politically speaking, als der m a n u f a c t u r i n g
u n d c o m m e r c i a l labourer. (135[, 136])
555
ch. VII. Trade.
D e r trade verdient n i c h t m e h r als t h e arts of life ausgeschlossen zu w e r d e n

von der science of n a t i o n a l wealth, (p. 141)
hometrade h a t Bezug u n d folgt aus der ersten division of labour a m o n g
individuals, beschrnkt auf neighbours oder die E i n w o h n e r desselben D i - 5
strikt u n d place; auf i h m b e r u h t der Retailtrade. Foreigntrade b e r u h t auf der
territorial division of labour, also zwischen d e n i n h a b i t a n t s of different a n d
distant contries, m g e n sie n u n verschiedne R e g i e r u n g e n h a b e n u n d politi-
sche Organisationen oder nicht. A u f ihr b e r u h t der wholesale trade. (143 [,
144]) D i e difference of t i m e required to complete the products of agricul- 10
ture, a n d of other species of labour, ist die m a i n cause der great d e p e n d -
e n c e der agriculturists. T h e y c a n n o t bring their c o m m o d i t i e s to m a r k e t in
less t i m e t h a n a year. F o r that whole period sind sie verpflichtet to borrow
v o m S c h u h m a c h e r , tailor, Schmidt, wheelwright u n d d e n various other la-
bourers, deren Producte sie b r a u c h e n u n d die completed in a few days or 15
weeks. Owing to this n a t u r a l circumstance, a n d owing to the m o r e rapid in-
crease of the wealth p r o d u c e d by other labour t h a n that of agriculture, t h e
monopolizers of all the land, obgleich sie m o n o p o l i z e d h a b e n a u c h die leg-
islation, sind unfhig to save themselves a n d their servants, the farmers,
from b e c o m i n g the m o s t d e p e n d e n t class of m e n in the c o m m u n i t y , (p. 147 20
note)
eh. VILI. Money.
G e l d is in fact, only the i n s t r u m e n t for carrying on buying a n d selling, a n d

the consideration of it no m o r e forms a part of the science of political
economy, t h a n the consideration of ships or s t e a m e n g i n e s ; or of any other 25
i n s t r u m e n t s employed to facilitate the p r o d u c t i o n a n d distribution of wealth,
(p. 178,9) the n a t u r a l circumstance of all c o m m o d i t i e s being p r o d u c e d in
u n e q u a l periods, while the wants of the labourer m u s t be supplied daily.
... This inequality in the t i m e necessary to complete different c o m m o d i -
ties, would im wilden Z u s t a n d cause the h u n t e r etc to have a surplus of 30
g a m e etc, before the m a k e r of bows a n d arrows etc h a d any c o m m o d i t y
completed to give for the surplus g a m e . No exchange could be m a d e ; t h e
bow m a k e r m u s t be also a h u n t e r ... u n d division of labour u n m g l i c h ...
T h e obvious utility of division of labour suggested the m e a n s of getting
over this difficulty, which consisted in the invention of m o n e y . (179,80) 35
A n o t h e r n a t u r a l c i r c u m s t a n c e which influenced the invention of m o n e y ,
556
was the inequality in t h e value of c o m m o d i t i e s which c a n n o t be divided.

... nthig s o m e m e a s u r e t o d e t e r m i n e how m u c h o r how m a n y o t h e r c o m -
m o d i t i e s were e q u a l in value to those which c a n n o t be divided w i t h o u t de-
stroying t h e m . This m e a s u r e ... is m o n e y , (p. 180) D i e n a t u r a l c i r c u m -
5 stances, die die Erfindung des G e l d e s hervorrufen sind also: i n e q u a l i t i e s in
the periods necessary to p r o d u c t i o n , inequalities in the value of indivisible
c o m m o d i t i e s , a n d o n e m a n n o t p r o d u c i n g what a n o t h e r desires, while h e
desires what a n o t h e r possesses, (p. 181) t h e quantity of l a b o u r r e q u i r e d to
o b t a i n o r p u r c h a s e the precious m e t a l s a n d other c o m m o d i t i e s , a n d t h e
10 n u m b e r of exchanges to be c o m p l e t e d in any given t i m e a n d place, always
d e t e r m i n e t h e relative value of these m e t a l s to all other c o m m o d i t i e s , a n d
what q u a n t i t y of t h e m m u s t be in circulation, (p. 185) labour t h e exclusive
s t a n d a r d of value, aber labour, t h e creator of all wealth, k e i n e c o m m o d i t y ,
(p. 186) t h e relative value of t h e precious m e t a l s to other c o m m o d i t i e s
5 t e r m i n e s how m u c h of t h e m m u s t be given for other things; a n d t h e n u m
b e r of sales to be m a d e w i t h i n a given period, d e t e r m i n e s , as far as m o n e y
is the i n s t r u m e n t for effecting sales, t h e q u a n t i t y of m o n e y required,
(p. 188) A b u n d a n t r e a s o n to believe t h a t t h e practice of coining originated
m i t individuals u n d carried on by t h e m before it was seized on a n d m o n o p -
20 olized by g o v e r n m e n t s . So n a c h Storch die lange der Fall in R u l a n d ,
(p. 195 Note.) To supply t h e necessary quantity of b u l l i o n sicher viel wich-
tigrer T h e i l des g a n z e n Prozesses als assaying it certifying its value by a
s t a m p . Die R e g i e r u n g interferes n o t m i t der supply of bullion. D i e m i n t
stamps nur, was individuals bring, m o s t injudiciously charging t h e m n o t h -
25 ing for t h e l a b o u r of coining; and taxing the n a t i o n for t h e benefit of
those who deal in m o n e y , (p. 194) |
|45| As a m a n c a n dispose of small portions of p r o d u c e t h a t is corrupti-
ble, for what is incorruptible, he is u n d e r no t e m p t a t i o n to throw it away;
a n d t h u s t h e u s e of m o n e y adds to wealth, by preventing waste, (p. 197)
30 (Der H a u p t v o r t h e i l des retail traders: weil die Q u a n t i t t , worin die W a a r e n
am besten producirt n i c h t die ist worin sie am b e s t e n vertheilt werden,
[p. 145, 146]) In t h e m a n u f a c t u r i n g districts of Yorkshire a n d L a n c a s h i r e ,
no m a n , generally speaking, thinks of paying for any c o m m o d i t i e s above
t h e value of 10 p o u n d s , otherwise t h a n by a bill after date. (p. 202) D i e R e -
35 gierungen m g e n wollen oder nicht, p a p e r m o n e y m u s t a n d will form t h e
principal part of t h e circulation in every well p e o p l e d a n d i n d u s t r i o u s
country. (204) G e g e n j e d e s g o v e r n m e n t P a p i e r g e l d . All bills drawn a n d
circulated on m e r e r e v e n u e by those who do not p r o d u c e c o m m o d i t i e s , al-
t h o u g h they m a y hereafter be entitled to receive certain s u m s , are m o r e
40 t h a n is r e q u i r e d for t h e business of t h e country, a n d are always issued t h a t
t h e issuer m a y o b t a i n a share of other m e n ' s p r o d u c e before he has a n y le-
gal claim to it. (p. 212)
557
ch. IX. Prices.
D e r natural price (or necessary price) m e a n s the whole quantity of l a b o u r

n a t u r e requires from m a n , that h e m a y p r o d u c e any c o m m o d i t y ... L a b o u r
was the original, is now a n d ever will be the only p u r c h a s e m o n e y in deal-
ing with N a t u r e . T h e r e is another description of price ... social, it is n a t u - 5
ral price e n h a n c e d by social regulations. W h a t e v e r quantity of l a b o u r m a y
be requisite to p r o d u c e any c o m m o d i t y , the labourer m u s t always, in the
present state of society, give a great deal m o r e labour to acquire a n d pos-
sess it t h a n is requisite to b u y it from n a t u r e . N a t u r a l price so increased to
the labourer is Social Price. M a n m u i m m e r zwischen d e n b e i d e n u n t e r - 10
scheiden. (219,20) Supposing t h a t there does actually arise, in t h e progress
of society, a necessity for us to have continually recourse to soils of less
a n d less fertility, t h o u g h we are completely ignorant of what constitutes a
fertile soil, a n d t h a t w h i c h is fertile w h e n we know how to employ its pow-
ers, is barren when we are ignorant of the laws which regulate vegetation; 15
yet it is plain, that zahllose circumstances c o m p e n s a t e for decreasing fertil-
ity, (p. 222) In d e m progress der society food o b t a i n e d by less a n d less la-
bour, sowohl d u r c h die Erfindungen in der Agricultur selbst, als in j e d e m
a n d r e n Zweig der I n d u s t r i e . Vergleiche die Agricultur der W i l d e n in N e u -
holland u n d die englische ... T h o s e who have e m b r a c e d t h e opposite opin- 20
ion, have b e e n led into a m i s t a k e by confining their observations to a short
a n d single period; and, perhaps, by looking too exclusively at the i m m e -
diate cause of e x t e n d e d cultivation, which is in all cases increased d e m a n d ,
a n d temporary higher prices. Their o p i n i o n has grown up within t h e last
30 years u n d in der Period grosser rise in t h e price of corn. (p. [225-]227) 25
A b e r in lngren Perioden umgekehrt. (1. c.) D e r average price of wheat im
1 3 ' J h . ( 1 2 0 2 - 1 2 8 6 per qr 2 19 sh. 1 d. [p. 228]) war h h e r als der average
price irgend einer folgenden Epoche, except die period zwischen 1792 u n d
1815. (p. 230) N a c h d e n returns, recently m a d e by his Majesty's consuls
abroad, printed by t h e order of t h e H o u s e of C o m m o n s , der price of grain 30
h h e r 1825 u n d generally is higher in Spain u n d Portugal t h a n in F r a n c e ,
in E n g l a n d a n d in Holland, a n d higher in F r a n c e t h a n in Holland. In Spain
the n u m b e r of i n h a b i t a n t s to each square m i l e is 55, in Portugal 90, while
i n F r a n c e the n u m b e r i s 143, u n d i n H o l l a n d 212. A m t h e u e r s t e n h i e r a l s o
i n d e n m i n d e s t d i c h t b e w o h n t e n c o u n t r i e s . (231) D a s c o m i m m e r z u 35
e i n e m monopolyprice. (231) T h e n a t u r a l price of food to t h e i n h a b i t a n t s of
M a n c h e s t e r , is the quantity of labour necessary to m a k e t h e cottons, with
which they can or m i g h t p u r c h a s e at their own doors, t h e wheat of I r e l a n d
or Poland, t h e flour of the U n i t e d States, t h e M a i z e of M e x i c o , or t h e raw
558
p r o d u c e of any other part of t h e world. But the quantity of l a b o u r necessary

to m a n u f a c t u r e cottons at M a n c h e s t e r , a n d to grow wheat in A m e r i c a , a n d
bring it to E u r o p e , has decreased wonderfully since A m e r i c a was first dis-
covered; w h e n c e it is plain, t h a t the i n h a b i t a n t s of M a n c h e s t e r , n u m e r o u s
5 as they now are, might, were it n o t for certain social regulations, o b t a i n
food at a less n a t u r a l price t h a n 1, 2 od 3 centuries ago. (p. 232)
ch. X. Effects of the Accumulation of Capital.
Property ... a m a n ' s right to the free u s e of his own m i n d a n d limbs, a n d to

appropriate whatever he creates by his own labour, is t h e result of n a t u r a l
10 laws. (237) B o t h the theory relative to capital, a n d the practice of stopping
labour at t h a t p o i n t where it c a n produce, in a d d i t i o n to t h e subsistence of
the labourer, a profit for t h e capitalist, s e e m opposed to t h e n a t u r a l laws
which regulate p r o d u c t i o n . (238) Capital ist der Theil des N a t i o n a l r e i c h -
t h u m s employed to procure its owner a r e v e n u e " . D e r Theil also des pro-
15 d u c e of labour, der ist m a d e , employed or c o n s u m e d , n o t for the sake of
any enjoyment it affords its owner in either the m a k i n g , employing or con-
s u m i n g of it, b u t for the sake of s o m e ulterior profit. (241) W h a t e v e r an in-
dividual m a k e s or acquires for the sake of afterproduction, whatever he
lends for the sake of interest, whatever is u s e d or c o n s u m e d for the sake of
20 profit, comes u n d e r the d e n o m i n a t i o n ||4.6| of fixed or circulating capital.
(242) Obgleich j e d e r Theil des Capitals s e i n e m owner a profit bringt, h n g t
es d o c h von der N a t u r des Capitals selbst ab, ob es der P r o d u c t i o n assi-
s t i r t . . . a great quantity of capital is always lent to share the revenue or pro-
d u c e of others u n d this portion can have no beneficial effect on t h e wealth
25 of t h e whole. W h a t enriches t h e individual capitalist does n o t necessarily
a d d to n a t i o n a l wealth. (243) M a n b e t r a c h t e z . B . Fixes Capital, gnstigste
Position fr die I d e e of capital aiding p r o d u c t i o n . 3 classes v o n U m s t n d e n
zu u n t e r s c h e i d e n worin die a c c u m u l a t i o n v o n Capital sehr different,
1) w e n n m a d e u n d used by t h e s a m e persons. 2) w h e n m a d e u n d u s e d von
30 different persons, who share between t h e m in j u s t proportion the p r o d u c e
of their c o m b i n e d labour. 3) W e n n owned by a class of persons who n e i t h e r
m a k e n o r u s e it. (I.e.) ad 1. V e r s t e h t sich v o n selbst every a c c u m u l a t i o n in
his possession of t h e i n s t r u m e n t s he m a k e s a n d uses, facilitates his labour.
D a s limit solcher a c c u m u l a t i o n ist die power des labourer to m a k e a n d u s e
35 the i n s t r u m e n t s in question, ad 2) E i n Arbeiter m a c h t , der a n d r e b e n u z t
das Capital; sie theilen die W a a r e im Verhltni als e a c h has c o n t r i b u t e d
by his l a b o u r to p r o d u c e sie ... I should rather express, this fact, however,
by saying, t h a t a part der society employed in m a k i n g i n s t r u m e n t s , while |
559
another part uses t h e m , is a b r a n c h of division of labour w h i c h aids produc-

tive power and adds to the general wealth. As long as the p r o d u c e der
2 classes of labourers zwischen i h n e n getheilt, die a c c u m u l a t i o n or increase
of such i n s t r u m e n t s as they can m a k e and use, is as beneficial as if they
were m a d e a n d used by o n e person. (244) ad 3. T h e capitalist being the 5
m e r e owner der i n s t r u m e n t s , is not, as such, a labourer. He in no m a n n e r
assists p r o d u c t i o n . He acquires possession of the p r o d u c e of o n e labourer,
which he m a k e s over to another, either for a t i m e , wie bei d e n m o s t k i n d s
of fixed capital, or for ever, as is t h e case with wages, whenever he t h i n k s it
can be used or c o n s u m e d for his advantage. He never does allow the pro- 10
d u c e of o n e labourer, w h e n it c o m e s into his possession, to be either used
or c o n s u m e d by another, unless it is for his benefit. He employs or lends
his property to share t h e produce, or n a t u r a l revenue, of labourers; a n d
every a c c u m u l a t i o n of such property in his h a n d s is a m e r e e x t e n s i o n of his
power over t h e p r o d u c e of labour, a n d retards the progress of n a t i o n a l 15
wealth. D i e at present the case ... W h e n the capitalist, being t h e owner of
all t h e p r o d u c e , will allow labourers neither to m a k e nor u s e i n s t r u m e n t s ,
unless he obtains a profit over a n d above the subsistence of the labourer, it
is plain t h a t b o u n d s are set to productive labour m u c h within what n a t u r e
prescribes. In proportion as capital in the h a n d s of a third party is a c c u m u - 20
lated, so t h e whole a m o u n t of profit required by t h e capitalist increases,
a n d so there arises an artificial check to p r o d u c t i o n a n d p o p u l a t i o n . ... In
the present state of society, the labourers being in no case the owners of cap-
ital, every a c c u m u l a t i o n of it adds to the a m o u n t of profit d e m a n d e d from
t h e m , a n d extinguishes all that labour which would only procure t h e 25
labourer his comfortable subsistence. ... when it is a d m i t t e d t h a t l a b o u r
produces all things, even capital, it is n o n s e n s e to attribute productive pow-
er to the i n s t r u m e n t s labour m a k e s and uses. ... wages facilitate not produc-
tion, like i n s t r u m e n t s ... labour, not capital, pays all wages ... die m e i s t e n
advances of capitalists b e s t e h n in promises to pay... T h e m a s t e r m a n u f a c t u r - 30
er h a s either m o n e y or paper with which he pays wages; those wages his la-
bourer exchanges for the produce of other labourers, who will n o t keep t h e
wages, whether m o n e y or paper; and it is r e t u r n e d to t h e m a n u f a c t u r e r ,
who gives in exchange for it the cloth which his own labourers have m a d e .
W i t h it he again pays wages, a n d the m o n e y or paper again goes t h e s a m e 35
round. ... Die Erfindung u n d A n w e n d u n g des Papiergeldes h a t enthllt,
d a capital d u r c h a u s n i c h t ist something saved. So lang der Capitalist, um
seinen wealth zu realise oder other people's labour zu c o m m a n d i r e n , in
s e i n e m Besitz h a b e n m u t e a n actual a c c u m u l a t i o n der precious m e t a l s
oder c o m m o d i t i e s , k o n n t e m a n suppose, da die a c c u m u l a t i o n des capital 40
das Result of an actual saving, u n d da von i h m der Fortschritt der Gesell-
560
Schaft a b h n g e . A b e r sobald Papiergeld u n d Pergamentsecurities erfunden,

w e n n der Besitzer von N i c h t s als solch a piece of p a r c h m e n t received an
a n n u a l revenue in pieces of paper womit er alles erhielt, was i m m e r n t h i g
fr seinen G e b r a u c h oder C o n s u m , a n d n o t giving away all the pieces of
5 paper, was richer at the e n d of the year t h a n at the beginning, or was e n t i -
tled n e x t year to receive a still greater n u m b e r of pieces of paper, obtaining a
still greater c o m m a n d over t h e p r o d u c e of labour, wurde es zur Evidenz
Klar, d a Capital N i c h t s erspartes, u n d d a der individual capitalist sich
n i c h t bereicherte d u r c h an a c t u a l u n d m a t e r i a l saving, sondern by d o i n g
10 something which enabled h i m ... to obtain m o r e of the p r o d u c e of oth-
er ||47| m e n ' s labour. ... wages have no productive power ... Jezt zuge-
schrieben to his property (des Capitalisten) merely whether he employ it to
pay wages, or whether it consist in useful i n s t r u m e n t s , all t h a t vast assist-
ance, which knowledge a n d skill, w h e n realized in m a c h i n e r y , give to la-
15 bour. ... T h e u n i t e d labours of the m i n e r , t h e smelter, the smith, t h e engi-
neer, the stoker, and of n u m b e r l e s s other persons, a n d n o t the lifeless
m a c h i n e s , perform whatever is d o n e by s t e a m e n g i n e s . ... by the c o m m o n
m o d e of speaking, the productive power of this skill is attributed to its visible
products, the i n s t r u m e n t s , the mere owners of which, who n e i t h e r m a k e n o r
20 u s e t h e m , i m a g i n e themselves to be very productive persons ... D i e m e i -
sten i n s t r u m e n t s u n d tools, shops u n d warehouses, farmhouses, stables,
granaries, are nearly as i m m o v a b l e as t h e soil itself. They m a y be de-
stroyed, not carried away. E b e n s o die i m p r o v e m e n t s des soil, das d r a i n i n g
u n d m a n u r i n g of it etc. A n d r e labours k n n e n sie nutzlos m a c h e n , aber
25 n e i t h e r they n o r the benefit they confer on u s , can be transported to F r a n c e
or America. Bridges, roads, canals ebenso. D e r principal part of circulating
capital is food, which we import; u n d folglich n i c h t a particle davon could
be vortheilhaft sent to other countries. V o n d e n exportirbaren W a a r e n wird
grade so grosse Q u a n t i t t exportirt als mglich. So, except die acquired und
30 useful abilities der labourers einer society, u n d what they can carry m i t
t h e m , - for there are few i n s t r u m e n t s , such as ships, easily transportable -
no part of the capital of a country can be either driven or sent away. ...
A l s o Bldsinn die danger of forcing capital o u t of the country. ... die asser-
tion of interest on capital being necessary to stimulate saving u n d industry,
35 as it can only be t a k e n from the p r o d u c e of t h e labourer, is quite irreconcil-
eable m i t der assertion t h a t labour will be energetic u n d skilful in propor-
tion as it is rewarded. ... Interest on capital was beneficial, w h e n feudal
landlords b e i n g t h e n the absolute masters of all t h e slave labourers of the
country, it t e n d e d to r e d u c e their power. ... In o u r present state, t h e sav-
40 ings of the capitalist are as m u c h c o n s u m e d a n d generally by labourers, as
any other part of the a n n u a l p r o d u c e ; b u t first passing i n t o the h a n d s of the
561
capitalist, he takes a large portion for himself, which would otherwise re-
m a i n with the labourers ... In parental affection h i n r e i c h e n d e source fr
die n t h i g e n savings ... In fact it is a miserable delusion to call capital
s o m e t h i n g saved. M u c h of it is n o t calculated for c o n s u m p t i o n , a n d never
is m a d e to be enjoyed. ... E i n Wilder der wild animals m e r k t aus der Ent- 5
fernung m i t d e m Bogen t d t e n zu k n n e n , m a c h t ihn subsisting himself, as
he m u s t do, while the work is in progress. He saves n o t h i n g , for t h e instru-
m e n t never was m a d e to be c o n s u m e d ... To store up or save c o m m o d i t i e s ,
except for short periods, a n d in some particular cases, can only be d o n e by
m o r e labour, a n d in general their utility is lessened by being kept. T h e sav- 10
ings, as they are called, of t h e capitalist, are c o n s u m e d by t h e labourer, a n d
there is no such thing as an actual h o a r d i n g up of c o m m o d i t i e s . ... T h e
U n i t e d States are increasing m o r e rapidly in wealth, power, a n d popula-
tion, t h a n any of the countries in which capital has b e e n extensively accu-
m u l a t e d . ... W i e die P o p u l a t i o n wchst, b o t h increased p r o d u c t i o n a n d 15
c o n s u m p t i o n take place, which is all that is ever m e a n t by the terms accu-
m u l a t i o n or increase of n a t i o n a l wealth, ( p . 2 4 5 - 2 5 7 ) ... T h e whole system
of social p r o d u c t i o n m u s t be considered, like the solar system, as a part of
the universe, which m a n m a y observe a n d know, b u t c a n n o t regulate.
(261) 20
562
Aus R.Jones: An introductory lecture on political economy
Rev. R.Jones, M.A. An Introductory Lecture

on Political Economy,
delivered at Kings College,
London, 27 Februar 1833.
5 To which is added A Syllabus of Course of
Lectures on the Wages of Labour.
L o n d o n 1833.
D a s ltere System, gegrndet auf d e n G l a u b e n an Geld als d e n einzigen

R e i c h t h u m , von Edward I bis H e n r y VII, sicher n u r a transcript der laws
10 u n d regulations of several der c o n t i n e n t a l n a t i o n s . (6) P r o d u c t i o n m u s t , of
course, practically precede distribution: b u t although s o m e wealth m u s t be
produced, before any c a n be distributed, yet the forms a n d m o d e s of
distributing t h e p r o d u c e of their lands a n d labour a d o p t e d in t h e early
stages of a people's progress, exercise an influence over t h e habits a n d
15 character of c o m m u n i t i e s , which can be traced for ages; w h i c h in m a n y
cases is never effaced: a n d this influence m u s t be u n d e r s t o o d a n d allowed
for, before we can adequately explain existing differences in t h e productive
powers and operations of different n a t i o n s . ([12,] 13) Labour, continuously
bestowed u p o n the soil, supposes property in the soil to be established ...
20 property in t h e soil almost universally rests, at o n e t i m e of a people's ca-
reer, either in the general government, or in persons deriving their interest
from it. (14) (In die h a n d s dieses oder seiner owner most, w e n n n i c h t alles
surplusproduce des cultivators gezahlt als rent, T r i b u t fr das Privileg Cul-
tivating the spot etc. [14]) |
25 |48| In d e n asiatic m o n a r c h i e s das surplus der soil in d e n h a n d s des
sovereign, or his officers u n d a great part of it distributed by t h e m a m o n g
563
the nonagricultural population. ... W h i l e the primary distribution of their

revenues c o n t i n u e s the same, their social features c a n n o t m u c h change.
(15) Selbst bei d e n westlich europischen N a t i o n s finden wir n o c h die Ef-
fects der social conformation which results from the peculiari m o d e of dis-
tributing the p r o d u c e of their l a n d a n d l a b o u r established in the early p e - 5
riod of the existence of agricultural nations, ( n m l i c h 1 Klasse agricultural
t e
labourers, 2 Landlords 3) die m e n i a l s , retainers, u n d artizans, die direkt
oder indirekt an seiner R e v e n u e m i t z e h r e n . [14, 15]) (16) D i e changes, af-
fecting this e c o n o m i c a l conformation, h a b e n i h r e n great agent, ihre mov-
ing power from which they proceed in Capital, n h m l i c h a c c u m u l a t e d 10
wealth employed with a view to profit", aber allen N a t i o n s die distinct divi-
sion of wealth here p o i n t e d o u t agirt als a m o s t i m p o r t a n t part, in modify-
ing the ties which c o n n e c t the different classes of the c o m m u n i t y , a n d in
d e t e r m i n i n g their productive power. ... In Asia u n d e i n e n Theil von E u -
ropa (frher in ganz Europa) die nonagricultural classes ganz erhalten von 15
d e n i n c o m e s der a n d r e n classes, h a u p t s c h l i c h von d e n e n der landholders.
If y o u want the labour of an artizan, you provide h i m m i t materials; he
c o m e s to your h o u s e , you feed u n d pay h i m his wages. After a t i m e , der
capitalist steps in, he provides the materials, he advances the wages of the
workman, he b e c o m e s his employer, u n d ist der owner des article pro- 20
duced, which he exchanges for your m o n e y . ... an i n t e r m e d i a t e class so
zwischen d e n landowners u n d e i n e m Theil der nonagriculturists u n d von
dieser i n t e r m e d i a t e class, those non-agriculturists are d e p e n d e n t for e m -
p l o y m e n t a n d subsistence. T h e ties which formerly b o u n d the c o m m u n i t y
together are worn out a n d fall to pieces; other b o n d s , other principles of 25
cohesion c o n n e c t its different classes: new e c o n o m i c a l relations spring into
being etc ... Hier in E n g l a n d n i c h t n u r die great body der non-agricultur-
ists almost wholly in the pay of capitalists, s o n d e r n selbst die labouring cul-
tivators of the soil are their servants too. ... U n t e r e c o n o m i c a l structure of
nations, I m e a n those relations between the different classes which are es- 30
tablished in the first instance by the institution of property in the soil, a n d
by t h e distribution of its surplus p r o d u c e ; afterwards modified u n d
c h a n g e d (to a greater or less extent) by the i n t r o d u c t i o n of capitalists, as
agents i n producing u n d exchanging wealth, u n d i n feeding u n d employing
the labouring population. ( 1 6 - 2 2 ) 35
I
f
564
Aus R. Jones: An introductory lecture on political economy
Syllabus of a course of lectures

on the Wages of Labour.
Pars I.
Component Parts of Labor Fund.
5 V e r s t e h t u n t e r L a b o r F u n d , d e n aggregate a m o u n t of the r e v e n u e s
c o n s u m e d by t h e laborers, whatever be t h e source of those revenues. . . .
Dieser fund k a n n wieder getheilt werden in 3 Klassen: a) R e v e n u e s p r o d u -
cirt d u r c h die laborers, die sie c o n s u m i r e n u n d n i e a n d r e n persons g e h -
ren, b) R e v e n u e s belonging to classes distinct from t h e laborers, u n d ex-
10 p e n d e d von d i e s e n classes in t h e direct m a i n t e n a n c e of labor, c) capital im
eigentlichen Sinn. Diese distinct b r a n c h e s des labour fund k n n e n alle in
o u r own country b e o b a c h t e t werden; aber w h e n we look abroad, we see
those parts dieser funds, die hier am beschrnktesten, constituting else-
where the m a i n sources of subsistence to t h e p o p u l a t i o n u n d d e t e r m i n i n g
15 d e n character u n d position der Majority d e s people etc. ( 4 4 - 4 6 ) ad a. d i e
wages of laboring cultivators, or occupying p e a s a n t s . Diese laboring culti-
vators or peasants sind hereditary occupiers, proprietors, tenants. Die t e n a n t s
sind serfs, metayers, cottiers, leztre in Irland e i g e n t h m l i c h . Etwas wie
R e n t oder Profit oft m i t d e n revenues der p e a s a n t cultivators of all classes
20 vermischt, aber w h e n their subsistence is essentially d e p e n d e n t on t h e re-
ward of their m a n u a l labor" sind sie als wages laborer zu b e t r a c h t e n . V o n
d e n labouring peasants also: ) Hereditary occupiers, who are laboring cultiva
tors. A n c i e n t G r e e c e . M o d e r n Asia, b e s o n d e r s I n d i a , ) Proprietors: F r a n c e ,
G e r m a n y , A m e r i c a , Australia; alt Palestina, ) S i e h o b e n . ( 4 6 - 4 8 ) ad b. In
25 E n g l a n d r e d u c i r t auf m e n i a l servants, soldiers, sailors u n d a few a r t i z a n s
working o n t h e i r own a c c o u n t , a n d p a i d o u t o f t h e i n c o m e s o f t h e i r em
ployers. Over a c o n s i d e r a b l e p o r t i o n of t h e e a r t h t h i s b r a n c h of t h e G e n e r a l
L a b o u r F u n d m a i n t a i n s nearly t h e whole o f t h e n o n a g r i c u l t u r a l laborers.
F o r m e r prevalence o f this F u n d i n E n g l a n d . Warwick t h e kingmaker. T h e
30 english G e n t r y . P r e s e n t prevalence in t h e East. M e c h a n i c s , m e n i a l s . Large
b o d i e s of troops so m a i n t a i n e d . C o n s e q u e n c e s of t h e C o n c e n t r a t i o n of this
fund t h r o u g h o u t Asia in t h e h a n d s of t h e sovereign. S u d d e n rise of cities;
s u d d e n desertion. S a m a r c a n d ; C a n d a h a r a n d others. (48, 49) ad c. C a p i t a l
should never be c o n f o u n d e d with t h e General Labour Fund of t h e world, of
35 which a large p r o p o r t i o n consists of r e v e n u e s . All b r a n c h e s of a n a t i o n ' s
565
revenues ... contribute to the a c c u m u l a t i o n s by which capital is formed.

T h e y contribute in different proportions in different countries and differ-
e n t stages of ||49| society. W h e n wages a n d rents contribute the most. ... All
other things being equal, the power of a n a t i o n to save from its profits varies
m i t der rate of profits: is great when they are high, less w h e n low; b u t as the 5
rate of profits decline, all other things do n o t r e m a i n equal. T h e quantities
of capital employed relatively to the n u m b e r s of p o p u l a t i o n m a y increase.
I n d u c e m e n t s u n d facilities to a c c u m u l a t e m a y increase. ... a low rate of
profits is ordinarily begleitet by a rapid rate of a c c u m u l a t i o n , relatively zu
d e n n u m b e r s des people wie in England; u n d ein h i g h rate of profit by a 10
slower rate of a c c u m u l a t i o n , relatively to the n u m b e r s of the people, wie in
Polen, R u l a n d , I n d i e n u. s. w.. Error der doctrine, d a wo im Progress of
n a t i o n s der rate des Profits declines, die m e a n s of providing subsistence for
an increasing p o p u l a t i o n m u s t be b e c o m i n g less. F o u n d a t i o n s of this error:
1) a m i s t a k e n n o t i o n , t h a t a c c u m u l a t i o n from profits m u s t be slow where 15
the rate of profits is low, a n d rapid where it is high. 2) A m i s t a k e n belief,
t h a t profits are t h e only source of a c c u m u l a t i o n . 3) a m i s t a k e n belief t h a t
all t h e laborers of the earth subsist on a c c u m u l a t o n s u n d savings from reve-
n u e , a n d never on r e v e n u e itself. ... Alterations w h i c h take place in the
e c o n o m i c a l structure of n a t i o n s w h e n capital assumes the task of advanc- 20
ing the wages of labour. ... the a m o u n t of capital devoted to the m a i n t e -
n a n c e of labor m a y vary, i n d e p e n d e n t l y of any changes in t h e whole
a m o u n t of capital. ... great fluctuations in the a m o u n t of e m p l o y m e n t , a n d
great suffering, m a y s o m e t i m e s be observed to b e c o m e m o r e frequent as
capital itself b e c o m e s m o r e plentiful. ... Periods of gradual transition of 25
t h e labourers from d e p e n d e n c e on o n e fund to d e p e n d e n c e on another. ...
transfer of the laboring cultivators to the pay of capitalists. ... transfer of
nonagricultural classes to the employ of capitalists. ( 4 9 - 5 3 )
Part II.
On the causes which determine the number 30

of the laboring classes.
Principle of Population. Check: Multiplication of artificial or secondary

wants. Diese increase u n d multiply u n d d e h n e n sich b e r different classes
aus, as t h e productive powers der n a t i o n s expand u n d civilization u n d re-
finement gain ground. Proof ... the different habits of different classes in 35
t h e same c o m m u n i t y . D i e wages, Z u - u n d A b n a h m e , k n n e n D o p p e l t auf
566
Aus R.Jones: An introductory lecture on political economy
die P o p u l a t i o n wirken. Steigen die wages entweder Z u n a h m e der artificial

wants u n d refined c o n s u m p t i o n , leaving the rate of increase stationary, or,
in some instances, retarding it. Oder. E x p e n d e d in primary necessaries u n d
accelerate the rate of increase. Fallen der wages. V e r m i n d e r t d e n C o n s u m
5 der articles subservient to artificial u n d secondary wants, leaving t h e rate of
increase stationary or accelerated. Oder d i m i n i s h d e n c o n s u m von primary
necessaries u n d retard the rate of increase. ... An increasing c o m m a n d of
the m e a n s of subsistence fast u n v e r m e i d l i c h followed by an accelerated
rate of increase. A b e r an increased c o m m a n d over the m e a n s of subsist-
10 enee ist a m e a n s wodurch a r e t a r d a t i o n takes place in the rate of increase.
This is seen m o s t plainly by referring to different ranks in the s a m e c o m -
m u n i t y . Slavery. Slaves m a y be divided into p a s t o r a l - p r a e d i a l - d o m e s t i c -
slaves of a m i x e d character, between praedial a n d d o m e s t i c . W i r finden
slaves als cultivating peasants, als m e n i a l s or artizans, m a i n t a i n e d from the
15 i n c o m e s of the rich, as laborers m a i n t a i n e d from capital. ( 5 4 - 5 9 )
Part. III.
Application.
the social c o n d i t i o n a n d capacities der majority of m e n on earth sind deter-

m i n e d by their own m o r a l u n d physical n a t u r e , in c o n n e x i o n m i t d e n laws
20 die regulate the fertility of the earth u n d die powers u n d progress of h u m a n
industry. [64]
567
T. R. Malthus.
Definitions in Political Economy etc.
L o n d o n . 1827.
Gross raw produce, n e t raw p r o d u c e u n d p o p u l a t i o n in e i n e m Volke k n n -

t e n dieselben sein, aber sein R e i c h t h u m sehr verschieden, je n a c h d e m idle 5
retainers u n d m e n i a l servants oder active artizans u n d traders, (p. [8,] 9) No
writer that I have m e t with, anterior to Mr. Ricardo, ever used t h e t e r m
wages, or real wages, as implying proportions. Profits, indeed, imply propor-
tions; a n d t h e rate of profits had always justly been estimated by a per centage
upon the value of the advances. But wages h a d uniformly b e e n considered as 10
rising or falling, n o t according to any proportion which they m i g h t b e a r to
the whole p r o d u c e o b t a i n e d by a certain quantity of labour, b u t by the
greater or smaller quantity of any particular p r o d u c e received by t h e la-
bourer, or by the greater or smaller power which such p r o d u c e would con-
vey, of c o m m a n d i n g t h e necessaries a n d conveniencies of life. (29, 30) Ri- 15
cardos B e h a u p t u n g , da, wie der value of wages rises, profits proportionally
fall, u n d |
|50| vice versa, n u r wahr u n t e r der Voraussetzung, da W a a r e n , worin
dasselbe A r b e i t s q u a n t u m aufgearbeitet, stets von d e m s e l b e n W e r t h sind
u n d die wahr in 1 F a l l von 500 u n d zwar nothwendig so, weil im Fort- 20
schritt der civilisation u n d i m p r o v e m e n t stets wchst die quantity of fixed
capital employed u n d m a c h t m e h r various u n d u n e q u a l die t i m e s o f t h e re-
t u r n s des circulating capital. ( 3 1 , 32) A c c o r d i n g to A. Smith, der d e n value
of c o m m o d i t i e s schzt by t h e quantity of labour which they will c o m m a n d ,
if the m o n e y wages of l a b o u r universally rise, the value of m o n e y propor- 25
tionably falls; u n d w h e n t h e value of m o n e y falls, Mr. Ricardo himself says,
that the prices of goods always rise. (34) If t h e value of foreign c o m m o d i -
ties i m p o r t e d is to be e s t i m a t e d by the quantity of l a b o u r worked up in the
568
Aus T.R.Malthus: Definitions in political economy
c o m m o d i t i e s sent o u t t o purchase t h e m , h a t R i c a r d o R e c h t , that, whatever

may be the returns, their value is unsusceptible of increase. B u t if t h e value
of foreign commodities i m p o r t e d be estimated in the gewhnlichen Weg, i. e.
in m o n e y , labour oder der m a s s of c o m m o d i t i e s which they would c o m -
5 m a n d when brought h o m e , kein Zweifel da der immediate Zweck of a
prosperous v e n t u r e which gives great profit to the m e r c h a n t s c o n c e r n e d
would be to increase t h e a m o u n t of value in the country. (34, 35) M. b e -
m e r k t i n B e z u g a u f M i l l ' s L e h r e v o n s u p p l y u n d d e m a n d : I f the d e m a n d
of every individual were e q u a l to his supply, in the correct sense of the ex-
10 pression, it would be a proof that he could always sell his c o m m o d i t y for
the costs of production, including fair profits; a n d t h e n even a partial glut
would be impossible. T h e a r g u m e n t proves too m u c h ... supply m u s t al-
ways be proportioned to quantity u n d d e m a n d to value. (48, note) H i e r ver-
steht Mill u n t e r d e m a n d his (des d e m a n d e r s ) m e a n s of purchasing. A b e r
15 diese m e a n s of purchasing other c o m m o d i t i e s nicht proportioned to the
quantity of his own c o m m o d i t y which he has p r o d u c e d u n d wishes to part
with; b u t to its value in exchange; u n d unless the value of a c o m m o d i t y in
exchange be proportioned to its quantity, it c a n n o t be true that the d e m a n d
a n d supply of every individual are always equal to o n e another. (48, 49)
20 H a t s and shoes m a y be both selling below the costs of p r o d u c t i o n , a l t h o u g h
they m a y e x c h a n g e for e a c h other in s u c h proportions, t h a t the h a t s pro-
d u c e d by a certain quantity of labour m a y e x c h a n g e for t h e shoes p r o d u c e d
by the s a m e quantity of labour. ... Ist in d i e s e m Fall die supply of hats
suited to the d e m a n d for hats etc? (51) Falsch, w e n n Torrens sagt, d a in-
25 creased supply is t h e o n e and only cause of increased effectual d e m a n d " .
W e n n die wre, wie schwer wrde es sein fr m a n k i n d to recover itself,
u n d e r a temporary d i m i n u t i o n of food u n d clothing. A b e r w e n n food u n d
clothing in Q u a n t i t t verringert, steigen sie in value; der m o n e y price der
r e m a i n i n g food u n d clothing will for a t i m e rise in a greater degree t h a n in
30 proportion to the d i m i n u t i o n of its quantity, while the m o n e y p r i c e of la-
b o u r m a y r e m a i n t h e s a m e . T h e necessary c o n s e q u e n c e , the power of set-
ting in m o t i o n a greater quantity of productive industry t h a n before. (59,
60) Alle W a a r e n einer N a t i o n k n n e n zugleich fallen, verglichen m i t Geld
oder Arbeit. (64sqq.) Also allgemeiner glut mglich. (I.e.) Ihre Preisse kn-
35 n e n alle u n t e r ihre Productionskosten fallen. (1. c.)
Herr M a c C u l l o c h seems, n i c h t wie andre expositors einer Wissenschaft,
to look for characteristic differences, s o n d e r n allein for r e s e m b l a n c e s ; a n d
proceeding u p o n this principle, he is led to confound m a t e r i a l with i m m a -
terial objects; productive with u n p r o d u c t i v e labour; capital with r e v e n u e ;
40 t h e food of t h e labourer with the labourer himself; p r o d u c t i o n with con-
s u m p t i o n ; a n d labour with profits, (p. 69, 70) T h e e x c h a n g e of t h e ordinary
569
products of l a n d for m a n u f a c t u r e s , tobacco, and c h a m p a g n e necessarily

generates capital; a n d the m o r e s u c h exchanges prevail the m o r e do those
advantages prevail which result from the growth of capital and a better
structure of society; while an exchange of necessaries for m e n i a l services,
b e y o n d a certain limited a m o u n t , obviously t e n d s to check the growth of 5
capital, a n d if p u s h e d to a considerable extent, to prevent a c c u m u l a t i o n en-
tirely, and to keep a country p e r m a n e n t l y in a semi-barbarous state. (77,
78) M a c c u l l o c h sagt selbst, da das grosse praktische Problem, m i t der
least quantity of l a b o u r the greatest a m o u n t of necessary etc products zu
erhalten. A b e r u n t e r d e n u n p r o d u c t i v e n labourers im Sinne A. S m i t h s is io
no ||51| r o o m for such saving of labour. ... the saving of labour wrde in
d e n m e i s t e n Fllen defeat t h e very e n d in view, n h m l i c h die p a r a d e of at-
t e n d a n c e u n d d e n pride of c o m m a n d i n g a n u m e r o u s body of followers.
Now, if the e m p l o y m e n t of the labour required to produce m a t e r i a l conve-
n i e n c i e s u n d luxuries n o t h w e n d i g occasions the creation u n d distribution 15
of capital u n d ausserdem affords r o o m for all the advantages resulting from
t h e saving of labour d u r c h division u n d A n w e n d u n g von M a s c h i n e r i e ; wh-
r e n d das e m p l o y m e n t , das S m i t h u n p r o d u c t i v n e n n t von allen diesen ben-
efits cut off, rechtfertigt die nicht schon die Classification A. Smiths? (78,
79) M a c c u l l o c h gegen die A. S m i t h ' s c h e U n t e r s c h e i d u n g von Stock u n d 20
Capital, von Revenue (consumirter) u n d Capital. D a r a u f b e m e r k t w e i t e r
M [ a l t h u s ] u . a . : R e v e n u e ist das e x p e n d e d m i t a view to i m m e d i a t e support
u n d enjoyment u n d capital das e x p e n d e d m i t a view to profit, (p. [ 8 2 - ] 8 6 )
E i n labourer u n d m e n i a l servant sind, two i n s t r u m e n t s u s e d for purposes
distinctly different, one to assist in obtaining wealth, the other to assist in 25
c o n s u m i n g it. (94) value m u i m m e r relation sein. N a c h R i c a r d o n u r val-
u e in relation t o the p r o d u c i n g labour. (158) M a l t h u s s a g t m i t B e z u g
a u f s e i n e : M e a s u r e of v a l u e s t a t e d etc.: Erstens: I h a d nowhere seen it
stated, t h a t the ordinary quantity of labour which a c o m m o d i t y will c o m -
m a n d m u s t represent a n d m e a s u r e t h e quantity of labour worked up in it, 30
with the addition of profits. ... by representing the labour worked up in a
c o m m o d i t y , m i t d e n profits, reprsentirt die labour the n a t u r a l u n d neces-
sary c o n d i t i o n s of its supply, or the elementary costs of its p r o d u c t i o n .
Zweitens: I h a d nowhere seen it stated that, however the fertility of t h e soil
m i g h t vary, the elementary costs of producing t h e wages of a given q u a n t i t y 35
of labour m u s t always necessarily be the same. (196,7) Er h a b e gezeigt,
d a die elementary costs of producing the comwages of a given n u m b e r of
m e n . ... m u s t of necessity always r e m a i n t h e s a m e . (199) Betrachtet m a n
value als die general power of purchasing einer W a a r e , so bezieht sich die
auf d e n K a u f aller W a a r e n , der general m a s s of c o m m o d i t i e s . Diese a b e r 40
ist ganz u n m a n a g e a b l e . Now, of any o n e object, it c a n n o t for a m o m e n t be
570
Aus T. R. Malthus: Definitions in political economy
d e n i e d that labour best represents an average of the general m a s s of pro-

ductions. (205.) a large class of c o m m o d i t i e s , wie raw products steigen im
progress der society, verglichen m i t Arbeit, w h r e n d die m a n u f a c t u r e d arti-
cles fall, so n i c h t far from t r u t h to say d a die average m a s s von W a a r e n
5 die a given quantity of l a b o u r will c o m m a n d in the s a m e country, during
t h e course of s o m e centuries, m a y n o t very essentially vary. (206) D i e aber,
d. der exchangeable value einer W a a r e u n d die variations in ihrer power of
p u r c h a s e n i c h t identisch sind, die b e h a u p t e n , da eine W a a r e n u r wchst
in exchangeable value w e n n sie c o m m a n d s a greater value in exchange, wh-
lt) rend ihre power of p u r c h a s e m a y increase weil sie will c o m m a n d a greater
quantity of c o m m o d i t i e s which have confessedly fallen in value, m s s t e n
n o c h m e h r a n n e h m e n l a b o u r als das m e a s u r e of value. (207) It is precisely
because the labour which a c o m m o d i t y will ordinarily c o m m a n d m e a s u r e s
the labour actually worked up in it with the addition of profits, t h a t it is
15 justifiable to consider it (the l a b o u r ) as a m e a s u r e of value. If t h e n the or-
dinary value of a c o m m o d i t y be considered as d e t e r m i n e d by the n a t u r a l
a n d necessary c o n d i t i o n s of its supply, it is certain t h a t the labour w h i c h it
will ordinarily c o m m a n d is alone t h e m e a s u r e of those conditions. (214)
value m u i m m e r sein value in exchange for labour. (224 note) value in
20 use rarely occurs in political e c o n o m y (p. [234,] 235) Fixed capital... t h a t
portion of stock employed with a view to profit which yields s u c h profit
while it r e m a i n s in the possession of the owner, circulating capital das w h i c h
does n o t yield s u c h profit till it is parted with. (237,8) A c c u m u l a t i o n of
capital ... the e m p l o y m e n t of a portion of r e v e n u e as capital. (238) Profit
25 des capital consists of the difference between the value of the capital ad-
vanced, a n d the value of t h e c o m m o d i t y when sold a n d used. (241) Interest
= the n e t profits of a capital in m o n e y separated from the risk a n d trouble
of employing it. (1. c.) Demand zweifach. Erstens: extent oder quantity of com-
modities purchased generally increases m i t d e m increase der supply u n d di-
30 m i n i s h e s m i t der d i m i n u t i o n of it. Oft am grten w e n n W a a r e n u n t e r ih-
ren Produktionskosten verkaufen. Zweitens: Demand in regard to intensity:
the sacrifice das die d e m a n d e r s are willing u n d able to m a k e in order to
satisfy their wants. Diese species allein, verglichen m i t der supply, be-
s t i m m t prices. (244,5) Prices a n d values vary as the d e m a n d directly a n d
35 the supply inversely. W h e n the d e m a n d is given, prices u n d values vary in-
versely with t h e supply; w h e n t h e supply is given, directly as the d e m a n d .
(247)|
571
|52| Thomas Chalmers (Prof. of Divinity)

On Political Economy
in Connection with the Moral
State and Moral Prospects of Society.
2 ed. L o n d o n 1832. 5
D i e s e r Pfaffe h a t gleich i n d e r V o r r e d e s a l b u n g s v o l l e n K o h l . S e i n Z w e c k ,
zu zeigen, d a even b u t for the e c o n o m i c wellbeing of a people, their m o -
ral a n d religious e d u c a t i o n ( w o r u n t e r er h a u p t s c h l i c h die P o p u l a t i o n s -
t h e o r i e v e r s t e h t ) is t h e first and greatest object of n a t i o n a l policy u n d so-
bald ein L a n d h a d r e n o u n c e d the habits a n d decencies of a Christian 10
L a n d hilft ihm alle Arbeit nicht d e n Teufel etc. (Preface IV.)
Ch. 1. On the increase and limit of food.
E i n e c o m m a n d i n g position, besonders wo die theory of wealth in contact

m i t der theory of population k o m m t , ist die G r u n d r e n t s t h e o r i e von M a l -
t h u s u n d West zugleich entdeckt, wonach land, das yields no r e n t zeitwei- 15
lieh stets markirt das extreme limit of cultivation at the t i m e . ( 1 . 2.) Diese
L e h r e n o c h n i c h t gehrig exploitirt. (1.) As the fresh soils that h a d to be
successively entered on b e c a m e m o r e intractable, t h e s a m e a m o u n t of la-
bour, by t h e intervention of tools and i n s t r u m e n t s of h u s b a n d r y , m a y have
b e c o m e greatly m o r e effective. (5) Es folgt nicht, da in the act of descend- 20
ing to an inferior soil, m e n have to p u t forth a greater quantity of labour
for the s a m e return, d e n n vielleicht i m p r o v e m e n t s in d e n m o d e s or opera-
tions o f husbandry, which has enabled t h e m t o m a k e descent u n d t o m a k e
the same l a b o u r as effective on the ground which they are now reclaiming
572
Aus T. Chalmers: On political economy
from the waste, as on t h a t which they h a d last brought in den d o m a i n of

cultivation. (8.) Cultivation m a y be e x t e n d e d d u r c h an i m p r o v e m e n t in
m a n u f a c t u r i n g as well as in agricultural l a b o u r . . . Z . B . L a n d N . I giebt fr
100, fr N . I I fr 90 families nur. N u n w e n n d u r c h Erfindung in der M a n u -
5 factur der Theil, der 100, der in der Industrie beschftigt, 10 m e h r liefert,
so dasselbe als w e n n der Theil, der in der Agricultur 10 m e h r geliefert. An
i m p r o v e m e n t in der F o r m der s t o c k i n g m a c h i n e k a n n so gut wie eine im
Pflug sonst u n r e c l a i m i r t e s L a n d in d e n r e a c h of cultivation bringen: (9, 10)
So by a m o r e strenuous industry (des A r b e i t e r s ) u n d a m o r e effective m a -
io chinery together, t h e poorer soils may, to a certain extent, be forced to
yield an equal, or, perhaps a m o r e liberal subsistence to the labourer, t h a n
at earlier stages in the process of cultivation. (17) A b e r dieser P r o z e h a t
eine Grenze ... absolute u n d impassable. (1. c.) T h e power to support, a n d
the power to create a population, are j u s t as distinct, the o n e from the oth-
15 er, as the constitution of the external world is distinct from the constitu-
tion or physiology of h u m a n n a t u r e . (18 voil le capucin!) To p o s t p o n e
either the a r g u m e n t or its application (der M a l t h u s Theory) till the
agriculture of the world shall be perfected, is a m o s t unpractical, as well as
a m o s t u n i n t e l l i g e n t view of t h e q u e s t i o n - f o r long ere this distant c o n s u m -
20 m a t i o n can be realized, a n d even now, m a y the obstacle of a slowly-retiring
limit begin to be felt. (20) Bleibt nichts brig als keeping down the p o p u l a -
tion t o the p r o d u c e . (23) ( U n d z w a r h a t d e r E s e l h i e r G e l e g e n h e i t M o r a l
u n d Enthaltsamkeit der labourers zu predigen) Malthus'sche Theorie
aber zu verbreiten n i c h t d u r c h direkte Verbreitung von tracts b e r die M a l -
25 thussche Theorie, s o n d e r n d u r c h die spread of s o u n d Christian e d u c a t i o n
over the country. (26.)
Ch. IL On the increase and limit of employment.
E i n e Klasse von A r b e i t e r n (secondary) n t h i g u m die labourers auf d e m

L a n d zu kleiden etc. D a s Surplus, was der Landlord ausgiebt, schafft eine
30 andre Klasse von labourers. R e i c h t die R e n t e n u r fr die necessaries of life
hin, so frit der landlord n u r e i n e n Theil auf, d e n er v o m labourer erhalten;
m i t d e m zweiten Theil v e r m e h r t er n u r die secondary population, die die
additional, second necessaries ausser food schafft. A b e r die R e n t meist
grsser. Er m a c h t in L u x u s . Beschftigt so die disposable Bevlkerung, ( a u s
35 S t e w a r t a b g e s c h r i e b e n ) die m e i s t e n s der luxuries entbehrt u n d ein set v o n
luxuries fr d e n a n d e r e n vertauscht werden k a n n u n d so wechseln ihr e m -
p l o y m e n t ... luxuries alles, was n i c h t in die average m a i n t e n a n c e of labour-
ers e i n g e h t . . . die disposable p o p u l a t i o n m u wie die agricultural have a
573
train of secondaries attached to t h e m . . . d u r c h die F r u c h t b a r k e i t der E r d e ,

die diesem landlord das surplus giebt over and above the food of the direct
a n d secondary labourers, k n n e n wir m a i n t a i n die disposable population,
die in r e t u r n m i n i s t e r d e n lords all the higher comforts a n d elegancies of
life. ( 4 1 - 4 6 ) (voran s i e h t d e r Saupfaffe die H a n d G o t t e s ) I l l u s i o n . . . 5
d a das e m p l o y m e n t in which m e n are engaged is the source of their m a i n -
t e n a n c e - es ist n u r der K a n a l w o d u r c h sie z i e h n diese m a i n t e n a n c e von
d e n h a n d s derer who buy the products of their e m p l o y m e n t . ... ist die e m -
p l o y m e n t n i c h t das raising of food, it does n o t h i n g to alleviate the dispro-
portion between the n u m b e r s of the people a n d the m e a n s of their subsist- 10
enee. (48) any trade or m a n u f a c t u r e ||53| originates only its own p r o d u c e .
E i n Strumpffabrikant contributes to society n u r Strmpfe ... Bei allem
K a u f u n d Verkauf 2 E l e m e n t e , die W a a r e u n d ihr P r e i . . . Stenn b e i d e auf
verschiednen Seiten des Austausche. D e r m a n u f a c t u r e r liefert die W a a r e ,
aber n i c h t d e n Prei w o m i t sie gezahlt wird. Er liefert n i c h t die W a a r e u n d 15
ihr Equivalent ... G e h t eine Schawlfabrik z u m Teufel, so das l a n d der
Schawle beraubt, aber von weiter nichts - n i c h t der wanted support for so
m a n y 100 families. ... der frher fr die Shawls gezahlte Prei existirt
n o c h , der c h a n n e l der m a i n t e n a n c e der 100 ist zerstrt, aber n i c h t die
source; that will find for itself a n o t h e r c h a n n e l . . . h c h s t e n s temporary 20
evils of t h e transition. ... o u r legislators do ascribe a higher function to
trade u n d manufactures, t h a n that of simply furnishing society with the ar-
ticles m a n u f a c t u r e d . ... M a n m u zugeben, d a e m p l o y m e n t i n agriculture
is n o t an indefinite resource for an indefinite p o p u l a t i o n - seeing t h a t it
m u s t stop short at t h e land which refuses to yield the essential food of its 25
d i r e c t . a n d secondary labourers. U n d ebenso klar, d a ebenso wenig e m -
p l o y m e n t in m a n u f a c t u r e s is an indefinite resource, seeing that the definite
quantity of food raised can only sustain a certain a n d definite n u m b e r of
labourers. ... Das h h r e Resultat der m a n u f a c t u r e s u n d c o m m e r c e n u r
b e i m Uebergang aus d e m Mittelalter. Erstens d u r c h Verwandlung der retain- 30
ers in artisans etc. U n d at o n e a n d the s a m e t i m e , the proprietors b e c a m e
m o r e luxurious t h a n before u n d people m e h r laborious ... der desire sich
zu ameliorate (die condition) wirkte a u c h auf die a g r i c u l t u r e . . . millions of
acres, that, u n d e r the old lazzaroni system, h a d never b e e n entered on, are
now yielding subsistence to m a n etc. Alles die in E u r o p a grossentheils 35
tracebar to the reaction of c o m m e r c e u p o n agriculture. ... A b e r was wahr in
dieser Periode of transition from the m i d d l e to the m o d e r n ages of E u r o p a
h a t nicht zu gelten als der universal process for all ages. ... Commerce was
the prime, the executive agent in Europe, for unlocking the capabilities of the
soil, aber die rein historisches f a c t . . . die holders des surplus, die land- 40
lords, sind virtually the holders of the m a i n t e n a n c e der disposable class of
574
labourers u n d it is their collective will which fixes the direction of their la-
bour. ... T h e y are t h e n a t u r a l masters of the country; a n d t h e a s c e n d a n c y
wherewith their property invests t h e m , hinges on this clear a n d simple dis-
t i n c t i o n - m e n c a n want luxuries; they c a n n o t want necessaries. ... corn cre-
5 ates a m a r k e t for itself (?!), m a n u f a c t u r e d goods nur, soweit sie work an in-
crease of food, by p u s h i n g on the limit of c u l t i v a t i o n . . . D i e proprietors der
ersten necessaries h a b e n d a h e r allein nichts zu frchten von der indefinite
supply ihrer peculiar c o m m o d i t y . ... a plenty of luxuries has no s u c h effect
(to r a i s e t h e n u m b e r die sie c o n s u m i r e n wird) u n d n o t even a plenty of
10 the second necessaries ... a m e r e increase of m a n u f a c t u r e d c o m m o d i t i e s
c a n n o t force the existing barrier in the way of cultivation, or force an en-
trance u p o n t h a t l a n d which is n o t able to feed its agricultural labourers u n d
their secondaries. There is o n e way in which the barrier m a y be m a d e to re-
tire. Labourers m a y c o n s e n t to be worse fed t h a n before or to p u t up with
15 fewer of t h e secondary a c c o m m o d a t i o n s . ... agriculture, m i t j e d e m p e r m a -
n e n t increase of its products can d u r c h das M e d i u m einer increasing p o p u -
lation c o m m a n d a like increase in the products of m a n u f a c t u r e s . N i c h t
u m g e k e h r t die M a n u f a c t u r so, solang der standard des G e n u s s e s u n d die
powers of personal u n d m e c h a n i c a l labour r e m a i n the same, force a like in-
20 crease in t h e products of agriculture. ... what c o m m e r c e did in an incipient,
it c a n n o t do in an extreme state of agriculture ... E b e n s o wenig a revolu-
tion in the trading world, die M a n u f a c t u r e n zerstrt etc k a n n je u n s r e Pros-
perity sensible u n d p e r m a n e n t u n t e r die limits of our present agriculture
b r i n g e n . . . Es ist, s a g t d e r Pfaff, h o h e Zeit, da die s t a t e s m e n etc der old
25 world die direction n e h m e n , to m o r a l restraint on the n u m b e r s of m a n k i n d
u n d n i c h t to a physical enlargement of the m e a n s for their subsistence, auf
die power of christian e d u c a t i o n u n d n i c h t auf die devices der e c o n o m i s t s
die deliverance zu g r n d e n etc. U n d j a m m e r t d e r Pfaff: We are still look-
ing objectively to the e n l a r g e m e n t of resources in the outer world of m a t -
30 ter, instead of looking subjectively to the establishment of h a b i t a n d prin-
ciple i n the i n n e r world o f m i n d . ... L t m a n die Paupers arbeiten, u m t o
earn for themselves their subsistence: the effect is a general depression in
the prepared article, whatever it m a y be; oder ist er n e u , the p u r c h a s e r s who
are allured to it, are withdrawn from the p u r c h a s e of other articles. In b e i -
35 d e n Fllen, a whole body von regular labourers impoverished by the weight
of these a d d i t i o n a l products u p o n the general market, (p. 4 9 - 7 3 )
575
Ch. III On the Increase and Limit of Capital.
Capital der Theil des zur P r o d u c t i o n u n d generally for the purpose of

obtaining a profit verwandten wealth. (75) Profit has the effect of attaching
t h e services of the disposable population to other masters, beside t h e m e r e
l a n d e d proprietors. ... weil ihre e x p e n d i t u r e reaches higher t h a n the n e c e s - 5
saries of life. (78) ||54| Just as agriculture m i g h t be overladen by an excess
of labour, so m i g h t it be overladen by an excess of capital. ... D i m i n i s h t h e
wages of agricultural labour b e n e a t h a certain rate, a n d p l o u g h m e n will
cease to be multiplied. D i m i n i s h t h e profit of agricultural capital b e n e a t h a
certain rate, or, a n n i h i l a t e profit, a n d ploughs will cease to be m u l t i p l i e d . 10
Both the capital and the p o p u l a t i o n are here brought alike to a stand; a n d ,
at t h e point now specified, b o t h are alike i m p o t e n t for the purpose of
enlarging the wealth of t h e country. ... T h e r e is no virtue in the excess of
ploughs to m a i n t a i n the excess of p l o u g h m e n . N o t h i n g b u t an a d e q u a t e re-
t u r n from the soil can u p h o l d either; a n d for want of this, each excess m u s t 15
at least d i s a p p e a r , - i t being as true of the capital as of t h e p o p u l a t i o n , that
it is heavier t h a n the l a n d can bear. (81) W a s n u n v o m agricultural, gilt
a u c h v o m m a n u f a c t u r i n g capital. W i e zu viel m a n u f a c t u r i n g labourers
k a n n es zu viel m a n u f a c t u r i n g i m p l e m e n t s of labour geben. Im ersten Fall
work d o n e by h u m a n h a n d s o h n e d e n return of an a d e q u a t e h u m a n 20
subsistence; u n d so d i m i n u t i o n of population. Im zweiten Fall work d o n e
by pieces of m a c h i n e r y , o h n e d e n return eines a d e q u a t e profit to their own-
ers; u n d so d i m i n u t i o n of their capital. W a s von den living, gilt von d e n
i n a n i m a t e i n s t r u m e n t s ; b o t h m i g h t b e u n d u l y multiplied. ... Capital o h n e
gehrigen R e t u r n , after a single revolution des e c o n o m i c cycle, v e r m i n d e r t 25
u n d m i t verhltnimssig verminderter power for the m a i n t e n a n c e of la-
bour. ([81,] 82) W e n n zu viel of immediate, zu viel of antecedent l a b o u r
k a n n be brought to bear b o t h on agriculture u n d m a n u f a c t u r e s . (83) D a s -
selbe gilt v o n monied wie von m a t e r i a l capital. ... G e l d n u r a certain power
of lifting all such articles as are presented in a m a r k e t . . . the world of trade 30
may be conceived to revolve in what we shall call an economic cycle, w h i c h ac-
complishes one revolution by business c o m i n g r o u n d again, t h r o u g h its suc-
cessive transactions, to t h e p o i n t from which it set out. Its c o m m e n c e m e n t
m a y be dated from the point at which the capitalist h a s o b t a i n e d those re-
turns, by which his capital is replaced to h i m : w h e n c e he proceeds anew to 35
engage his workmen; to distribute a m o n g t h e m , in wages, their m a i n t e -
n a n c e , or rather, the power of lifting it; to obtain from t h e m in finished
work, the articles in which he specially deals; to bring these articles to m a r -
ket, a n d there t e r m i n a t e the orbit of o n e set of m o v e m e n t s , by effecting a
576
Aus T.Chalmers: On political economy
sale, a n d receiving, in its proceeds, a return for t h e whole outlays of the cap-
ital. Die Intervention des Geldes ndert nichts am real character dieser
Operation. ... Die e c o n o m i s t s have looked zu exclusiv auf die a c c u m u l a -
tions des m e r c h a n t , as if these could indefinitely advance t h e wealth of a
5 land. They have n o t e n o u g h considered the n a t u r e and limits o f t h a t replac-
ing power, which lies in the h a n d s of his customers. They have calculated
too m u c h on his ability to produce, without at the same t i m e calculating on
their ability to p u r c h a s e . . . Gesezt die ganze im H a n d e l investirte s u m sei
10 millions u n d ihr u n i t e d revenue, m i t a profit of 10% ist 1 Million. W i r d
10 diese ganze R e v e n u e spent, so Capital u n d Profit stationr. W i r d % davon
gespart u n d employed in giving additional extent to their business; d a n n ,
at the next revolution des e c o n o m i c cycle, statt 10 millions, we should b e -
hold 10,200,000 /. vested in trade. Blieben all other circumstances dieselben,
die revenue der m e r c h a n t s would fall u n d zwar to the very extent in which
15 they h a d enlarged their capital. F r the one saving of 200,000 1., they would
just lose this s u m yearly in all t i m e coming. F r h e r erhielten sie fr
10 Mill. 11, a l s o 1 R e v e n u e ; j e z t erhalten sie fr 10,200,000 n u r 1 1 , a l s o
n u r 800,000 R e v e n u e . Sie sind zugleich reicher a n Kapital, u n d r m e r a n
R e v e n u e geworden. E i n z e l n e Kapitalisten k n n e n accumuliren. A b e r a gen-
20 eral a c c u m u l a t i o n n u r mglich at the expense of the general revenue of
capitalists. So lang die agriculture in progress, t h e r e m i g h t be yearly addi-
tions to the r e t u r n i n g or replacing power, w o d u r c h a large or a larger reve-
n u e m i g h t be afforded to a still enlarging capital. A b e r sobald der progress
of agriculture slow etc d a n n die I m p o t e n c y of a c c u m u l a t i o n der capitalists
25 m u s t be severely felt. E a c h new investiture, in fact, will t h e n be followed up
by an adverse reaction or recoil u p o n themselves. As they grow in capital
they will decline in revenue. There is no escaping from this c o n s e q u e n c e ,
after that the returning power has b e c o m e stationary. ... the same return,
on a larger p r i m e cost, is all which the capitalists reap for their p a i n s , so-
30 ciety obtains ihre ||55| enjoyments wohlfeiler, when, by an overdone c o m p e -
tition a m o n g capitalists, e a c h strains at b e c o m i n g richer t h a n before. A b e r
wenn kein increase in d e m wealth der customers, capitalists k n n e n n i c h t
auf diesem W e g b e h a r r e n , o h n e V e r a r m u n g u n d R u i n vieler u n t e r i h n e n .
( 8 4 - 8 9 ) Check to a indefinite a c c u m u l a t i o n on t h e part of capitalists ist,
35 wie gro sein advance, n o t h w e n d i g limitirt by what customers are able to
return. ([89,] 90) W i e der rate of wages, so h n g t der rate of profit ab von
d e m average standard of enjoyment a m o n g capitalists. ... D i e h n g t ab on
the balance der 2 appetites seiner N a t u r , between the appetite for eventual
gain u n d the appetite for present comfort. Ueberwiegt der leztre generally,
40 capital kept down u n d profit sustained, w e n n der erstre, capital a u g m e n t e d
u n d profit depressed. (91) D a s limit of a c c u m u l a t i o n zeigt sich n o c h m e h r
577
w e n n m a n b e d e n k t , d a die power of a c c u m u l a t i n g n i c h t auf capitalists b e -

schrnkt, s o n d e r n oft exemplified by their customers u n d b e s o n d e r s d u r c h
die chief c o n s u m e r s of luxuries, who have it in their power to e c o n o m i s e
t h e u s e of t h e m . ([93,] 94) So far from its being in der power der capitalists
d u r c h p a r s i m o n y oder sonst u n b e s t i m m t das capital in their h a n d s a u s z u - 5
d e h n e n , ist es n i c h t n u r limited by t h e power of their c u s t o m e r s , s o n d e r n ,
by a change in t h e will or taste of these customers, this capital could be
wrested to any given e x t e n t away from t h e m . (95) Speichern d i e G r u n d -
e i g e n t h m e r 5 Mill, auf, so die n i c h t h o a r d e d , s o n d e r n d e p o n i r t in h a n d s ,
die es in P r o d u c t i o n for t h e sake of a profit a n w e n d e n . A u c h spent, aber 10
statt als R e v e n u e , j e z t als c a p i t a l . . . this conversion of r e v e n u e i n t o capital
by c o n s u m e r s , h a s n o t increased t h e capital of t h e country. It h a s only
shifted it into other h a n d s . T h e s u m . B. of five millions, t h a t formerly
w o n t to be spent, is saved; or, in other words, instead of going to replace cap
ital in its old situation, it h a s gone to create capital in a new situation. 15
T h e whole difference is, that, instead of being returned, it h a s b e e n re
t a i n e d ; a n d for t h e original capitalists in t h e possession of 10 millions, we
n o w b e h o l d their capital r e d u c e d to five, a n d t h e r e m a i n i n g five in t h e pos
session of so m a n y c u s t o m e r s , d a d u r c h o h n e savings sich selbst bereichert,
aber n u r so weit sie die a n d r e n verarmt. ( 9 5 - 9 7 ) Merkwrdig, d a eine 20
Schule die U n m g l i c h k e i t eines general glut b e h a u p t e t oder d a das Capi-
tal m i g h t find indefinite r o o m for its own profitable investiture, die con-
nects t h e rate of profit m i t d e m r e t u r n des last cultivated land, yieldet to
t h e h u s b a n d m e n . D a s land, which c a n afford a rent, is of finite q u a n t i t y
u n d erheischt blos a finite capital for t h e full o c c u p a t i o n of it. U e b e r s c h r e i - 25
tet das capital diese G r e n z e u n d fliet on soils of inferior fertility, so
k m m t m a n bald z u einer Agricultur, t h e p r o d u c e o f w h i c h c a n n o t even
feed t h e direct a n d secondary labourers. D i e a clear e x a m p l e of a r e t u r n
falling short of t h e outlay, t h e food p r o d u c e d falling short of t h e food ex-
p e n d e d . Da n u n der Profit in allen a n d r e n Zweigen d e m in der Agricultur 30
entspricht, in solchem S t a n d der Dinge, we shall from the general exuber-
a n c e of capital, have profit converted into loss, oder a negative profit, re-
pressing this e x u b e r a n c e t h r o u g h o u t all t h e d e p a r t m e n t s of enterprise, a n d
so keeping down t h e capital to what t h e country c a n bear. (105,6 Note.)
578
ch. IV. On the Parallel between Population and Capital,

Both in respect to their limits
and their powers of expansion.
D e h n t sich die Agricultur aus, so alles m i t ihr. (106) agriculture opens

5 r o o m for t h e occupancy of capital. (108) As too m a n y h u m a n h a n d s m a y be
working now, a n d drawing in r e t u r n an i n a d e q u a t e subsistence; so too
m a n y h u m a n h a n d s m a y have b e e n working last year, a n d t h e existent pro
ducts of t h e i r industry, w h e t h e r in t h e shape of goods, or i n s t r u m e n t s of fu
ture p r o d u c t i o n , m a y be drawing a r e t u r n of gains t h a t are wholly as i n a d e -
10 q u a t e . (110) Wie die P o p u l a t i o n , so h a t das Capital n a c h e i n e m loss die
Kraft sich rasch wieder zu restituiren. (restorative virtue.) R u i n i r t sich . .
ein Glasfabrikant d u r c h Verschwendung, so bleibt die r e t u r n i n g power so
gro wie frher; n u r die P r o d u c t i o n v e r m i n d e r t sich; der Prei des Glases
steigt also u n d die b r i g e n Glasfabrikanten h a b e n a prosperous season.
15 O d e r statt auf K o s t e n der c o n s u m e r s k a n n die Restoration auf K o s t e n der
m a n u f a c t u r i n g labourers geschehn, who, if they all keep by their wonted
e m p l o y m e n t , m u s t be satisfied for o n e year m i t a proportional r e d u c t i o n of
their wages. ( 1 1 1 - 1 1 3 ) If in excess, t h e n it (das capital) overproduces, u n d
d u r c h das M e d i u m folgender low prices, t h e excess is lopped off in o n e rev-
20 o l u t i o n of t h e e c o n o m i c cycle. If in defect, t h e n it u n d e r p r o d u c e s , u n d
d u r c h das M e d i u m der folgenden h o h e n Preisse t h e deficiency is repaired
in one revolution of t h e e c o n o m i c cycle. So von J a h r zu Jahr, the capital
m a y oscillate on e a c h side of ||56| t h e r e t u r n i n g p o w e r . . . T h e capital, ever
adjusting itself to t h e likely returns, is j u s t t h e supply ever adjusting itself
25 to t h e effective d e m a n d . Sei dieser d e m a n d n u r fr i m m e d i a t e labour, o d e r
das p r o d u c t of a n t e c e d e n t labour, sie wird according to its relative m a g n i -
t u d e , act at o n e t i m e as a check, a n d at a n o t h e r as an e n c o u r a g e m e n t , on
population, or on capital, or on both. (114) To u p h o l d t h e capital, die out-
lays m u s t be replaced, w h i c h they c a n only be by the e x p e n d i t u r e of those
30 who c o n s u m e . (115) W e n n die A c c u m u l a t i o n zu weit geht, treibt das F a l -
l e n des Profits zur e x p e n d i t u r e . W e n n die e x p e n d i t u r e zu weit geht, treibt
das Steigen der Preisse z u r a c c u m u l a t i o n . ([116,] 117) Die love of i n d u l -
gence in o n e quarter of society stets g e n g e n d m e t by the love of acquisi-
t i o n in a n o t h e r quarter. (118) D i e extravagance of landlords does n o t p r o -
35 d u c e a reduction in t h e property of t h e n a t i o n , b u t only a rotation of it. (120)
J e m e h r P r o d u c t i o n prevails b e r C o n s u m t i o n , wie i n friedlichen, i n d u -
striellen u n d well regulated c o m m u n i t i e s , desto m e h r fallen Preisse u n d
Profite, so as to carry down t h e cultivation a m o n g poorer soils, a n d by en-
579
larging the agricultural produce, or the m a i n t e n a n c e of labour, to m a k e t h e

country richer in all the products of labour. Andrerseits in den L n d e r n wo
c o n s u m p t i o n u n d e x p e n d i t u r e bears a greater proportion to the p r o d u c t i o n ,
wie in d e m i b a r b a r o u s , u n s e t t l e d u n d oppressed c o m m u n i t i e s , Profit u n d
Z i n s hoch, die cultivation proportionell contracted u n d d a m i t wealth. (122 5
note.) T h e less of capital to t h e business, the m o r e is there of profit a m o n g
capitalists. But n e i t h e r will the food (compared m i t der Population) r e m a i n
long in excess, n o r the profit in excess. (125) Die restorative Kraft des Ca-
pitals - nicht da das A u s g e b e n des e i n e n d u r c h das Sparen des a n d r e n
gut g e m a c h t wird, sondern d u r c h das Steigen der Preisse - zeigte sich b e - io
sonders als das borrowing system der Regierung in full activity; p r o d u c i n g
a yearly extinction of capital, u n d yet closely followed up by its yearly
regeneration. N i c h t wie A. S m i t h m e i n t , d u r c h parsimony, s o n d e r n by a
rise of profits. Die 20 millions, geborgt in e i n e m J a h r u n d d e m Geschft
der p r o d u c t i o n entzogen, j u s t by t h e inverse action of supply u p o n prices, 15
were replaced n e x t year, to the great a n d s u d d e n e n r i c h m e n t of all the m o n -
ied a n d mercantile interests in the land. ([126,] 127) Die community in
large ist so high prices unterworfen; it being, in truth, a season of privation
to t h e m , while a season of feverish prosperity to manufacturers a n d m e r -
chants, (128) while this borrowing system lasted, capital was u p h e l d in full 20
extent a n d sufficiency u n d wenn es t e r m i n a t e d , capital, u n p r o v i d e d with its
wonted vent or absorbent, went to dissipation, in the overflow of its own
e x u b e r a n c e . (130) N a c h d e m grten Krieg by o n e revolution des e c o n o m -
ic cycle das circulating capital, d u r c h a few revolutions m o r e das fixed
capital fully r e s t o r e d . . . t h e effect of a high profit on a deficient capital so 25
leicht zu begreifen wie der effect of a high wage on a deficient p o p u l a t i o n .
(131,2) E i n n e u e s , obgleich gut gouvernirtes L a n d , k a n n , wie die Vereinig-
t e n Staaten, h o h e Profite h a b e n , weil auf d e m u n b e b a u t e n Land die exuber-
a n c e of capital m a y overflow u n d find profitable investments for genera-
tions to c o m e . E b e n s o k a n n ein altes, aber schlecht governed L a n d h o h e 30
profits h a b e n . T h e insecurity der all property ausgesezt, from injustice u n d
violence, will prevent the wealthy, in such countries, from exposing their
capital, without the promise of a considerable return. T h e high profit is an
indemnification for r i s k . . . In balancing t h e m a t t e r between gegenwrtigem
G e n u u n d future acquisition, the u n c e r t a i n t y a t t e n d a n t on the latter, will 35
t e m p t m e r c h a n t s to give a larger proportion of their gains to e x p e n d i t u r e ;
a n d this, by keeping down their capital, u p h o l d s their profit. E b e n s o hier
verhindert die application of agricultural capital. So in d e n m o h a m m e d a n i -
schen Lndern, Spain, Austria, Russia, Poland. In allen d a h e r h o h e r Z i n s
u n d imperfect agriculture. (133,4) Die r e d u n d a n c y der irish p o p u l a t i o n ist 40
n u r , a s c o m p a r e d n i c h t m i t d e m potential, s o n d e r n m i t d e m actual a m o u n t
580
u n d distribution o f their p r o d u c e , a n a m o u n t der m i g h t b e d o u b l e d d u r c h

e i n besseres A g r i c u l t u r s y s t e m . . . if m a n would b u t do his part, n a t u r e h a s
in store for I r e l a n d a liberal subsistence for millions m o r e of h u m a n beings
t h a n are now famishing u p o n its territory. (135) A b e r ||57| in E n g l a n d R e -
5 d u n d a n z of capital (134.)
ch. V. On the possibility of Overproduction,

or of a General Glut.
(Vertheidigt die u n p r o d u c t i v e e x p e n d i t u r e . ) E r s t e n s m g l i c h a glut of

h u m a n beings. (156) t h e r e m a y b e too m u c h p r o d u c t i o n , j u s t b e c a u s e
10 there m a y be too m a n y producers. It is this which m a y give rise to a general
glut, at least of all b u t t h e first necessaries of life. ... Generally, a n d with o n e
single exception, even t h a t of food, there m a y be an excess of p r o d u c t s ;
u n d universally, or inclusive of food a n d of all things else, there m a y be an
excess of productive effort. We shall at length c o m e to a limit, b e y o n d
15 which t h e expense incurred in the fabrication m u s t exceed t h e expense of
t h e thing fabricated. ( 1 5 7 , 1 5 8 ) W h e n a c o n s u m e r refuses certain c o m m o d -
ities, ist es n i c h t i m m e r , wie a s s u m e d von d e n n e u e n O e k o n o m e n , b e c a u s e
he wants to p u r c h a s e others in preference, s o n d e r n weil er w a n t s to reserve
entire the general power of p u r c h a s i n g . U n d w h e n a m e r c h a n t brings c o m -
20 m o d i t i e s to market, it is n o t generally in quest of other c o m m o d i t i e s to be
given in r e t u r n for t h e m . . . der m e r c h a n t will e x t e n d his general power of
purchasing all c o m m o d i t i e s . N u z t n i c h t s z u sagen, d a G e l d a u c h eine
W a a r e . Das real metallic money for which a merchant has any use, does not
amount to more than a small fraction of his capital, even of his monied capital;
25 all of which, though estimated in money, can be made, on the strength of written
contracts, to describe its orbit, and be effective for all its purposes, with the aid of
coin... amounting to an insignificant proportion of the whole. T h e great object
of the m o n i e d capitalist, in fact, is to add to t h e nominal amount of his for-
t u n e . It is that, if expressed pecuniarily this year by 20,000 I. z.B., it s h o u l d
30 be expressed pecuniarily n e x t year by 24,000 I. To advance his capital, as
estimated in money, is t h e only way in w h i c h he c a n advance his interest as a
m e r c h a n t . D i e i m p o r t a n c e dieses objects fr i h n n i c h t afficirt d u r c h fluctu-
ations in der currency oder by a c h a n g e in d e m real value of m o n e y . . B.
in e i n e m J a h r k o m m e er von 20 auf 24,000 /.; d u r c h e i n e n F a l l im W e r t h
35 des G e l d e s m a g er n i c h t have increased his c o m m a n d b e r die comforts
etc. D e n n o c h e b e n s o sehr sein Interesse als w e n n das G e l d n i c h t gefallen
wre; d e n n sonst, his m o n i e d fortune would have r e m a i n e d stationary u n d
581
sein real wealth would have declined in the proportion of 24 to 20. ... com-
m o d i t i e s also nicht das t e r m i n a t i n g object des trading capitalist, ausser im
Verausgeben seiner revenue in A n k u f e n fr die sake of c o n s u m p t i o n . In
the outlay of his capital, und when he purchases for the sake of production, mon-
ey is his terminating object. ( 1 6 4 - 6 6 ) W e n n m a n in seasons von crisis klagt, 5
d a so m a n y people trade u p o n credit, die proves, da capital c a n n o t be
carried beyond a certain limit in any country. G r a n t that the s u m
e m b a r k e d this year on m e r k a n t i l e transactions, was raised by credit from
100 to 110 millions, da keine failure, w e n n die returns for this s u m , in the
price of goods prepared a n d brought by it to market, gewesen wren 10
110 millions m i t a sufficient profit beside to all who were engaged. (170)
Ob excess of p r o d u c t i o n from rash adventure or r e d u n d a n t capital, the re-
sult is altogether similar. A n d t h u s it is, t h a t just as population, w h e n press-
ing on the food of a country, limited in its power of subsisting labourers,
receives a check by poverty a n d disease; so capital, w h e n pressing on t h e 15
business of a country, limited in its power of returning the outlays with a
profit, receives as effectual a check by t h e losses of real, a n d t h e b a n k -
ruptcies of fictitious capitalists. (171) So long as there is fresh l a n d to be
entered u p o n , there is scope for the investiture of m o r e agricultural capital;
a n d in the larger d e m a n d of an increasing p o p u l a t i o n for secondary neces- 20
saries, as well as the larger d e m a n d of the new, a n d now wealthier proprie-
tors for luxuries, there is scope for t h e investiture of m o r e m a n u f a c t u r i n g
capital also. (172)
ch. VI und VII. On the limits of a country's

foreign trade, and its supposed power to furnish 25
a people with employment und maintenance.
a) the case [of] a country whose population is limited

by its agricultural produce.
W e n n England n a c h Portugal hardware ausfhrt u n d Portugal n a c h Eng-

land W e i n , so zahlt, d u r c h Wechsel, der englische importer d e m engli- 30
sehen exporter. E b e n s o in Portugal. They hold themselves to be labouring
in the service, and to be m a i n t a i n e d by t h e wealth, of customers abroad;
but, in p o i n t of fact, they are labouring in t h e service, a n d are m a i n t a i n e d
by the wealth, of customers at h o m e . ([178,] 179) Praktisch gefhlt by c o m -
m e r c i a l m e n u n d clearly d e m o n s t r a t e d by e c o n o m i c a l writers, d a die pow- 35
er of exporting m i t advantage, limitirt oder g e m e s s e n by the power of im-
582
porting m i t advantage u n d d a w h e n the one stops, t h e other m u s t stop

also. Der export trade hrt auf vortheilhaft zu sein ||58| sobald die r e t u r n s
die z u r c k k o m m e n i m e x c h a n g e m i t d e n fremden n a t i o n s cease t o b e dis-
posable. D e r Defect der imports von d e m e i n e n L a n d k a n n ergnzt werden
5 d u r c h excess der imports von d e m a n d e r n ; a n d a circuitous a d j u s t m e n t is
t h e n m a d e by r o u n d a b o u t bills of e x c h a n g e . B u t a general deficiency of i m -
ports will lay [an a r r e s t ] on a farther increase of exports. Also wir fhig brit-
tische W a a r e n abroad zu s e n d e n , weil a d e m a n d fr foreign c o m m o d i t i e s
zu H a u s . D e r m a n u f a c t u r e r von export articles h n g t so sehr fr his m a i n -
10 t e n a n c e von d e n i n l a n d c o n s u m e r s ab, wie der F a b r i k a n t von articles fr
h o m e c o n s u m p t i o n . Die W a a r e des E i n e n direkt fr sie gekauft. D i e a n d r e
ausgetauscht . B. wie o b e n g e n Wein, der v o m h o m e c o n s u m e r b e z a h l t
wird. (179,80) Virtually, it is an a n t e c e d e n t ability on t h e part of i n l a n d
c o n s u m e r s , w h i c h called this surplus p r o d u c e ( d a s A u s g e f h r t e ) i n t o
15 being. In t h e order of d e p e n d e n c e the primary rank is d u e to t h e i n l a n d
c o n c u m e r s , a n d t h e secondary or derivative, to t h e export m a n u f a c t u r e r s .
(181) D e r t e r m i n u s ad q u e m of foreign trade, is c o n s u m p t i o n at h o m e .
(187) M y s t i c i s m u s in der assertion, d a . . der w i n e t r a d e of Portugal con
fers any o t h e r benefit on t h e n a t i o n t h a n simply t h e benefit of wine, or t h e
20 W e s t i n d i a t r a d e t h a n sugar or coffee, or t h e C h i n a trade t h a n tea. (188)
G e h n Ost- u n d W e s t i n d i e n verloren, so verliert E n g l a n d n i c h t s als Z u c k e r
u n d T h e e . ([188,] 189) foreign trade is n o t t h e creator of any e c o n o m i c in
terest, s o n d e r n n u r der officiating m i n i s t e r of o u r enjoyments. (191) E i n
n e u e r M a r k t bietet k e i n e n a n d r e n Vortheil als fr die i n l a n d c o n s u m e r s
25 grre Auswahl in Mannigfaltigkeit von W a a r e n , oder wohlfeiler d i e s e l b e n
W a a r e n liefern. A b e r i t c a n n o t add t o t h e a m o u n t des p u r c h a s e m o n e y . D e r
g a n z e W e l t m a r k t m a y a d d t o t h e n u m b e r u n d variety o f our n a t i o n ' s m a r -
kets, yet n o t ad to t h e general a m o u n t of its m a r k e t i n g . D e r wealth der con-
s u m e r s at h o m e ist t h u s a n a t u r a l u n d for t h e t i m e , an insuperable barrier
30 in d e m way der extension of foreign trade. (195,6) t h e limit of our agricul-
ture is also t h e limit of our c o m m e r c e . (200) the n o n resident landlords of
E n g l a n d have their rents sent after t h e m ; n o t in t h e p r o d u c e of their estates,
b u t in the w o r k m a n s h i p of a people who r e m a i n at h o m e , a n d are fed by
that p r o d u c e . Die absentees of Ireland are paid, n o t in t h e work, s o n d e r n in
35 der food of Irish labourers. (205) D e r impulse, d e n ein foreign war u n s r e n
exports giebt, is b e c a u s e our expenses abroad j u s t serve the very p u r p o s e of
i m p o r t a t i o n from abroad. G o v e r n m e n t pays our export m e r c h a n t s , by pur-
chasing their bills on their foreign correspondents. (208) E i n L a n d c a n for-
eign trade support, n i c h t in virtue of an originating force from without,
40 s o n d e r n in s e i n e m e i g n e n territory. (214)
583
b) the case of a country

which imports agricultural produce.
Fabricirte W a a r e n gegen Agriculturproducte verglichen, a greater value of

c o m m o d i t i e s at t h e s a m e expense can be l a n d e d in a foreign m a r k e t , in t h e
former shape t h a n in t h e latter; and can there c o m m a n d a greater r e t u r n of 5
c o m m o d i t i e s to be sent back as imports. (217) excrescent population (so
n e n n t e r die die v o n d e m I m p o r t v o n foreign c o r n lebt) k a n n n i c h t accu-
m u l a t e b e r eine gewisse G r e n z e . In the first place, along with every exter -
sion of it there m u s t be an increased importation of food, which will there-
fore have to be fetched from greater, or m o r e impracticable distances t h a n 10
before. So m i t every accession to our excrescent population, accession z u m
Prei des grain u n d so z u m m o n e y price of l a b o u r . . . Zweitens, m i t every
a d d i t i o n to the excrescent population, there m u s t be an enlarged exporta-
tion of british goods, which will b e c o m e cheaper in foreign m a r k e t s in pro-
portion to their s u p p l y . . . D a n n die constant approaches to equalization, 15
between different countries in industry u n d d e n arts of life. (220,21) the
bulkiness of food forms o n e of those forces in the e c o n o m i c m a c h i n e ,
which t e n d s to equalize the population of every land with the p r o d u c t s of
its own agriculture. (222) R u h t der foreign trade, in whole or in part, on the
basis of foreign agriculture, so j e d e interruption oder E n d e des trade = a 20
s e n t e n c e of d e c i m a t i o n on the families of the l a n d - a s e n t e n c e which exile
or famine will carry into effect. (223, 224) D a h e r die commercial jealousies
die die governments der Handelsvlker leiten, die ganz von fremder Agri-
cultur a b h n g e n . To be u n d e r s o l d by neighbours, were to t h e m a death-
warrant, involving their exclusion from those m a r k e t s w h e n c e they fetch 25
the very a l i m e n t of their being. This accounts well for t h e fragility a n d t h e
precarious existence of all such s t a t e s - o f Tyre, a n d Carthage, a n d Venice,
a n d the H a n s e a t i c towns of G e r m a n y , which pass before us in splendid, b u t
e p h e m e r a l succession, as we c o n t e m p l a t e the history of past ages. ... they
b e c a m e as helpless as any inland town of h o m e shops or m a n u f a c t u r e s 30
w h e n deserted by its country customers. ([225,] 226)
584
ch. Vili, IX, X Effect of taxes and tithes.
a) effect of a tax on the net rent of land.
Trifft n u r d e n Landlord. D i e power W a a r e zu kaufen oder Arbeit zu c o m -

m a n d i r e n aus seiner H a n d g e n o m m e n , aber n u r i n a n d r e h a n d s gelegt,
5 n i c h t vernichtet. (242) A territorial impost, any where short of the n e t land-
rent of the k i n g d o m , would b u t t r e n c h on the luxury of landlords, without
at all trenching on the livelihood of the other classes. ... Die N a t i o n a l -
schuld fllt allerdings in der F o r m von H y p o t h e k on every estate in the is-
land, aber diese mortgagees sollten betrachtet werden als l a n d e d proprie-
10 tors. D u r c h die N a t i o n a l s c h u l d hat stattgefunden eine virtuelle T h e i l u n g
zwischen i h n e n u n d d e n landowners. So a u c h die stockholders proprietors
of the soil. (252,53) Pitt irrte sich eklig m i t F r a n c e . D e r R u i n seines H a n -
dels rettete es. D i e disposable population, d i s b a n d e d from their former pa-
cific e m p l o y m e n t s , flocked in myriads to the standard of i n d e p e n d e n c e . . .
15 their ||59| old e m p l o y m e n t s failed t h e m , b u t their m a i n t e n a n c e did n o t fail
t h e m . ... It was m a d e available for the support of the s a m e population, now
transferred from the business of trade to the business of war. (258) D e r
K e r l j a m m e r t 260 sqq. b e r d i e s e n G e i s t d e r Z e i t , der hard u n d h u n g e r -
bitten e c o n o m y " ; er will viel t a x e s , viel zu fressen fr die h h e r e n i. e.
20 u n p r o d u c t i v e n Arbeiter, Pfaffen u. s. w. (1. c.)
b) On the taxes which seem to affect profit

and wages. ( 2 6 4 - 3 0 2 )
D i e capitalists u n d labourers find relief von d e n Steuern which are laid

u p o n t h e m , in d e n h h e r n Preissen ihrer Producte, oder in d e n h h e r n
25 wages; daher all taxes, however ostensibly laid, in the first instance, will
be found, ultimately, to land on the proprietor of the soil. (p. [265,] 266)
c) On Tithes.
the ultimate effect would be the same from the abolition of tithes, as from
the abolition of taxes on the necessaries of life. It would lead to an enlarge-
30 m e n t of the wealth of the landowners; while to the population, if their
standard of enjoyment be n o t raised, it would lead to no other e n l a r g e m e n t
t h a n that of their n u m b e r s . (313)
585
ch. XI. Productive and unproductive labour.
D i e s e r clergyman p o l t e r t n a t r l i c h g e g e n diese U n t e r s c h e i d u n g .
(p. 332 sqq.) Diese distinction seems to be nugatory in principle; u n d
withal, mischievous in application. (344) D e r Saupfaff g e s t e h t : We have
entered at so m u c h length into this argument, because we t h i n k the politi- 5
cal e c o n o m y of our days bears a h a r d a n d hostile aspect towards an eccle-
siastical establishment; a n d we have no doubt, t h a t to this, t h e hurtful defi-
nition of Smith has l a r g e l y . . . contributed. (346)
ch. XII. On the law of Primogeniture. (352 sqq.)
U n t e r d e n obigen i m a g i n a t i o n s fr den relief des country is the m o r e 10

e q u a l diffusion of property. (352) It is n o t by its absolute, b u t by its
disposable population, t h a t the strength of a n a t i o n is to be estimated. (354
note.) D i e indefinite subdivision of the l a n d vermindert die disposable
class der population. (353) the tendency, w e n n z . B . das estate getheilt, das
surplus produce has now to m a i n t a i n two proprietors in the first a n d sec- 15
ond necessaries of life, instead of one. It was formerly divided zwischen der
essential m a i n t e n a n c e of o n e proprietor u n d 4 labourers of the disposable
class, jezt between the essential m a i n t e n a n c e of 2 proprietors u n d 3 labour-
ers of the disposable class. So Einer von der disposable p o p u l a t i o n
withdrawn u n d a proprietor has c o m e in his r o o m . ... the t e n d e n c y of such 20
a s y s t e m . . . is to extinguish the disposable population, in as far as their
services are attached to the proprietors of land, a n d to substitute a m e r e l y
agrarian population in their r o o m . ([354,] 355) ( L o b h u d e l e i auf die engli-
sche Aristokratie u n d Constitution.)
ch. XIII. On Emigration, (p. 378 sqq.) 25
ch. XIV. On a compulsory Provision for the Indigent,

(p. 398 sqq.)
It proceeds, n o t in the way of production, b u t in the way of partition (399)

u n d d a s will d e r clergyman n i c h t , d e r die t i t h e s vertheidigt, weil sie
n u r eine andre partition" des wealth sind u n d ihn nicht vernichten. 30
Every additional impost als poor's rate auferlegt, lessens my ability to sup-
586
Aus T.Chalmers: On political economy ...
port those industrious w h o are r e m u n e r a t e d for their services by my

expenditure. ... It has b e e n well observed, that, for all the visible relief ef-
fected by a poor's tax, there is as m u c h of real t h o u g h u n s e e n poverty cre-
ated a m o n g those, who have n o t yet entered within the territory of pauper-
5 ism, but stand, a countless a n d u n t o l d m a g n i t u d e , a r o u n d the very m a r g i n
of it. (400)
ch. XV. On the christian education

of the people, (p. 420 sqq.)
"we have laboured to d e m o n s t r a t e the futility of every expedient, which a

10 mere political e c o n o m y c a n suggest for the p e r m a n e n t well being of a
c o m m u n i t y . " (1. c.) ( n u n die christliche S c h e i s s e als E r l s u n g s m i t t e l a u s
a l l e m Uebel.)
Appendix.
On the Rent of Land.
15 Irrthum, d a die difference of quality in soils ist die efficient cause of rent.
Diese difference n u r das m e a s u r e u n d n i c h t die cause of rent. ... D a m i t ein
L a n d R e n t trage, nichts n t h i g als da, m i t d e m fr sein P r o d u c t erhalte-
n e n Preisse, the occupier can m o r e t h a n pay t h e wages of the labour a n d
t h e profits of the capital bestowed u p o n it. D i e overplus constituirt die
20 r e n t of this land u n d wrde gezahlt, w e n n a u c h kein land inferior to itself
in existence. (459) the increase of capital u n d der increase of p o p u l a t i o n
sind die real impellent causes, why the wages a n d profit, which wont to ab-
sorb the whole p r o d u c e of l a n d of a given quality, do n o t now absorb it.
(460)
25 On National Debt.
W i t h this great n o m i n a l u n d apparent increase i n the m e a n s der general

c o m m u n i t y , there m u s t , in counterpart to the higher prices a n d profits of
such a season, fall a real weight of suffering... somewhere. V o n d e n m e r e
m o n e y a n n u i t a n t s of all classes die pressure chiefly felt... die i m m e n s e lev-
587
ies der debt sind drawn, within the year, in t h e shape of higher prices, from
t h e pockets of the p o p u l a t i o n - as well as laid in the shape of a p e r m a n e n t
mortgage, on the country. (506,7) Converse effects bei der r e p a y m e n t der
n a t i o n a l debt. By the ||60| one process, capital was t u r n e d into e x p e n d i t u r e ;
u n d there instantly e n s u e d high profits u n d prices to repair the deficiency. 5
By the other process, e x p e n d i t u r e would be t u r n e d into capital; a n d there
would as instantly ensue low profits, or rather prices b e n e a t h p r i m e cost
u n d folglich speculations to absorb the superfluity. If, w h e n 20 millions
were borrowed, the public h a d to pay these 20 millions in higher prices;
t h e n , should these 20 millions be repaid by a tax, diese tax would be again 10
paid back to the public in lower prices. ... T h e great distress would be
a m o n g m e r c h a n t s a n d manufacturers, from the glut of capital. As by the
o n e process, a m o n i e d interest was formed, t a n t a m o u n t to the whole value
of the n a t i o n a l debt; so, by the opposite process, the whole of this i m m e n s e
interest would be swept away. ... Losses a n d bankruptcies i n n u m e r a b l e , 15
would follow in the train of this great regurgitation. (507,8)
On Profit.
S m i t h h a t R e c h t : All other circumstances r e m a i n i n g the same, profit is

lowered by the increase of capital, a n d raised by the d i m i n u t i o n of it.
G l e i c h der Differenz between the cost a n d t h e price of c o m m o d i t i e s ; be- 20
tween the s u m laid o u t by o n e party on the production, a n d the s u m laid
out by a n o t h e r party in the p u r c h a s e of t h e m ; between the a m o u n t of capi-
tal employed, and t h e a m o u n t of its returns. Ist der latter stationr, klar,
d a profit wechselt m i t d e m erstem, b u t in u m g e k e h r t e m Verhltni, large,
w e n n das capital klein, klein, w e n n das Capital gross ist; vernichtet selbst, 25
w e n n das capital so large ist as either to equal or to exceed t h e returns
which it meets with. (509,10) W e n n capitals increase, in n u m b e r , oder in
m a g n i t u d e , o h n e a proportional increase in the returning power, by the
opening up of new lands, a n d the c o n s e q u e n t increase of population; t h e n
profits m u s t decline m i t d e m progress of a c c u m u l a t e d wealth in society. 30
(510) Dieselben U m s t n d e n u n which lead m e n to extend their transac-
tions in c o m m e r c e , t h o u g h m i t d e m prospect of a less r e t u r n t h a n before,
will lead t h e m to extend their transactions in agriculture, with the prospect
of a less return t h a n before. So land of inferior fertility u n d p r o d u c e , by the
operation of this cause, will be taken into cultivation. M i t e i n e m fall of in- 35
terest, u n d a c o n s e q u e n t facility of borrowing, in any particular year, or pe-
riod of years, farmers will be i n d u c e d to attempt soils that h a d n o t b e e n
previously entered. So soon as m e n are satisfied with a less return, they will
588
carry the plough to a poorer territory t h a n before. Aber, die die Folge (in
der Agricultur) des a b n e h m e n d e n rate of profit. M a n h a t es z u r Ursache ge-
m a c h t . (511) T h e wages of l a b o u r are n o t low, n o r is profit either, b e c a u s e
land of an extremely poor quality has b e e n t a k e n into cultivation; b u t this
5 land has b e e n t a k e n into cultivation, because wages u n d profits are low.
Wages low, weil die n u m b e r of labourers in excess. Profit low, weil capital
in Excess. (512.)
A. S m i t h war zu sehr m i t d e m artificial limit to t h e extension des trade,
created by m o n o p o l y beschftigt, um das n a t r l i c h e limit zu sehn, w h e n
10 the power to p r o d u c e on the o n e h a n d , is p u t forth to a greater extent t h a n
can be m e t by the power to p u r c h a s e on the other. (517,18) D e r B u r s c h e
will the general c o m m u t a t i o n of all taxes into a territorial impost. (543.)
T h e taxes at present do n o t neutralize; b u t they so far countervail the n a t u -
ral advantages of british industry, as to bring us sooner t h a n otherwise to
15 the limit of our exportation. (549.)
589
Recension ber Chalmers Buch.

Edinburgh Review. Vol.LVI 1832
H e r r n C h a l m e r s D o c t r i n fat sich d a h i n z u s a m m e n : N e i t h e r the repeal
nor abolition of the m o s t b u r d e n s o m e taxes or regulations, n o r the discov-
ery of new m a c h i n e s a n d processes for reducing the cost of p r o d u c t i o n c a n 5
be of any real service. They m a y enlarge the field over which p o p u l a t i o n is
spread; b u t it is impossible they should have any considerable or lasting in-
fluence over t h e condition of the people. Unless t h e principle of increase
be ||61| controlled by the greater p r u d e n c e of the poor, resulting from their
better education, every thing that m a y be d o n e for t h e m will be as dust in 10
the balance, or will injure rather t h a n improve their situation. (54) the p o p -
u l a t i o n c a n n o t be speedily increased when wages rise; a n d so ist t i m e af-
forded fr die formation von improved habits. (55) U n t e r E r z i e h u n g ver-
s t e h t C h a l m e r s die s c h u l m e i s t e r l i c h e , die pfffische, n i c h t d e n E i n f l u
der extrinsic circumstance. (56) W e n n die Lehre von Chalmers wahr it 15
would afford a convenient excuse for every species of abuse (1. c.) At an
average, t h e a n i m a l s now sold in Smithfield weigh m o r e t h a n d o u b l e what
they weighed i n 1710. (61) ( C h a l m e r s h a t d o c h R e c h t , w e n n e r s a g t : " T h e
relative poverty of the people has kept pace with the absolute plenty in the
land." [62]) Die Proportion der marriages zur P o p u l a t i o n h a t a b g e n o m m e n 20
in England, o h n e von increase von illegitimate births begleitet zu sein. In
E n g l a n d 1760 die ratio der marriages zur P o p u l a t i o n = 1=116, 1780
= 1:118, von 1 8 0 5 - 1 8 1 0 = 1:122, u n d 1 8 2 5 - 1 8 3 0 = 1=129. (63) In F r a n c e
hnliche Results. N a c h N e c k e r 1780 1 marriage auf je 111 Einwohner, j e z t
auf 135. Zwar betrchtlicher Z u w a c h s von illegitimen G e b u r t e n seit der 25
Revolution, aber nichts to m a k e up for the decrease in the proportion of
marriages. Im D u r c h s c h n i t t der 10 Jahre e n d e n d m i t 1780, w e n n die Popu-
lation von Frankreich 24,800,000 wurden die total births 940,935 a year;
590
Aus The Edinburgh Review 1832
whrend der 7 J a h r e e n d e n d m i t 1825, die P o p u l a t i o n 30,400,000, the total

births 957,970 a year, so d a m i t einer v e r m e h r t e n Bevlkerung von
5,600,000 u n d diese in vastly improved circumstances, der a n n u a l increase
of births n u r 17,035. W h a t stronger a n d m o r e convincing proof can be re-
5 quired to show the error of supposing that p o p u l a t i o n always increases pro-
portionally to every increase of the m e a n s of subsistence? a n d t h a t there is
no power, other t h a n that of a "Christian E d u c a t i o n , " p e r m a n e n t l y to i m -
prove the c o n d i t i o n of a people? (63) (Chalmers b e h a u p t e t da salvation
can only c o m e from within" u n d da alles, was ein change von C i r c u m s t a n -
10 ces bewirken k a n n , ist to p r o d u c e a greater instead of a smaller n u m b e r of
wretched families".) W h r e n d Herr Chalmers u n t e r s c h z t d e n Einflu von
Verbesserungen in d e n arts, etc scheint er ebenso to u n d e r v a l u e t h e m i s -
chievous influence of wasteful expenditure, a n d of injurious taxes a n d reg-
ulations. (64) Er empfiehlt die waste or at least the lavish e x p e n d i t u r e , of
15 g o v e r n m e n t a n d its agents. (1. c.) Bei s e i n e m Beispiel m i t der Glasfabrik
(sieh oben) der H a u p t i r r t h u m lies in t h e supposition, that t h e same s u m is
always expended u p o n an article, whatever m a y be its price. (66) W h r e n d
der 3 J a h r e e n d e n d m i t 1802, als die duty 6 s. 8 d. war, gingen
800,000 Gallons of r u m jhrlich fr h o m e c o n s u m p t i o n in Irland ein. V a n -
20 sittart h o b die duty auf 12 sh. 7 d. u n d 1823 die quantity entered betrug
n u r n o c h 18,000 G a l l o n s . T h e e x p e n d i t u r e u p o n r u m , solang sein Prei
massig, trotz d e m W a c h s t h u m der P o p u l a t i o n 35 x grer als w e n n raised
b e y o n d d u e bounds. A u c h b e i m Glas der increase of price caused by an in-
crease of taxation reducirte die C o n s u m t i o n von plate u n d flint glass von
25 67,6 1 5 cwt 1794 auf 29,600 cwt 1816; von broadglass von 20,607 cwt to
6,140; von crownglass von 83,940 cwt auf 55,502; u n d von bottle glass v o n
227,476 cwt auf 155,595. 1808 a d e d u c t i o n of 1 sh. per I. war m a d e von der
duty u n d folglich v o m Prei des coffee u n d 1809 m e h r als 5x der wealth
darauf expended, als das J a h r zuvor. N i c h t s daher, can be m o r e utterly at
30 variance with principle u n d experience, t h a n t h e n o t i o n t h a t the destruc-
tion of capital, by waste or otherwise, is i m m e d i a t e l y m a d e good t h r o u g h a
rise of prices. (67, 66) Chalmers, i n d e m er sagt, d a any trade or m a n u f a c -
ture originates only its own p r o d u c t s " b e r s i e h t ganz die Vortheile der
Theilung der Arbeit. (68) Seit 3 J a h r h u n d e r t e n H o l l a n d h a u p t s c h l i c h fed
35 on imported corn" u n d h e i t es in d e m Richesse de la H o l l a n d e " , 1.1,
p. 376: que la disette de grains regne d a n s les quatre parties du m o n d e ;
vous trouverez du froment, du seigle, et d'autres grains A m s t e r d a m ; ils
n ' y m a n q u e n t jamais. This is an e x p e r i m e n t u m crucis t h a t ought to p u t
an e n d to all fears as to t h e c o n s e q u e n c e s of a free corntrade. ([70,] 71) |
591
I62| G.Poulett Scrope. M.P.

Principles of Political Economy etc.
L o n d o n . 1833.
T h e r e is something wrong "when wealth a c c u m u l a t e s as m e n decay." It is

n o t merely u n h a p p y a n d a dangerous, it is an u n n a t u r a l and paradoxial 5
state of things. (Pref. XIV.) D e r despotismus in E u r o p a n i e so gro wie in
A s i e n in Folge der Existenz einer erblichen Aristokratie. D i e h n g t wieder
z u s a m m e n m i t d e n peculiar occupations der primitive settlers who were
the ancestors of the people of the n o r t h of Europe. Die scythian hordes,
whose overflowing increase seems to have b e e n continually drafted off in a 10
westerly direction, were originally pastoral tribes, led to adopt that m o d e of
life by the peculiar character of the elevated, open a n d wide-spreading
grassplains they occupied in Tartary, Persia, Arabia, a n d the Russias, euro-
p e a n and astatic. T h e i n h a b i t a n t s of s o u t h e r n u n d eastern A s i a were
ebenso von der superficial n a t u r e of their territory, which consisted of deep 15
a n d rich alluvial soils, devoted to agriculture. In e i n e m Agriculturterrito-
r i u m leicht die M a c h t eines despotischen Souverains zu etabliren d u r c h
e i n e n successful invader oder usurper, a n d enforcing a claim of absolute
right over the land, persons, a n d property of all his subjects. Er wird s e i n e n
Vortheil darin find der agricultural p o p u l a t i o n zu erlauben to c o n t i n u e 20
their cultivation of the soil in any way they choose, aber u n t e r der Bedin-
gung i h m e i n e n Theil der crops zu zahlen. Diese portion would, of course,
usually be all that could be wrung from t h e m without absolutely forcing
t h e m to discontinue their labour. H e n c e the ryot System of the Asiatics. (110,
11) Aber pastoral u n d n o m a d tribes schwer reducirt to s u c h prostrate sub- 25
jection. Their wandering habits naturally i m b u e t h e m with a love of free-
d o m etc. A n d they possess, moreover, an easy resource, in the power of es-
cape by migration from any a t t e m p t to enslave t h e m . ... So die Tribes die
592
Aus G. P. Scrope: Principles of political economy
E u r o p a berfielen. ( I l l ) W h a t difference o f r a n k o r property subsisted

a m o n g t h e m n u r von der N a t u r die n o c h vorherrscht i n n o m a d tribes, e a c h
erkennt an e i n e n Chef m i t a few s u b o r d i n a t e officers, an inferior class of
slaves m a n c h m a l , aus Kriegsgefangenen b e s t e h e n d , die a n d r e n freemen
5 being their own masters, u n d on a perfect foot of e q u a l i t y . . . So die Ger-
m a n tribes. (112) Allodial u n d feudal t e n u r e s . (113)
Von der average period, die sein ganzes Capital b r a u c h t in passing
t h r o u g h his h a n d s or m a k i n g o n e revolution, from which a capitalist m u s t
calculate h i s profits. Unterstelle . . E i n e P e r s o n engagirt in e i n e m be
lo s t i m m t e n business h a t % ihres capital investirt in buildings u n d m a c h i n e r y ,
so as to be t u r n e d only in t e n years, % m e h r der cost of h i s tools etc is
t u r n e d 1 m a l in 2 J a h r e n u n d das r e m a i n i n g % e m p l o y e d in paying wages
u n d p u r c h a s i n g m a t e r i a l 2 x t u r n e d in e i n e m Jahr. D a s g a n z e Capital sei
10,000 /. D a n n his a n n u a l e x p e n d i t u r e will be:
15 5 0 0 0 - M 0 = 500
2500 + 2 = 1250
2500 x 2= 5000
6750
T/2% auf 1 0 , 0 0 0 = 750
20 7500 zu dieser S u m m e m s s e n seine annual
sales sich belaufen, um V/ % auf sein Capital zu h a b e n u n d zu d i e s e m
2
Zweck he m u s t charge a profit of 10% on the value of his goods; t h e m e a n

term in which his capital is t u r n e d being 16 m o n t h s . Unterstelle e i n e n a n d -
r e n Fall, wo das capital fixe in k l e i n e r e m V e r h l t n i . Gesezt Y des g a n z e n
4
25 Capitals circulire in 10 J a h r e n % in e i n e m u n d % 2 m a l im Jahr. D a n n wird

die a n n u a l e x p e n d i t u r e sein:
250010 = 250
2500 - = 2500
5000 x 2 = 10,000
30 12,750
7% % on 10,000 750
Annual sales... 13,500
In diesem Fall a profit of little m o r e als 5% on t h e value of t h e goods will
bring in to t h e p r o d u c e r T/ % of a n n u a l profit u p o n his capital, the entire
2
35 capital circulating in a m e a n period of less t h a n 9 m o n t h s . S h o u l d t h e

greater part of the capital e m b a r k e d circulate still m o r e rapidly, a m u c h
smaller percentage on t h e ||63| articles sold will pay a fair profit on t h e capi-
tal. Should t h e capital, for instance, be t u r n e d five t i m e s on t h e average in
t h e year, a profit of 1 % on the sales will bring in 5 % a n n u a l profit on t h e
40 capital. ( 1 5 6 - 8 ) R e n t consists of t h e difference b e t w e e n t h e e x p e n s e of
producing t h a t p o r t i o n of t h e required supply w h i c h is p r o d u c e d u n d e r t h e
593
least favourable circumstances, a n d that p r o d u c e d from the l a n d w h i c h

yields the rent. (175, note.) It is n o t easy to define accurately in words the
distinction which separates beneficial, or harmless, from injurious m o n o p -
olies. (179)
a general glut, i. e. a general fall in the prices of the m a s s of c o m m o d i t i e s 5
below their producing cost is t a n t a m o u n t to a rise in the general exchange-
able value of m o n e y ; a n d is a proof, n o t of an excessive supply of goods,
b u t of a deficient supply of m o n e y , against which the goods have to be ex-
changed. (215) free exchange the true principle of distribution. (228,9)
Analysis of Occupations in Great Britain. 10
(From Marshall's Statistics of the British Empire.)
Number of Families Persons
Descriptions. 1821 1831 1831
1) Agricultural occupiers 250,000 250,000 1,500,000
2) Agricultural labourers 728,956 800,000 4,800,000 15
3) Mining labourers. 110,000 120,000 600,000
4) Millers, bakers, butchers 160,000 180,000 900,000
5) Artificers, Builders etc 200,000 230,000 650,000
6) Manufacturers 340,000 400,000 2,400,000
7) Tailors, shoemakers, 20
hatters 150,000 180,000 1,080,000
8) Shopkeepers 310,239 359,009 2,100,000
9) Seamen and Soldiers 319,300 277,017 831,000
10) Clerical, legal,
medical classes 80,000 90,000 450,000 25
11) Disabled Paupers 100,000 110,000 110,000
12) Proprietors und
annuitants 192,888 316,487 1,116,398
Totals 2,941,383 3,303,504 16,537,398
1801 n o c h % der g a n z e n Bevlkerung E n g l a n d s engagirt in der Agricultur. 30
1831 n u r %. (p. 239) It is a constant principle of h u m a n n a t u r e that o u r
wants increase with the m e a n s of gratifying t h e m . (251) D i e Agricultur h a t
n u r d e n ersten R a n g gehabt, weil sie die source of food ist, of subsist-
e n c e ... diese preference h a t in the present circumstances of society a
s o u n d and reasonable foundation. So long as there are t h o u s a n d s of our 35
fellow creatures, starving for want of n e c e s s a r i e s . . . solange famine on the
e a r t h . . . die M a n u f a k t u r of corn zu encouragiren in preference to t h a t of
silks, cottons e t c . . . A b e r why should there be any lack of the necessaries of
life. (254,5) T h e agricultural system is rarely at present, a n d seems s e l d o m
in any instance, to have b e e n adopted to the exclusion of the pastoral, b u t 40
in aid of it; as the growing wants of increasing n u m b e r s m i g h t r e n d e r it ad-
visable to inclose, break u p , a n d cultivate fresh tracts of arable land, t h e re-
m a i n d e r being reserved as pasturage for the flocks a n d herds etc. (264) Im
594
Aus G. P. Scrope: Principles of political economy ...
Fortschritt der N a t i o n e n V e r m i n d r u n g der Agriculturbevlkerung; every

i m p r o v e m e n t of agriculture a n d the subsidiary arts enabling a smaller pro-
portion to supply the whole with food. (266) D i e O e k o n o m e n , die ein ent-
gegengeseztes Gesetz fr M a n u f a c t u r u n d Agricultur aufstellen, vergessen,
5 da manufacturing industry only works up t h e raw p r o d u c e of agricul-
t u r e - t h a t cotton, wool a n d flax are as m u c h the p r o d u c e of t h e soil as corn,
cheese, a n d m u t t o n ; u n d d a any supposed decrease i n the productiveness
of soils m u s t act to t h e full as m u c h in checking the supply of m a n u f a c -
tures as of food. ([26,] 267) |
10 |64| Die variety in der quality of soils ein Vortheil 1) d u r c h die creation
of a valuable variety in t h e n a t u r e of their p r o d u c e ; 2) t h e offering of an in-
d u c e m e n t to m a n to spread himself over fresh a n d extensive districts in
search of the soils best suited to his purposes, instead of concentrating his
n u m b e r in confined localities. (267,8) It h a s b e e n calculated, that o n e acre
15 now m a y be m a d e to m a i n t a i n as m a n y h u m a n beings as could live u p o n a
t h o u s a n d acres of h u n t i n g ground, in an age w h e n m a n lived by t h e chase
alone. (274) B l d s i n n v o n e i n e r necessary b a r or limit to t h e supply of h u -
m a n food zu s p r e c h e n . T h a t locally u n d temporarily s u c h a limit h a s b e e n
continually felt, as societies increased b e y o n d their actual provision of t h e
20 m e a n s of support, is c o n s o n a n t zu d e m h u m a n progress u n d a m o u n t s to
this t r u i s m t h a t a growing society constantly needs an e n l a r g e m e n t of its
supply of food. (277) liberty u n d p a u p e r i s m grew up together (302) 1376
complaint was m a d e by t h e C o m m o n s of the m u l t i t u d e of beggars u n d
sturdy vagrants t h a t infested the cities u n d boroughs u n d in several
25 succeeding years statutes were passed to fix. t h e limits worin den poor er-
laubt zu betteln, to enforce t h e removal of beggars to the place of their
birth, u n d partly to c o m p e l t h e m a i n t e n a n c e of the i m p o t e n t a n d the e m -
p l o y m e n t der ablebodied in certain districts. (303) In diesen statutes ent-
h a l t e n die germs of o u r p r e s e n t poor law. A b e r ihre operation ineffectual.
30 Beggary u n d vagrancy c o n t i n u e d a growing evil for m o r e t h a n a n o t h e r cen-
tury, during which the legislature oft engagirt in fresh attempts to restrain
t h e m by inflicting p u n i s h m e n t on the idle vagabond, u n d affording relief to
the welldisposed poor etc. (1. c.) D e r P a u p e r i s m u s jezt z u m Theil hervorge-
b r a c h t d u r c h restraints auf Agrikultur, H a n d e l , M a n u f a k t u r e n , excessive
35 u n d misdirected taxation, Restraints on the j u s t distribution of wealth.
([338,] 339) Obgleich das system of Cultivation by large farms u n d hired la-
bour, is the m o s t productive, in the case of l a n d s long placed u n d e r tillage, si-
cher da die r e d u c t i o n of waste land to tillage ab initio is best a c c o m p l i s h e d
by the p a t i e n t exertions u n d persevering industry of the cottier peas-
40 ant, working on his own account on his own little p a t c h of soil. ([349,]
350.) (Ist fr c o l o n i s a t i o n . ) ( B e s o n d e r s G e g n e r der M a l t h u s i a n e r ) D e r
595
gross average fall der Preisse der H a u p t c o n s u m a r t i k e l von 1 8 1 9 - 1 8 3 2 n i c h t

weniger als 50%; in a n d r e n W o r t e n die purchasing power of m o n e y h a t sich
w h r e n d dieser Zeit verdoppelt. (408 note) W e n n ein industrielles Volk
sich . B. z u r Z a h l u n g von 1000 M i l l i o n e n St. verpflichtet, this s u m
s h o u l d be interpreted to m e a n , n i c h t a fixed proportion des aggregate pro- 5
d u c e d e r I n d u s t r i e u n d d e r ingenuity der increasing c o m m u n i t y , s o n d e r n a
fixed c o m m a n d over c o m m o d i t i e s at large according to t h e i r e s t i m a t i o n in
m o n e y at t h e t i m e of t h e contract. (410,11) D i e formelle A n e r k e n n u n g des
Principe der Selbstbesteuerung i m m e r gefolgt by an i n c r e a s e of taxes. T h e
e x p e n d i t u r e des Protectorats im D u r c h s c h n i t t 2x so gro als die von 10
Karl I . D i e m e i s t o n e r o s e n Steuern, H a u s u n d F e n s t e r d u t i e s , Accise auf
Malz, Hopfen, glass, spirits etc wie die N a t i o n a l s c h u l d , c o m m e n c e d m i t
der glorious R e v o l u t i o n u n d der concession der Bill of R i g h t s . D i e total ex-
penses o f King, government, army u n d navy u n t e r J a m e s I I b e d e u t e n d u n -
ter 2,000,000 1., als die r e v e n u e spent by W i l l i a m I I I in d e n ersten 12 J a h - 15
r e n n a c h der Revolution, von 1 6 8 8 - 1 7 0 0 war 65,987,566 1. o d e r im
D u r c h s c h n i t t 5% millions. . . . I n F r a n c e die Steuern u n t e r L o u i s X V I n i c h t
24,000,000 a year. Die N a t i o n a l C o n v e n t i o n b r a u c h t e 200,000,000 1793.
Charles X ungefhr 40 millions 1., u n t e r L[ouis] Philippe 64. (433,4)
Years Taxes raised in National Debt Interest 20

Great Britain on Debt
1688 2,000,000
1710 5,020,000 50,000,000 3,230,000
1750 8,525,540 72,178,000 2,425,000
1780 10,265,405 142,113,264 4,933,000 25
1790 16,815,895 228,231,228 9,767,333
1800 34,069,457 451,699,919 14,381,561
1805 50,555,190 549,137,068 22,141,426
1810 67,825,595 631,369,168 24,246,946
1815 71,153,142 848,284,000 31,576,074 30
1820 55,063,093 848,394,804 31,157,846
1825 52,919,280 843,391,875 28,060,287
1830 50,414,928 29,118,858
1831 46,424,440 28,341,416
(Parnellp.278.)[440]| 35
596
Aus J. D.Tuckett: A history of the past and present... (Fortsetzung)
|65| Tuckett (Schlu von p. 3 9 . )

W u n d e r b a r zu sehn, wie j e d e Quelle u n d K a n a l of e m p l o y m e n t gefllt ist
to overflowing; there is no h o u r by n i g h t or day, no service or drudgery, of-
fice or a t t e n d a n c e , w h e t h e r by waiting t h e arrivals of coaches or s t e a m c a r -
5 riages, by blacking shoes or sweeping crossings u n d c h i m n i e s , by p l u n g i n g
i n t o the bowels of dunghills for carrion a n d refuse, by scrutinizing with dil-
igent eye the m o r n i n g ejectments of h o u s e s , shops and warehouses, by ran-
sacking t h e deposits of sewers, drains, and t h e b e d s of rivers for c h a n c e bits
of coal, iron, old b o n e s , u n d m a r i n e stores, or by a d m i n i s t e r i n g early a n d
10 late at the corners of the streets to t h e n u m b e r l e s s wants of t h e sons of toil,
by supplies of r e a d y m a d e coffee, b a k e d potatoes, kidney p u d d i n g s etc.
(644,45) Small thefts c o m m i t t e d in a little way, by m e n i a l servants, c h i m -
neysweepers, d u s t m e n , porters, apprentices, j o u r n e y m e n , stable boys,
itinerant jews, etc in 1 J a h r in L o n d o n geschzt auf 1,975,000. (664)
is Appendix.
t h e right of t h e poor to share in t h e tithe, is established by t h e t e n u r e of an-

cient statutes; m a d e to protect t h e m from t h e c o n s e q u e n c e s of t h e appro-
priations of parishes by spiritual corporations. . B. 15th R i c h . II c. 6.
(804,5) Sir J. Cullum states in his history of t h e p a r i s h of Hawsted, in Suf-
20 folk, d a die m a n o r farm c o n t a i n e d 672 acres, which from books of ac-
counts, inquisitions u n d other d o c u m e n t s gives as complete a view of t h e
a n c i e n t practice of h u s b a n d r y als mglich. Diese farm e n t h l t 572 acres of
arable land, 50 of m e a d o w u n d 40 of copse or woodland. D e r stock kept war
20 cows, 1 bull, 12 horses, 12 oxen, 10 colts, 10 young cattle, 92 b r e e d i n g
25 ewes 200 2 year old sheeps, 5 geese, 30 capons, 1 cock u n d 26 h e n s . D a s
land w u r d e geschzt (being t h e best in t h e parish) auf 4 d. per acre, u n g e -
597
Aus J. D. Tuckett A history of the past and present ... (Fortsetzung)
Average wages of agricultural labourers und mechanics
Year Whiat Peas Oat:meal Agricultural Carpenters, masons Salt Caridles Beief umd mutton
per qr per Bushel per bushel und husbandry bricklayers per week per bush. per doz. per cwt.
wages per week.
5 s. d. s. d. s. d. s. d. s. d. s. d. s. d.
1495 4 10 1 10 2 s. 9d.
1593 15 9 2 6 3 9
1610 37 8 3 5 4 6
1631 69 1 6 10 7 6 4 0 6 2 1 7 3
10 1685 39 4 3. 6 4 0 3 11 5 9 4 8 6 6 1 17 6
1710 41 2 4. 0 4. 0 6 0. 15. 6
1770 47 8 4. 3 4. 9. 7. 4. 15. 6.
1780 43 0 7 6 5 3 8 1 16. 0 4. 8 4. 6. 1. 12. 6.
1800 99. 9. 13 5 14. 0 11 5 18 0 4. 8 7. 9 1 17 6
15 1810 91. 8 9. 5 11. 7 14 6 30. 0 14. 0 10. 4 3 4 4
1820 84. 8. 7. 5 13 4 12 0 33. 0 19. 9 12. 0 3 10 0
1830 62. 2. 8. 0. 16. 11 11 0 33. 0 19. 9 7. 1 3 10 4
1840 66. 4. 8. 0. 14. 6 11 0 33. 0. 1. 3 5. 2 2 0 7
(p. 871) I
599
l
fhr der average price l a n d let for towards t h e close of the 14 century; u n d
der Prei of wheat war 4 s. 6 d. per qr. D i e t e n a n t s on the m a n o r s were n o t
p e r m i t t e d to fold their flocks on their own enclosures, b u t were compelled
to drive t h e m on the lord's d e m e s n e land, for t h e sake of the m a n u r e at
night. T h e tenants who enjoyed the right of foldage were a superior class. 5
F r o m t h e m e t h o d , worin diese farm cultivirt 66 acres of wheat p r o d u c e d
n u r 69 qrs; 26 acres of barley 54 qrs, 25 acres of peas 11 qrs, 52 acres of har-
ras (horse beans) 29 qrs u n d 62 acres of oats 65 qrs, or scarcely m o r e als l q r
per acre. Total 207 cultivated acres. Dieselbe farm producirt n u n auf der-
selben Q u a n t i t t of l a n d tilled, 264 qrs of wheat also 4 qrs per acre, 10
1 3 0 - 1 6 0 qrs of barley zu 5qrs per acre, 145qrs of b e a n s , zu 5qrs, 100 qrs of
peas, zu 4 qrs u n d 310 qrs of oats, zu 5 qrs per acre u n d die R e n t a b o u t
30 sh. per acre. D a b e i wird der jetzige farmer n o t till less t h a n from
4 0 0 - 4 5 0 acres u n d d a r u m das doppelte Q u a n t u m K o r n p r o d u c i r e n . D i e
lands d a m a l s n i c h t halb gepflgt u n d overrun m i t Disteln, couchgrass u n d 15
a n d r e n p e r e n n i a l weeds; was n u n d e n stock kept angeht, a farmer of the
present day would 4 - 6 x die obige Zahl, on the s a m e m a n o r , besides tilling
t h e same quantity of land. (856,7)
598
I66| W. Blake. Observations on the Effects

produced by the Expenditure of Government
during the Restriction of Cash Payments.
L o n d o n . 1823.
Zweck zu beweisen, da alle S y m p t o m e , die m a n einer overissue der cur- 5

rency zuschrieb Folgen der expenditure waren, u n a b h n g i g von der cur-
rency, die i m m e r in its m o s t perfect state blieb. (4, 5) An increase of de-
m a n d von Seiten der Regierung fr foreign bills m u s t increase the
p r a e m i u m u p o n t h e m in proportion to its extent. A u f die N a c h r i c h t , da
N a p o l e o n von Elba in F r a n c e l a n d e , stiegen die foreign bills an e i n e m 10
Posttag urn 10%, arising solely from the anticipation of this d e m a n d . (6)
Besteht die currency n u r aus p a p e r u n d not convertible into gold, so der ef-
fect der increased d e m a n d fr foreign bills? (kein G e l d zu verschaffen bei
der bank; der exchange m e r c h a n t m u sich a n d e n bullion-broker wenden)
der bullion broker increase his price in proportion to t h e profit t h a t could 15
be derived from its exportation. (7, 8) gold acquired an artificial increase of
value in this country, in c o n s e q u e n c e solely of the p r e m i u m on foreign
bills. (10) T h e restriction on t h e speciepayments of the Bank virtually pre-
cluding the a c c u s t o m e d contraction of the currency, it no longer rose to a
level with gold; a n d t h e excess of the marketprice above the m i n t price, 20
m a r k e d the height to which the gold h a d risen. (1. c.) D e r increase of value
w u r d e nicht hervorgebracht d u r c h d e n Restrictionsakt, s o n d e r n shown by
the increase of price. (1. c.) Die currency war allerdings depreciated, inas-
m u c h as it will no longer exchange for the same quantity of its s t a n d a r d
m e a s u r e . (11) Aber keine Depreciation as c o m p a r e d with all other c o m m o d - 25
ities. (I.e.) Die tables published in d e m A p p e n d i x z u m R e p o r t von 1819
zeigen a general accordance zwischen d e n exchanges u n d d e m price of b u l -
600
Aus W. Blake: Observations on the effects produced
lion whether rising or falling u n d wenn fr lngre periods g e n o m m e n abso-

lutely invariable. Dagegen keine c o n n e x i o n zwischen d e m a m o u n t of B a n k
issues u n d d e m high price of gold; sondern fr M o n a t e in opposite direc-
tions. (20,21) 1814, als der Krieg aufhrte, der Prei von G o l d b u l l i o n 5 guin-
5 eas per o u n c e , fast 30 % b e r d e m m i n t p r i c e u n d war im D u r c h s c h n i t t zu
diesem Preisse seit d e m latter end 1812. V o n M a i 1814 fiel er graduell u n d
war auf f 4 9 s. per o u n c e vor d e m folgenden M r z , the e x c h a n g e experienc-
ing, pari passu, a correspondent m o v e m e n t . Bei der A n k u n f t der news von
B's L a n d u n g von Elba in F r a n c e , the exchange varied at o n c e 10 % u n d
10 continued falling, whilst the price of gold m o u n t e d as rapidly to 5 /. 5 s. per
o u n c e . Alle S y m p t o m e die m a n betrachtet hatte als a n z e i g e n d eine D e p r e -
ciation der currency vor 1814 i m m e d i a t e l y manifested sich u n d c o n t i n u e d
whrend der 100 Tage. V o n der Schlacht von Waterloo an der e x c h a n g e
gradually recovered. D e r Prei des G o l d e s fiel z u r c k proportionally u n d in
15 d e m Lauf des folgenden J a h r s war er 3 /. 18 sh. 6 d. per o u n c e , d . h . within
1% d. of the m i n t p r i c e . W h r e n d dieser g a n z e n Periode n u r wenig Varia-
tion in d e n Bankissues, the n u m e r i c a l a m o u n t of the n o t e s in t h e begin-
n i n g of 1814 u n d t h e end of 1815 being a b o u t 25 millions. They h a d b e e n
at o n e t i m e im Lauf der 2 J a h r e so h o c h wie 28 millions; aber, by a perver-
20 sity most u n f o r t u n a t e for the theory of depreciation, the issues of n o t e s
were continually a u g m e n t i n g whilst the e x c h a n g e s were improving, and t h e
price of gold falling: these events speak v o l u m e s . (22,3) A u s den Referen-
ces einige Beweise, da der bullionprei u n d die b a n k issues nicht z u s a m -
menhngen:
25 Banknotes Prices of Gold
s. d.
April bis June 1815 27 millions 5 4
Juli bis Dec. 1817 29 4 0 6
Juli bis Dec. 1818 26 4 2 6
30 Nach der Evidence von Mr. Ward
1813 24 5 10 0
1817 28 4 6
Nach der Evidence von Tooke
latter part of
35 1817 29 4 0 6
1819 25 4 3 0
Von Juli 1815 bis 4 16 0
Dec. 1816, 3 half 26 to
years steadily at 3 18 6.
40 (24,25)1
|67| Cercle vicieux: the depreciation is a s s u m e d as a test of overissue u n d
die overissue is inferred, b e c a u s e there is a d e p r e c i a t i o n s (37) D i e b r i g e n
601
P r e i s s e (d. h. d e r b r i g e n W a a r e n ) s t i e g e n 1) durch increase of taxation.

(40) Die Steuern w e r d e n h a u p t s c h l i c h auf C o n s u m t i o n s a r t i k e l gelegt u n d
sind im A l l g e m e i n e n imposed successively u n d partially. S u c h taxes, w h e n
levied on t h e producers u n m i t t e l b a r repaid to t h e m in the increased price
of the article u n d fall u p o n the consumer. Strubt sich das P u b l i c u m , so 5
wird die supply vermindert, till the object is attained. D a n n ein grosser
T h e i l der c o n s u m i r t e n Artikel h n g e n von d e m I m p o r t des foreign p r o d u c e
ab. Das rawmaterial selbst der coarsest m a n u f a c t u r e s direkt importirt; va-
rious articles used in dying etc. D a n n die Colonialwaaren, T h e e , Z u c k e r
etc. Ihr Prei steigt w h r e n d des Kriegs d u r c h increased charge v o n h i g h 10
freights, i n s u r a n c e u n d extraordinary duties of C u s t o m e . Endlich, w e n n die
articles c o n s u m e d by the labouring poor b e c o m e dear from t a x a t i o n etc t h e
wages of l a b o u r will rise. (41,2) In a particular case, diese power of adding
wages to the price (der W a a r e n ) will depend u p o n the d e m a n d c o m p a r e d
m i t d e m m e a n s of supplying t h a t d e m a n d . A b e r dasselbe R a i s o n n e m e n t 15
will apply to the whole m a s s of manufactures, provided a general d e m a n d
arises for their c o m m o d i t i e s b e y o n d the customary powers of supply. D i e
c o m m u n i t y besteht aus zwei Klassen von Personen, eine, die c o n s u m e s
u n d reproduces; die andre, die c o n s u m e s without reproduction. B e s t n d e
die ganze Gesellschaft aus producers, so von wenig C o n s e q u e n z zu wel- 20
c h e m Preisse sie ihre W a a r e n u n t e r e i n a n d e r a u s t a u s c h e n wrden; b u t
those who are only c o n s u m e r s form too n u m e r o u s a class to be overlooked.
T h e i r powers of d e m a n d i n g arises from rents, mortgages, a n n u i t i e s , profes-
sions, u n d services of various descriptions r e n d e r e d to the c o m m u n i t y . T h e
higher the price at w h i c h the class of c o n s u m e r s can be m a d e to buy, t h e 25
greater will be the profit of the producers u p o n the m a s s of c o m m o d i t i e s
which they sell to t h e m . U n t e r dieser rein c o n s u m i r e n d e n Klasse n i m m t
die Regierung the m o s t p r o m i n e n t station ein. V o n 1 7 9 3 - 1 8 1 5 , b e i d e
J a h r e inclusive, die s u m of nearly 509 mill. St. was borrowed by the eng-
lish government. (42,3) Bildet diese i m m e n s e S u m m e n u n an additionel 30
d e m a n d , or merely a transfer of d e m a n d ? (44) 509 millions, getheilt in die
23 Kriegsjahre, geben eine D u r c h s c h n i t t s a u s g a b e von ungefhr 22 millions
per a n n u m . Setzen wir sie auf 20 millions. Knnte diese Summe auf einmal
durch Steuern von dem income der Individuen erhoben werden, so wre sie reiner
transfer vom people zur Regierung: sie wrde keinen Unterschied machen in der 35
expenditure or consumption. (44) N u r by degrees sind wir zu d e m state of
o p u l e n c e g e k o m m e n , which enables us to raise so large a s u m within the
year u n d zu d e n respective periods, wo die loans engagirt, die b u r t h e n s
m i g h t have b e e n absolutely intolerable. (45.) D e r Banker, der m i t der R e -
gierung fr 20 Mill, contrahirt, vertheilt die a n n u i t i e s in smaller a n n u i t i e s 40
u n t e r d e m public, so as to provide for each successive i n s t a l m e n t as it be-
602
Aus W. Blake: Observations on the effects produced ...
comes d u e . In whatever m a n n e r nun die contributors frher ihr Capital be-

schftigten, sie e n t z i e h n e i n e n Theil davon d e m active e m p l o y m e n t , um a
certain portion in a n n u i t y zu kaufen. W h r e n d dieser Process vor sich geht
orders gegeben fr a supply of muskets, swords, c a n n o n , Pulver etc u n d
5 u p o n the receipt der 20 mill. Geld von der Regierung, it is i m m e d i a t e l y
reissued, in p a y m e n t for t h e warlike stores w h i c h t h e m a n u f a c t u r e r s h a v e
furnished. W h e n r e t u r n e d into their h a n d s , dient er als r e p a y m e n t fr die
raw materials, food, clothing etc, u n d all die I n g r e d i e n z e n des circuliren-
d e n Capitals, das o h n e d e m a n d blieb, w h e n the capitalist w h o furnished his
10 funds to g o v e r n m e n t retired from business. D u r c h diese Circulation j e d e s
Ding scheinbar an s e i n e m frhren Platz wieder, n u r E x t r a p r o d u c t i o n von
military stores u n d deficient p r o d u c t i o n der goods, die der capitalist p r o d u -
cirt h a b e n wrde, h t t e er n i c h t der Regierung geliehn. (46,7) Die taxes lev-
ied to pay t h e a n n u i t y have a d d e d to t h e i n c o m e des n a t i o n a l creditor
15 grade d e n a m o u n t der von d e m i n c o m e des public entzogen. So scheint
keine destruction of property stattzufinden. A b e r w e n n die R e g i e r u n g oder
ihre T r u p p e n Besitz der W a a r e n erhalten, die so raised by the exertions of
t h e people, t h e c o m m o d i t i e s are c o n s u m e d without any r e p r o d u c t i o n .
(47,8) T h e d e m a n d of g o v e r n m e n t will disturb the u s u a l course of p r o d u c -
20 tion; u n d t h a t portion of goods destined to u n p r o d u c t i v e c o n s u m p t i o n
m u s t be a u g m e n t e d b e y o n d what is c o m m o n l y allotted for the ordinary
c o n s u m p t i o n of society, by all t h e extra quantity now required by govern-
m e n t . If previously to this d e m a n d the productive powers of the country
were exerted to t h e u t m o s t , a n d t h e r e was no m e a n s of adding to t h e gross
25 a n n u a l p r o d u c e , t h e n the g o v e r n m e n t could only be supplied with t h e c o m -
modities it required, at the expense of t h a t fund which h a d before supplied
the capitalist. 1st das Capital des L a n d e s 100, so die w o r k m e n in c o n s u m -
ing diese 100, m s s e n , at a return of 10%, reproduce a value of 110. 10
k a n n d a n n gewidmet werden to u n p r o d u c t i v e c o n s u m p t i o n , without injur-
30 ing t h e society; da bleibt ein W e r t h = 100, um d e n s e l b e n Process m i t d e m -
selben Erfolg im a n d r e n J a h r wieder zu b e g i n n e n . Borgt die Regierung 10
als l o a n u m die ihr n t h i g e n W a a r e n p r o d u c i r e n z u lassen, der W e r t h v o n
110 reproducirt. A b e r der surplusfund devoted to u n p r o d u c t i v e c o n s u m p -
tion n u r = 20 u n d bleibt n u r 90 to supply the labourers m i t Subsi-
35 Stenz ||68| u n d R o h m a t e r i a l fr das folgende Jahr. M i t d e n 90 m s s e n die
Arbeiter zu 10% im zweiten J a h r 99 reproduciren, of which, w e n n die
c o m m u n i t y 9 c o n s u m i r t u n d die Regierung wie vorher 10, n u r 80 bleibt to
b e distributed u n t e r d e n working classes, i m 3 ' J a h r u . s . w . I n dieser W e i s e
das Capital des L a n d s graduell der C o n s u m t i o n devoted. M i t d e m Fort-
40 schritt des Prozesses, t h e funds, die supplied t h e working classes would dis-
appear, u n d n o t h i n g b u t i m p o v e r i s h m e n t could ensue. 1st das Capital eines
603
L a n d e s stets in der fullest activity u n d k a n n keine extra p r o d u c t i o n in

e i n e m Zweige stattfinden o h n e e n t s p r e c h e n d e V e r m i n d e r u n g der P r o d u c -
tion in e i n e m a n d r e n , so folgt direkt, da die d e m a n d of g o v e r n m e n t k e i n e
addition, sondern n u r ein transfer der ordinary Nachfrage ist, m i t der
alarming c o n s e q u e n c e , da m i t j e d e m step des progress a certain portion of 5
t h e powers of p r o d u c t i o n is annihilated for ever. ( 4 8 - 5 0 ) N i m m t m a n
20 Mill, von e i n e m e m p l o y m e n t wo es reproducirt m i t Profit zu e i n e m ex-
p e n d e d unproductively, so ist am E n d e von 12 M o n a t e n nichts m e h r da, so
verwandelt m a n Capital in R e v e n u e . G e s e z t dafr werde eine M i l l i o n Ar-
beiter auer Brod gesezt. D i e Regierung beschftige e i n e n T h e i l davon als 10
soldiers; der r e m a i n d e r finde work in m a n u f a c t u r i n g t h e warlike stores u n d
a c c o u t r e m e n t s , all of which are to be c o n s u m e d according to the c o n d i -
tions, unproductively. In this way, no i n c o n v e n i e n c e would be felt, die
ganze Million provided for. Bisher the process goes on very smoothly. So
das erste Jahr. Im 2' J a h r erheischt die Regierung wieder a supply of 20 m i l - 15
lions, to be borrowed in derselben Art u n d m i t d e n s e l b e n C o n s e q u e n z e n .
500,000 Arbeiter m e h r ausser W e r k gesezt, m i t i h r e n families eine zweite
M i l l i o n wanting die Subsistenzmittel, in a d d i t i o n zur Million des ersten
Jahrs. Gesezt die Regierung verschaffe i h n e n Beschftigung wie oben, so
2 Mill, zu e r n h r e n i m m e r m i t d e m fund equal only to the supply of o n e 20
million; das 3' J a h r giebt 3 Mill, people to be employed by a fund von der-
selben limited power, u n d n a c h 22 J a h r e n wren 440 Mill, destroyed u n d
21 Mill, people would have b e e n left without subsistence, or any possibility
of e m p l o y m e n t . ( 5 0 - 5 2 ) G a n z anders verhielt es sich aber praktisch wh-
r e n d dieses Kriegs. ( 5 2 - 5 4 ) D e r I r r t h u m liegt in der Unterstellung: 1) d a 25
das whole capital des country fully employed u n d 2) that there is i m m e -
diate e m p l o y m e n t for successive a c c u m u l a t i o n s of capital as it accrues
from saving. I believe there are at all t i m e s s o m e portions of capital devot-
ed to u n d e r t a k i n g s that yield very slow returns u n d slender profits, and
s o m e portions lying wholly d o r m a n t in the form of goods, for which t h e r e is 30
n o t sufficient d e m a n d . . . . N o w , if these d o r m a n t portions a n d savings could
be transferred into the h a n d s of government in exchange for its a n n u i t i e s ,
they would b e c o m e sources of new d e m a n d , without encroaching u p o n the
existing capital. (54,5) W h a t e v e r a m o u n t of p r o d u c e is withdrawn from
m a r k e t by the d e m a n d of the saving capitalist, is p o u r e d back again, with 35
addition, i n the goods t h a t h e reproduces. D i e Regierung dagegen n i m m t
es weg fr C o n s u m t i o n o h n e R e p r o d u c t i o n . Wo savings g e m a c h t von reve-
n u e , klar da die person entitled to enjoy the portion saved is satisfied
without c o n s u m i n g it. It proves that the industry of the country is capable
of raising m o r e p r o d u c e t h a n the wants of the c o m m u n i t y require. If the 40
q u a n t i t y saved is employed as capital in reproducing a value equivalent to
604
Aus W. Blake: Observations on the effects produced ...
itself, together with a profit this new creation, w h e n a d d e d to t h e general

fund, c a n be drawn o u t by t h a t person alone w h o m a d e t h e savings; i. e. by
t h e very person w h o h a s already shown his disinclination to c o n s u m e . ... If
every o n e c o n s u m e s what he has a right to c o n s u m e , there m u s t of neces-
5 sity be a market. W h o e v e r saves from his revenue, foregoes this right, a n d
his share r e m a i n s u n d i s p o s e d of. Should this spirit of e c o n o m y be general,
the m a r k e t is necessarily overstocked, a n d it m u s t d e p e n d u p o n t h e degree,
worin die surplus a c c u m u l a t e s , whether it c a n find new e m p l o y m e n t as
capital. (56, 57) D e r Regierung e x p e n d i t u r e erffnet a new u n d i m m e n s e
10 m a r k e t at o n c e fur c o n s u m p t i o n . (62) T h e power of levying taxes in perpe-
tuity, and of transferring the i n c o m e arising therefrom to individuals, e n a -
bles the g o v e r n m e n t to collect all those savings t h a t find no i m m e d i a t e e m -
ployment as capital, a n d to devote t h e m to expenditure. ... T h e purchase of
an a n n u i t y is a complete proof t h a t t h e owner of t h e capital has n o t t h e
15 m e a n s of employing it advantageously. T h e loan contractors werden so der
K a n a l w o d u r c h alle a c c u m u l a t i o n s of capital, die schwach beschftigt o d e r
o h n e e m p l o y m e n t sind, ihre W e g e in die h a n d s der R e g i e r u n g finden;
whence they i m m e d i a t l y pass into a state of c o m p l e t e activity u n t e r d e n
producers die furnish die warlike stores etc. Die T e n d e n z dieser a d d i t i o n a l
20 C o n s u m t i o n ist to relieve all capitalists from excess of stock; to create a de-
m a n d for their goods, whilst it d i m i n i s h e d the c o m p e t i t i o n of new capital-
ists, a n d t h u s to increase b o t h prices a n d profits. (62,3) ( C o n t i n . p . 7 0 ) |
605
|69| MacCulloch.
The Literature of Political Economy etc.
L o n d o n . 1845.
Hobbes. Leviathan. 24 ch. 1651.
I) Treatises on Political Economy. 5
Locke. Essay on Civil G o v e r n m e n t , publicirt 1689. [p. 2]

Tableau conomique etc by F. Quesnay. 4 to. Versailles. 1758. [p. 7] A p e r u s ,
w o r i n sich d a s g r n d l i c h e H a u p t a x i o m d e r P h y s i o k r a t e n s c h o n findet
in:
Reasons for a limited Exportation of Wool." 1677. Asgill "Several asser- 10
tions proved, in order to create a n o t h e r species of M o n e y t h a n G o l d . " 1696.
D a r i n h e i t s : " W h a t we call c o m m o d i t i e s is n o t h i n g b u t l a n d severed from
the s o i l - m a n deals in n o t h i n g but earth." Locke in s e i n e m : Raising the
value of m o n e y " , wo die Idee ausgesprochen, da alle Steuern schlielich
aufs L a n d fallen, [p. 9] 15
An Inquiry into the Principles of P. E. etc by S. J. Steuart. 2 v. 4to L o n d o n .
1767. Smith V ed. 2 v. 4to L o n d o n 1776. [p. 11] S m i t h geb. 5 J u n i 1723.
Lauderdale. An I n q u i r y into t h e N a t u r e a n d Origin of Public W e a l t h etc etc
L e d . Edinburgh 1804. [p. 15] Mills B u c h e r s c h i e n 1824. [p. 17] Malthus
Principles of P[olitical] Efconomy] L e d . L o n d o n 1820. 1836 m i t einer Vor- 20
r e d e von Dr Otter, late Bishop of Chichester, [p. 18] MacCullochs P r i n c i p l e ]
of P o l i t i c a l ] Efconomy] L e d . E d i n b u r g h 1825.
Isnard. Trait des Richesses etc 2vol. Londres 1781. [p. 20] 1815 erschie-
n e n die A b h a n d l u n g e n von M a l t h u s u n d W e s t b e r die R e n t e , [p. 32, 33]
606
Exzerpte aus John Ramsay McCulloch:
The literature of political economy ...
Heft IX. Seite 69
Aus J. R. MacCulloch: The literature of political economy
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Lewis Roberts. M e r c h a n t . T h e M e r c h a n t s M a p p e of C o m m e r c e . L o n d o n
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L. Roberts. T h e T r e a s u r e of Trafficke or a D i s c o u r s e of F o r r a i g n e T r a d e
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Th. Mun publicirte e i n P a m p h l e t z u r Vertheidigung der E a s t I n d i a C o m
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tor des M e r c a n t i l e System.) [p. 38]
10 SamuelFortrey E n g l a n d s Interest a n d I m p r o v e m e n t etc. L e d . 1663. (Be
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Sir J. Child. A N e w D i s c o u r s e of T r a d e etc. 5. ed. Glasgow. 1751. (Die
erste Ausgabe 1668) [ p . 4 1 , 42]
Sir D. North: Discourses u p o n T r a d e etc. 4to L o n d o n . 1691. [p. 42] |
609
poi W. Blake. (Schlu von p.68.)

In d e n 26 Friedensjahren, die d e m F r i e d e n von Utrecht folgten, die Markt-
rate des Zinses bestndig 3 % u n d 3 % government stock vor d e m Krieg von
1739 verkauft zu 107. W h r e n d des Kriegs fielen die 3% von 107 auf 80,
u n d n a c h d e m F r i e d e n von A i x la Chapelle stiegen sie wieder zu 106. 1762, 5
w h r e n d des 7jhrigen Kriegs, fielen sie zu 63 u n d e r h o b e n sich w h r e n d
des F r i e d e n s wieder zu 8 0 - 9 0 . 1782, whrend des a m e r i c a n war, fielen sie
zu 54 u n d im folgenden F r i e d e n stiegen sie zu 96. W h r e n d des french R e -
volutionskriegs stieg die Marktrate des Zinses auf 7, 8, 9 u n d selbst 10%,
obgleich w h r e n d der g a n z e n Zeit lands of the very lowest quality were en- 10
closed u n d cultivated. Seit Beendigung des Kriegs Z i n s wieder gefallen
u n d die Bank discontirt zu 4%. Diese facts in direkter Opposition z u r
Theorie of profits being regulated always by the quality of the last land tak-
en in cultivation ... W h r e n d des Friedens, wo rasche a c c u m u l a t i o n des
capital, n a h m e n die profits a b ; w h r e n d der Kriegsperioden w u c h s e n sie 15
u n d beides o h n e B e z i e h u n g auf die quality des land t a k e n last into cultiva-
tion. ( 6 4 - 6 6 ) D i e capital exists in a d o r m a n t state u n d fhig ist of being
called into increased activity by t h e application des geeigneten s t i m u l u s ,
zweifelsohne. Bei der E n t d e c k u n g oder Offenlegung j e d e n n e u e n M a r k t s
sie glutted m i t english goods, o h n e any d i m i n u t i o n in der supply des h o m e 20
m a r k e t . ([66,] 67) wages m s s e n steigen, weil die d e m a n d des g o v e r n m e n t
zugleich fr goods u n d m e n . (69) W h r e n d des Kriegs m o r e p r o d u c e was
raised u n d m o r e work d o n e . D i e eine Quelle grrer profits u n d wages,
selbst w e n n der rate derselbe geblieben, u n d would create an increased de-
m a n d in the markets. A b e r n i c h t n u r der a m o u n t , a u c h der rate of profits 25
u n d wages stieg, u n d die wurde effected d u r c h die prices. (72) D a s Steigen
des Zinses zu 6, 8, 10 u n d selbst 12% beweist das Steigen des Profits. D i e
D e p r e c i a t i o n des G e l d s , supposing it to exist, k n n t e nichts n d e r n in d e m
V e r h l t n i von Capital u n d Zins. W e n n 200 /. n u r m e h r werth 100 /., 10 /.
610
Aus W. Blake: Observations on the effects produced ... (Fortsetzung)
Zins n u r m e h r werth 5 /. W a s d e n value des principal affected, would

equally affect the value des Profits. It could n o t alter the ratio b e t w e e n the
two. ([72,] 73) R i c a r d o ' s R a i s o n n e m e n t d a der Prei der wages die Preisse
der W a a r e n nicht steigen m a c h e n k a n n , p a t n i c h t auf eine Gesellschaft,
5 wo a large class are n o t producers. (1. c.) M o r e t h a n the just share is obtain-
ed by the producers at the expense of that portion, which of right belongs
to the class who are only c o n s u m e r s . (74) In Friedenszeiten, w e n n m e h r
producirt als a ready C o n s u m t i o n findet, difficulty in raising prices as wa-
ges rise. A b e r in Kriegszeit, wo u n u s u a l d e m a n d , the m a r k e t s m o r e scantily
10 supplied im Verhltni z u m extent des C o n s u m s etc steigen wages u n d
d u r c h das Steigen der Preisse a u c h die profits ... Der m a r k e t rate of inter-
est stieg whrend des Kriegs. Now, how could t h e capitalist, having m o r e to
pay to his workmen, realize even t h e same rate of profits, except from an
advance in the m o n e y p r i c e of c o m m o d i t i e s ? (74,5) So also die h o h e n
15 Preie erzeugt, zu deren Erklrung keine D e p r e c i a t i o n nthig. (76) Ob-
gleich die Regierungsnachfrage zuerst fr materials of war, erstreckt sie
sich allmhlig b e r j e d e W a a r e ordinarily c o n s u m e d b y m a n . W e n n das
loan e i n m a l in d e n h a n d s der Regierung, distribuirt in t a u s e n d different
channels. W e n n d e n T r u p p e n gezahlt, it passes in d e n M a r k t fr Provision,
20 fr necessaries u n d fr clothing; w e n n der Admiralty, Theil davon fr d e n
A n k a u f von h e m p , tar, tallow, timber, u n d part for provisions jeder Art fr
victualling the navy; etc etc. ([76,] 77) W e n n die Circulation von W a a r e n
von 400 millions a currency von 40 millions erheischte, u n d diese Propor-
tion von /io der d u e level war, d a n n , w e n n der W e r t h der zu circulirenden
25 W a a r e n zu 450 mill, wchst, from n a t u r a l causes, the currency, in order to
c o n t i n u e at its level, m u wachsen zu 45 millions; oder die 4 0 m i l l , m u s t be
m a d e to circulate m i t solch increased rapidity, by b a n k i n g or other im-
provements, as to perform the functions of 45 millions. ... s u c h an a u g m e n -
tation, or s u c h rapidity die c o n s e q u e n c e u n d n i c h t die cause des increase
30 of prices. ... So sehn wir aus d e m Report on the R e s u m p t i o n of cash
p a y m e n t (im A p p e n d i x desselben) da die prices paid von G r e e n w i c h H o s -
pital w u c h s e n vor 1797, whrend 1795 u n d 1796, trotz der r e m a r k a b l e
contraction der currency, der countrybanks wie der Bank of England. So
fielen die Preisse u n m i t t e l b a r n a c h Schlu des Kriegs. Obgleich die Bank-
35 issues, im Durchschnitt, constantly w u c h s e n von 1 8 1 3 - 1 8 1 9 ... Seit 1813
a considerable d i m i n u t i o n von country b a n k p a p e r ... A b e r die Folge,
n i c h t Ursache ... D i e Preisse fielen, ihre failure destroyed die country-
banks. ( 8 0 - 8 2 ) D i e G r u n d r e n t e in d e n lezten 30 J a h r e n sich wenigstens
verdoppelt. (99) Die poorrates h a b e n , in fact, increased to their p r e s e n t
40 e n o r m o u s ||71| a m o u n t , in a great m e a s u r e t h r o u g h t h e contrivance der
landholders u n d tenants, die bei allen occasions strebten to keep down t h e
611
wages of labour, by paying a portion of t h e m o u t of the poorrates. In this

way, they have b e e n u s e d as t h e m e a n s of m a k i n g the proprietors of h o u s e s
c o n t r i b u t e towards the p a y m e n t of the farmer's labourers. If the poorrates
h a d b e e n less, the wages of agricultural labour m u s t have b e e n higher.
(107.) Obgleich u n t e r gewhnlichen U m s t n d e n goods can only be export- 5
ed when higher prices abroad afford a profit to the m e r c h a n t , the export
m a y be considerably enlarged u n d e r the operation of an adverse exchange,
since the m e r c h a n t obtains an advantage from the p r e m i u m on foreign
bills, in the same degree that the exchange is depressed. (118,19)
10
612
Aus The Edinburgh Review 1831
Edinburgh Review. Vol. LIV. Art. IV.

Jones on the Theory of Rent.
Mr. Colebrooke in seiner H u s b a n d r y of Bengal sagt, da die c o n d i t i o n
der I n d i a n ryots, unterworfen der L a n d t a x e , im G a n z e n inferior ist als die
5 eines hired labourer receiving 3 p e n c e a day wages. (88) G r e e c e u n d R o m e
waren ursprnglich getheilt in small properties, directly cultivated von d e n
proprietors selbst m a n c h m a l m i t , m a n c h m a l o h n e den Beistand von slaves.
W h e n estates grew larger, they appear either to have b e e n m a n a g e d by
stewards appointed by the proprietors u n d responsible to t h e m like pianta-
io tions in the Westindies; or to have b e e n let to coloni partiarii, who, from
their business being that of polishers or dressers of land, were occasionally
called politores or polintores. J o n e s m e i n t die Cultivation d u r c h m e t a y e r s
erst in Italy eingefhrt n a c h der era von Columella, die flourished u n t e r
Kaiser Claudius. 200 J a h r e frher aber in Italien gekannt. M . P o r c i u s Cato
15 (De re rustica) spricht von dieser t e n a n c y by metayers u n d statuirt d a der
share des p r o d u c e retained by the t e n a n t varied m i t der goodness des soil.
"In the good l a n d of C a s i n u m u n d Venafrum, the politor receives the
eighth basket; in t h e second k i n d of l a n d he receives the seventh; in t h e
third kind he receives t h e sixth." (88[, 89]) In G r e e c e u n d Italy a u c h , was
20 J o n e s nicht zu wissen scheint, aber a u c h t e n a n t s occupying lands u n d e r
leases for a definite p e r i o d , - e m p l o y i n g their own capital in their cultiva-
tion u n d paying a m o n e y r e n t wie in E n g l a n d h e u t zu Tage. W a s Greece be-
trifft h a t m a n aufgefunden copies of the actual leases, u n d e r which some of
t h e m held their farms. E n t h a l t e n d in d e n Inscriptions, publicirt von Bckh.
25 E i n e dieser inscriptions dated 345 J a h r e vor Ch. . N m l i c h a lease fr
40 years of a piece of land, zu einer rent von 152 d r a c h m e s a year. W a s
Italy betrifft... die public l a n d s let gewhnlich fr 5 J a h r e u n d wahrschein-
lich die private estates m e i s t fr d e n s e l b e n term. Columella sagt: ita certe
613
m e a fert opinio, r e m m a l a m esse frequentem l o c a t i o n e m fundi. (89) Also

i n G r i e c h e n l a n d u n d R o m die Commercielle R e n t e u n d varied n a c h d e n
variations in der Quality des L a n d e s . (90) It was proved vor d e m C o m m i t -
tee des H o u s e of C o m m o n s on the Corn Laws 1821, d a while die best
l a n d s in cultivation in E n g l a n d yield von 3 6 - 4 0 bushels an acre, die 5
schlechtesten n u r von 8 - 9 bushels; u n d good l a n d stets wohlfeiler b e b a u t
als schlechtes. W e n n die productive powers of capital successively applied
to the superior lands n i c h t a b n h m e n , the inferior ones would never have
b e e n brought into tillage. (94) W e n n die nicht der Fall, t h e whole world
m i g h t be fed out of the Isle of Wight, oder Grosvenor Square. (95) 10
614
Aus R.Jones: An essay on the distribution of wealth
Rev.R.Jones. An Essay on the Distribution

of Wealth and on the Sources of Taxation.
L o n d o n 1831.
Part I. Rent.
5 ch. I. Division of the Subject.
Die power der Erde to yield selbst d e n rudest labors of m a n k i n d m e h r als
nthig fr die Subsistenz des cultivator u n d i h n so befhigt e i n e n T r i b u t
zu zahlen, ist der Ursprung der Rente. (4) W r e n die u n c u l t i v a t e d l a n d s
eines country von vornherein o p e n fr die industry or necessities of all its
10 population, d a n n wrde viel Zeit vergehen, bis R e n t e gezahlt u n d ber-
h a u p t keine gezahlt als in exact proportion to their superiority, from posi-
tion or goodness over t h e vacant spots. (5) In d e n Society Islands in d e r
Sdsee das ganze L a n d belongs to t h e sovereign, he portions it a m o n g t h e
nobles u n d die body des people, fr e i n e n Tribut, receive p e r m i s s i o n v o n
15 d e n nobles to occupy smaller portions. (6) A u f d e m C o n t i n e n t von A m e -
rica, zeigen die I n s t i t u t i o n e n der Vlker, die vor der discovery h a d resorted
to agriculture for subsistence, indicate a u c h an early u n d c o m p l e t e appro-
priation des soil d u r c h d e n state. In M e x i c o there were crownlands cultivat-
ed d u r c h die services der Klassen die zu a r m waren to c o n t r i b u t e to t h e rev-
20 e n u e of the state in any other m a n n e r . There existed too a body v o n fast
3000 nobles possessed of distinct hereditary property in land. Die t e n u r e ,
wodurch die great body des people h e l d their property war sehr different. In
j e d e m District a certain quantity of l a n d m e a s u r e d out in proportion to t h e
n u m b e r of families. This was cultivated by the j o i n t labor of t h e whole; das
25 produce deposited in a c o m m o n storehouse u n d getheilt u n t e r sie accord-
615
1
ing to their respective exigencies. In Peru all the lands capable of ||72| culti-
vation in 3 shares getheilt. Einer der S o n n e gewidmet (i. e. d e m religisen
t e t e
Cultus) 2 den Incas u n d der 3 u n d largest share reserved fr die m a i n t e -
n a n c e des people a m o n g w h o m it was parcelled out. W e d e r individuals
n o c h c o m m u n i t i e s h a t t e n a right of exclusive property in the p o r t i o n set 5
apart for their use. Sie besassen sie n u r fr a year, bei dessen expiration a
new division was m a d e in proportion z u m R a n g , Z a h l u n d den exigencies
j e d e r family. (6, 7) In A s i e n n o c h die sovereigns die einzigen E i g e n t h m e r
des L a n d e s (7[, 8]) u n d in E u r o p a in der F e u d a l z e i t dieser Titel wenigstens
abstrakt anerkannt. (8) D i e territories der U n i o n (der Vereinigten Staaten) 10
still u n o c c u p i e d , von der C a n a d i a n border to t h e shores of the Floridas,
von d e m Atlantic z u m Pacific, are admitted, in law u n d practice, to be t h e
property of the general government. T h e y can be occupied only m i t s e i n e m
consent, in spots fixed u n d allotted by its servants, u n d on the c o n d i t i o n of
a previous m o n e y p a y m e n t . (9) So in Australien m i t Bezug auf die engli- 15
sehe K r o n e . (10) R e n t also i h r e n Ursprung in der appropriation des soil, at
a t i m e , w e n n der bulk des people m u s t cultivate it on s u c h terms as they
c a n obtain, or starve, u n d w h e n their scanty capital of i m p l e m e n t s , seed etc
being utterly insufficient to secure their m a i n t e n a n c e in any other occupa-
tion t h a n t h a t of agriculture, is c h a i n e d m i t i h n e n to the l a n d by an 20
overpowering necessity. (11)
ch. II. Labor Rents or Serf Rents.
Im Z u s t a n d halber Civilisation, wo die l a n d e d proprietors zwar n i c h t arbei-

ten wollen, aber anderseits sich n i c h t auf ihre t e n a n t s verlassen k n n e n ,
(weil diese n o c h halbsavage) als ripe for the regular p a y m e n t of p r o d u c e or 25
m o n e y r e n t s , m s s e n jene take some share in the b u r t h e n of c o n d u c t i n g cul-
tivation. T h e y m a y contrive however to get rid of the task of raising food
for the laborers, who are the i n s t r u m e n t s of t h a t cultivation. Sie geben
i h n e n e i n e n Theil ihres estate, von d e m sie ihre eigne subsistence auszu-
z i e h e n . They exact as a rent for the l a n d so a b a n d o n e d , a certain quantity 30
of labour, to be used u p o n the r e m a i n i n g portion des estate. D i e Expe-
d i e n t ziemlich allgemein in d i e s e m Stand halber Civilisation der labourers
u n d N o c h n i c h t e x i s t e n z der Capitalists. (17, 18) So in d e n Gesellschaftsin-
seln, the chiefs allot i h r e n t e n a n t s 60 acres j e d e m . Die R e n t paid for these
consists of work d o n e for a certain n u m b e r of days at the call of t h e chief 35
on his own d e m e s n e farm. (18) Laborrents waren etablirt on the widest
scale bei d e n N a t i o n e n von Osteuropa, d e n i n h a b i t a n t s of the deserts of
G e r m a n y , u n d the wastes b e y o n d the Vistula. Einige der tribes, die das
616
Aus R.Jones: An essay on the distribution of wealth ...
lower empire invaded, fhrten es ein in i h r e n conquests in W e s t e r n

Europa; u n d w h e n their own fastnesses, the wastes from which they h a d m i -
grated, b e c a m e m o r e regularly peopled a n d settled, this was the m o d e of
cultivating the land, which universally prevailed there. It prevails t h e r e
5 still. (19) Am deutlichsten, diese R e n t e n s o r t e in R u l a n d , d a n n gradually
decaying in form a n d spirit t h r o u g h Hungary, Livonia, Poland, Prussia u n d
G e r m a n y , to the R h i n e , an dessen Ufern they m e l t away into different sys-
tems, a n d are no longer to be recognized. (20)
Ruland.
10 E r h a l t e n von d e m proprietor a quantity of land, great or small, wie er will,

woraus sie i h m wages extract. M s s e n arbeiten 3 Tage auf d e n d e m e s n e s
ihres landowner ... In R u s s i a this m o d e of occupying the soil h a s established
die complete personal b o n d a g e des peasent: er, m i t seiner g a n z e n family
u n d descendants ist der slave des Lord geworden. (20, 21) U n d berall das
15 n h m l i c h e Verhltni Sklaverei erzeugt, w e n i g s t e n s L e i b e i g e n s c h a f t . (I.e.)
Wo wir die whole body der peasantry in einer ganz agricultural n a t i o n , wie
R u l a n d u n d frher U n g a r n in Sklaverei finden, such extensive servitude
m u have closed gradually r o u n d their race. I n R u l a n d die b o n d a g e der
peasantry n i c h t complet bis Czar Boris Godounoff, der d e n T h r o n 1603 b e -
20 stieg. (23) In fact fast in ganz R u l a n d ihre c o n d i t i o n h a s degenerated into
a state of complete personal b o n d a g e u n d die d e m a n d s des proprietor,
t h o u g h influenced by custom, are really limited only by his own forbear-
ance. (23,4) A b e r a u c h in R u l a n d die b o n d a g e der servants in a state of
rapid change. D i e Existenz der crown d o m a i n s , ueberall small in propor-
25 tion to the advance of the people in wealth u n d n u m b e r s . D i e d o m a i n s des
russian sovereign vielleicht m e h r als = d e n estates of all his subjects. So
royal serfs. 1782 gehrten davon 10 millions der K r o n e . D i e R e g i e r u n g
m u t e hier ein andres System a n n e h m e n ... the villages i n h a b i t e d by t h e
peasants of the crown have b e e n formed in a sort of corporations; die sur-
30 r o u n d i n g l a n d s cultivirt by t h e m zu a very m o d e r a t e fixed rent or abroc;
die serfs k n n e n acquire u n d transmit personal property u n d selbst kaufen
oder erben land. D i e privilege gegeben 1801 u n d 1810 die peasants of the
crown h a d p u r c h a s e d land fr 2 Mill, of roubles in Bank assignations. W h -
r e n d derselben Periode alle a n d r e n Classen, n o t being noble, h a t t e n n u r ge-
35 kauft fr 3,611,000 roubles in d e m s e l b e n paper m o n e y . In d e n tribunals in-
stituted speziell fr das m a n a g e m e n t ihrer corporations, 2 peasants, c h o s e n
by the body, have a seat u n d voice m i t d e n officers des Kaisers. ... Diese
serfs k a n n der Czar v o m L a n d greifen lassen, fr seine M i n e n u n d M a n u -
factures verwenden. (25,6)
617
Ungarn.
N o b l e s allein k n n e n L a n d e i g e n t h m e r werden d u r c h Erbschaft oder

l
Kauf. Sie bilden / auf eine Bevlkerung von 8 millions. 1777 waren n u r
21
30,921 artizans in U n g a r n . Die peasants occupy fast die h a l b e cultivated

surface des L a n d e s u n d all pay labor rents. Bis zur M a r i a Theresia ihre 5
Lage fast die des russian serf. D u r c h eines ihrer edicts, das U r b a r i u m , per-
sonal slavery u n d attach ||73| m e n t to the soil abgeschafft; die peasants er-
klrt h o m i n e s liberae transmigrationis". Anderseits so fr t e n a n t s at will
erklrt, w h o m the Lord beliebig absetzen k o n n t e . A b e r als b o d y i h n e n an
interest in t h e soil gegeben. D i e lands on each estate, frher allotted to the 10
m a i n t e n a n c e der serfs, were declared to be legally consecrated fr diesen
Zweck for ever. They were divided in portions von 3 5 - 4 0 english acres
each, called Sessions. D i e quantity of labor d u e to the proprietor for e a c h
session fixirt auf 104 days per a n n u m , ( a u e r d e m n o c h eine M a s s e kleiner
Leistungen, fowls, eggs etc S p i n n e n von 6 Pfund Wolle oder Hanf, provid- 15
ed von d e m Landlord, etc schlielich n o c h y aller ihrer Products fr die
w
Kirche u n d % d e n lord.) Der proprietor m i g h t divide diese sessions u n d

grant any m i n u t e portion davon e i n e m peasant; aber er could stipulate fr
labor n u r in proportion to the size of the holding; fr ]/ session 52 days, fr
2
% 26 etc. D a s u r b a r i u m der Theresia n o c h die m a g n a charta der H u n g a r i a n 20

serfs. ... A b e r die necessities der peasants oblige t h e m oft to resort zu i h r e n
landlords fr loans of food; they b e c o m e laden m i t heavy debts to be dis-
charged by labor. A d m i n i s t r a t i o n der Justiz n o c h in d e n H n d e n der n o -
bles ... F r die nobles lstig, weil a part of each is irrevocably devoted to
the m a i n t e n a n c e der laborers u n d n i c h t n a c h s e i n e m extent u n d wants, 25
s o n d e r n n a c h der n u m b e r of peasants who h a p p e n e d to be on it at t h e t i m e
of the edict. ... A e h n l i c h e Versuche von Seiten des sovereign in D e u t s c h -
land, d e n peasants, als b o d y zu sichern die o c c u p a t i o n of any l a n d o n c e
cultivated by t h e m ; originirt in der E x e m p t i o n des Adelsguts von direct
taxation: w h e n land o n c e got into the h a n d s of t h e peasant, it was available 30
t o the public revenue. ( 2 8 - 3 2 )
Poland.
l
Bis zu Casimir d e m Grossen, gen M i t t e des 14 Jh., die p o l n i s c h e n N o b l e s
b e r ihre B a u e r n R e c h t ber L e b e n u n d Tod. Three days' l a b o u r war ihre
u s u a l rent. 1791 Stanislaus A u g u s t u s u n d die States were preparing a h o p e - 35
less resistance gegen die attack von Russia, a new constitution, etablirte a
complete personal freedom der peasantry. (33[, 34])
618
Liefland und Esthland.
Edict von A l e x a n d e r von 1804. D e r livonian serf erklrt z u m E r b p c h t e r

des L a n d e s he occupied. D i e R e n t fixed in labour, to be performed on t h e
d o m a i n des proprietor. D e m Peasant blieb wenigstens % seiner Zeit. W e n n
5 diese labor rent je c o m m u t e d in a m o n e y p a y m e n t , der a m o u n t dieses pay-
m e n t limited u n d fixed u n d n i e to be increased. N o c h sonstige Privile-
ges ... Er bleibt attached to the soil. ... he is subject to a correctional disci-
pline of 15 lashes. ... I n d e diese savages m a d e all the resistance in their
power to t h a t decree, the e x e c u t i o n of which zulezt entrusted to an a r m e d
10 force. ( 3 6 - 3 9 )
Germany.
Z w e i h u n d e r t J a h r e n a c h der n o r m a n n i s c h e n Eroberung die b o d y of cultiva-

tors n o c h g e n a u in derselben Position wie der russian serf. W h r e n d der
n c h s t e n 3 J a h r h u n d e r t e , the u n l i m i t e d labor rents paid by the villeins fr
15 die lands allotted to t h e m were gradually c o m m u t e d fr definite services,
still payable in kind; u n d they h a d a legal right to the hereditary o c c u p a -
tion of their copyholds. D e r last claim of villenage recorded in o u r courts
th
im 1 5 of J a m e s I, 1618. Instances probably existed some t i m e after this.
U n t e r Charles II a u c h 12th Ch. II c.24 die personal services der copyholders
20 von den abolished personal services, excepted u n d reserved. ([40,] 41) T h e
object in labor rents was p r o d u c e alone: they arose in E u r o p e as in t h e So-
ciety Islands, from a m o d e of cultivation which the rudeness of the people
m a d e necessary, if any r e n t at all was to be exacted from t h e m : a n d the pro-
prietor never deliberately divested himself of the right of r e s u m i n g , at h i s
25 pleasure, the possession of the allotments occupied by his serfs. (46,7)
Hauptfeatures dieses Systems der laborrents sind:
Dependence of Wages on rents.
(Die claims auf sie i m m e r vermehrt u n d after a certain point, m i t j e d e m

advance in d e n exactions des landlord, t h e produce of the peasant's allot-
30 m e n t , his real wages, m u s t b e c o m e less).
619
Inefficiency of Agricultural labor.
(reluctant labourer: 2 m i d d l e s e x mowers m h e n in e i n e m Tag so viel G r a s

als 6 russian serfs und trotz der T h e u r u n g der provisions in E n g l a n d u n d
Wohlfeilheit i n R u l a n d , das M h e n eines Q u a n t u m H e u , das e i n e m E n g -
l n d e r Y copeck wrde e i n e m r u s s i a n proprietor 3 oder 4 kosten. In Preu-
2
e n 1811 % der g a n z e n p o p u l a t i o n Leibeigene)
Inefficient Superintendence of Labor.
Small numbers of independent classes.
(Aus d e n a n g e g e b e n e n U r s a c h e n das agricultural p r o d u c e of countries cul-

tivated by serfs, sehr small w h e n c o m p a r e d m i t i h r e m extent)
Authority of Landlords over Tenants.
(W large d o m a i n s cultivirt d u r c h agricultural labor, d u e from a n u m e r o u s

t e n a n t r y , die necessary work delayed, embarrassed u n d oft ganz s u s p e n d e d ,
w e n n a lawsuit vor u n a b h n g i g e n G e r i c h t e n die einzige Art of settling a
dispute m i t a reluctant or refractory laborer ist. D a h e r die j u d i c i a l power
n i e a b a n d o n e d von d e n proprietors, even wo die personal freedom des serf
a n e r k a n n t . D e r serf however, der liable ist, to have claims auf seine Zeit
u n d Arbeit interpretirt u n d s u m m a r i s c h enforced d u r c h die person, die
diese claims m a c h t , k a n n n i e m e h r als ein h a l b e r freeman sein, even w e n n
er aufgehrt h a t to be wholly a slave).
The Power und Influence of the Aristocracy.
Want of Pop. Influence in der Polit. Constit. solcher Countries.
(Die R e n t e k a n n u n t e r diesen U m s t n d e n n u r v e r m e h r t werden, entweder

i n d e m die labor der t e n a n t r y geschickter u n d wirksamer a n g e w a n d t wird,
aber als body die unfitness der proprietors to advance die science of agri-
culture oder i n d e m die quantity der labor exacted v e r m e h r t wird u n d d a n n ,
w e n n die lands der proprietors besser, die der serfs, d e n e n Arbeit e n t z o g e n ,
u m s o schlechter tilled)
620
A Change from Labor Rents to Produce Rents always desirable.
T h e actual poverty of t h e serfs u n d die degradation ihrer habits of industry,

present an i n s u r m o u n t a b l e obstacle to any general change which is to be
complete u n d s u d d e n . I n their imperfect civilization u n d halfsavage care-
5 lessness, die necessity originated die forced proprietors themselves to raise,
the produce worauf their families were to subsist. Diese necessity b e s t e h t
n o c h ; die tenantry n o c h n i c h t reif to be entrusted m i t der responsibility of
raising u n d paying p r o d u c e rents. ( 4 8 - 6 4 ) |
|74| ch. III. Metayer Rents.
10 Die Existenz von Metayers zeigt h h r e n G r a d der Gesellschaft verglichen

m i t d e m worin serfrents originate. T h e y are entrusted m i t der task of
providing the food a n d a n n u a l revenue des proprietor, o h n e h i s s u p e r i n t e n d -
ing, or interfering with their exertions. D e r m e t a y e r m u d e n serfs berle-
gen sein, whose industry can be safely d e p e n d e d on by the proprietor n u r
15 while exercised u n t e r seiner directen Controlle u n d dessen rents d a h e r ge-
zahlt nicht in p r o d u c e , s o n d e r n in Arbeit. A b e r der advance of stock d u r c h
d e n proprietor u n d das a b a n d o n m e n t des m a n a g e m e n t o f cultivation z u
d e n actual labourers zeigt die c o n t i n u e d absence of an i n t e r m e d i a t e class
of capitalists. (74) D i e System besonders im westlichen Theil von E u r o p a ,
20 Italien, Savoyen, P i m o n t , Veltlin, F r a n c e , Spain. Diese b e r k o m m e n von
d e n R m e r n , dessen Provinzen sie waren, (p. 75)
Greece.
Greece, sobald historisch gekannt, divided in kleine properties, cultivirt by

the labor der proprietors, assisted by that of slaves. (75) I r r u p t i o n von other
25 countries: sie fanden die original i n h a b i t a n t s z u m Theil b e k a n n t m i t der
Agricultur; sie verwandelten diese h u s b a n d m e n in eigne Art von tenantry,
attached to the soil, Art von predial b o n d s m e n , aber die zahlen, n o t labor,
s o n d e r n p r o d u c e r e n t s u n d belonged, i n some remarkable instances, n i c h t
to individuals, s o n d e r n d e m state. Diese t e n a n t s g e n a n n t in Crete Perioeci,
30 M n o t a e , A p h a m i o t a e ; in L a c o n i a Perioeci u n d Helots, in Attica T h e t e s
u n d Pelatae, in Thessalien Penestae u . s . w . Die P r o d u c t r e n t s dieser t e n a n t -
ry in Creta befhigten die legislators dieses island to establish public tables
in different districts, at which t h e freemen u n d their families were fed. Ly-
621
kurg erneuerte diese I n s t i t u t i o n in Sparta, wo die tables supplied d u r c h das

p r o d u c e der Industrie der Helots; u n d wo Syssitiae oder c o m m o n tables
h n l i c h e die Quelle. Solon in Attica m a c h t e die Thetes oder Pelatae wieder
persnlich frei, obgleich er i h n e n n i c h t die political rights der Brger g a b .
(76, 77) M i t A u s n a h m e der Distrikts, o c c u p i e d d u r c h diese peculiar species 5
of tenantry u n d der lands belonging to towns which s e e m often to have let
for terms of years at m o n e y rents, die lands of G r e e c e sehr allgemein im
Besitz von freemen, cultivating small properties m i t der assistance of
slaves. Slaves sehr n u m e r o u s . ... W h e n warrior n a t i o n s have found o u t t h e
m e a n s of m a k i n g t h e labor of captives c o n t r i b u t e to their own ease, they 10
preserve t h e m . Before etc they p u t t h e m to d e a t h . (78,9) T h e G r e e k s u s e d
the slaves, womit ihre z a h l r e i c h e n Kriege sie supplied, in all k i n d s of m e -
n i a l u n d l a b o u r i o u s o c c u p a t i o n s . (79) In G r e e c e t h e labour of cultivation
zuerst shared zwischen m a s t e r u n d s l a v e . . . . As civilization fortschritt, prop-
erties b e c a m e enlarged. T h e proprietors clung to cities. (80) D i e - is
oder overseers, slaves who were very carefully t r a i n e d as bailiffs,
like t h e R o m a n villici. ... Je weiter entfernt v o n der Stadt, desto m e h r g a n z
b e r l a s s e n d e n m a n a g i n g slaves u n d also generally careless u n d b a d . ...
Schlielich a t e n a n t eingefhrt, der, receiving von d e m l a n d o w n e r his land
u n d stock, b e c a m e responsible to h i m for a certain proportion, usually half, 20
of t h e p r o d u c e : a n d t h e proprietors gave up finally all interference m i t der
task of cultivation, (mortitae) N a c h der V e r b i n d u n g m i t R o m e diese -
verdrngten ganz die s e l b s t b a u e n d e n proprietors; they survived die
M a h o m e t a n conquest u n d die lands der t u r k i s h Agas w a r e n generally culti-
vated by G r e c i a n m o r t i t a e o d e r Metayers. (82,3) 25
Rome.
W i e in G r i e c h e n l a n d . As t h e size of estates enlarged, their owners b e c a m e

t h e s u p e r i n t e n d a n t s der labor they before assisted. In d i e s e m stage die
K u n s t der Agricultur deeply studied in R o m , wie in a similar stage in
G r e e c e . Die works of 50 G r e e k writers on agriculture d e n R o m a n s b e k a n n t 30
u n d die verschiedner Carthaginians. ... W i e das empire b e c a m e larger, die
size der estates increased; u n d w h e n they were scattered over provinces
w h i c h r e a c h e d from Britain u n d Spain, n a c h Asia M i n o r u n d Syria, t h e su-
p e r i n t e n d a n c e der h u s b a n d r y carried o n u p o n t h e m w u r d e b u r t h e n s o m e
u n d inefficient, a n d even t h e task of training properly t h e villici or m a n a g - 35
ers was a b a n d o n e d , u n d t h e lands given up in s o m e m e a s u r e to t h e discre-
t i o n of an inferior class of slaves. ... A race of t e n a n t s t h e n gradually
a c q u i r e d possession of t h e surface of Italy u n d der provinces. V o n various
622
classes. D i e coloni partiarii or medietarii (metayers) stets die favorites ...

D i e System schlielich prevailed in d e n Provinzen des Reichs ... Dieses
blieb m i t a n d r e n R e m a i n s of R o m a n civilization, struggling natrlich m i t
d e n barbarischen u n d feudalen G e b r u c h e n , t h e class of metayers wahr-
5 scheinlich n i e any where wholly destroyed, sie introduced s o m e degree of
confidence u n d security in d e n relations der conquerors m i t d e n subject
cultivators. ( 8 3 - 8 7 )
France.
Gallien gewaltsam afficirt in allen seinen social relations d u r c h die various

10 irruptions u n d final p r e d o m i n a n c e der barbarians. Das gradual estab-
l i s h m e n t von feudal t e n u r e s u n d die Einfhrung ||75| von serfs u n d labor-
rents, zwei der wichtigsten effects des change of masters. D i e n u m b e r u n d
species der feudal t e n u r e s v e r m e h r t in F r a n c e zu a strange extent by t h e
practice of subinfeudation; checked in England. Die seignoral rights u n d
15 die rents u n d services, to which they gave rise, ranged von d e n french law-
yers u n t e r 300 heads, die subdivisions wovon they state to be infinite. ...
Viele dieser rights gepfropft auf die m o r e simple relation von serfs to their
landlords; d e n n wie das F e u d a l s y s t e m d e m Volke familr wurde, die no-
tions und phraseology d e n e n es gave birth, d e h n t e n sich aus auf a multitude
20 of relations und objects quite foreign to the original a i m of the system itself.
So auf d e m c o n t i n e n t a n n u i t i e s in m o n e y or corn granted as feuds, u n d ge-
legentlich selbst der use of s u m s of m o n e y u n d in E n g l a n d der copyholder,
der v o m villein oder slave s t a m m t , schwor fealty to his lord wie die military
t e n a n t s . So die a d m i t t e d [to] degrees at o u r universities do feudal h o m a g e
25 to the Vicechancellor. By a similar abuse of feudal forms, s o m e of the serfs
in F r a n c e no d o u b t r a n k e d at last amongst t h e m a n o r i a l tenantry des
Seigneur, u n d ihre relation war considered to be a feudal o n e . A u e r d e m
aber serfs ganz wie die russischen u n d grosse Z a h l davon. F o u n d auf d e n
estates der crown oder [of] lay individuals u n d of ecclesiastics u n t e r d e m
30 n a m e von m a i n m o r t a b l e s . An d e n B o d e n gekettet. I n c a p a b l e of transmit-
ting property, droit de suite ... D e n n o c h h a t t e n die Metayers vor der Revo-
lution % der Oberflche von F r a n c e in Besitz. % oder % war in d e m Besitz
of capitalists finding their own stock u n d paying m o n e y r e n t s . Der r e m a i n -
der held von den proprietors, or by serf or feudal tenantry. ( 8 7 - 9 1 ) D i e
35 terms worauf die french metayers ihre farms hielten, wechselten sehr v o n
age zu age. W e n i g auffllig, weil die Originalrente, % des Products, woher
ihr N a m e m e d i e t a r i u s , derselbe blieb. A b e r d e n n o c h k a n n seine Lage sich
auf zwei W e i s e n n d e r n oder sein share v e r m i n d e r n : 1) d u r c h a greater
623
quantity of public b u r t h e n s u n d die fand im h c h s t e n G r a d statt: 2) d u r c h

R e d u c t i o n der size ihrer mtairie. D i e scheint nicht sehr der Fall gewesen
zu sein 50 acres nicht u n g e w h n l i c h u n d in p o o r districts m e h r . A r t h u r
Y o u n g sagt zwar: "the division of farms a n d the p o p u l a t i o n is so great t h a t
the misery flowing from it is in some places e x t r e m e . " (91) (taille, Turgot 5
beschreibt, wie sie graduell die degradation der peasantry hervorbringt, wie
d u r c h das stete wachsen der taille das extreme of misery erzeugt in d e m Li-
m o s i n u n d A n g o u m o i s u n d a n d r e n Provinzen der petite culture, n a c h
Z a h l u n g ihrer taxes sie n i c h t m e h r als 25 bis 30 livres jhrlich to spend for
each person, die proprietors entschlossen sich n u r selten u n d n u r da e i n e n 10
Theil dieser Steuer m i t z u z a h l e n , wo he could find no m e t a y e r without it
u n d sagt T. m e m e d a n s ce cas l, le metayer est toujours r d u i t ce qu'il
faut p r c i s m e n t pour ne pas m o u r i r de faim.) Die Revolution verwan-
delte viele dieser mtayers in small proprietors, aber vielleicht n o c h eine
Hlfte von F r a n k r e i c h d u r c h sie cultivirt. U e b e r ihr jetziges E l e n d s i e h 15
D . d e Tracy. ( 9 3 - 9 7 ) D a z u sind j e z t n o c h m i d d l e m e n g e k o m m e n , die with-
o u t changing die terms worauf der actual cultivator h o l d s t h e soil, pays a
m o n e y r e n t t o the proprietor u n d grinds u n d oppresses the t e n a n t t o m a k e
his bargain profitable. ([96,] 97)
Italy. 20
In vielen districts Italiens s c h e i n e n die coloni medietarii n i e v e r s c h w u n d e n

zu sein ... D i e large grazing farms der L o m b a r d e i , die tracts der C a m -
pagna, die m a r e m n a e , which occur on the coast, occupied by capitalists;
for wherever large herds of cattle are to be m a i n t a i n e d , n e i t h e r t h e p e a s a n t
n o r the landlords are able to supply t h e m . Im D u r c h s c h n i t t aber - m i t A u s - 25
n h m e der not u n c o m m o n small proprietors - Italy, von d e n Alps bis Cal-
abria, n o c h covered m i t m e t a y e r s . Kleiner als die in F r a n c e . ... D i e n u m -
b e r of acres die ein m e t a y e r m i t seiner family b e b a u e n k a n n , h n g t
n a t r l i c h sehr ab von d e m course of crops u n d m o d e of tillage. In F r a n k -
reich herrscht n o c h vor das System of cropping, einst universal in N o r d - 30
europa, d. h. corn crops while the l a n d can bear t h e m u n d d a n n fallows, or
leys of s o m e years standing, m i t s o m e waste grounds for pasture. Auf die-
sen P l a n a family require u n d can m a n a g e a considerable tract. In Italy the
rotation of crops practised by the R o m a n s is still carried on; t h e l e g u m i n a
r e c o m m e n d e d by Virgil are extensively cultivated u n d das cattle oft fed 35
from the p r o d u c e des arable g r o u n d . D a z u erheischt a m u c h smaller q u a n -
tity of t h e soil. Metayers are always found ready to accept a subdivision. ...
D i e m e t a y e r farms in T u s c a n y 10 acres, in N a p l e s n i c h t b e r 5 u n d die ten-
624
ants there pay % des p r o d u c e as rent. Sehr fruchtbarer Boden. A b e r das %

von 5 acres giebt a miserable subsistence, subject allen exactions eines
needy government u n d einer aristocracy a r m e d m i t all sorts of m i s c h i e v o u s
powers u n d privileges u n d sehr geneigt to abuse t h e m . N a h Florenz die m e -
5 tayers gut dran, besonders d u r c h ihre Strawhatfabrication; in einer Entfer-
n u n g von der Stadt elend, ihre p e n u r y m a c h t sie bestndig d e n landlords
verschuldet fr food or assistance of different kinds. ... In Spanien die m e -
tayers sehr arm. D i e Cultivation der Canary Islands in i h r e n h a n d s . In
Afghanistan t e n a n t s g e n a n n t Buzgurs u n t e r s c h e i d e n sich n i c h t v o n d e n
10 metayers des westlichen E u r o p a . ( 9 7 - 1 0 0 )
Summary of Metayer Rents.
Die forced labor des serf supposes some power of s u m m a r y coercion im

master, o h n e welche die cultivation nicht v o r a n g e h n wrde. Bei den m e t a y -
ers diese s u m m a r y power n i c h t nthig. For s o m e ages sind sie freemen ber-
15 a l l . . . Das divided interest in which exists the p r o d u c e of cultivation, m a r s
almost every a t t e m p t to i m p r o v e m e n t . ... D e r m e t a y e r liebt den System-
wechsel nicht, weil he merely exists u p o n a system of ||76| cultivation famil-
iar to h i m ... D e r landlord strubt sich die advances zu m a c h e n necessary
to carry on efficiently any system whatever. ... K e i n Vergleich zu m a c h e n
20 zwischen d e m stock advanced by a proprietor for t h e cultivation of his m -
tairies u n d that used by farmers in districts cultivated by capitalists. ... Zu
Turgots Zeit a u c h a b a n d o n m e n t of m a n y mtairie estates for w a n t of
cattle, u n d die inability der proprietors to provide stock. ... In m e t a y e r
countries die wages der m a i n b o d y des people d e p e n d u p o n the r e n t they
25 pay u n d die rent hngt ab von d e m a m o u n t d e d u c t e d as wages. ... no very
m a r k e d change in the efficiency of agriculture, a n d in the relative n u m b e r s
of agricultural u n d n o n agricultural p o p u l a t i o n will take place in any n a -
tion, while the m e t a y e r system r e m a i n s in full force. ( 1 0 1 - 1 0 8 . )
ch. IV. On Ryot Rents.
30 Ryot R e n t s m i t wenigen A u s n a h m e n Asien eigen; durch Asiaten in die

Trkey eingefhrt. Sie existieren in Aegypten. T h e y are produce rents paid
by a laborer, raking his own wages from the soil, to the sovereign as its proprietor.
G e w h n l i c h begleitet von a precarious right des tenant, to r e m a i n the occu-
p a n t of his a l l o t m e n t of land, while he pays the rent d e m a n d e d from h i m .
35 Diese rents originate in d e n rights des sovereign, as sole proprietor des soil
625
seiner d o m i n i o n s . Solche rights at some period von d e n m e i s t e n N a t i o n e n

a n e r k a n n t . ... In Asien n o c h die sovereigns die direct landlords der p e a s a n t
t e n a n t s , who m a i n t a i n themselves of the soil of his d o m i n i o n s . ... Seit
M e n s c h e n g e d e n k e n die great empires von A s i e n overrun von foreigners
u n d on their rights as conquerors der claim der present sovereigns to t h e 5
soil rests. China, India, Persia u n d Asiatic Turkey ... D i e Tartaren h a b e n
b e r a l l dasselbe System eingefhrt. I n d e waren sie pastoral tribes wie die
G e r m a i n s . D e r U n t e r s c h i e d vielleicht in d e m different character ihrer orig-
inal seats. U n t e r der fastnesses u n d morasses ihrer native woods, der D e u t -
sche, w e n n nicht actually at war, in tolerable security; his habits of military 10
o b e d i e n c e relaxed u n d er enjoyed die r u d e u n d indolent freedom
die der warlike b a r b a r i a n n u r aus Nothwendigkeit aufgiebt. Einige der tribes
der Affghans exhibit r e m a r k a b l e instances der different degrees of s u b m i s -
sion to authority, p r o d u c e d u n t e r pastoral n a t i o n s u n t e r der prevalence der
different feelings of security u n d danger. They are only slowly u n d partially 15
a b a n d o n i n g migratory habits: during part of the year they are stationary, in
a country in which they feel secure; in a n o t h e r part of the year they m o v e
to distant pastures. While safe u n d tranquil, their institutions are as free als
die der alten D e u t s c h e n u n d sehr h n l i c h i n m a n y details. W h e n they b e -
gin to move u n d das approach of danger u n d die necessity of u n i t e d exer- 20
tion begin to be felt, they pass at o n c e to a despotic form of government. So
sagt E l p h i n s t o n e Caubul. Vol.11, p. 215: W h e n the people are collected
into camps, they are governed by their own M o o s h i r e , without any refer-
ence to the K h a u n , a n d w h e n they are scattered over the country, they
subsist without any g o v e r n m e n t at all: b u t w h e n a m a r c h is c o n t e m p l a t e d , 25
they i m m e d i a t e l y s u b m i t to the K h a u n , a n d where they have to pass an
e n e m y ' s country, he is appointed h e a d of the Chelwashtees, assumes an a b -
solute authority, a n d b e c o m e s an object of respect a n d anxiety to all the
tribe etc. Die Tartars of Central Asia, i n h a b i t vast plains, traversed in
every direction by m o u n t e d e n e m i e s . T h e task of guarding their property 30
u n d lives is a constant compaign; u n d their habits of military s u b m i s s i o n
have no intervals of relaxation: they are b o r n a n d they die in t h e m . ...
D u r c h agricultural Asia (mit A u s n a h m e von Russia) the s a m e system pre-
vails. There are n e i t h e r capital n o r capitalists able to produce, from stores
already a c c u m u l a t e d , t h e m a i n t e n a n c e of the bulk of the people. T h e peas- 35
a n t m u s t have land to till or m u s t starve. T h e body der n a t i o n is therefore
in every case d e p e n d e n t u p o n the great sovereign proprietor for t h e m e a n s
of obtaining food. V o n d e m r e m a i n d e r des people der wichtigste T h e i l da-
von, n o c h abhngiger: they live in the character of soldiers or civilians, on
a portion of the revenue collected from the peasants, assigned to t h e m by 40
t h e b o u n t y of their chief: i n t e r m e d i a t e a n d i n d e p e n d e n t classes there are
626
n o n e ... T h e experience of m a n y long centuries of m o n o t o n o u s oppression

has sufficiently proved the t e n d e n c y of such a state of things, o n c e estab-
lished, to perpetuate the despotism it creates. ( 1 0 9 - 1 1 3 )
India.
5 D i e sacred books der H i n d o o s found the claims der sovereigns to t h e l a n d

on the rights of conquest. ... Die laws s c h e i n e n d e n A n t h e i l der s o v e r -
eigns auf % zu b e s t i m m e n , aber in der Praxis die rule utterly disregarded.
... U n t e r d e n H i n d o o G o v e r n m e n t s a disposition to allow m a n y subordi-
n a t e claims to the possession of the soil, u n d to offices c o n n e c t e d with t h e
10 collection of the revenue, to b e c o m e hereditary. V o n d e n offices war das
wichtigste das der Z e m i n d a r s . Diese entrusted m i t der collection der reve-
n u e in districts of different sizes, berechtigt to a t e n t h of its a m o u n t ; h a t t e n
m a n c h m a l lands assigned t o t h e m u n d waren endowed m i t sehr groer
Autoritt. Sehr in der habit Vorschsse of seed u n d stock zu m a c h e n to as-
15 sist the cultivator, u n d of stipulating for r e p a y m e n t in t h e shape of pro-
duce. W u r d e n oft erblich. Die ryots b e s a e n m e i s t e n s ihre l a n d s
in ||77| c o m m o n u n d were collected into villages u n d e r officers of their
own, who distributed to the cultivators u n d t r a d e s m e n ihre respective
shares des p r o d u c e . D i e village offices u n d various trades b e c a m e heredi-
20 tary. Der Ryot selbst, der actual cultivator, n o c h weniger als die superior
officers ausgesezt to be disturbed in the possession of his land. Provided
the sovereign's share des produce was paid, er kein Interesse in disturbing
t h e h u m b l e agents of p r o d u c t i o n u n d sehr grosses Interesse in r e t a i n i n g
t h e m . F r o m similar reasons, a c l a i m to mortgage or sell his possessory in-
25 terest, was suffered to establish itself. D o c h alle diese s u b o r d i n a t e interests
n u r respectirt in friedlichen Z e i t e n u n d diese selten in I n d i e n . ... D i e M o -
gul emperors h a n d e l t e n m e i s t n a c h d e m obigen System. A b e r as the e m -
pire grew feeble, u n d die s u b o r d i n a t e chieftains, M a h o m e t a n or H i n d o o ,
began to exercise an uncontrolled power in their districts, ihre rapacity u n d
30 violence grenzenlos ... r u i n o u s rents, arbitrarily imposed, were collected in
frequent military circuits, at the spear's point; u n d die resistance often at-
t e m p t e d in despair, was unsparingly p u n i s h e d by fire u n d slaughter. ... D i e
Englnder trieben ihre rights als proprietors des soil auf die Spitze ... Sp-
ter m a c h t e n sie die Z e m i n d a r s zu direct Landlords der ryots; das govern-
35 m e n t erhielt statt r e n t eine tax, wofr die landlords responsible. F r die
r y o t s t h a t e n die E n g l n d e r n a t r l i c h n i c h t s . ( 1 1 3 - 1 1 8 . )
627
Persia.
E i n e r der m o s t remarkable geological features der old world ist der great
tract of sandy desert, der sich d u r c h ihre ganze Breite erstreckt, u n d i m p o -
ses a peculiar character on t h e tribes which r o a m over its surface, or i n h a b -
it its borders. It forms the shores of the A t l a n t i c an der Westkste von 5
Africa, constituirt die Sahara, bildet d a n n die surface of Egypt m i t A u s -
n a h m e des Nilthals, Stretches across the A r a b i a n wastes, to Syria, Persia,
a n d u p p e r India; a n d t u r n i n g von Persien nordwrts, threads zwischen
M u s h e d u n d H e r a t die Elburz u n d P a r a p o m i s a n m o u n t a i n s , parts o f the
C a u c a s i a n u n d H i m a l a y a n chain; r u n s north-eastward d u r c h die Tartartei 10
u n d r o u n d i n g the n o r t h e r n extremity of China, sinks finally, b e n e a t h the
waves of the pacific. D e r grre T h e i l der persischen territories b e s t e h t aus
dieser desert oder border on it; u n d partake so m u c h of its p a r c h e d a n d
sterile character, that the eye at a short distance can hardly trace t h e
b o u n d a r y . Dieser soil n u r zu befruchten d u r c h irrigation. D a b e i rivers 15
small u n d few. Die small portion of cultivated land wie Oasen. Da die nat-
ural springs u n d streams u n g e n g e n d die cultivation to support, the Per-
sians establish m i t great labor u n d expense artificial sources, called can-
n a u t s . They sink on the sides of hills long chains of wells, of different
depths, a n d c o m m u n i c a t i n g by a channel, which c o n d u c t s to the lowest the 20
water collected in t h e m : t h e n c e the stream is distributed over t h e fields
which it is to fertilize. ... W e n n d u r c h diese m e a n s Wasser auf die surface
gebracht, scenes of oriental vegetation spring up rapidly u n d luxuriantly. If
from war, or oppression, or accident, or t i m e , the works of m a n are de-
stroyed or neglected, the scene of fertility vanishes u n d die desert r e s u m e s 25
its d o m a i n . D i e plain of Y e z i d - K h a u s t in der r o u t e v o n Shiraz n a c h T e -
h e r a n , einst celebrated fr its b e a u t y u n d fertility. Jezt w s t g e l e g t . . . F r a z e r
sagt Khorassan p. 79: T h e c a n n a u t s or s u b t e r r a n e a n canals have frequently
b e e n described, a n d constitute almost the only species of i m p r o v e m e n t re-
quiring outlay, still carried on in Persia: because the property t h u s a c q u i r e d 30
is protected u n d der profit considerable u n d n i c h t very r e m o t e : indeed,
they are m o s t c o m m o n l y constructed by persons in authority, who dispose
of t h e water t h u s brought to the surface at very h i g h rates. Several new ones
have b e e n lately m a d e i n t h e K a u z e r o o n valley u n d m a n begreift d e n
W e r t h dieses property, w e n n m a n hrt, da der small stream zu D a l a k e e 35
brings in a revenue of 4000 rupees a year; u n d da E i n c a n n a u t , lately open-
ed by K u l b Allee K h a n , governor of K a u z e r o o n , affords a s t r e a m m i n d e -
stens 5 oder 6x m o r e considerable. U n t e r a n d r e n uses, it serves to irrigate
a garden which contains s o m e of the finest orangetrees b o t h bitter u n d
628
Aus R. Jones: An essay on the distribution of wealth ...
sweet, shaddock, l i m e u n d p o m e g r a n a t e trees, that can b e f o u n d i n t h e

country. ... N u n die H a u p t e i n n a h m e n der persischen m o n a r c h s von d e m
p r o d u c e der Erde, d e r e n s u p r e m e owners sie . . . D u r c h die persischen G e -
setze daher, he who brings water to t h e surface, wo es frher n i c h t war, ist
5 garantiti d u r c h d e n Souverain im erblichen Besitz des von i h m befruchte-
t e n L a n d e s u n d w e n n die zu % des p r o d u c e reservirte R e n t e d e m S c h a h ge-
zahlt, disponirt der possessor of it, wie er will u n d ist effectually der p r o -
prietor, subject to a r e n t charge. W e n n er sein Wasser ausleiht fr m o n e y
rents t o o t h e r persons who have l a n d gehrt ihm das P r o d u c t . . . A m o n g t h e
10 Persians of property, m o s t usually those in office, m a k i n g c a n n a u t s is a fa-
vorite speculation; t h e villagers, too, often j o i n u n d construct t h e m ... A b -
g e s e h n von d e m m o r e steady respect fr s u b o r d i n a t e interest, w h i c h
t h e ||78| outlay for artificial irrigation nthig m a c h t von Seiten des persi-
s c h e n Soverains, sonst das i n d i s c h e System. T h e ryots i n h a b i t i n g villages
15 cultivate t h e soil in c o m m o n , or in allotments d e t e r m i n e d a m o n g t h e m -
selves; their interest in t h e land is hereditary U e b e r diese hereditary culti-
l
vators ist a s u b o r d i n a t e Proprietor, w h o is entitled to / des crop. ... t h e
w
right of hereditary succession to this i n t e r m e d i a t e interest n i c h t fully rec-

ognized for any very long period. C h a r d i n states that in his t i m e t h e prac-
20 tice of taking leases for 99 years from t h e crown was only b e g i n n i n g to es-
tablish itself. Bernier distinctly denies that s u c h a thing as private property
in land was k n o w n in Persia. T h e interests dieser class have naturally gath-
ered strength u n d p e r m a n e n c e in Persia rascher wie in I n d i a von der n e -
cessity of advances for t h e purposes of irrigation, w h i c h were usually m a d e
25 by t h e m . I h r right z u m [0 des p r o d u c e j e z t completely severed from t h e d u
ties of collection ... Aber m e n entitled to collect des p r o d u c e v o n t e n
a n t s hereditary wie sie selbst, w h r e n d der sovereign proprietor is collect-
ing y zu selben Zeit, erringen sich n i c h t die gehrige M a c h t to protect
s
either t h e s u b o r d i n a t e ryots oder sich s e l b s t . . . die farmers u n d cultivators

30 von Persia d a h e r in der schlechtesten Lage ... A u f sie fllt alle Last zurck.
D e r King wrings from his ministers u n d governors; diese m u s t procure t h e
s u m s required von d e n h e a d s der districts, die ihrerseits d e m a n d it v o n d e n
Z a b u t s oder K e t k h o d a h s der villages u n d diese m u s t at last s q u e e z e it from
t h e ryots; e a c h of these i n t e r m e d i a t e agents m u s t also have their profits, so
35 t h a t t h e s u m received by t h e king bears small proportion to t h a t w h i c h is
p a i d by t h e ryots. ( 1 1 9 - 1 2 6 )
629
Turkey.
Als die Trken das G r e e k E m p i r e erobert, die auferlegte R e n t e u r s p r n g -

lich Yio des gross p r o d u c e ; u n d der e s t i m a t e d value j e d e m Distrikts zu d i e -
ser R a t e at a very early date registered in t h e treasury. D i e registers n o c h in
u s e , in a c c o u n t i n g m i t d e n Paschas der verschiednen provinces. Da die von 5
j e d e m Distrikt gezahlte R e n t e n i e wechselt, h a t der decay of agriculture
u n d p o p u l a t i o n viele peasants m i t m u c h heavier b u r t h e n s belastet / der
P r o d u c t s , wo der cultivator T r k e , %, wo er Christ schien d e m sptren R e i -
s e n d e n in Greece a b o u t das average a c t u a l p a y m e n t to t h e crown. N a c h Er-
o b e r u n g t h e sultan granted a considerable portion seiner E i g e n t h u m s r e c h t e 10
a n d e r n , um eine Art von F e u d a l m i l i z zu bilden. Die officers of r a n k re-
ceived allotments of l a n d called z i a m e t s u n d timars, in w h i c h their rights
represent those of t h e sovereign, u n d die n u m b e r created of these exceeded
50,000. Das z i a m e t larger als die timars. F r diese grants they were b o u n d
to perform military services, m i t a specified n u m b e r of m e n . T h e i r forces 15
bis z u m rise der J a n i t s c h a r e n constituted t h e m a i n force des E m p i r e , u n d
a m o u n t e d , sagt m a n , z u 150,000 m e n . Similar grants g e k a n n t i n I n d i e n u n -
ter d e m N a m e n Iaghires, in Persia in d e m von Teecools, but they were
m i n d e r systematisch etablirt als in der Trkei. H i e r sind diese l a n d s n i e
erblich geworden. N o c h strictly lifehold. F r h e r gebraucht die military 20
e m u l a t i o n zu excite. Bei d e m T o d des Besitzers der bravste seiner C a m e r a -
d e n i m m e d i a t e l y appointed to his estate. D i e disposal of t h e m seit lange j e -
d o c h venal. An Aga n o t unfrequently purchases during his life t h e grant of
t h e reversion to his family; v e r s u m t er die, d a n n seine V e r w a n d t e n au-
sser Besitz gesezt at his death, es sei d e n n d a sie b e r b i e t e n all other ap- 25
plicants. M i t A u s n a h m e dieser interests for life u n d der estates vested in t h e
U l e m a or e x p o u n d e r s of M o h a m m e d a n law, keine distinctly recognized E i -
g e n t h u m s r e c h t e in Turkey. D e n n o c h wie im b r i g e n Osten faktisch, h e r e d -
itary possession of land. So lang der p e a s a n t d e m S u l t a n zahlt oder d e m
A g a zu dessen Z a i m oder T i m a r er gehrt, t h e legal p o r t i o n of his p r o d u c e , 30
his right to occupy a n d t r a n s m i t his lands is n o t contested. In G r e e c e t h e
lands were vor der R e v o l u t i o n sehr allgemein b e b a u t d u r c h die a n c i e n t
m o r t i t a e or m e t a y e r t e n a n t s , die d e n Agas % ihres p r o d u c e zahlten. Vorzug
v o n Persien u n d I n d i e n die p e r m a n e n c e u n d m o d e r a t i o n der m i r i o r land-
rent. Grosse E x a c t i o n s u n d malversations der distant officers. D i e P a c h a s 35
der P r o v i n z e n extorquiren. ( 1 2 7 - 1 3 1 )
630
Aus R. Jones: An essay on the distribution of wealth
China.
Die C h i n e s e n i m U n t e r s c h i e d von d e m brigen Asien upholding the a u -

thority of the state rather by the p e n t h a n by t h e sword. (133) In C h i n a
d a h e r spread of agriculture u n d increase of people weit b e r die der
5 n e i g h b o u r i n g countries. In s o m e cases t h e actual cultivators are persons
hiring the ground from those liable for the crown, and paying t h e m h a l f t h e
produce. D i e R e v e n u e von C h i n a a b o u t 84 millions U n z e n Silber. D a v o n
33 millions gezahlt in M o n e y u n d a b o u t 51 in grains, rice etc, c o n s u m e d
for the m o s t part by the local a d m i n i s t r a t i o n of the provinces. D e r Receipt
10 dieser h u g e revenue, in the primitive shape of agricultural produce, beweist
da power u n d m e a n s des Kaiser von C h i n a innig c o n n e c t e d oder f o u n d e d
auf seine rights as universal proprietor des soil. ( 1 3 2 - 3 5 ) |
|79| Mixture of other Rents with Ryot.
D i e ryotrents oft vermischt m i t labor rents u n d metayer rents. T h e l a n d

15 t h e n presents a strange complication of interests. There is an hereditary
t e n a n t , liable to a p r o d u c e rent to t h e crown, u n d by c u s t o m u n d prescrip-
tion irremoveable while he pays it. Dieser selbe tenant, receiving s o m e
assistance in seed u n d i m p l e m e n t s , zahlt a second produce rent einer and-
r e n Person, dessen Charakter schwankt zwischen erblichem officer der
t e
20 K r o n e u n d s u b o r d i n a t e proprietor; oft eine 3 R e n t e d i e s e m s u b o r d i n a t e
proprietor gezahlt, in labor, exerted on l a n d cultivated for his exclusive b e n -
efit. Der Ryot von Bengal often grants a plot of his ground e i n e m
p l o u g h m a n who assists h i m . Dieses rein laborrent, paid by the u n d e r t -
e n a n t . D i e Z e m i n d a r s verlangen oft von den Ryots selbst eine gewisse
25 Q u a n t i t t Arbeit, to be performed on their d o m a i n lands. Diese d e m a n d
oft excessive u n d die source of grievous oppression u n d frequent c o m p l a i n t
in I n d i e n u n d Persien. D i e Agas der T r k e i zwingen oft die rayahs ihrer
Z a i m s oder T i m a r s , to perform a certain n u m b e r of days' work on their own
private farms. D i e customary. A u c h das Metayerssystem die T e n d e n z
30 berall to spring up u n d engraft themselves on the ryots berall in Asien,
wo die M o d e r a t i o n u n d Kraft der Regierung Protection sichert to t h e prop-
erty advanced d e m cultivator oder wo die R e l a t i o n der d e n stock advanci-
r e n d e n party ihr a peculiar power of enforcing p a y m e n t giebt u n d a p e c u -
liar interest in assisting cultivation. B o t h t h e government u n d die
35 Z e m i n d a r s in I n d i e n occasionally advance seed u n d stock d e m ryot. Die so
on the part des g o v e r n m e n t cultivated lands heissen coss u n d cornar; sie zu
631
get in die h a n d s der ryots, who can cultivate themselves, seems to have
b e e n always an object of policy. D i e Z e m i n d a r s m o r e readily u n d h a b i t u -
ally m a k e s u c h advances. In Persia gilt die a r r a n g e m e n t als das best fr
d e n t e n a n t , weil n u r in d i e s e m Fall der Z e m i n d a r oder s u b o r d i n a t e proprie-
tor u n d e r t a k e s to ward off the extortion of the officers of the crown, a n d to 5
settle with t h e m himself. (136,37)
Summary of Ryot rents.
D a s E i g e n t h u m s r e c h t des sovereign u n d sein large u n d praktisch u n b e -

s t i m m b a r e s interest am p r o d u c e , prevent die Bildung eines wirklich i n d e -
p e n d e n t b o d y auf d e m L a n d . D u r c h die Distribution der R e n t s die sein ter- io
ritory produces, t h e m o n a r c h m a i n t a i n s d e n einflureichsten T h e i l der
r e m a i n i n g population im Charakter der civil or military officers. N u r die
i n h a b i t a n t s der towns k n n t e n e i n e n check interpose: b u t the majority of
t h e s e are fed by the e x p e n d i t u r e of the sovereign or his servants. D i e pros-
perity oder vielmehr die Existenz der Stdte von A s i e n proceeds ganz von 15
der local expenditure des g o v e r n m e n t . Da die asiatic sovereigns, having no
b o d y of powerful privileged l a n d e d proprietors to c o n t e n d with, n i c h t die
Motive h t t e n wie die european, to n u r s e u n d foster the towns in engines of
political influences, sind die Stadtbewohner proverbially the m o s t helpless
u n d prostrate der slaves of Asia. ... In t h e state worin die ryots usually 20
exist, to decrease their revenue is to injure if n o t to destroy their efficiency
as agents of cultivation. A serious invasion of it gewhnlich followed u n d
carried to a certain extent it m u s t be followed, by t h e desertion der cultiva-
tors u n d das a b a n d o n m e n t der cultivation u n d a total cessation of rent.
A b e r die greediness der eastern rulers geht n u r auf d e n present gain etc. 25
(138-42)
ch. V. Cottier Rents.
U n t e r d e m h e a d von cottier rents einzuschliessen all rents contracted to be

paid in money, by peasant tenants, extracting their own m a i n t e n a n c e from
the soil. (143) In vielen L n d e r n to s o m e extent gefunden, aber in Irland in 30
solcher Masse, as palpably to influence t h e general state des country. ...
I h n unterscheidet, d a er n i c h t ein bestimmtes Q u a n t u m von P r o d u c t oder
Arbeit, zu geben, s o n d e r n whatever the quantity or value of his p r o d u c e
m a y be, to pay a fixed s u m of m o n e y to t h e proprietor. A u f der grten
Oberflche der Erde k e i n e M o n e y r e n t s . T e n a n t s yielding plentiful rents in 35
632
produce, k n n e n u n a b l e sein, von der infrequency der exchanges, to pay

even small s u m s i n m o n e y u n d die owners des land m a y u n d do, form a n
affluent body, c o n s u m i n g u n d distributing a large proportion des a n n u a l
p r o d u c e des country, while it is extremely difficult for t h e m to lay their
5 h a n d s on very insignificant s u m s in cash. In Irland ist es die Nachbarschaft
u n d V e r b i n d u n g m i t E n g l a n d , which supports the system of m o n e y rents
paid by t h e peasantry. In s o m e districts selbst die R e n t e p a i d in m o n e y ,
e a m t by harvest-work in England. Lge Irland in a r e m o t e r part der Welt,
d u r c h n i c h t m e h r avancirte n a t i o n s als es selbst u m g e b e n u n d seine culti-
10 vators d e p e n d e n t fr ihre m e a n s of getting cash, on her own internal op-
portunities of exchange, sehr probable da die landlords bald gezwungen to
adopt a system of either labor or p r o d u c e rents ... D i e 3 H a u p t n a c h t h e i l e
dieses Systems sind 1) das want of external check z u m increase der popula-
tion, 2) das want of protection fr ihre interests von d e m influence of usage
15 u n d prescription in d e t e r m i n i n g d e n a m o u n t ihrer p a y m e n t s , 3) die a b -
sence des obvious u n d direct c o m m o n interest, between t h e owners u n d
d e n occupiers des soil, which u n d e r t h e other systems of p e a s a n t rents, se-
cure to t h e t e n a n t s t h e forbearance u n d assistance ihrer landlords w h e n ca-
lamity overtakes t h e m . ... D e r russian o r H u n g a r i a n n o b l e wants n o m o r e
20 serf t e n a n t s t h a n are sufficient for the cultivation of his d o m a i n ; a n d he re-
fuses allotments of l a n d to any greater n u m b e r , or perhaps forbids t h e m to
marry. T h e power of doing this has at o n e t i m e or other existed as a legal
right wherever laborrents have prevailed. ... ( 1 4 3 - 1 5 5 ) |
|80| ch. VI. Summary of Peasant Rents.
25 Influence of Rent on Wages:
in dieser respect der metayer, ryot, serf, cottier gleich. (156)
Influence of Peasant Rents on Agricultural Production.
Alle diese forms prevent the full d e v e l o p e m e n t der productive powers der
earth. Die Differenz in der Productivitt der Industrie besteht erstens in der
30 Q u a n t i t t of contrivance u s e d in applying m a n u a l labor u n d zweitens v o n
d e m extent w o d u r c h die m e r e physical exertions assisted sind von d e n a c -
c u m u l a t e d results of past labor: also von den verschiednen quantities of
skill, knowledge, u n d capital brought to the task of p r o d u c t i o n .
633
Small number of the Non Agricultural Classes.
It is obvious that the relative n u m b e r s der persons who can be m a i n t a i n e d

o h n e agricultural labor, m u s t be m e a s u r e d wholly by the productive powers
der cultivators. ... T h e indirect influence of peasant tenures therefore, in
limiting the non-agricultural classes, m u s t be r e c k o n e d a m o n g t h e m o s t 5
i m p o r t a n t of the political results of those tenures.
Identity of the Interests of Landlords

with those of their Tenantry and the Community.
D e r receiver of labor rents gains a point, w e n n verwandelt in p r o d u c e rents;

der receiver von p r o d u c e rents von a metayer, w e n n verwandelt in m o n e y 10
rents, der landlord of cottiers, w h e n they b e c o m e capitalists u n d der sover-
eign der ryotcultivators wenn das produce wandelt in fixed G e l d p a y m e n t s .
Long Duration des Systems of Primary or Peasant Rents.
In England, the t e n a n t s who on the disuse of the labor of the serftenantry,

took charge of the cultivation of the d o m a i n s of the proprietors, were found 15
on t h e land; they were Y e o m e n . ... In poor countries wo die n o n a g r i c u l t u -
ral p o p u l a t i o n bears a very small proportion zu d e n h u s b a n d m e n u m s o n s t
zu erwarten, da das a d d i t i o n a l capital u n d skill nothwendig to effect great
n a t i o n a l i m p r o v e m e n t s in cultivation, can be generated any where b u t on
the land itself, a n d a m o n g its actual occupiers. If once, therefore, t h e peas- 20
antry are so far r e d u c e d in their circumstances u n d character, as to have
n e i t h e r the m e a n s , nor, after a t i m e , the wish or h o p e , to acquire property
a n d improve their condition; the state of agricultural production, a n d t h e
relative n u m b e r s of the non-agricultural u n d other classes m u s t be nearly
stationary; u n d u n t e r solchen U m s t n d e n alle plans fr das a d v a n c e m e n t 25
der Agricultur, u n d Verbesserung der Lage der peasants, which are n o t
founded on the principle that the m e a n s of t h e cultivator are to be, in the
first place, enlarged, prove, almost necessarily, abortive. ... ( 1 5 6 - 1 8 4 )
634
ch. VII. Farmers' Rents.
C a n only exist when the m o s t i m p o r t a n t relations der different classes of

society have ceased to originate in the ownership a n d o c c u p a t i o n of the
soil. (185) It is the artizans a n d the handicraftsmen who first range t h e m -
5 selves u n d e r the m a n a g e m e n t of capitalists. (187) U n m i t t e l b a r e Folge die-
ses Systems ist die power of moving at pleasure the labor a n d capital e m -
ployed in agriculture, to other occupations. So lang der t e n a n t selbst a
laboring peasant, forced, in t h e absence of other funds for his m a i n t e n a n c e ,
to extract it himself from the soil, gekettet d u r c h N o t h an diesen Boden,
10 der little stock, d e n er vielleicht besizt, since it was n o t sufficient to pro-
cure h i m a m a i n t e n a n c e unless used for t h e single purposes of cultivation,
was virtually c h a i n e d to the soil with its master. M i t d e m Capitalistfarmer
diese d p e n d a n c e on the soil is broken: u n d unless as m u c h can be gained
by employing the working class on the land, as from their exertions in va-
15 rious other e m p l o y m e n t s , w h i c h in s u c h a state of society a b o u n d , the busi-
ness of cultivation will be a b a n d o n e d . R e n t , in such a case, necessarily
consists merely of surplus profits. (188) D e r Einflu von rents auf wages h r t
auf. W h e n the e n g a g e m e n t des laborer is with a capitalist, this d p e n d a n c e
on the landlord is dissolved. ([188,] 189) W e n n rents consist of surplus pro-
20 fits, k a n n die R e n t e of a particular spot of g r o u n d aus 3 U r s a c h e n anwach-
sen: 1) an increase of the p r o d u c e from the a c c u m u l a t i o n of larger q u a n t i -
ties of capital in its cultivation. 2) Die wirksame application des capital
already employed. 3) W e n n Capital u n d P r o d u c t dasselbe bleiben, t h e d i m -
i n u t i o n des share der p r o d u c i n g classes in d i e s e m p r o d u c e u n d a corre-
25 sponding increase des share des landlord. Diese U r s a c h e n k n n e n a u c h
c o m b i n e in different proportion. (189) Im Fortschritt der Cultur all, a n d
perhaps m o r e t h a n all the labor u n d capital which o n c e loosely o c c u p i e d
500 acres, are now c o n c e n t r a t e d for the m o r e complete tillage of 100. (191)
K o r n can sell zu e i n e m M o n o p o l p r e i (d.h. zu e i n e m Prei der m e h r zahlt
30 als die costs u n d profits of those who grow it u n d e r the least favourable cir-,
cumstances) oder zu e i n e m Prei der n u r die c o m m o n profits rckzahlt. '
Erster Fall a n g e n o m m e n , d a n n von aller difference of fertility in d e n soils
cultivated abgesehn, increased p r o d u c e o b t a i n e d by increased capital (pri-
ces r e m a i n i n g the same) m a y increase the rents, in proportion to the in-
35 creased capital laid out. Z . B . 10% der ordinary rate of profit. W e n n K o r n
p r o d u c e d fr 100 k a n n be sold fr 115, die R e n t = 51. W e n n in the prog-
ress of i m p r o v e m e n t das capital employed on the same land were d o u b l e d
u n d das p r o d u c e doubled, t h e n 200 would yield 230 u n d 10 would be
rent, a n d the rent will be doubled. (191) In k l e i n e n c o m m u n i t i e s k a n n
635
K o r n bestndig zu e i n e m M o n o p o l p r e i sein. W a h r s c h e i n l i c h so in der I n -

sel Jersey; hier in war 14 R e n t per english acre u n d in p e a c e 6 oder 7.
A u c h in larger countries die mglich, w e n n die Bevlkerung b e s t n d i g
schneller wchst als der increase of tillage. A b e r M o n o p o l p r e i des K o r n s
u n g e w h n l i c h in countries von considerable extent u n d great variety of 5
soil. W e n n grosses Steigen der Preisse, m e h r L a n d in B e b a u u n g gesezt o d e r
m e h r Capital auf altes L a n d verwandt, bis der Prei k a u m d e n ordinary
profit auf die outlay abwirft. D a n n stopt das tillage u n d in solchen L n d e r n
corn gewhnlich verkauft zu e i n e m Prei, n o t m o r e t h a n sufficient to re-
place t h e capital e m p l o y e d u n d e r t h e least favorable c i r c u m s t a n c e s a n d t h e 10
ordinary rate of profit on it: u n d die R e n t paid on t h e b e t t e r soils is t h e n
m e a s u r e d by t h e excess of their p r o d u c e over that of t h e poorest soil culti-
vated by similar capitals. (192) Alles was nthig ist fr a rise of [|81| rents
over t h e surface eines L a n d e s b e s i t z e n d soils von u n g l e i c h e r G t e , ist d i e :
d a die b e t t e r soils should yield to t h e a d d i t i o n a l capital e m p l o y e d u p o n 15
t h e m in t h e progress of cultivation, s o m e t h i n g m o r e t h a n t h e soils confess-
edly inferior to t h e m ; for t h e n while m e a n s c a n be found of e m p l o y i n g
fresh capital on any soil between t h e extremes A u n d , at t h e o r d i n a r y r a t e
of profit, r e n t s will rise on all t h e soils superior to t h a t p a r t i c u l a r soil. (195)
W e n n A cultivirt m i t 100, j h r l i c h 110 einbringt, 10 der gewhnliche P r o - 20
fit, u n d m i t 100 115 u n d C m i t 100 120 u.s.f. bis . - z a h l t d a n n
R e n t e v o n 5 u n d C von 10. N u n j e d e r dieser B d e n m i t 200 Capital bear-
beitet. Also A 220, 230, C 240 etc, also die R e n t e auf n u n 10 u n d auf C
20 etc. (193) D i e general a c c u m u l a t i o n des in der C u l t u r a n g e w a n d t e n Ca
pitals, while it a u g m e n t s t h e p r o d u c e of all gradations of soils, s o m e w h a t in 25
p r o p o r t i o n to their original goodness, m u s t of itself raise rents, o h n e refer
e n c e to any progressive d i m i n u t i o n in the r e t u r n to t h e labor a n d capital
employed, and, indeed, quite i n d e p e n d e n t l y of any o t h e r cause whatever.
(195) T h e average corn p r o d u c e of E n g l a n d at o n e t i m e did n o t exceed
12 bushels per acre; it is now a b o u t double. (199) D i e cost 24 b u s h e l s auf 30
1 acre zu z i e h n kleiner als die war 24 auf 2 zu z i e h n ; die c o n c e n t r a t e d
space worauf die o p e r a t i o n s der h u s b a n d r y ausgefhrt, m u s t give s o m e ad-
vantages a n d save s o m e expense, t h e fencing, draining, seed, harvest work
etc less w h e n confined to o n e acre etc. (199) T h a t there is a certain point,
b e y o n d w h i c h h u m a n labor c a n n o t be employed u p o n a l i m i t e d spot of 35
ground, w i t h o u t a d i m i n i s h e d r e t u r n to its exertions, m u s t be a d m i t t e d at
o n c e . A b e r im Fortgang der V e r b e r u n g e n in der art of cultivation, sehr
mglich, d a j e d e successive portion of t h e capital u n d labor c o n c e n t r a t e d
o n t h e land, m a y b e m o r e economically u n d efficiently applied t h a n t h e
last. (199, 200) R e n t e wird sich verdoppeln, verdreifachen, vervierfachen 40
etc, w e n n das auf das alte L a n d gelegte Capital ver 2, 3, 4 facht wird with-
636
o u t a d i m i n i s h e d return, u n d without altering t h e relative fertility of t h e

soils cultivated. (204) it is n o t essential to t h e rise, that the proportion b e -
tween t h e fertility of the soils should be exactly stationary. (205) R. b e r s a h
die necessarily u n e q u a l effects of a d d i t i o n a l capital on soils of u n e q u a l fer-
5 tility. (1. c.) W e n n Z a h l e n , bearing a certain proportion to e a c h other, m i t
derselben Z a h l multiplicirt werden, so bleibt ihr V e r h l t n i dasselbe wie
das der Originalzahlen, aber die Differenz zwischen d e n amounts der sev-
eral products will increase at e a c h step des process. W e n n 10, 15, 20 m u l t i -
plicirt werden m i t 2 oder 4, u n d werden 20, 30, 40 oder 40, 60, 80, ihre rel-
10 ative proportions n o t disturbed: 80 u n d 60 stehn im selben V e r h l t n i zu
40, wie 20:15=10, aber die difference between t h e a m o u n t of their p r o d u c t s
will have increased at each operation, a n d from being 5 u n d 10, b e c o m e 10
u n d 20, u n d d a n n 20 u n d 40. (206,7) F e r n e r : If 100 be employed on clas-
ses A, u n d C, m i t e i n e m p r o d u c e von 110, 115 u n d 120, u n d subse-
15 quently 200, m i t r e t u r n s v o n 200, 228 u n d 235, t h e relative differences of
t h e p r o d u c t s will have d i m i n i s h e d , u n d t h e soils will have a p p r o x i m a t e d in
fertility; still t h e difference der a m o u n t s ihrer p r o d u c t s will be i n c r e a s e d
von 5 u n d 10 zu 8 u n d 15 u n d rents d a h e r steigen. I m p r o v e m e n t s , there
fore, which t e n d to a p p r o x i m a t e t h e degrees of fertility of t h e cultivated
20 soils, m a y very well raise r e n t s u n d o h n e c o o p e r a t i o n einer a n d r e n Ursa
che. (208) D i e t u r n i p u n d sheep h u s b a n d r y u n d das fresh capital e m p l o y e d
to carry it on, p r o d u c e d a greater alteration in t h e fertility of t h e p o o r soils,
t h a n in that of t h e better; still it increased the absolute p r o d u c e of e a c h
u n d raised so rents, w h r e n d es die differences in der fertility der soils cul-
25 tivated verminderte. (1. c.) Bei R i c a r d o ' s M e i n u n g , d a V e r b e r u n g e n die
R e n t e fallen m a c h e n k n n e n , to r e m e m b e r t h e slowly progressive m a n n e r
in which agricultural i m p r o v e m e n t s are practically discovered, c o m p l e t e d
u n d spread. ([210,] 211) t h e p r o d u c e of t h e l a n d a n d labor of a country
b e i n g d e t e r m i n e d , t h e appropriation of a part of it as rent, m a k e s t h e n a -
30 tion, collectively, no richer t h a n it was before. (216) Es folgt aus verschied-
n e n returns g e m a c h t zu different t i m e s d e m Board of Agriculture, d a das
ganze capital agriculturally e m p l o y e d in E n g l a n d , is to that applied to t h e
support of laborers = 5=1, d . h . 4x m e h r auxiliary capital used, as there is
of capital applied to t h e m a i n t e n a n c e of t h e labor u s e d directly in tillage.
35 In F r a n c e die V e r h l t n i = 2=1 (223) w h e n a given quantity of a d d i t i o n a l
capital is applied in t h e s h a p e of t h e results of past labor, to assist t h e
laborers actually employed, a less a n n u a l r e t u r n will suffice to m a k e t h e
e m p l o y m e n t of such capital profitable, u n d d a r u m p e r m a n e n t l y practica-
ble, t h a n if t h e s a m e quantity of fresh capital were e x p e n d e d in t h e support
40 of a d d i t i o n a l laborers. (224) G e s e t z t 100 employed auf d e m B o d e n in t h e
m a i n t e n a n c e of 3 m e n , p r o d u c i n g their own wages u n d 10% Profit auf sie
637
or 110. Das angewandte Capital w r d e verdoppelt. Zuerst 3 n e u e laborers

angewandt. Das increased p r o d u c e ist = 110 sei die wages der 3 a d d i t i o n a l
m e n + 10 /. Profit. N u n unterstellt, die ||82| a d d i t i o n a l 100 sei e m p l o y e d
in der shape of i m p l e m e n t s , m a n u r e s , or any results of past labor, w h r e n d
die n u m b e r der actual labourers dieselben bleiben. D i e auxiliary capital 5
d a u r e i m D u r c h s c h n i t t 5 Jahre. D e r a n n u a l r e t u r n des capitalist m u n u n
sein 10 % profit u n d 20 fr d e n a n n u a l wear u n d tear of his capital, also
t e n
30 I. r e t u r n nthig to m a k e t h e c o n t i n u o u s e m p l o y m e n t der 2 100
profitable, statt 110 , t h e a m o u n t necessary w h e n direct labour was e m -
ployed in it. Klar daher, d a die a c c u m u l a t i o n of auxiliary capital in culti- 10
vation, will be practicable w h e n t h e e m p l o y m e n t von d e m s e l b e n a m o u n t
des capital in t h e support of a d d i t i o n a l labor h a s ceased to be so u n d d a
die a c c u m u l a t i o n of s u c h capital in cultivation m a y go on for an indefinite
period. (224,25) So der increase of auxiliary capital b o t h increases t h e c o m -
m a n d of m a n over t h e powers of t h e soil, relatively to t h e a m o u n t of labor 15
directly or indirectly employed u p o n it; u n d diminishes the annual return n e c -
essary to m a k e t h e progressive e m p l o y m e n t of given quantities of fresh cap-
ital profitable. (227) Unterstellen wir ein Capital . . 100 , e m p l o y e d
u p o n t h e soil, ganz in Z a h l u n g von A r b e i t s l o h n u n d yielding 10 % profit, so
l
die R e v e n u e des farmer = / w von der des laborer. W e n n das Capital ver 3, 4 20
etc facht, d a n n die r e v e n u e der farmers will c o n t i n u e to bear t h e s a m e pro
p o r t i o n to t h a t of t h e laborers. Aber w e n n die Z a h l der Arbeiter dieselbe
bleibt, u n d der a m o u n t of capital ist doubled, profits werden 20 o d e r %
der R e v e n u e . W e n n das Capital ver 4 facht, w e r d e n sie 40 oder % der R e
v e n u e der laborers, w e n n capital wchst zu 500 profits 50 oder half t h e 25
revenue der laborers. U n d der wealth, influence u n d wahrscheinlich a u c h
in e i n i g e m U m f a n g e die Z a h l e n der capitalists in the c o m m u n i t y , would be
proportionably increased. ... M i t d e m W a c h s e n des capital gewhnlich
a u c h das e m p l o y m e n t of s o m e a d d i t i o n a l direct labor nthig. This c i r c u m -
stance, however, will n o t prevent t h e steady progress of t h e relative increase 30
des auxiliary capital. (231,2) Also die erste Quelle von Steigen der farmers'
rents sind die progressive accumulation und unequal effects of capital on all gra-
dations of soil. (234) W h e n e v e r a rise of rents takes place from the increased
d e m a n d for agricultural produce, t h e spread of tillage to inferior soils pre-
sents t h e practical limit to t h a t rise. ... T h e inferior soils, t h o u g h their cui- 35
t u r e is not essential to a rise of rents, present always a b o u n d a r y to that
rise. (243) I m p r o v e m e n t s in t h e efficiency of t h e capital employed in culti-
vation, raise rents, by increasing t h e surplus profits realized on particular
spots of land. They invariably p r o d u c e this increase of surplus profits, u n -
less they a u g m e n t the m a s s of raw p r o d u c e so rapidly as to outstrip t h e 40
progress of d e m a n d . S u c h i m p r o v e m e n t s in t h e efficiency of t h e capital
638
employed, do usually occur in the progress of agricultural skill, a n d of t h e

a c c u m u l a t i o n of greater masses of auxiliary capital. A rise of rents from
this cause, is generally followed by t h e spread of tillage to inferior soils,
without any d i m i n u t i o n in the returns to agricultural capital on t h e worst
5 spots reclaimed. (244) t h e decreasing fertility of soils m a y be b a l a n c e d by
the increased efficiency of m a n u f a c t u r i n g labor. (248) A fall of profits is no
proof of t h e increasing efficiency of agricultural industry. (257) Profits de-
p e n d partly on the a m o u n t of the p r o d u c e of labor, partly on t h e division of
that p r o d u c e between the laborers a n d capitalists; u n d ihr a m o u n t daher
10 k a n n vary from a c h a n g e in either of these particulars. (260) In the progress
of nations, an increase of m a n u f a c t u r i n g power a n d skill usually occurs,
greater t h a n t h a t which c a n be expected in the agriculture of an increasing
people. This is an u n q u e s t i o n a b l e truth. A rise in the relative value of raw
p r o d u c e m a y , therefore, be expected in t h e advance of n a t i o n s , o h n e any
15 positive decrease in the efficiency of agriculture. (265) W h e n , abstracting
from the effects of taxation, an apparent d i m i n u t i o n takes place in t h e rev-
e n u e of the p r o d u c i n g classes considered jointly, when there is a fall in the
rate of profits, n o t c o m p e n s a t e d by a rise of wages oder u m g e k e h r t , d a n n
k a n n m a n schlieen, there has b e e n some decrease in the productive power
20 of labor a n d capital. (273) W c h s t die R e n t e aus d e m R i c a r d o s c h e n G r a n d
the e m p l o y m e n t of an additional quantity of labor with a proportionally
less return", a n d a c o n s e q u e n t transfer to the landlords of a part of t h e pro-
d u c e o b t a i n e d on t h e better soils; t h e n t h e average proportion des gross pro-
duce t a k e n by the landlords as rent, will necessarily increase. Zweitens die
25 industry of a larger proportion der p o p u l a t i o n m u s t be devoted to agricul-
ture. (280,1) ||83| N u n finden wir in der englischen Statistik 3 T h a t s a c h e n :
A spread of tillage begleitet by a rise in the general rental of the country. A
diminution of the proportion of the people employed in agriculture. A de-
crease in the landlord's proportion of the p r o d u c e . (282) A. S m i t h sagt: " I n
30 t h e progress of i m p r o v e m e n t , rent, t h o u g h it increases in proportion to t h e
extent, diminishes in proportion to the produce of the land." [284] T h e inter-
ests of t h e landlord are not in Opposition to those of the other classes,
(p. 286 sqq.) W h e n the revenues of any o n e class increase, t h a t increase m a y
in every case proceed from two causes; first, from an invasion of the reve-
35 n u e s of s o m e other class, the aggregate revenue of the state r e m a i n i n g what
it was; or secondly, from increased production, leaving the revenues of all
t h e other classes u n t o u c h e d , a n d presenting a clear a d d i t i o n to the aggre-
gate revenue of the n a t i o n . (288,9)
639
Appendix.
Erst 1768 a decree passed in Polland, w o n a c h der m u r d e r eines B a u e r n a

capital crime. (15) A b e r a u c h die e n a c t m e n t war a mockery, d e n n der
m u r d e r e r was n o t only to be t a k e n in the fact, sondern z u m Beweis dieses
facts gehrte das Z e u g n i von 2 gentlemen, oder 4 peasants. (1. c.) 1523 5
n o c h genug predial servants in E n g l a n d to form a m a r k e d feature in the
c o m p o s i t i o n of the c o m m u n i t y . (22) Tod's Rajast'han. [34] Sir T. Munro.
( M i n u t e on the State of the Country etc 1824) [37] Malcolm. Central India.
[42]
10
640
Aus Outlines of social economy
Outlines of Social Economy. London. 1846.

(Smith, Elder and Co. 65, Cornhill.)
Schulbuch. Orthodox. Nihil.
641
Thomas Sharpe Smith.

On the Economy of Nations.
L o n d o n . 1842.
An increasing remoteness der Aecker, worauf producirt, ist dasselbe fr die

R e n t wie A b n a h m e der fertility u n d barrenness. (21,2) 5
the industry of m a n is exclusively regulated by the degree of exertion
necessary to obtain food from the earth ... O n e food is only one system; oth-
er foods have other systems. C o m m u n i t i e s subsisting on rye, oats, or bar-
ley, bestndig less industrious als die die habitually live on wheat; . . . w e i l
diese edibles are procured m i t less labour. (45) N o c h m e h r gilt dies von 10
M a i z e or I n d i a n wheat. (1. c.) E b e n s o Reis. (46) M e r c h a n d i s e . . . is of a c o m -
m e r c i a l constitution, n o t merely different, b u t opposite to that of the raw
p r o d u c e of t h e land; which far from extending its market, never travels to
s u c h distances afterward as it did at first; a n d is perpetually c o n s u m e d
n e a r e r its place of production. (118) Tiefsinniger B l d s i n n . 15
642
Aus G. Ramsay: An essay on the distribution of wealth
Ramsay (George) (of Trinity College.)

An Essay on the Distribution of Wealth.
E d i n b u r g h . 1836.
Part I. Preliminary.
5 ch. I Introduction.
W e a l t h besteht in those m a t e r i a l subjects necessary, useful, a n d agreeable

to m a n , which are n o t provided spontaneously by N a t u r e in u n l i m i t e d
a b u n d a n c e . (12, 13)
ch. II. Production.
10 Alle P r o d u c t i o n reducirt sich wie D e s t u t t de Tracy sagt, auf c h a n g e of form

u n d change of place. (17) C o m m e r c e m e i n t er the transport of c o m m o d i -
ties from o n e place to a n o t h e r m a i s ce s o n t d e s c h o s e s t o u t fait d i s p a -
r a t e s . (19) Capital is a portion of the n a t i o n a l wealth, employed or m e a n t
to be employed, in favouring reproduction. ... of two very different kinds;
15 the o n e during the business of r e p r o d u c t i o n u n d e r g o e s various alterations
m o r e or less complete, n o n e of which however are in themselves of t h e
slightest use to any one, the capital thus employed n o t m i n i s t e r i n g i m m e -
diately to the necessities or comforts of a single individual; t h e other, while
it conduces, t h o u g h m o r e remotely, to the c o m m o n result, satisfies in t h e
20 m e a n t i m e the m o s t indispensable wants of m a n . T h e first r e m a i n s in the
possession of its owner or employer u n t i l the p r o d u c e is completed; the sec-
o n d c a n b e c o m e serviceable to t h e e n d he has in view, only by his parting
643
with it to others. T h e f o r m e r . . . Fixed, the latter Circulating Capital. T h e

o n e is useful from its result only, the other is so b o t h i m m e d i a t e l y a n d re-
motely. (21) Fixed capital besteht b e s o n d e r s aus 1) seed des agriculturist
u n d rawmaterial des manufacturist, 2) i m p l e m e n t s u n d m a c h i n e s of all
k i n d s , by which labour is assisted. 3) Buildings necessary for carrying on 5
t h e work or for storing its result. 4) Horses, oxen, or any other a n i m a l s ,
bred, n o u r i s h e d a n d trained on purpose to aid in the raising of wealth.
5) cattle, sheep etc kept with a view to advantage from their increase, or sim-
ply from their fattening. (22, 23) ||84| a u e r d e m fixes Capital, m a n u r e of all
kinds, fences necessary for agriculture u n d der fuel c o n s u m e d in m a n u f a c - 10
tories. (1. c.) Circulating Capital besteht n u r of subsistence u n d other neces-
saries advanced to the w o r k m e n , previous to t h e c o m p l e t i o n of t h e p r o d u c e
of their labour. (23) fixed capital alone, n o t circulating, is properly speak-
ing a source of n a t i o n a l wealth. (1. c.) were we to suppose t h e labourers n o t
to be p a i d u n t i l the c o m p l e t i o n of the product, there would be no occasion 15
whatever for circulating capital. Die P r o d u c t i o n wrde ebenso gro sein.
D i e beweist d a circulating capital is n o t an immediate agent in p r o d u c -
tion, n o r even essential to it at all, b u t merely a convenience rendered n e c -
essary by t h e deplorable poverty of the m a s s of the people. (24) D a s fixed
capital alone constitutes an e l e m e n t of cost of p r o d u c t i o n in a n a t i o n a l 20
p o i n t of view. (26) D a s L a n d m a c h t k e i n e n Theil der Productionskosten
a u s . T h o u g h n o t u n l i m i t e d , wie die Luft, except in newly settled countries,
yet it cannot be t a k e n away or d i m i n i s h e d , a n d is besides of no use, unless
cleared u n d cultivated. Therefore the giving it up to cultivation is no injury
or loss to any one, a n d consequently h a s n o t h i n g to do with cost. (Ist kein 25
Opfer, das irgend einer bringt) (27) L a b o u r u n d fixed capital are t h e only
e l e m e n t s of expense of p r o d u c t i o n . (28)
On Exchange, (ch. III. und IV.)
Dieser A b s c h n i t t h a t z u u m f a s s e n die G a n z e Lehre von der Circulation

(Geld, Credit, Wechselkurs, Banksystem) (35) Value in Exchange oder ex- 30
changeable value besizt eine W a a r e , sobald sie a u s t a u s c h b a r ist for any
quantity of o n e or m o r e other c o m m o d i t i e s . . . D e r degree of value b e s t i m m t
u n d gemessen d u r c h ihre general power of purchasing. (37) T h e u s e of fixed
capital modifies to a considerable extent t h e principle t h a t value d e p e n d s
u p o n quantity of labour. F o r s o m e c o m m o d i t i e s on which the s a m e q u a n - 35
tity of l a b o u r has b e e n e x p e n d e d , require very different periods before they
are fit for c o n s u m p t i o n . B u t as during this t i m e the capital brings no re-
t u r n , i n order that t h e e m p l o y m e n t i n q u e s t i o n should n o t b e less lucrative
644
t h a n others in w h i c h t h e p r o d u c t is sooner ready for use, it is necessary t h a t

the c o m m o d i t y , w h e n at last b r o u g h t to market, should be increased in val-
ue by all t h e a m o u n t of profit withheld. D i e zeigt wie capital m a y regulate
value i n d e p e n d e n t l y of labour. (43) a circulating capital will always m a i n -
5 tain m o r e labour t h a n t h a t formerly bestowed u p o n itself. Because, could it
employ no m o r e t h a n h a d b e e n previously bestowed u p o n itself, what ad-
vantage could arise to t h e owner from the use of it as such? (49) G e s e z t
2 Kapitals m i t g l e i c h e m W e r t h , e a c h p r o d u c e d d u r c h die Arbeit v o n
100 m e n operating for a given t i m e , wovon das eine ganz circulirend ist,
10 das andre ganz fixed, a n d m a y p e r h a p s consist of w i n e kept to improve.
N u n , die circulirende capital, raised by the labour of 100 m e n , wird
150 m e n in Bewegung setzen. Therefore t h e p r o d u c t at t h e e n d of t h e c o m -
ing year wird in d i e s e m Falle sein das result der Arbeit von 150 m e n . B u t
still it will be of no m o r e value t h a n the wine at the t e r m i n a t i o n of t h e
15 s a m e period, obgleich n u r 100 m e n employed u p o n the latter. (50) O d e r
will m a n versichern, d a die quantity of labour which any circulating capi-
tal will employ is no m o r e t h a n e q u a l to t h a t previously bestowed u p o n it?
Das hiesse, d a t h e value des capital e x p e n d e d = der des P r o d u c t s . (52)
A l s o : capital a source of value i n d e p e n d e n t of labour. (55)
20 In advanced states of society, the immediate cause des value ist der total
value of the capital employed, b o t h fixed u n d circulating. A b e r d e r total
value of capital indispensable to any p r o d u c t i o n m u s t d e p e n d u p o n two
things, the value of t h e fixed capital required u n d der quantity of necessary
labour. A n y increase or d i m i n u t i o n in this last m u s t a u g m e n t or lessen t h e
25 a m o u n t of circulating capital essential for the purpose u n d t h r o u g h this
m e d i u m m u s t have a corresponding effect on the value of t h e result. A u c h
der value des fixed capital selbst m u s t depend, z u m groen Theil wenig-
stens, von der quantity of labour, which, at one t i m e or another, h a s b e e n
e x p e n d e d u p o n it. (56,7) value d e p e n d s also: 1) On t h e whole quantity of
30 l a b o u r bestowed on any c o m m o d i t y , from first to last. 2) On the length of
t i m e during which any portion of t h e p r o d u c t of that l a b o u r has existed as
fixed capital; i. e., in a form in which, t h o u g h assisting to raise t h e future
c o m m o d i t y , it does n o t m a i n t a i n labourers. D i e sind die e l e m e n t s d e r
cost of p r o d u c t i o n . (59) E i n e A u s n a h m e to t h e principle d a value D e -
35 p e n d s on cost of p r o d u c t i o n . D i e der Fall, w e n n W a a r e n verglichen wer-
den, wovon der o n e set raised t h r o u g h the m e d i u m of circulating capital,
the other by i n d e p e n d e n t labourers. Hier m a y der value n i c h t derselbe
sein, obgleich nationally betrachtet, die Productionskosten dieselben. (59
A l s o z . B . b e i m k l e i n e n B a u e r u n d d e m g r o s s e n f a r m e r ) I f t h e rise o r fall
40 of wages, by increasing or r e d u c i n g the a m o u n t of circulating capital
required, affected equally all b r a n c h e s of industry, t h e relative value of
645
their results would n o t be altered. A b e r da die ||85| b e i d e n A r t e n Capital in

verschiednen V e r h l t n i e n bei verschiednen e m p l o y m e n t s angewandt, so
wirkt das Steigen oder Fallen der wages verschieden. (65) T h a t on w h i c h
the greatest proportion of circulating capital is expended, m u s t rise in val-
ue as c o m p a r e d with the other; or, in other words, this latter m u s t fall in ref- 5
erence to the former. (66) the greater durability of the fixed capital has the
very same effect as a larger proportion. F o r the longer it will last without re-
pair, or the less the necessary renewal in a given time, the less of course the
quantity of labour required to keep it in a proper state. Therefore t h e less
does circulating capital enter as a part of the expences. (71) Value m u s t be 10
in proportion n o t merely to the capital truly c o n s u m e d , b u t to t h a t also
which c o n t i n u e s unaltered, d. h. to the total capital employed. (74)
Part II. Distribution of Wealth.
ch. I. General Idea of Distribution.
ch. II. On Wages. 15
Die d e m a n d of labour hngt n u r ab (direct, immediately) von d e m a m o u n t

of circulating capital. (87[, 88]) Im Fortschritt der Civilisation the fixed
capital of the country is increased at the expence of t h e circulating. ([88,]
89) D i e d e m a n d for l a b o u r wchst d a h e r n i c h t generally wie capital aug-
m e n t s , wenigstens nicht in the same proportion. (88) Erst, w e n n in Folge 20
der new inventions, circulating capital shall have b e c o m e increased ber
seinen frhern Betrag, that a greater d e m a n d for labour will spring u p . D e -
m a n d will t h e n rise, b u t n o t in proportion to the a c c u m u l a t i o n of the gener-
al capital. In countries, where industry has m u c h advanced, fixed capital
c o m e s gradually to b e a r a greater a n d greater proportion to circulating. 25
Every a u g m e n t a t i o n , therefore, in the n a t i o n a l stock destined for r e p r o d u c -
tion, comes, in the progress of society, to have a less a n d less influence
u p o n the c o n d i t i o n of the labourer. (90,1) Every addition to fixed capital is
m a d e at the expense of the circulating, d.h. auf Kosten der Nachfrage n a c h
Arbeit. (91) Die evils resulting from the invention of m a c h i n e r y , to t h e la- 30
b o u r i n g p o p u l a t i o n employed in m a n u f a c t u r e s , will probably be b u t t e m p o -
rary, liable to be perpetually renewed however, as fresh i m p r o v e m e n t s are
constantly m a k i n g for economising labour. U n d zwar aus folgenden G r n -
den. D i e capitalists, die use der new m a c h i n e r y eingefhrt, geniessen ex-
traordinary profits, also wchst ihre Fhigkeit zu sparen u n d ihr Capital zu 35
646
vergrssern. Theil davon a u c h in circulating capital verwandt. Zweitens.

D e r Prei der fabricirten W a a r e n fllt im Verhltni zu der d i m i n i s h e d
cost of production; so sparen die consumers, so wchst die Leichtigkeit of
a c c u m u l a t i n g capital, wovon ein Theil finden m a g its way to the m a n u f a c -
5 turing industry in question. Drittens: D e r Fall im Prei dieser P r o d u c t e
vermehrt die Nachfrage n a c h i h n e n . (91,2) Also, obgleich die M a s c h i n e
m a y throw o u t of e m p l o y m e n t a considerable body of persons, d o c h folgt
wahrscheinlich, after a longer or shorter period das r e e n g a g e m e n t of t h e
same, or even a m u c h greater n u m b e r of labourers. ([92,] 93) In der Agri-
10 kultur der casus ganz verschieden. Die d e m a n d for raw p r o d u c e wchst
nicht so rasch wie die fr m a n u f a c t u r e d goods ... Am fatalsten fr die
country people die conversion of arable l a n d into pasture. ... almost all t h e
funds which formerly supported m e n , are now vested in cattle, sheep u n d
other elements of fixed capital. (93) D u r c h die cupidity der capitalists etc
15 constant tendency to e x t e n d t h e n u m b e r of working hours, and t h u s by
a u g m e n t i n g the supply of labour, to lessen its r e m u n e r a t i o n , ... Zu d e m s e l -
b e n Resultat drngt the increase of fixed capital. F o r where so great a value
is lodged in m a c h i n e r y , buildings etc, the m a n u f a c t u r e r is strongly t e m p t e d
n o t to let so m u c h stock lie idle u n d therefore will employ no w o r k m e n
20 who will not engage to r e m a i n for m a n y h o u r s during the day. H e n c e also
the horrors of night labour practised in s o m e establishments, o n e set of
m e n arriving as others depart. Brotherston, selbst a manufacturer, statuirte
im H o u s e of C o m m o n s d a einige masters would add 100 a week zu
ihren gains, could they i n d u c e their m e n to work b u t o n e h o u r m o r e a day.
25 (102) D e r rise of wages is limited by the productiveness of industry. In oth-
er words ... a m a n can never receive m o r e for t h e labour of a day or year
t h a n with the aid of all the other sources of wealth, he can produce in the
s a m e time. ... His pay m u s t be less t h a n this, for a portion of the gross pro-
d u c e always goes to replace fixed capital with its profit. N o w in very m a n y
30 countries of Europe, the possible rise of wages vielleicht less als m i g h t be
imagined. Z . B . Gross Profits seien in E n g l a n d 10%. G e s e z t ein F a b r i k a n t
w e n d e 2000 I. an, halb in fixed, h a l b in circulating capital. D a n n z u r ange-
gebenen Rate, w e n n completed in the year, das Product werth 2200 I.
(1000 l. wende er an fr die m a i n t e n a n c e von 50 labourers.) Steigt n u n der
35 L o h n des labourer von 20 auf 22 l. per m a n , so die Profits des m a s t e r redu-
cirt auf 5 %, d. h. zu %. So i m m e n s e a r e d u c t i o n in the i n c o m e of t h e e m -
ployer, would therefore m a k e b u t a very small addition to the pay of e a c h
labourer. (119,20) ( F o r t s e t z u n g p. 86) |
647
|86| Whately. (Richard) (Archbishop of Dublin)

Introductory Lectures on Political Economy,
delivered at Oxford 1831.
3 ed. L o n d o n 1847.
E i n w o r k m a n der Pretypen giet d e n k t n u r an die P r o d u c t i o n einer 5

W a a r e , by t h e sale of which he m a y support himself. W i t h reference to this
object, he is a c t i n g . . . from a rational a n d deliberate choice. B u t he is also
in the very s a m e act contributing m o s t powerfully to t h e diffusion of
K n o w l e d g e . . . In reference to this latter object therefore, his procedure cor-
responds to those operations of various a n i m a l s which we attribute to in- 10
stinct; since they doubtless derive s o m e i m m e d i a t e gratification from what
they are doing. (93,4) So, M a n is, in the s a m e act, doing o n e thing by
choice, for his own benefit, a n d another, undesignedly, u n d e r t h e g u i d a n c e
of Providence, for t h e service of t h e c o m m u n i t y . (94) D e r civilized M a n
h a s n o t emerged from t h e savage state, t h e progress of any c o m m u n i t y in 15
civilization, by its own internal m e a n s , m u s t always have b e g u n from a
c o n d i t i o n removed from that of c o m p l e t e barbarism; out of which it does
n o t appear t h a t m e n ever did or can raise themselves. (99) W a s die c o m -
plete savages angeht, sie s t a m m e n ab von ancestors less b a r b a r o u s , a n d
from w h o m they h a v e degenerated. (108) N o c h d e r E s e l : According to the 20
present course of N a t u r e , t h e first i n t r o d u c e r of cultivation a m o n g savages,
is, a n d m u s t be, M a n , in a m o r e improved state: in the b e g i n n i n g therefore
of the h u m a n race, this, since there was no man to effect it, m u s t h a v e b e e n
t h e work of another Being. There m u s t have b e e n in short, a Revelation
m a d e , to the first, or to s o m e s u b s e q u e n t generation, of our species. (112) 25
E i n Hauptvortheil bei der division of l a b o u r ist, d a oft nearly t h e s a m e
t i m e u n d l a b o u r required to perform the s a m e operation on a larger or on a
648
Aus R. Whately: Introductory lectures "political economy ...
smaller scale - to p r o d u c e m a n y things, or o n e , of t h e s a m e k i n d . . . z . B . so

viel trouble, t i m e to carry o n e letter or a whole parcel of letters from o n e
t o w n t o a n o t h e r . (123) U e b e r d e n w i s s e n s c h a f t l i c h e n Styl m a c h t d e r
Pfaffe f o l g e n d e n n i c h t b l e n W i t z : T h e r e is a n e a t n e s s indeed, a n d a sort
5 of b e a u t y resulting from t h e a p p e a r a n c e of healthful vigour, in a welltilled
cornfield; b u t o n e w h i c h is overspread with b l u e and red flowers, gives no
great promise of a crop. (238) D e r v e r d a m m t e Pfaffe h i e l t n i c h t n u r e i n e
P a u k e i m H a u s e d e r L o r d s F r e i t a g , 2 6 M r z 1847, g e g e n d i e E i n f h r u n g
eines poor law in Ireland, sondern gab m i t 3 a n d r e n k o n o m i s c h e n Pairs
10 seinen Protest gegen d e n E n t s c h l u des h o u s e of lords zu Protokoll.
649
Ramsay (contin.) ch. III. On gross Profits.
W i e vergleichen das Product u n d den stock expended u p o n it? ... M i t re-

gard to a whole n a t i o n . . . it is evident that all the various e l e m e n t s of t h e
stock expended m u s t be reproduced in s o m e e m p l o y m e n t or another,
otherwise the industry of the country could n o t go on as formerly. T h e raw 5
m a t e r i a l of manufactures, the i m p l e m e n t s u s e d in t h e m , as also in agricul-
ture, the extensive m a c h i n e r y engaged in the former, t h e buildings neces-
sary for fabricating or storing the produce, m u s t all be parts of the total re-
t u r n of a country, as well as of the advances of all its m a s t e r capitalists.
Therefore, the quantity of the former m a y be c o m p a r e d with that of t h e lat- 10
ter, each article being supposed placed as it were beside that of a similar
kind. (138,39) D e r total profit der industriellen Capitalisten h n g t ab
1) von der productiveness der industry u n d 2) von d e m share in this gross
return which falls to the labourers, i.e., on the rate of wages. (139) Profits
varies directly as productiveness and inversely as the a m o u n t of wages. 15
(141) Wages sowohl als profits are to be considered each of t h e m as really a
portion of the finished product, totally distinct in a n a t i o n a l point of view,
from the cost of raising it. (142) Fixed c a p i t a l . . . i n d e p e n d e n t of its re-
sults ... is a pure loss. ... N u r labour, abgesehen von wages, von d e m what is
p a i d for it, d a n e b e n ein E l e m e n t der Productionskosten. L a b o u r ist ein sac- 20
rifice. T h e m o r e of it e x p e n d e d in o n e e m p l o y m e n t , desto m i n d e r fr ein
andres u n d d a r u m , w h e n applied to unprofitable undertakings, leidet die
n a t i o n from the waste of the principal source of ||87| wealth. ... der reward
of labour constituirt n i c h t ein e l e m e n t of cost. (142,3) W a s n u n d e n indivi-
duellen Capitalisten angeht, da er nicht replacirt in kind seine A u s g a b e n , 25
da er die greater n u m b e r erhalten m u d u r c h exchange, a certain p o r t i o n
of the product being necessary for this purpose, so jeder individual m a s t e r -
capitalist comes to look m u c h m o r e to the exchangeable value of his pro-
d u c t t h a n to its quantity. (145,6) the m o r e the value of the product exceeds
650
Aus G. Ramsay: An essay on the distribution of wealth (Fortsetzung)
the value of the capital advanced, t h e greater will be his profit. T h u s , t h e n ,

will he estimate it, by c o m p a r i n g value with value, n o t quantity with q u a n -
tity. D i e die erste Differenz to be r e m a r k e d in the m o d e of r e c k o n i n g prof-
its between n a t i o n s a n d individuals. D a s Zweite ist, da, da der m a s t e r c a p -
5 italist stets e i n e n advance of wages d e n labourers m a c h t , instead of paying
t h e m out of the finished c o m m o d i t y , he considers this as well as t h e fixed
capital c o n s u m e d , a part of his expenses, t h o u g h sie, nationally speaking,
n i c h t an e l e m e n t of cost sind. Sein rate of profit wird daher a b h n g e n u p o n
the excess in the value of his p r o d u c t over and above t h e value of t h e capi-
lo tal advanced, b o t h fixed a n d circulating. (146) Profit m u s t rise or fall ex-
actly as the proportion of the gross p r o d u c e , or of its value r e q u i r e d to re-
place necessary advances, falls or rises. ... Also two c i r c u m s t a n c e s h n g t
der rate of profit ab 1) der proportion of t h e whole produce which goes to
the labourers; secondly, the proportion which m u s t be set apart for replac-
15 ing, either in kind or by exchange, the fixed capital, (147,8) das Steigen der
Preisse in einigen Industriezweigen, b e i m Steigen des Salaire, by no m e a n s
exempted the master-capitalists from suffering in their profits, n o r even at
all d i m i n i s h e d their total loss, b u t only served to distribute it m o r e equally
a m o n g the different orders composing that body. (163) Es ist sicher, that an
20 increased facility of raising the various objects which enter i n t o the c o m p o -
sition of fixed capital, tends, by d i m i n i s h i n g this proportion, to raise the
rate of profit, j u s t as in the former case of an a u g m e n t e d r e t u r n of the ele-
m e n t s of circulating capital, which serves to m a i n t a i n labour. (164) Z. B.
b e i m Pchter be the a m o u n t of the gross return small or great, t h e q u a n -
25 tity of it required for replacing what has b e e n c o n s u m e d in these different
forms, can u n d e r g o no alteration whatsoever. This quantity m u s t be consid-
ered as constant, so long as p r o d u c t i o n is carried on on the same scale.
Consequently, the larger the total return, the less m u s t be t h e proportion of
the whole which the farmer m u s t set aside for the above purposes. (166) Je
30 leichter der farmer, die food u n d die rawmaterials, wie flax, h e m p , wood
etc producirt, [165] diese reproduciren k a n n , wird der profit steigen. Des
farmer's profit d u r c h d e n increase in der quantity of his produce, its total
value r e m a i n i n g the same (aber er b r a u c h t a smaller proportion of this s u m
total u n d consequently of its value, for restoring the various elements of
35 fixed capital, with which the farmer c a n supply himself); while the m a n u f a c -
turer would be benefitted by the greater power of purchasing possessed by
his. ([166,] 167) In derselben Weise strebt a greater difficulty in raising t h e
various objects which enter into the composition of fixed capital, by increas-
ing the proportion of the gross p r o d u c e necessary for replacing it, zu low-
40 er the rate of profit. (168) Dagegen an increased or d i m i n i s h e d productive-
ness der Industrie verwandt in raising W a a r e n die nicht eingehn in die
651
C o m p o s i t i o n von fixem Capital, k a n n k e i n e n Einflu auf die R a t e des Pro-

fits h a b e n , except by affecting the proportion of the gross a m o u n t w h i c h
goes to m a i n t a i n labour. (168) Solche W a a r e n , die h e l p to m a k e up n e i t h e r
fixed capital nor circulating, k a n n d e n Profit n i c h t alteriren d u r c h irgend-
welche Alteration in ihrer productiveness. S u c h are luxuries of all k i n d s . 5
([169,] 170) ( W e n n der F a b r i k a n t d u r c h Verbesserung in der M a s c h i n e r i e
seine P r o d u c t e verdoppelt, schlielich der W e r t h seiner goods m u fallen
i n derselben Proportion, worin ihre Q u a n t i t t z u g e n o m m e n h a t . I n b e z u g
auf die Agriculturproducte ist also der W e r t h derselbe geblieben, d e h a l b
die proportion des gross return necessary for purchasing from t h e farmer 10
t h e various elements of capital expended, whether fixed or circulating, will
be u n c h a n g e d . D e r m a n u f a c t u r e r gewinnt blos, sofern ||88| er fhig ist, die
Arbeiter wohlfeiler zu kleiden u n d so a smaller proportion des G e s a m m t r e -
t u r n auf die Arbeiter fllt. In Folge des great increase in d e m r e t u r n zur
M a n u f a k t u r i n d u s t r i e , steigt zwar das K o r n etc in bezug auf die I n d u s t r i e - 15
p r o d u c t e . D e r Pchter k a n n m e h r davon k o m m a n d i r e n . D e r W e r t h seines
gross produce, gemessen in fabricated articles, will rise. A b e r der W e r t h der
food der labourers, von horses, cattle, seed, etc, all which are advanced by
himself steigen im selben Verhltni wie das result; this last being in fact
c o m p o s e d of these very elements. If t h e n these m a d e up his whole e x p e n d i - 20
ture, profit would b e a r the s a m e proportion to it as before, b o t h being in-
creased in value, a n d in t h e same degree. ... Er gewinnt n u r insofern ein
Theil seiner expenses im clothing der Arbeiter besteht, u n d er die jezt
wohlfeiler h a b e n kann, also in derselben Weise, wie der m a n u f a c t u r e r .
(168,69)) Master capitalists gain by the a b u n d a n c e (of luxuries) b e c a u s e 25
their profits will c o m m a n d a greater quantity for their private c o n s u m p -
tion; b u t the rate of this profit is in no degree affected either by their plenty
or scarcity. (171) D i e Profitrate in individual cases also b e s t i m m t d u r c h fol-
gende Ursachen:
1) Die Productivitt der Industrie engaged in raising der Artikel erster 30
necessity die von d e m Arbeiter erheischt sind fr food, clothing etc. 2) Die
Productivitt der Industrie angewandt in d e m raising der objects die enter
in die composition of fixed capital. 3) D e r rate of real wages. A variation in
l
der V u n d 3 dieser causes acts u p o n profit by altering the proportion of the
gross p r o d u c e which goes to the labourer: a c h a n g e in the second affects t h e 35
s a m e , by modifying the proportion necessary for replacing, either directly
or by m e a n s of exchange, t h e fixed capital c o n s u m e d in p r o d u c t i o n ; for
profit is essentially a question of proportion. (172) a greater facility dage-
gen of producing luxuries wirkt n i c h t auf d e n rate des profits, s o n d e r n h i e r
der m a s t e r ist n u r benefitted as a c o n s u m e r . (173) Ricardo vergit, d a das 40
ganze Product n i c h t n u r zwischen wages u n d profits sich theilt, s o n d e r n
652
a u c h ein Theil necessary ist for replacing fixed capital. .. . A u c h hat er n i c h t

statuirt die u l t i m a t e cause of the variation in m o n e y wages, u n d h e n c e in
profits, n m l i c h d e n change in the productiveness of industry. (174 N o t e )
In e i n e m Land, wo der gross r e t u r n small, a larger proportion of the whole
5 m a y give the labourer a less c o m m a n d of necessaries, t h a n in other c o u n -
tries, wo der gross r e t u r n grsser, a smaller proportion of t h e whole. (178)
R a m s a y b e h a u p t e t a u c h g e g e n A . S m i t h die c o m p e t i t i o n der m a s t e r capi-
talists k n n e zwar level die besonders sich b e r das N i v e a u e r h e b e n d e n
Profits, aber es sei falsch, d a this ordinary level itself is lowered. ([179,]
10 180) W r e es m g l i c h d a der Price of every c o m m o d i t y , b o t h raw a n d fab-
ricated, should fall in c o n s e q u e n c e of the c o m p e t i t i o n a m o n g the p r o d u c -
ers, yet this could n o t in any way affect profit. E a c h master-capitalist would
sell his p r o d u c e for less m o n e y , b u t anderseits, every article of his e x p e n s -
es, whether belonging to fixed capital or to circulating, would cost h i m a
15 proportionally smaller s u m . (181) T h e idea of profits being p a i d by t h e con-
sumers, is, assuredly, very absurd. W h o are the consumers? They m u s t be
either landlords, capitalists, masters, labourers, or else people who receive a
salary etc. (183) Profit, in t h e u s u a l c o n d i t i o n of t h e market, is n o t m a d e by
exchanging. H a d it n o t existed before, n e i t h e r could it after that t r a n s a c -
20 tion. (184) D i e C o m m u n i c a t i o n s m i t t e l , weil ihr R e t u r n unsichrer, als in
der Agricultur u n d M a n u f a c t u r , h i n k e n d r e i n u n d have, i n m o s t c o u n t r i e s ,
for a long period b e e n u n d e r t a k e n by g o v e r n m e n t alone. It is n o t u n t i l a
state has m a d e great advances, n o t in wealth only, b u t also in knowledge,
that the part of g o v e r n m e n t c o m e s in this i n s t a n c e to be t a k e n by associa-
25 tions of private persons. ([187,] 188)
ch. IV. On the net profits of capital.
Gross Profits m a y be properly divided into two parts, the net-profits of Cap-
ital (Zins) u n d die profits of Enterprize. ... W e l c h e U r s a c h e n reguliren die
Proportion, worin gross profits zwischen d e n 2 sich theilen? - Zeigt sich
30 erst, w e n n der Capitalist u n d der Industrielle Capitalist zwei verschiedne
Personen. (193,4) D e r Z i n s n u r da ein M a a des industriellen Profits, w e n n
der Culturstand, ||89| da der want of certainty or r e p a y m e n t nicht h e r e i n -
k o m m t ... In England, . . gegenwrtig we c a n n o t c o m p e n s a t i o n for risk
u n s d e n k e n als at all entering into t h e interest received from funds on what
35 would be called good security. (199 Note.) Unterstellten wir selbst, d a cap-
ital was never borrowed with any view b u t to productive e m p l o y m e n t , den-
n o c h mglich, da Z i n s wechselt o h n e any c h a n g e in the rate of gross prof-
its. D e n n , wie eine n a t i o n advances in the career of wealth, a class of m e n
653
springs up u n d increases m e h r u n d m e h r , die d u r c h die A r b e i t e n ihrer an-

cestors sich im Besitz von funds finden, von deren b l o s e m Zins sie l e b e n
k n n e n . Viele auch, die in der J u g e n d u n d M a n n h e i t , activ im Geschft
engagirt, z i e h n sich im Alter zurck um ruhig zu leben von d e m Zins der
s u m s die sie selbst a c c u m u l i r t h a b e n . Diese b e i d e n Klassen h a b e n eine 5
T e n d e n z m i t d e m w a c h s e n d e n R e i c h t h u m des L a n d e s z u increase, for
those who begin with a tolerable stock are likely to m a k e an i n d e p e n d e n c e
sooner t h a n they who c o m m e n c e with little. D a h e r in alten u n d r e i c h e n
L n d e r n der a m o u n t des n a t i o n a l capital d e n e n gehrig, die es n i c h t selbst
a n w e n d e n wollen, bears a larger proportion to the whole productive stock 10
der society, als in new settled u n d poorer countries. W i e zahlreich die
Classe der rentiers in England! As the class of rentiers increases, so also
does that of lenders of capital, for they are o n e a n d the s a m e . A u s dieser
U r s a c h e allein m t e der Zins eine T e n d e n z h a b e n zu fallen in alten Ln-
dern etc. (201,2) Die Quelle des Profits ist das law der m a t e r i a l world, wo- 15
n a c h die beneficence of n a t u r e when aided u n d directed by the l a b o u r a n d
skill of m a n , gives so a m p l e a return to n a t i o n a l industry as to leave a sur-
plus of products over a n d above what is absolutely necessary for replacing
in kind the fixed capital c o n s u m e d , a n d for perpetuating the race of labour-
ers employed. ... Let the gross p r o d u c e be ever so little m o r e t h a n is strictly 20
essential for the above purposes, a n d t h e separation of a distinct r e v e n u e
from the general mass, u n d e r the appellation of profit, a n d belonging to an-
other class of m e n , b e c o m e s possible. (205) T h e only c o m p e t i t i o n which
can affect the general rate of gross profits, is that between master-cap-
italists a n d labourers, t h o u g h the very existence of the former as a distinct 25
class is d e p e n d e n t on the productiveness of industry. (206) Aber Profit is
affected by the quantity of t h e r e t u r n to those b r a n c h e s of industry alone,
employed in producing the necessaries of the labourer, and the various ele-
m e n t s of fixed capital. (1. c. Note) Die R a t e des n e t profits h n g t also ab
z u m Theil von d e m rate of gross profits, z u m Theil von der Proportion 30
worin diese getheilt in Zins u n d industriellen Profit. Diese Proportion wie-
der hngt ab von der Concurrenz zwischen d e n lenders of capital u n d all
t h e borrowers having good security to offer; diese c o m p e t i t i o n influencirt,
a b e r nicht entirely regulirt, by the rate of gross profit expected to be real-
ized. U n d die c o m p e t i t i o n ist nicht exclusiv regulirt d u r c h this cause, weil 35
von der e i n e n Seite viele borgen o h n e any view to productive e m p l o y m e n t
u n d weil andrerseits die proportion des whole n a t i o n a l capital to be l e n t ,
varies with t h e riches des country u n a b h n g i g von any c h a n g e in gross prof-
its. (206,7)
654
ch. V) On the Profits of Enterprise.
Die profits of enterprise constitute a revenue of a twofold n a t u r e , d e p e n d -

ing principally on the a m o u n t of capital, a n d varying with it, b u t at t h e
s a m e t i m e liable to rise or fall within certain limits, according to t h e intel-
5 lectual a n d m o r a l qualifications of those who p u t it in m o t i o n . (210) D i e
profits of enterprise d e p e n d u p o n the net profits of capital, n o t t h e latter
u p o n the former. (214) D e r industrielle Capitalist (er n e n n t i h n d e n m a s -
ter-capitalist) ist der allgemeine Distributor des R e i c h t h u m s ; er zahlt d e m
labourer die wages, d e m Capitalist d e n Z i n s , d e m G r u n d e i g e n t h m e r die
10 R e n t e n . A u f der e i n e n Seite sind die masters, auf der a n d r e n labourers, cap-
italists u n d landlords. T h e interests of these two grand classes are d i a m e t -
rically opposed to each other. It is the m a s t e r who hires labour, capital,
a n d land, and of course tries to get the u s e of t h e m on as low terms as pos-
sible; while the owners of these sources of wealth do their best to let t h e m
15 as high as they can. (218,19)
ch. VI) On the Rate of Gross Profits

in Different Employments.
Profite besonders h o c h in d e n branches, wo ein sehr grosses Capital er-

heischt, also das F e l d der C o m p e t i t i o n sehr beengt ist. So bei armycontrac-
20 tors, d e n alten farmersgeneral in F r a n c e etc. (225) M a n k a n n die Profits of
enterprise sich zerlegen in 1) das Salair der master, 2) sein risk, 3) die sur-
plus gains. (226) D a s salary bleibt, wie der trouble, ziemlich derselbe, das
concern sei gro oder klein. (229) ||90| D e n k t m a n sich e i n e n F a b r i k a n t m i t
10,000, d e n a n d r e n m i t 5000 /. Capital, r e c h n e n wir d e n trouble als densel-
25 b e n u n d d e n profit zu 10%, so k o m m t folgende R e c h n u n g h e r a u s :
10,000 Capital. Gross Profits zu 1 0 % . . . 1000 /. G e h t ab Z i n s zu 5 % . . .
500. Bleibt fr profits of enterprize 500. G e h n ab als [salary] 100; fr insur-
a n c e zu 2% ... 2 0 0 - 3 0 0 , bleibt fr surplus gains 2 0 0 .
5 0 0 0 Capital. Grossprofits z u 1 0 % . . . 500, 5 % Z i n s e n a b . . . 250, bleibt
30 2 50, Salary von 100 ab u n d i n s u r a n c e zu 2 % - 1 0 0 - 2 0 0 , fr surplus gains
ste ste
50. N u n 200 der 5 0 Theil von 10,000, aber 50 n u r der 1 0 0 Theil von
5000. (228,9 A u s S t o r c h a b g e s c h r i e b e n ) T h e s e surplus gains do truly re-
present the revenue derived from t h e power of c o m m a n d i n g t h e u s e of cap-
ital, whether belonging to the person himself or borrowed from o t h e r s . . .
35 die n e t profits vary exactly as t h e a m o u n t of the capital; im Gegentheil, je
655
larger das Capital, desto grsser die Proportion der surplus gains zu d e m
stock employed. (230) D e r retail dealer in a great city, where there is an ex-
tensive m a r k e t which a d m i t s of t h e e m p l o y m e n t of a large capital, can af-
ford to trade on lower t e r m s t h a n the petty shopkeeper in a country village.
(232) It costs as m u c h trouble to weigh an o u n c e of tea as a p o u n d , a 5
p o u n d of sugar as a loaf of twelve or fifteen. Therefore, t h e poor who live
from h a n d to m o u t h pay dearer for every thing t h a n the rich. (233) m a n y
expenses do n o t increase at all in the s a m e proportion as the quantity sold.
(234) M a n n e h m e e i n e n L a n d s h o p k e e p e r m i t e i n e m Capital von 300 /. D e r
Kerl m u alles mgliche Z e u g verkaufen, um selbst die Capital in s e i n e m 10
t r a d e zu beschftigen. W e n n er fr all d e n trouble etc n u r 60 /. das J a h r ver-
dienen soll, so m u er verkaufen goods z u m Belauf seines stock m i t e i n e m
gross profit v o n 25 %. In dieser Unterstellung bleibt nichts n a c h A b z u g des
Z i n s zu 5 % als ein Salair u n d zwar ein sehr modestes; for i n s u r a n c e against
risk, u n d fr surplus gains n i c h t s . . . D e r shopkeeper in der city w e n d e dage- 15
gen 3 0 0 0 an. W e n n er w h r e n d dieses Jahres W a a r e n verkauft zu 10%
gross profit allein, so bleibt n a c h A b z u g von 5 % Zins auf das Capital 150
also 60 /. fr sein salary; b l e i b e n 90 /. fr risk u n d surplus gains. ( 2 3 6 - 3 8 )
Es zeigt die zugleich d e n Vortheil eine grre Q u a n t i t t zu e i n e m klein-
r e n Prei zu verkaufen, als eine kleinre zu e i n e m grssern. (238) D i e Con- 20
c e n t r a t i o n des Capitals in d e n h a n d s einer comparativ small n u m b e r of
m a s t e r s gnstiger seiner rapid a c c u m u l a t i o n , u n d d e m increase des N a t i o -
n a l r e i c h t h u m s , als die subdivision a m o n g a larger body of persons. E i n e
great equality of fortunes, wie wnschenswerth sonst ist, n o t t h e state of
things m o s t conducive to t h e a u g m e n t a t i o n of t h e riches of a country. (240) 25
O b e n der trader m i t 30001, h a t 90, w o m i t er sparen u n d a c c u m u l i r e n k a n n .
W e n n sein Capital u n t e r 10 traders vertheilt, so gewinnt j e d e r 60 /., wovon
e r m i t seiner F a m i l i e l e b e n m u . V o n A c c u m u l a t i o n k a n n d a b e i n u r lang-
s a m u n d n u r bei der ussersten O e k o n o m i e die R e d e sein. (240,1) Diese
U r s a c h e des raschen W a c h s t h u m des grren Capitals m u u n t e r s c h i e - 30
d e n werden von d e n a n d r e n auf die V e r m e h r u n g der Productivitt auf
grrer Stufenleiter bezglichen. Sie beschrnkt sich rein auf das Verhlt-
n i der verschiednen Theile des Profits z u e i n a n d e r , auf die Mglichkeit
des grssern schon d a d u r c h wohlfeiler zu verkaufen, etc. (1. c.) In d e m
L a n d e der grssern Concentration, on a c c o u n t der surplus gains, das m o s t 35
a m p l e m e a n s for t h e collection of a public revenue, was n i c h t der F a l l im
L a n d von gleichen fortunes. (250) Selbst w e n n die 2 L n d e r gleich r e i c h
t h e superior capabilities des o n e over the other, in raising a public revenue,
a n d m a i n t a i n i n g fleets a n d armies, d e p e n d s entirely u p o n a different divi-
sion. (251) E i n Arbeiter wird n i e sagen k n n e n , d a er so viel t h u n k a n n 40
wie 2, 3 etc seines G l e i c h e n . A b e r ein Capitalist (industrieller) oder farmer
656
Exzerpte aus George Ramsay:
An essay on the distribution of wealth.
Heft IX. Seite 90
k a n n 10 oder 15 etc e r s e t z e n . . . I n s t e a d of m a n y masters having to get t h e

reward of their trouble o u t of the u n i t e d value of t h e several returns to their
industry, o n e only has to pay himself. No w o n d e r t h e n that he can afford to
sell cheaper, a n d yet have a greater surplus above his salary t h a n all t h e
others p u t together. (255) E i n increase in den n u m b e r s der masters of i n d u s -
try constituirt n i c h t n o t h w e n d i g e i n e n Zuwachs in d e n Quellen des R e i c h -
t h u m s ; wohl aber j e d e r ablebodied ordinary labourer j o i n e d to the p o p u l a -
t i o n of a country, is a certain a d d i t i o n to t h e sources of its wealth. (256)
( C o n t i n u a t i o Heft X) |
659
Heft
Iii Ramsay. (Contin. Sieh Heft IX.)
eh. VII. On Rent.
R e n t is originally n o t h i n g else t h a n an extraordinary profit derived from

t h e h i g h price of c o m w h i c h h i g h pri[ce i]s [owi]ng to [the] scantiness of t h e
supply a s c o m p a r e d w i t h t h e d e m a n d , w h i c h again u l t i m a t e l y d e p e n d s
u p o n t h e l i m i t e d q u a n t i t y of good l a n d . (261,2) T h e i n s t i t u t i o n [o]f prop
erty in l a n d is essential to t h e s e p a r a t i o n of r e n t from profits as a distinct
b r a n c h of r e v e n u e belonging to a p a r t i c u l a r class. [263] R e n t k a n n entsprin
gen where t h e r e exists l a n d fit for cultivation of but one quality only, provid
ed it be limited in extent. (264) W e r e it n o t for t h e existence dieser second 10
r a t e tracts of country, so s o o n as t h e only l a n d fit for raising c o m was all
t a k e n in, n o limit could b e assigned t o t h e rise i n raw p r o d u c e u n d d e m
c o n s e q u e n t increase in rents, b u t what m i g h t result from a stationary p o p u
lation. B u t these inferior soils set b o u n d s to t h e progressive rise. After t h e
price of c o m has a d v a n c e d to a c e r t a i n degree above what is sufficient to 15
pay all t h e expenses a t t e n d a n t on t h e cultivation of t h e best lands, it m a y
b e c o m e profitable t o employ capital a n d l a b o u r i n t h e clearing a n d improv
ing t h o s e n o t q u i t e so good. T h u s a fresh supply of vegetable food is p o u r e d
i n t o t h e m a r k e t , a n d a further rise in its price prevented. (264,5) Er s u c h t
n a c h z u w e i s e n - n a c h S t o r f c h -] d a die rent paid for c o m l a n d is truly 20
the cause of t h e high price of cattle. (278) A l t h o u g h rent u n q u e s t i o n a b l y
owes its origin to a high price of c o m , or whatever m a y be t h e principal veg-
etable food of the people, yet w h e n o n c e created, it prevents the supply of
other p r o d u c t i o n s of t h e soil, s u c h as a n i m a l s , a n d grass for t h e subsistence
of a n i m a l s , from b e c o m i n g i m m e d i a t e l y e q u a l to t h e d e m a n d , a n d so keeps 25
up their price u n t i l they rise sufficiently to give as good a r e n t as c o m . In
660
this m a n n e r the r e n t paid for o n e species of produce b e c o m e s the cause of

t h e high value of others. (278,9) S o m e small rent will probab[ly] first be
p a i d from the cattle reared on u n c u l t i v a t e d wastes, before any l a n d already
u n d e r tillage can be given up to the feeding of live stock, a n d that the poor-
5 er cornfields will be d e d i c a t e d to this purpose previous to t h e m o r e fert[ile,
a]nd will sooner yield a cattle rent. (279) D i e Ursache dieselbe wie b e i der
corn rent, n m l i c h die l i m i t e d quantity of l a n d w[hich] for the t i m e can be
t u r n e d to the rearing of live stock. N u r im ersten Fall die limitation de-
p e n d s u p o n nat[ure,] i m zweiten u p o n cultivation. D a h e r die O p e r a t i o n der
10 general cause in d e n 2 F l l e n first felt by l a n d s of opposite qualities. (280)
A n d r e s Beispiel: Holz. In new countries nichts dafr in exchange zu erhal-
ten. Gilt als r e i n e i n c u m b r a n c e . I n d e selbst in d i e s e m Stand des L a n d e s
particular localities, wo n i c h t n u r Profit, s o n d e r n a rent von d e m t i m b e r zu
z i e h e n d u r c h any ready m e a n s of t r a n s p o r t . . . If the price rises as h i g h . . .
15 persons gefunden paying d e m proprietor a portion of the re[turn] or of its
value, as r e n t . . . die cause des h i g h price h i e r a u c h die limited quantity des
l a n d of wood best situated in respect to m a r k e t s , (p. 282) A b e r im I n n e r n
der n e u e n L n d e r die W l d e r werthlos. M i t d e m W a c h s t h u m von K u l t u r
u n d Bevlkerung verschwinden sie, theils d u r c h die extension of tillage,
20 theils d u r c h d e n injury d o n e to the y o u n g trees by the n u m e r o u s h e r d s of
cattle kept by t h e i n h a b i t a n t s ] . In leztrer W e i s e viele der m o u n t a i n o u s dis-
tricts of Scotland entwaldet. ... die scarcity of wood so p r o d u c e d u n d die
wachsende d e m a n d der larger p o p u l a t i o n g e b e n i h m a value, obgleich es at
first n o n e h a t t e . So steigt der Prei des H o l z e s m i t d e m progress of society.
25 Existiren n o c h n a t u r a l woods etc so d e n E i g e n t h m e r n dieser n a c h u n d
n a c h R e n t e gezahlt u n d diese first p a i d by t h e lands worst a d a p t e d for corn,
which have n o t b e e n t h o u g h t so well worth cultivating as others. ... R e n t
zuerst gezahlt von d e n n a t u r a l woodlands, weil l a n d already bearing crop
etc etc c a n n o t all at o n c e be given up to growing trees etc etc. ( 2 8 3 - 8 5 )
30 T h e price of t i m b e r m u s t rise very considerably before this can be advisa-
ble, and in the m e a n t i m e , s o m e r e n t m a y be created on the formerly neg-
lected tracts, from a p r o d u c e w h i c h owes its existence to the b o u n t y of N a -
ture alone. So far, t h e n , these last enjoy a m o n o p o l y , t h e result of t h e
general cultivation of the country etc. (285) Nirgends k a n n das H o l z wohl-
35 feiler erhalten werden als von solchen l a n d s . ... Because s o m e rent can be
got from s u c h n a t u r a l woods, it by no m e a n s follows d a es der M h e
[wert] war for any proprietor to be at the expense of raising t h e m by art.
D e r Prei wrde vielleicht n i c h t e i n m a l d e n Profit z a h l e n . . . D i e soils m o s t
a d a p t e d for corn sind n i c h t die geeignetsten fr other p r o d u c t i o n s ; speziell
40 fr Holz u n d W e i n . T h e best wheat field m i g h t m a k e t h e worst vineyard.
(286) I n d e w e n n n a t u r a l wood n i c h t m e h r gengt, zu k n s t l i c h e n Pflan-
661
Londoner Hefte 1850-1853. Heft X
z u n g e n Zuflucht g e n o m m e n . Erst die schlechteren L n d e r e i e n . Klar aber,

t h a t [no ar]able l a n d will [be thus] dealt with, bis der Prei des H o l z e s is
such as to give a rent m i n d e s t e n s gleich t h a t [paid] ||2| by the s a m e soil
w h e n u n d e r c o m . A price sufficient for this r e n t b e c o m e s an indispensable
c o n d i t i o n of s u p p l y . . . So der Prei des wood wie des cattle im Fortschritt 5
der Gesellschaft influenced by the rents of cornlands. First, it is regulated
by the rent of inferior soils, u n d wenn diese der Nachfrage nicht g e n g e n ,
it will rise u n t i l it can give a rent e q u a l to that already paid by those some-
what superior. ([286,] 287) So in e i n e m L a n d e wie F r a n k r e i c h m t e
m e h r u n d m e h r , u m g e k e h r t wie b e i m Beginn der Gesellschaft, A c k e r l a n d 10
in W a l d u n g verwandelt werden. [287, 288] A b e r da k m m t die Kohle, w e n n
der Prei sehr h o c h gestiegen etc dazwischen. (289) N o c h m e h r , wie des
Holzes, ist es die T e n d e n z of cattle u n d grass for the use of cattle die Stelle
des m i t K o r n b e b a u t e n L a n d e s e i n z u n e h m e n . . . hay ist an article of great
bulk, gebracht von fremden L n d e r n at an i m m e n s e expense as c o m p a r e d 15
with c o m . D a h e r das Interesse der n a t i o n m o r e a n d m o r e t o t u m its corn-
lands in pasture u n d hayfields, u n d to procure a constantly increasing
supply of corn from abroad. ... In England ... grass is every where increas-
ing at the expense of corn. ... Gefhlt besonders in der N h e von Lon-
d o n ... as t h e n e i g h b o u r h o o d of the capital enjoys in this respect a n a t u r a l 20
monopoly, schwerlich zu b r e c h e n d u r c h die C o n c u r r e n z entfernterer Pro-
vinzen, so das ganze l a n d des country in reference to foreign states.
( 2 9 0 - 9 2 ) H e u ist grown b o t h naturally u n d artificially. T h u s we have m e a d -
ow grass u n d rye grass, for which last the land m u s t be prepared by till-
age u n d sowing. So long as the quantity raised in this m a n n e r from arable 25
fields in the interval of c o m c r o p s , u n d das m e a d o w hay o b t a i n e d from wet
places along the beds of streams, are e n o u g h for the c o n s u m p t i o n , so long
will there be no t e m p t a t i o n to give up good soils entirely to grass. B u t as
t h e d e m a n d increases, the supply t h u s procured is n o t sufficient, therefore
the price rises u n t i l grass alone will afford a rent e q u a l at least to t h a t h i t h - 30
erto paid by some corn lands. ... m a n findet d a h e r d e n greatest extent of
m e a d o w land i n d e n richest u n d m o s t p o p u l o u s countries. I n E n g l a n d u n d
H o l l a n d viel m e h r als in F r a n k r e i c h u n d Schottland. (295,6) E i n e Conse-
q u e n z des increase of pasture at t h e e x p e n c e of c o m , which arises as a
country advances in wealth u n d besonders as m a n u f a c t u r i n g u n d c o m m e r - 35
cial industry extend, is t h e enlargement of farms u n d die d i m i n u t i o n der
rural population. (296) W h e n arable fields are given up to wood, hay, or pas-
ture, they are a b a n d o n e d to these purposes entirely, a n d cease to be sub-
j e c t e d to the plough. M i n d e s t e n s generally. T h e r e are pasture lands, no
d o u b t , z . B . in Schottland, of w h i c h t h e herbage deteriorates after a certain 40
n u m b e r of years u n d which therefore require to be ploughed up from t i m e
662
Exzerpte aus George Ramsay:
An essay on the distribution of wealth
Heft X. Seite 1
Aus G.Ramsay: An essay on the distribution of wealth (Fortsetzung)
to time, a n d again are laid down in grass, after having given one or 2 crops
of oats or barley. D o c h die p a s t u r e die H a u p t s a c h e looked to for paying t h e
rent, der Rest n u r occasional u n d at distant intervals. W h e r e the soil a n d
climate are m o r e favourable as in E n g l a n d , t h e oldest grazing fields are
5 considered the best. (293,4) In j e d e m Sinn das gross p r o d u c e des L a n d s less-
ened by the conversion of c o m l a n d into pasture. ... a u c h der total value
des p r o d u c e ; aber da das p a s t u r e land weniger Arbeit u n d expenses er-
heischt als die fr cultivation, of course a smaller value will replace this
smaller outlay, u n d give as h i g h a rate of profit as formerly. (298,9) Zweifel
10 d a r a n , widerlegt d u r c h die Erfahrung, d a in E n g l a n d landlords h a v e [i]t in
ihrer Gewalt, by turning their estates in Gras, sehr das E i n k o m m e n der
Pfaffen (den Z e h n t e n ) zu reduciren. Also, w e n n ] / weniger werth, so das
w
G a n z e . A b e r R e n t n i c h t gefallen. R a t e of profit derselbe, so folgt t h a t t h e

two together m u s t form a larger proportion of t h e gross p r o d u c e . J e d o c h , da
15 die s u m of profits has declined, unless r e n t greatly rises, the absolute
a m o u n t of both, geschzt in q u a n t i t y or value, vermindert. So n i c h t n u r t h e
gross sondern selbst das n e t p r o d u c e des soil m a y be less. (299) In E n g l a n d
the increase of [pajsture is still going on, a n d is checked only by t h e restric-
tions u p o n the free i n t r o d u c t i o n of c o m from abroad, w h i c h k e e p up its
20 price at h o m e . (300) A b e r was gegen das n o c h grre Steigen der G e t r e i d e -
preie in E n g l a n d agirte, war der wirkliche free trade m i t Ireland. (1. c.) a
fertile territory a n d a poor people, is exactly t h a t particularly calculated for
favouring the export of t h e m o r e costly k i n d s of agricultural ||3] p r o d u c e ,
wie wheat u n d cattle. (302) D a s t u r n i n g von c o m l a n d s in pasture geht n a -
25 trlich viel schneller vor sich, wo das L a n d in wenigen h a n d s concentrirt,
als wo der soil greatly subdivided. (304) Die R e n t k a n n wachsen, selbst
w e n n das gross p r o d u c e der E r d e a b n i m m t in quantity u n d value. (304,5)
F r e i n e n franzsischen B a u e r dagegen So great a part of the p r o d u c e of
his farm is c o n s u m e d by himself u n d seiner family, the m e m b e r s of w h i c h
30 are often the only labourers employed u p o n it, t h a t the quantity of h u m a n
food raised b e c o m e s t h e m a t t e r of chief i m p o r t a n c e , rather t h a n its value
on which high rents principally d e p e n d . (305) D e r great landlord regards
only 1) the a m o u n t of rent; 2) the ease a n d security with which it can be
collected. Er ist d a h e r stets partial fr large pasture farms, sobald der Prei
35 des cattle h o c h genug steigt to give a better r e n t t h a n c o m , or even as good.
(307)
665
ch. VIII. On the division of landed property.

Economical Consequences.
If he divide his land, he m u s t divide his capital also, m o r e or less equally.

(329) if the family acres are divided, so likewise m u s t the capital necessary
for their d u e i m p r o v e m e n t . (1. c.) 5
So grosse Theilung der Arbeit wie in der M a n u f a k t u r n i c h t mglich in
der Agricultur, weil in the o n e all the necessary operations can be carried
on simultaneously by different individuals; in the other, they m u s t follow
in rotation, according to the change of seasons. (332 N o t e ) U n d e r a system
of spade h u s b a n d r y , a larger p r o d u c e can be raised, u n d h e n c e a m o r e 10
n u m e r o u s p o p u l a t i o n supported, from the growth of the soil of any particu-
lar country, t h a n by any other p l a n of agriculture. (339) Obgleich das gross
p r o d u c e bei der kleinen Agricultur grsser, labour is less productive ... a
waste of labour. If t h e gross p r o d u c e of the soil be greater, there will on the
other h a n d be a deficiency in every thing else. (337) N a c h d e m official ac- 15
c o u n t des Directeur general de l'enregistrement v o n 1834 der W e r t h alles
E i g e n t h u m s u n t e r mortgage i n F r a n c e damals l l , 2 3 3 , 0 0 0 , 0 0 0 f c s u n d m e h r
als 449 mill. st. N u n der Z i n s zu 6%, was u n t e r d e m average ist, giebt bei-
n a h e 27 mill, st., also fast soviel als jhrlich gezahlt for n a t i o n a l debt of
G r e a t Britain. (345 note) In e i n e m L a n d wie Frankreich n o t possessed of a 20
body of farmers m i t large capitals, the breaking up of the extensive d o -
m a i n s of the nobility, m u s t have b e e n of i m m e n s e advantage to the cultiva-
t i o n of the country. F o r there is no questioning the superiority of t h e sys-
t e m of small proprietors over that of small t e n a n t s . (353,4) U n t e r der
R e s t a u r a t i o n das Wahlprivileg beschrnkt auf those paying 300 fcs or 25
12 l. st., direct taxes. D i e L a n d t a x bildet hiervon d e n H a u p t t h e i l . Als die
B o u r b o n s zuerst r e t u r n e d die b o d y of electors 130,000 proprietors, sei es
von L a n d oder H u s e r n , gro genug to permit their paying die 12 /.St. 1830
waren ihrer n u r n o c h 80,000 reich genug to be assessed to t h a t a m o u n t .
N a c h der Julirevolution die qualification z u m elector herabgesezt von 300 30
auf 200 fcs, von 12 auf 8 l. u n d fr einige eximirte Classen von b e s o n d e r e r
capacity die auf 4 I. reducirt. T r o t z d e m war die Z a h l der W h l e r in F r a n k -
reich nicht b e r 180,000. (382,3) D u p i n sagt selbst in d e n Forces p r o d u c -
tives de la F r a n c e : An % der E i n w o h n e r von F r a n k r e i c h fast ganz b e r a u b t
of a n i m a l food u n d m e h r als % ist fed solely on oats, buckwheat, C h e s n u t s , 35
I n d i a n corn, or potatoes." (389)
666
ch. XII On the National Revenue.
Now, were we to take the case at first supposed, of the labourers n o t b e i n g

paid u n t i l the completion of t h e product, and receiving their share of the
whole result in kind, it is clear t h a t no circulating capital should be re-
5 quired. This observation is alone sufficient to show t h a t this species of cap-
ital is not an immediate agent in production, n o r even essential to it at all.
(468) revenue differs from t h e a n n u a l gross produce, simply by t h e absence
of all those objects which go to keep up fixed c a p i t a l . . . das capital is c o m -
posed of all those m a t e r i a l objects which are i m m e d i a t e l y productive, b u t
10 only remotely satisfy the physical wants of m e n ; the latter is m a d e up of
those which i m m e d i a t e l y minister to those wants, a n d if productive at all,
are so only remotely. (471) R e v e n u e selbst zerfallt wieder in gross u n d n e t .
D e r Theil der R e v e n u e , der n t h i g ist um das people am live zu erhalten.
Dieser T h e i l der R e v e n u e nothwendig, d a m i t die present sources of riches
15 m a y not be impaired u n d die n a t i o n a l prosperity in c o n s e q u e n c e decline,
heit Necessary Revenue. ... D i e R e n t of the Landlord bildet k e i n e n Theil
davon. (472) L a n d das keine"Rent trgt, k a n n der L a n d l o r d selbst m i t eige-
n e m oder erborgtem Capital b e b a u n . Oder e r k a n n e s u n t e r e i n e n u p p e r
servant stellen, d e m er fixed wages giebt als r e c o m p e n s e fr his trouble in
20 superintending the farm. (Solche Person heit bailiff oder landsteward in
England, grieve in Schottland.) (473) Drittens das land m a y be let along
m i t other g r o u n d zu a t e n a n t , der, w h r e n d er die R e n t e von d e n besseren
L n d e r n zahlt, es d o c h in s e i n e m Interesse findet to till t h e inferior, w e n n
es einen Profit abwirft. (474) A n d e r s verhlt es sich m i t d e n gross profits of
25 capital u n d enterprise. ... N t h i g z u m Fortgang der P r o d u c t i o n . (475) D i e
net profits of capital nicht nthig. D i e R e n t i e r s m t e n sich n u r in i n d u -
strielle Capitalists verwandeln. D i e fr d e n n a t i o n a l wealth g l e i c h g l t i g . . .
Gefahr n u r ist d a das Capital in andres L a n d entfernt wird. (476,7) Es
b r a u c h t aber sicher n i c h t so h o c h zu sein as to afford separate i n c o m e s to
30 the owner a n d the employer. (477) Wages n a t r l i c h nthig revenue. (478)
Das Nthige h n g t h i e r ab 1) von der N a t u r des Clima's, 2) D e m state of
opinion. (478) N e t R e v e n u e der Theil des a n n u a l gross p r o d u c e wovon any
increase des n a t i o n a l wealth stattfinden k a n n , all the rest necessary merely
to keep it up to its present a m o u n t . (485) |
667
|4| Thomas de Quincey.

The Logic of Political Economy.
E d i n b u r g h . 1844.
ch. I. Value.
M i t v i e l e m S c h e i n v o n Tiefsinn d a s F l a c h e a u s e i n a n d e r g e s e z t , d a b e i 5
d e m v a l u e i n e x c h a n g e , d i e s e i n e b e i d e n E l e m e n t e , 1 ) Intrinsic Utility,
2) Difficulty of a t t a i n m e n t . Beide sind indispensably present, b u t alternate-
ly e a c h b e c o m e inert, b o t h act as motives on the buyer for buying at all, b u t
o n e only (each in t u r n u n d e r its own circumstances) as a force operating on
the price. (23, 24) Two m o d e s of exchange v a l u e - A f f i r m a t i v e a n d negative. 10
(54) If at all on a level as to the cost, t h e slaves (in R o m ) were surely n o t on
a level w h e n considered as powers. As powers, as possessors of various ac-
c o m p l i s h m e n t s ministering to the luxury, or to t h e p o m p o u s display of
s o m e princely household, the slaves would fetch prices perhaps as various
as their own n u m b e r s , a n d pointing to a g a m u t of differences utterly u n - 15
k n o w n to any W e s t I n d i a n colonies, or the states of C o n t i n e n t a l A m e r i c a .
In t h a t N e w World, slavery h a s a s s u m e d a far coarser a n d m o r e a n i m a l
aspect. M e n , w o m e n , or children, have b e e n all alike viewed in relation to
m e r e praedial uses. Householdslaves wurden n a t r l i c h a u c h dort wanted,
a b e r n i c h t in derselben ratio, u n d n i c h t b o u g h t originally m i t d e m view so 20
as materially to influence the market. W h e r e a s in R o m e , i. e. t h r o u g h all
Italy a n d t h e r o m a n colonies, the c o n t e m p l a t i o n of higher functions on a
very extensive scale, as o p e n almost exclusively to slaves, would act u p o n
t h e total market, even u p o n its inferior articles, were it only by greatly di-
m i n i s h i n g the final residuum available for m e n i a l services. T h e result was, 25
that, according to the growth of R o m e , slaves were growing continually in
668
Aus T. de Quincey: The logic of political economy
price. (83, 84) E i n e M a s c h i n e , sobald ihr G e h e i m n i g e k a n n t , will n o t seil

for t h e l a b o u r p r o d u c e d , b u t for t h e l a b o u r producing. ... it will no longer
be viewed as a cause e q u a l to certain effects, b u t as an effect certainly re-
producible by a k n o w n c a u s e at a k n o w n cost. ... land aber ist a natural m a -
5 chine, limited, c a n n o t be r e p r o d u c e d . It will therefore always sell as a
power, i. e. in relation to t h e effects w h i c h it c a n p r o d u c e , n o t as itself an
effect; b e c a u s e no c a u s e is a d e q u a t e to t h e p r o d u c t i o n of l a n d . ... t h e l a n d
is n o t valued on a n y principle of c o s t - d o e s n o t sell at negative v a l u e - b u t
entirely on t h e principle of its powers or intrinsic qualities: in short, it sells
10 for affirmative value. (84, 85) D i e principal form of e x c h a n g e value ist n e -
gative value. (86) affirmative value, resting u p o n t h e intrinsic powers of t h e
article valued for achieving or for aiding a h u m a n p u r p o s e - a n d negative
value, w h i c h neglects altogether t h e article in itself, a n d rests u p o n an acci-
d e n t outside of the article; viz. t h e a m o u n t of resistance to be overcome in
15 continually reproducing it. (87) W i e k a n n A. S m i t h sagen, d a W a s s e r kei-
n e n value in e x c h a n g e h a b e . W a s s e r selbst in watery E n g l a n d von sehr
grossem W e r t h . Als Fischerei, Bad, als reservoir for supplying t h e d o m e s t i c
purposes of a city, as a torrent or water power, for t u r n i n g m a c h i n e r y ; as a
dock for shipping, as an anchorage for boats, as a c a n a l for transporting
20 great bulks u n d weights of c o m m o d i t i e s ... D e r late D u k e of Bridgewater
derived a larger r e n t a l from o n e of his canals, t h a n perhaps he c o u l d h a v e
d o n e from half t h e d i a m o n d s in t h e regal treasuries of E u r o p e or of Asia.
([100,] 101) Circulating capital, in its n o r m a l idea, m e a n s a n y agent what-
ever u s e d productively w h i c h perishes in t h e very act of b e i n g used. ... fixes
25 d i e n t der S a c h e zu wiederholt i m m e r wieder zu derselben O p e r a t i o n u n d
by how m u c h larger h a s b e e n t h e range of these iterations, by so m u c h t h e
m o r e intensely is t h e tool, engine, or m a c h i n e r y , entitled to t h e d e n o m i n a -
t i o n of fixed. ([113,] 114)
ch. II. On Market Value.
30 D e r s h o e m a k e r verkauft stets at n a t u r a l , never at u n n a t u r a l or m a r k e t price.

(126) Nachfrage u n d Z u f u h r e n b e s t i m m e n nie d e n Prei. . B. Excess in
der supply of wheat von Yl0, verursacht a d e p r e c i a t i o n von Y6. Aber 6 v o n
was? Offenbar, Y 6 u p o n t h e last price of wheat. ... always t h e price of w h e a t
will express t h e cost in t h e first place, as t h e p r i n c i p a l e l e m e n t - C . D a n n
35 zweitens das a n d r e movable e l e m e n t des Preisses, d u r c h m e a n s of excess
oder want of wheat, n e n n e Q. (das modifying e l e m e n t of quantity.) So a n y
existing price in any c o m m a r k e t wird sein c + q, c - q, o d e r c. ([127,] 128)
669
ch. III.) On Wages.
D i e Bewegung der Population, des Capitals, die fluctuations in d e m Prei

der necessaries besonders of food u n d der traditional standard of living
k o m m e n hier in Betracht. (130,1) Their own cup of woe has long b e e n full
for the Irish; a n d through the last score of years, or since the i m p r o v e m e n t 5
of s t e a m navigation, its overflowings have b e e n settling ruinously u p o n
England. (145) T h e numerical increase of labourers has b e e n great, t h r o u g h
t h e growing substitution of female for m a l e (and above all of childish for
adult) labour. Three girls of 13, at wages of 6 to 8 sh. a week, h a b e n m a s -
senweis ersezt the o n e m a n of m a t u r e age, at wages varying from 18 sh. to 10
4 5 . (147 Note.)
ch. IV. On Rent.
R i c a r d o h a t das N e u e an der Doktrin der G r u n d r e n t e , da er sie in der

Frage vorlegt, ob sie das law of value actually by side sezt. (158) R e n t e ist
that portion of the produce from the soil (or from any agency of p r o d u c - 15
tion) which is paid to the landlord for the use of its differential powers, as
measured by comparison with those of similar agencies operating on the same
market. (163) D e r U n t e r s c h i e d z w i s c h e n d e r e i g e n t l i c h e n R e n t u n d d e r
p o p u l r s o g e n a n n t e n wichtig ( n m l i c h der U n t e r s c h i e d der zwischen d e n
indestructible advantages of land, a n d its casual advantages in convenience) 20
d a r a n wichtig, the first will, the second will not, operate u p o n the future
rent. (168) |
|5| D e r Einwurf gegen R i c a r d o E i g e n t h m e r von N r . I wolle es n i c h t u m -
sonst weggeben. A b e r in der Periode, wo n u r N r . I in cultur gesezt, no sepa-
rate class of occupants and t e n a n t s distinct from the class of owners can 25
have b e e n formed. (176)
ch. V Profits.
W e n n der Prei 10 sh. d a n n wages u n d profits, t a k e n as a whole, c a n n o t ex-

ceed t e n shillings. But do n o t the wages a n d profits as a whole, themselves,
on the contrary, p r e d e t e r m i n e the price? N o ; that is the old s u p e r a n n u a t e d 30
doctrine. (204) D i e n e u e O e k o n o m i e hat gezeigt that all price is governed
by proportional quantity of the producing labour, a n d by t h a t only. Being
itself o n c e settled, then, ipso facto, price settles t h e fund out of which b o t h
670
Aus T. de Quincey. The logic of political economy
wages a n d profits m u s t draw their separate dividends. (204) any c h a n g e

that can disturb the existing relations between wages and profits, m u s t orig-
i n a t e in wages. (205) It is the c o m m o n paralogism, that if u p o n t h e s a m e
farm you have always kept 5 m e n , u n d 1800 their product was 25 qrs, b u t in
5 1840 50 qrs, you are apt to view the p r o d u c e only as variable, a n d the la-
b o u r as constant: whereas virtually b o t h have varied. In 1800 each qr. m u s t
l
have cost % part of a m a n , in 1840, each has cost no m o r e t h a n / part of a l(s
m a n . (214) M a l t h u s in seiner Pol. E c . refuses to see, nay he positively de-

nies, that if 2 m e n (never m o r e , never less) p r o d u c e a variable result of 10
10 a n d 5, t h e n in o n e case e a c h u n i t of the result has cost d o u b l e the l a b o u r
which it has cost in the other. On the contrary, because there are always
2 m e n , Mr M. obstinately insists that the cost in labour is constant. (215
Note)
671
Carey. H.C. Essay on the Rate of Wages.-

with an Examination of the Causes of the
Differences in the Condition of the Labouring
Population throughout the World.
P h i l a d e l p h i a 1835. 5
C a r e y a b s o l u t e r a m e r i k a n i s c h e r freetrader, b e i d e m alles U e b e l v o m
S t a a t k o m m t . W e n n s a g t e e r die real causes o f the depression were u n -
derstood instead of c o m b i n i n g against their employers, they (die A r b e i t e r )
would u n i t e with t h e m to free their country from those restrictions a n d in-
terferences which p r o d u c e the effect of which they c o m p l a i n , a n d would 10
t h u s secure p e r m a n e n t advantage, instead of a temporary a d v a n c e of wages,
w h i c h is all t h a t can be h o p e d from c o m b i n a t i o n , even if successful, w h i c h
is rarely t h e case. (16) ( E r e r b o s t sich n a t r l i c h b e r d e n A n t a g o n i s m u s ,
d e n R i c a r d o z w i s c h e n w a g e s u n d profits aufgestellt) attempts a t legisla-
tive interference can p r o d u c e only disadvantageous effects; a n d t h e only 15
m o d e of increasing wages is by rendering labour m o r e productive, which
c a n only be accomplished by allowing every m a n to employ his capital a n d
talent in t h e way he d e e m s m o s t advantageous to himself. (17) where wa-
ges are highest, the capital increases m o s t rapidly. T h e m o s t rapid increase
of capital is in t h e U n i t e d States a n d G r e a t Britain, where wages are high- 20
est. This in direkter Opposition zu d e n Lehren von R i c a r d o etc. (23) D i e
A c c u m u l a t i o n in d e n H n d e n der working classes zeigt sich in d e n Sav-
ingsbanks of England, die ein Capital b e r 15 millions /. st. h a b e n u n d de-
n e n von F r a n c e , instituted m o r e recently, m i t e i n e m Capital von 4 m i l l i o n s
/.st. (24, 25) T h e division of p r o d u c e is regulated by the supply of l a b o u r in 25
t h e market; a n d the quantity a n d quality of c o m m o d i t i e s assigned to t h e
use of the whole body of labourers, will d e p e n d u p o n the relation which
672
Aus H. Ch. Carey: Essay on the rate of wages ...
exists between the d e m a n d a n d the supply. (32) W e n n m a n zwei L n d e r

finden k n n t e , gleich frei von g o v e r n m e n t interferences, b u t differing in
capital, wages would be found to differ in the s a m e ratio. (35) In t h e U n i t -
ed States, where t h e ratio of capital, land included, to population, is, per-
5 haps, smaller t h a n in E n g l a n d , the "fund" is m u c h larger; because, after the
division has t a k e n place, a comparatively small proportion is claimed for
state a n d other purposes, a n d t h e labourer has, of course, a larger s u m to
invest in the purchase of c o m m o d i t i e s . (35) T h e true causes why wages are
n o t in the proportion of revenue to population, are, first, differences in the
10 ratio of capital to p o p u l a t i o n ; second, in t h e extent of t a x a t i o n for t h e sup-
port of government a n d for other purposes; and, third, in the m o d e of
assessing the c o n t r i b u t i o n s for those purposes. (38) A b s e n t e e i s m is t h u s in-
j u r i o u s wherever it occurs, t e n d i n g to i m p e d e the growth of capital, b u t its
effect is felt in the ratio of p o p u l a t i o n to capital, a n d is almost unfelt w h e n
15 t h a t ratio is small, as in E n g l a n d a n d the U n i t e d States. (47) No benefit c a n
arise from employment, unless it t e n d to increase the a m o u n t of p r o d u c t i o n .
(59, 60) D e r a m o u n t of real wages d e p e n d s u p o n the quantity a n d quality
o f the c o m m o d i t i e s o b t a i n a b l e b y t h e labourer u n d dieser d e p e n d s u p o n
the total a m o u n t of p r o d u c t i o n . (61) Senior in der cost of p r o d u c t i o n der
20 edlen Metalle n i m m t moneywages as the m e a s u r e of p r o d u c t i o n without al-
lowance for t h e effect p r o d u c e d by t h e m o d e of t a x a t i o n in increasing t h e i r
apparent difference. (68) Z u r V e r g l e i c h u n g d e r m o n e y w a g e s in E n g l a n d
u n d d e n U n i t e d S t a t e s giebt e r f o l g e n d e D a t a :
In d e m M e m o r i a l der N e w York Convention, 1832, ist die Z a h l der per-
25 sons employed in t h e c o t t o n m a n u f a c t u r e der U n i t e d States so stated:
males 18,539; females 38,927; children 4,691; h a n d weavers 4,760; z u s a m -
m e n 66,917; total wages $ 10,294,944 = $ 3 oder 12 s. 6 d. per W o c h e . (69)
N u r 7 % K i n d e r u n d diese b e r d e m Alter der in England employed. Zu
Lowell die Z a h l der u n t e r 16 J a h r e n Beschftigten sehr klein u n d Keins u n -
30 ter 12. In der Lawrence Factory zu Lowell von 1000 females n u r 129 u n t e r
1 7 J a h r e u n d von d e n males n u r 2 8 u n t e r d i e s e m Alter. (70) E r s u c h t n a c h -
z u w e i s e n d a die m o n e y w a g e s i n E n g l a n d u n d A m e r i c a n i c h t s o weit
a u s e i n a n d e r s i n d a l s e s s c h e i n t i n A n b e t r a c h t , d a e i n viel g r r e r P r o -
c e n t t h e i l K i n d e r a r b e i t , a l s o m i n d e r p r o d u c t i v e Arbeit, i n E n g l a n d a n g e -
35 w a n d t wird. (71) |
|6| I n E n g l a n d the females exceed the m a l e s i n der Cottonfabrik n u r u m
9%, in d e n U n i t e d States n a c h d e m obigen S t a t e m e n t um 1 1 0 % . . . women
being employed here b e c a u s e every thing is d o n e to r e n d e r l a b o u r p r o d u c -
tive, while there a large proportion of the power of the m a l e operatives is
40 wasted. ([71,] 72) 1832 waren in d e n U n i t e d States n u r 4760 handweavers
u n d die Z a h l wchst nicht, aber hlt sich d u r c h d e n grossen influx von Ir-
673
lndern. Am 1 J a n u a r 1835 in Lowell 5051 power looms, fast 300 m e h r , als

die g a n z e Z a h l von h a n d l o o m s in d e m L a n d e . (72) D i e ganze Z a h l von
powerlooms in England war 1820 - 14,150, 1829 - 55,500, 1835 supposed
to be 85,000, m a c h t m i t d e n 15,000 in Schottland 100,000. D i e Z a h l der
h a n d l o o m s whrend dieser Zeit n i c h t ab, s o n d e r n z u g e n o m m e n u n d soll 5
n u n 250,000 sein. (72,3) I h r e Lage b e k a n n t . (1. c.) Baines giebt als G r n d e
d e r F o r t d a u e r d i e s e r P r e g e s c h i c h t e n a n : 1) the easy n a t u r e of t h e e m -
p l o y m e n t . Jedes K i n d lernt es gleich. A b e r was is only a child's labour, can
be r e m u n e r a t e d only by a child's wages. There are large d e p a r t m e n t s of
h a n d l o o m weaving, which are almost entirely given up to w o m e n a n d chil- 10
dren, a n d their wages go far to regulate all the rest. T h e m e n , where they
are able, procure better k i n d s of work; a n d where they are n o t able, they
m u s t p u t up with t h e m o s t paltry earnings. 2) in some respects die e m -
p l o y m e n t m o r e agreeable, as laying t h e m u n d e r less restraint t h a n factory
labour. ... It is a dearbought, miserable liberty, but, like poaching or smug- 15
gling, it is m o r e congenial to some tastes, t h a n working u n d e r precise re-
strictions for twice the r e m u n e r a t i o n . (73,4) 4 sh. - 8 sh. das D u r c h s c h n i t t s -
e i n k o m m e n (wchentlich) der H a n d l o o m weavers. [75] (Baines.) W a g e s
m u s t d e p e n d u p o n p r o d u c t i o n u n d low wie die der h a n d l o o m w e b e r sind,
they are fully e q u a l zu i h r e n Leistungen als producers: N a c h Baines: A 20
very good hand weaver, 25 oder 30 J a h r e alt, wird w e b e n 2 pieces of 9 -
8 shirtings per week, e a c h 24 yards long, containing 100 shoots of weft in
an inch; the reed of the cloth being a 44 Bolton count, a n d the warp a n d
weft 40 h a n k s to the lb. In 1833, a s t e a m l o o m weaver, from 15 to 20 years
of age, assisted by a girl a b o u t 12 J a h r e of age, a t t e n d i n g to four looms, c a n 25
weave 18 similar pieces in a week; s o m e can weave 20 pieces." In einer Be-
schreibung der in Lancashire g e m a c h t e n cottongoods, p. 418 von Baines
work, statuirt, da die einzigen goods, die ausschlielich das P r o d u c t des
powerloom, are stout printing calicoes. Stout calicoes for domestic pur-
poses, wie sheetings, coarse shirtings etc, cotton shirtings u n d small wares, 30
sind chiefly das Product des powerloom. Cotton velvets, velveteens etc of
power u n d h a n d l o o m s ; aber alle a n d r e n articles, including c o m m o n print-
ing calicoes, are m a d e at h a n d l o o m s . So die h a n d l o o m s c o n t i n u e to be
u s e d for the m a n u f a c t u r e der c o m m o n e s t articles. U n d so lange das der
Fall, while h u m a n labour u n d e r t a k e s to c o m p e t e with m a c h i n e r y , wages 35
m u s t necessarily be low. % oder % der weavers in Scotland sind beschftigt
in der P r o d u c t i o n von p l a i n goods. W e n n % der h a n d l o o m s u n d der in
i h n e n Beschftigten b e i Seite gesezt werden u n d replaced by the necessary
n u m b e r of powerlooms, a n d females to a t t e n d t h e m , w r d e n 125,000 per-
sons, at the lowest rate of wages, withdrawn, u n d replaced by a small n u m - 40
ber, at the highest rate of female wages. So klar, da viel von der a p p a r e n t
674
difference in wages arises from the misapplication of labour in the weaving

department. (76, 77) Dasselbe findet im Spinndepartment statt. (77) D i e er-
ste Verberung in der spinning m a c h i n e r y ist die throstle. N o v e m b e r 1831
(nach Baines) verhalten sich die m u l e u n d throstle spindles in Glasgow wie
5 591,288=48,900. Also die throstles-1831 in Glasgow b e i n a h e % der m u l e
spindles. T h e whole n u m b e r of persons employed in m u l e spinning is given
at 65,216, wovon m e h r als % are m a l e adults, w h r e n d die throstle spinners
7709 sind u n d n u r 793 are m a l e adults. % der m u l e spinners are m a l e s ,
whrend % der throstle spinners are females. Zu Lowell t h e m u l e n i c h t in
10 use in any der factories. D i e throstle sehr verbessert u n d n u n worked to
great advantage. D a h e r female l a b o u r takes t h e place of t h e m a l e l a b o u r
employed in England. U r e sagt, in seiner Philosophie of m a n u f a c t u r e s ,
the throstle, which hardly ever requires the operative to deviate from t h e
perpendicular posture, has for a great m a n y years superseded entirely die
15 waterframe. It is m a n a g e d by y o u n g persons von 15 J a h r e n u n d m e h r . O n e
girl is a d e q u a t e to s u p e r i n t e n d a throstle frame of 220 spindles. F r o m this
great factory d e p a r t m e n t , children are in a great m e a s u r e excluded."
( 7 7 - 7 9 ) Im carding d e p a r t m e n t , die difference in der Proportion v o n m a l e s
u n d females employed sehr gro. V o n 48,645 persons engaged in der cot-
20 ton m a n u f a c t u r e waren in d e n cardingrooms employed 3678 (2350 m a l e
adults u n d 1328 m a l e s u n t e r 18 J a h r e n ) W e i b e r 6079 (3501 female adults
u n d 2578 females u n t e r 18 J a h r e n ) . Zu Lowell in den carding r o o m s sind
employed 13 oder 14 m a l e s zu 33 females; the latter exceeding die former
um 150%, w h r e n d in E n g l a n d n u r um 65 %. Die ganze Z a h l der (nach Bai-
25 nes) in d e n carding r o o m s in E n g l a n d beschftigten P e r s o n e n 40,484, wo-
von 15,883 m a l e s (10,361 Erwachsne u n d 5,522 Kinder) u n d 23,782 W e i -
ber (15,062 Erwachsne u n d 8,720 Kinder), age a n d sex u n c e r t a i n 819. In
d i e s e m Fall die Differenz n u r 50%. Nearly all the m o s t recent improve-
m e n t s of m a c h i n e r y have b e e n m a d e in the U n i t e d States. (79, 80) A u f 151
30 cotton mills in E n g l a n d (Baines) waren von 48,645 persons 13,740 m a l e
adults, 27 % des G a n z e n . V o n diesen 927 are engineers, firemen etc u n d
der r e m a i n d e r sind beschftigt in d e n different processes of carding, spin-
ning, reeling, weaving etc, nearly all of which is here d o n e by w o m e n . Zu
Lowell die proportion der m a l e adults n i c h t m e h r als 12 % des G a n z e n . So
35 sieht m a n , da in j e d e m d e p a r t m e n t der cotton m a n u f a c t u r e ||7| die Oeko-
n o m i e der Arbeit viel grsser als in E n g l a n d u n d da, obgleich s c h e i n b a r
m o r e expensive, it is really m o r e productive. D e r effect dieser improve-
m e n t s in d e m price of female l a b o u r zeigen, d a ihre im D u r c h s c h n i t t
empfangnen wages h h e r als die average wages paid to m e n , w o m e n u n d
40 children, in the cotton mills of England. ( 7 9 - 8 1 ) T h e Glasgow mills are in
productive power, m u c h in arrear of the M a n c h e s t e r ones ... a necessary
675
c o n s e q u e n c e of this deficient p r o d u c t i o n , is that the average of wages is

lower in Glasgow t h a n in M a n c h e s t e r . (85) N a c h e i n e m estimate v o m Lon-
d o n A t h e n u m 4 Juli 1835 folgt, da im woollen trade: n u m b e r of m a n u -
factories 1315, m a l e operatives 31,360, female operatives, 22,526. In der
M i d d l e s e x woollen factory, in Lowell, die Z a h l der females 240 u n d der 5
males 145, whrend leztre in E n g l a n d 336 sein wrde. In d e m e i n e n Fall
die m a l e s exceed die females urn 40%, in d e m a n d r e n 4 0 % less in n u m b e r .
(85,6) D a s following s t a t e m e n t aus d e m W o l l e n d e p a r t m e n t zeigt wie
regularly low wages a c c o m p a n y a high poor's rate:
Wages. Poor's rate per head 10
of population, 1831.
Leeds. 22 sh. bis 22 s. 6 d. 5 s. 7 d.
Gloucester. 13 s. bis 15 s. 3 d. 8 8
Somerset 16 s. 9 d. bis 19 s. 9 d. 8 9
Wilts 13 s. 7 d. bis 15 s. 5 d. 16 6. ([86,] 87.) 15
A n y difference in wages zwischen E n g l a n d u n d d e n Vereinigten S t a a t e n

m u s t arise o u t of its better application in the latter. Die labour der females
ist productiver u n d sie erhalten folglich h h e r e wages. T h e m a l e s , n o t
being compelled to c o m p e t e with m a c h i n e r y , are enabled to apply their
powers in other ways die productiver sind u n d as a c o n s e q u e n c e , w h e n they 20
marry, the necessity for t h e e m p l o y m e n t of their wives u n d y o u n g children
in factories is u n k n o w n . V o n 1000 females in der Lawrence Factory zu
Lowell n u r 11 married. 19 widows. (88)
K i n d e r u n t e r 11 J a h r e n in d e n englischen F a b r i k e n m s s e n ein Certifi-
cat ihres Alters v o m surgeon h a b e n ; aber dieser erheischt 6 p e n c e dafr; 25
u n d w e n n das K i n d transferred von einer factory zur a n d r e n , a fresh certifi-
cate nthig. D i e children von M a n c h e s t e r allein so taxed w h r e n d
12 m o n t h s zu 520 /. In 2 districts the s u m of 4000 I. has b e e n so wrung von
d e n Kinderwages in 11 m o n t h s . (90 Note.) N a c h H e r r n C. der average of
wages in England 18 sh. per week or 72 cents per day. D e r der U n i t e d 30
States etwas hher, aber h c h s t e n s 8 oder 10% u n d arises entirely o u t of
t h e superior application of labour. ([94,] 95.) T h e i m p r o v e m e n t s der pres-
ent times, t e n d very m u c h to reducing the d e m a n d for children a n d m e n ,
a n d increasing that for y o u n g w o m e n , a change that c a n n o t be otherwise
t h a n advantageous. (95) U p o n capital d e p e n d s production; u p o n p r o d u c - 35
t i o n d e p e n d s wages. W h e r e p r o d u c t i o n is small, wages c a n n o t be otherwise
t h a n low. Das system of g o v e r n m e n t in H i n d o s t a n t e n d s to prevent the
growth of capital, while that of E n g l a n d u n d n o c h m e h r das der U n i t e d States
t e n d s to p r o m o t e it. (ch. VII) Capital h a t eine T e n d e n z rascher zu wach-
sen als Bevlkerung, w e n n n i c h t prevented d u r c h disturbing causes, deren 40
hauptschlichste sind. 1) Unsicherheit der Person u n d des E i g e n t h u m s ,
676
2) heavy taxation, 3) Restrictions u p o n t h e freedom of action or of t r a d e

u n d 4) das P r o d u c t der 3 v o r h e r g e h e n d e n want of industry. (1. c.) T h e h i s -
tory of I n d i a is a long scene of horrors, m a r k e d only by the "incessant
p l u n d e r a n d devastation of provinces: the perpetual m a r c h i n g a n d counter-
5 m a r c h i n g of armies, a n d their lawless predatory habits". N o t h i n g m o r e
fully illustrates t h e state of society t h a n t h e existence in their language of 2
such terms as Wulsa" u n d Joar"; (Wulsa, das people of a district desert-
ing their h o m e s vor d e n F e i n d e n ; J o a r die ceremony, worin sie ihre W e i -
ber u n d K i n d e r lebendig v e r b r e n n e n oder anders u m b r i n g e n , um sie zu ret-
10 ten, w h e n driven to despair by the M u s s u l m a n arms.) (ch. VIII.) Ausser d e n
Marattas existirten im 18' J a h r h u n d e r t u n d frher die P i n d a r e e s als e i n e
p o w e r . . . their ranks were constantly replenished with vagrants of all castes,
a n d from every quarter of I n d i a ; m e n driven from their h o m e s by oppres-
sion, despair, or famine, to seek a precarious subsistence by p l u n d e r . (1. c.)
15 Diese Association bestand von a b o u t 30,000 m o u n t e d m e n , all professedly
subsisting by plunder, t h e e x t e n t of the theatre necessary to furnish an a d e -
quate prey m a y be well conceived. (1. c.) gangrobbery existirt n o c h , w e n n
a u c h viel beschrnkter. (1. c.) U n t e r solchem Stand der D i n g e capital could
n o t a c c u m u l a t e , b u t it was destroyed m u c h m o r e rapidly t h a n it could be
20 reproduced, a n d t h e people were retrograding towards barbarism. I m m e n s e
tracts of land were d e p o p u l a t e d a n d soon b e c a m e Jungle, i n h a b i t e d only by
lions a n d tigers. (1. c.) In F r a n k r e i c h in Folge des u n s i c h r e n Zustande der
dort bis zur Revolution herrschte Drfer statt farm h o u s e s u n d cottages
scattered d u r c h das L a n d . Living here, they are compelled to walk daily
25 one or 2 or 3 miles to their patches of land, a n d with a view to save expense
a n d trouble of transportation, they occupy t h a t which is nearest, w h e t h e r
fitted or not, for raising their heavy crops, while those of a lighter k i n d are
reserved for the m o r e distant land. (1. c.) A u s d e n s e l b e n U r s a c h e n in Spa-
n i e n alle Transportmittel t h e u e r u n d in der Nachbarschaft von S a l a m a n c a ,
30 n a c h einer R e i h e reichlicher E r n d t e n , the wheat has actually b e e n left to
rot u p o n the ground, b e c a u s e it would n o t repay t h e cost of carriage.
(I.e.) ||8| Die zweite great disturbing cause is the u n p r o d u c t i v e e x p e n d i t u r e
by government of the e n o r m o u s s u m s collected by taxation, (ch. IX.) N a c h
Sir H e n r y Parnell's estimate b e z a h l e n die h h e r n Klassen n u r 6 millions
35 von 50. N a c h Bulwer jezt j e d e r Arbeiter besteuert zu % seiner weekly wa-
ges. W e n n er 12 sh. wchentlich erhlt, so giebt er davon 4 an d e n Staat
aus u n d n a c h 6 J a h r e n h a t er zur R e v e n u e beigetragen 62 sh. 3. (97) V o n
der whole s u m collected fr d e n support des government (52 mill.) weniger
als % raised d u r c h taxes on lands, stamps, insurances, wood, wine, servants,
40 carriages a n d horses, probates a n d legacies u n d d u r c h das Postoffice; der
Rest gezahlt chiefly by the articles used by the labouring classes, as malt,
677
hops, sugar, spirits, tea, tobacco, coffee, corn, soap, newspapers etc. T h e
l a n d t a x which affected the aristocracy, was m a d e p e r m a n e n t 1798, u p o n an
assessment t h e n m o r e t h a n a century old, a n d produces now little m o r e
t h a n a million of p o u n d s , notwithstanding the i m m e n s e l y a u g m e n t e d value
of l a n d e d property. (99) In D e u t s c h l a n d , F r a n c e , Belgium u n d Italy, t h e 5
l a n d tax never constitutes less d e n n % des public i n c o m e u n d % der actual
rent. In G r o b r i t a n n i e n (Irland ganz davon a u s g e n o m m e n ) ]/ des public
25
l
i n c o m e . (101) 1762 die T a x u p o n t h e c o n s u m p t i o n des labourer n u r / , 6
1833 fast % seiner C o n s u m t i o n n a c h einer Schtzung von W a d e . (105)

1799 in I n d i e n , 10 J a h r e n a c h d e m brittischen Z e m i n d a r s e t t l e m e n t , lands 10
were sold in every province, worauf die taxes 777,965 rupees u n d p r o d u c e d
at the sale 654,215, n o t even o n e year's purchase of the taxes. (112) T h e
Z e m i n d a r s having b e e n ruined, a n d their property in those estates sold, the
present proprietors, who purchased at reduced prices, are enabled to live.
(112) Ausser da ]/ des G e s a m m t l a n d p r o d u c t s d e n I n d i s c h e n Ryots ge-
2 15
n o m m e n , alle m g l i c h e n indirekten W a a r e n , Salz, Tabak, O p i u m m o n o p o l
etc. (125) Klar, da in I n d i e n the fund out of which the labourer is to be
supported, m u s t be very small, when an individual cultivator of s o m e half
d o z e n acres, the whole p r o d u c e of which would n o t support an A m e r i c a n ,
is compelled to pay ]/ for rent; t h e n to m e e t a succession of d e m a n d s from
2 20
those who are placed over h i m ; t h e n to pay duties on t h e transport of all he
has to sell; a n d finally, to sell a n d buy at prices fixed by the c o m p a n y , sell-
ing always at the lowest, a n d buying always at the highest. (128,29) In Ver-
einigten Staaten von A m e r i c a von vornherein die u n g e b u n d n e freedom of
action. (130) (Industry is, in every respect, free and unfettered; every spe- 25
cies of trade, c o m m e r c e , a n d professions, a n d m a n u f a c t u r e , being equally
o p e n to all, without requiring any regular apprenticeship, admission, or li-
cense.) (132) To secure the collection of the revenue, it has b e e n found n e c -
essary to prescribe the m o d e s of operation in various b r a n c h e s of m a n u -
facture (in England) u n d thus the brewer, the paper maker, the glass blower 30
etc are prohibited by law from m a k i n g improvements, lest the collection of
the revenue should be endangered. (137,8) Es wird geschzt, d a in Eng-
l a n d k a n n erhalten of solid food der i n d e p e n d e n t " agricultural labourer
122 oz., der soldier 168, der pauper 151, der suspected thief 1 8 1 - 2 0 3 , der
convicted thief 239, der transported thief 330 oz. (147) it is the n a t u r e of gov- 35
e r n m e n t that influences the t e n u r e of land, a n d n o t the t e n u r e of land that
gives character to the government. (178 falsch.) 1817 zahlte die franzsi-
sche Regierung 3,500 sterling fr b o u n t i e s of exportation, aber 1830 be-
trugen sie 600,000 oder % der whole revenue from duties. Die Table of
P r e m i u m s fr 1832 zeigt, da sie n o c h wachsen, having a m o u n t e d in d e m 40
J a h r zu fast 1 Mill. St. oder % of the whole c u s t o m h o u s e revenue. D e r in-
678
Aus H. Ch. Carey: Essay on the rate of wages
crease on the p r e m i u m s of 1831 ist an 50% u n d in d e m of sugar alone

7 millions fcs., der a m o u n t paid as b o u n t y auf d e n export of 15 m i l l i o n s
of kilogrammes of refined sugar, being 18 millions of fcs, while the i m -
port duty received u p o n 82 mill, war n u r 39 millions of fcs, a little m o r e
5 t h a n double t h e bounty. U m das W a c h s t h u m eines solchen Systems z u zei-
gen folgende T h a t s a c h e n :
Kilogrammes France
1830 Zucker imported 69,626,936 duty 33,535,174
exported 8,410,780 bounty 10,101,678
10 1831 imported 81,735,374 duty 39,264,743
exported 9,679,034 bounty 11,614,840
1832 imported 82,500,000 duty 39,500,000
exported 15,500,000 bounty 18,500,000
W e n n die whole quantity entered were exported, the g o v e r n m e n t would

15 pay, after allowing for the loss on refining it, fast double what was re-
ceived.
Kilogrammes Fcs
1830 cotton imported 29,260,433 duty 6,334,070
exported 1,795,008 bounty 851,294
20 1831 imported 28,229,487 duty 6,020,443
exported 1,979,199 bounty 978,300
Kil. Fcs.
1830 wool imported 8,000,000 duty 4,246,021
exported 955,617 bounty 1,970,659
25 1831 imported 3,836,207 duty 1,733,002
exported 1,039,257 bounty 2,496,728|
|9| On the i m p o r t of molasses 1830 die duty received 972 fcs, die b o u n t y
paid on export 787,988 fcs. Die cost of p r e m i u m s fr d e n Walfischfang
1830: 1142,80 fcs per m a n , aber verschiedne claims unsettled, die d e n
30 a m o u n t , wie der Minister sagte auf 1500 oder 1600 fcs bringen w r d e n .
D a z u a b o u n t y of 180 fcs per ton. In der codfischerei 1 2 0 0 0 s e a m e n
encouraged zu e i n e m expense von 4 millions of fcs. ( 1 9 9 - 2 0 1 . ) Dasselbe
System der interference herrscht vor in regard to the development der n a t u -
ral resources fr France. K e i n e M i n e k a n n bearbeitet werden o h n e p e r m i s -
35 sion des sovereign. (201) Auf der e i n e n Seite e n o r m e expense um das peo-
ple of F r a n c e in pursuits zu engagiren die d e n individuals unprofitable
sein wrden, wenn n i c h t die n a t i o n i h n e n e i n e n Theil der expense zahlte;
anderseits wird e i n e m individual, selbst w e n n er R e n t e d e m Staat z a h l e n
will, die n i c h t erlaubt. (1. c.) So langsame A c c u m u l a t i o n des Capitals in
40 Frankreich. Das people, long a c c u s t o m e d to look to the g o v e r n m e n t to pro-
vide t h e m with such i m p r o v e m e n t s in the m o d e of transport as m a y be n e c -
679
essary, are n o t prepared to invest their capital in the m a k i n g of roads u n d

canals. (202) N i c h t a bridge can be repaired o h n e permission von d e m cen-
tral board zu Paris. (1. c.) D i e Population von F r a n c e doubles in 105 years,
langsamer als eine von E u r o p a u n d der growth of comfort in a b o u t dersel-
b e n ratio als der der Population. (203) rye, pulse u n d m a i z e , m i t potatoes 5
u n d other vegetable diet bilden % o o f the frenchman's food. (205) D u p i n
gibt als Durchschnittsprei of m a n u f a c t u r i n g labour f.2.26 fr die n o r t h e r n
u n d f. 1.89 fr die s o u t h e r n provinces of F r a n c e , giebt als D u r c h s c h n i t t s r a t e
fr die ganze Bevlkerung 2.06. ( N a c h Bowring u n d Villiers.) N a c h d e m -
selben D u p i n % von Frankreichs Bevlkerung ganz der a n i m a l i s c h e n N a h - 10
rung beraubt. (207,8) D a s colonial system Frankreichs das schlechteste.
D i e N a t i o n m u h o h e Preisse fr die products of colonies zahlen t h a t cost
i m m e n s e s u m s to keep, a n d afterwards e n o r m o u s b o u n t i e s to i n d u c e other
n a t i o n s to assist in their c o n s u m p t i o n . N a c h Villiers u n d Bowring die weni-
gen colonies Frankreichs seit d e m F r i e d e n gekostet n i c h t weniger als 15
40 millions of /. St. (209) In S p a n i e n so vollstndig die absence von Capital
employed in facilitating the c o m m u n i c a t i o n between the different parts of
the country, t h a t wheat varies in the s a m e year von 18 reals zu 53 reals
per qr. Die average prices der folgenden articles von S e p t e m b e r 1827 bis
S e p t e m b e r 1828 waren wie folgt: 20
In Salamanca In Catalonien
Wheat 18 53
Barley 9 20
Oats 6 23
Rye 12% 31 25
Garbanzos 94 68
Oil 40 31
Trotz dieser e n o r m o u s difference of price u n d i n d u c e m e n t zur Exporta-

tion, b e r e c h n e t da das a c c u m u l i r t e surplus von 4 oder 5 J a h r e n (succes-
sive) of good crops in t h e silos a n d granaries of these plains (wovon Sala- 30
m a n c a e i n e n Theil bildet) am Schlu des Herbstes 1828 sich auf 6 millions
fanegas belief oder 1% millions of W i n c h e s t e r quarters. So defektiv sind die
Transportmittel, da um 100,000qrs an die H f e n zu liefern (138 miles dis-
tant) 5,000 carts m i t 2 o x e n jeder, nthig, m a k i n g the j o u r n e y in 8 work-
ing days, transporting 90,000 qrs, u n d a u s s e r d e m nthig 5,000 m u l e s , e a c h 35
m a k i n g 4 journeys per m o n t h with half a qr fr die b r i g e n 10,000 - J a c o b
sagt, da diese schlechten W e g e afford a practical reason for the people of
A n d a l u s i a , in Spain, drawing their supplies of wheat a n d flour von d e n
U n i t e d States, w e n n wheat war zu 4 s. 6 d. dort per bushel, w h r e n d auf d e n
plains von Castile n u r zu 1 s. 6 d. per bushel. (211,12) In C h i n a kein m o n - 40
eyed interest. K e i n system of credit established between the m e r c h a n t s of
680
Aus H. Ch. Carey: Essay on the rate of wages
distant provinces, no bills of exchange; no circulating m e d i u m except a

copper coin of % of a farthing. (214)
N a c h e i n e r S c h t z u n g ( n a c h J a c o b , M c C u l l o c h etc) s c h z t e r folgedes-
s e n d e n r e a l e n A r b e i t s l o h n : (d. h. wie viel Tage erheischt to p r o c u r e a qr of
5 wheat.)
Wheat per qr Wages per day days.

United States 35 s. 78-80 cents 11
England 61 s. 2 d. 72 cents or 3 s. 20
Netherlands 29 s. 2d. 30 - or 1 sh. 3 d. 23
10 France 35 s. 4 d. 25 - I s . % d. 33
N u n aber d o c h die comparative cost vieler a n d r e n W a a r e n in Betracht zu

ziehn. In d e n U n i t e d States corn u n d provisions generally, sehr c h e a p . T e a
u n d coffee frei importirt. Z u c k e r zu einer viel kleinren duty als in F r a n c e
u n d England. M a n c h e fabricirten W a a r e n theurer als in E n g l a n d , beson-,
15 ders die aus wool u n d iron; u n d da der Zinsfu hher, so a u c h die H a u s -
rathe. M i t alle d e m wahrscheinlich, da der englische Arbeiter 16 Tage fr
d e n s e l b e n a m o u n t von c o m m o d i t i e s arbeiten m u w o der A m e r i c a n 1 1 ,
der N i e d e r l n d e r ungefhr wie der A m e r i k a n e r , der F r a n z o s e 28. (223,4)
( C o n t i n u a t i o p. 10) |
681
pi Dialogues of Three Templars

on Political Economy chiefly in relation
to the Principles of Mr. Ricardo.
( L o n d o n M a g a z i n vol. IX. 1824)
Alle Schwierigkeiten der politischen O e k o n o m i e darauf reducirbar: W h a t 5

is t h e g r o u n d of exchangeable value? (347) W e n n b e i e i n e m allgemein rise
of wages um 16%, alle W a a r e n im Preisse um 16% stiegen, so w r d e die
power of m o n e y v e r m i n d e r t sein um 16 % in every possible application of it.
Also fr e i n e n speziellen trade W u r s t ob er direkt die 16% an die Arbeiter
zahlt oder so indirekt. (351) U e b r i g e n s m a c h t sichs H e r r T h o m a s s e h r 10
l e i c h t . U m z u zeigen, d a d u r c h S t e i g e n d e s A r b e i t e r l o h n s d e r P r e i
e i n e r W a a r e . B . n i c h t v o n 1 8 auf 1 9 s h . s t e i g e n k a n n s a g t er: w e n n der
rise of wages n i c h t universal ist h a n d e l t es sich um m a r k e t v a l u e , v o n der
R i c a r d o n i c h t h a n d e l t ; w e n n universal k m m t ein U n s i n n h e r a u s ; w e n n
alle W a a r e n steigen. (428) D u r c h a u s falsch zu schliessen, d a der real val- 15
ue is great b e c a u s e t h e quantity it buys is great, or small b e c a u s e t h e q u a n -
tity it buys is small. (552) If A d o u b l e its value, it will n o t therefore c o m -
m a n d double the former quantity of B. It m a y do so: a n d it m a y also
c o m m a n d 500 times m o r e or 500 times less. (1. c.) (Beweist es w i e d e r
d u r c h die V e r a l l g e m e i n r u n g a u f alle G e g e n s t n d e . . B. W e n n alle Waa- 20
r e n im W e r t h steigt so wird a = 2 x b sein, aber b = 2a; also b = ^ u n d
2a.) N i e m a n d wird l e u g n e n , d a A by doubling its own value will c o m -

m a n d a double quantity of all things w h i c h have b e e n stationary in value.
A b e r die question is whether universally, from doubling its value, A will
c o m m a n d a double quantity. (554) Bei d e n O e k o n o m e n vor R i c a r d o : W h e n 25
it was asked, what d e t e r m i n e d t h e value of all c o m m o d i t i e s : it was an-
682
Aus London Magazine. 1824
swered that this value was chiefly d e t e r m i n e d by wages. W h e n again it was

a s k e d - w h a t d e t e r m i n e d wages? it was recollected t h a t wages m u s t be ad-
j u s t e d to the value der W a a r e n u p o n which they were spent; u n d die answer
was in effect that wages were d e t e r m i n e d by t h e value of c o m m o d i t i e s .
5 (560)
683
Carey. (Rate of Wages. Continuatio von p.9)

Hindostan. In e i n e m statistical a c c o u n t von Dinagepore, a province of Ben-
gal, there are s t a t e m e n t s von d e n annual expenses of different classes of so-
ciety u n d eins b e r die expenses of a labouring m a n m i t a wife and 2 chil-
dren. D e r a m o u n t ist rupees 22.10.11 oder 3 per a n n u m , oder 15 shillings 5
a h e a d . D e r article of clothing fr diese F a m i l i e von 4 persons ist n u r 6 sh.
per a n n u m . N a c h Colonel M u n r o der average price of agricultural l a b o u r
in den Ceded Districts" ungefhr 5 s. per m o n t h oder 2 d. per day. N a c h
i h m 3 Klassen davon, die erste ungefhr % der Bevlkerung per Kopf 2,
die zweite, % der Bevlkerung, per Kopf 1 7 s., die dritte, % der Bevlke- 10
rung, per Kopf 18 s. (Es ist die die a n n u a l expense of each i n d i v i d u a l fr
clothing, food u n d every other article.) D e r u s u a l price fr m e n engaged in
der cultur u n d preparation of indigo ist 2 rupees per m o n t h ; der Prei of
rice in the interior 12 anas per m a u n d of 74 p o u n d s ; so erheischt es, in the
rice country, die labour von 2 m o n t h s to earn 480 p o u n d s , being the 15
equivalent of a qr of wheat. (225,6) In Calcutta the labourer receives 3 ru-
pees per m o n t h , w h r e n d servants u n d m e c h a n i c s von 4 - 6 rupees erhalten.
By Reference zu McCulloch's C o m m e r c i a l Dictionary, der average price of
rice exported was 1 rupee 7 anas per Bazar m a u n d of 82 p o u n d s , a n d of
wheat 1 rupee 8 anas. By a recent price current the average price of rice 20
was 1.7, u n d of wheat 1.6. At these prices, die wages zu 3 rupees per
m o n t h angenommen, it would require the labour of 2% m o n t h s to obtain
480 p o u n d s of rice, so viel wie in A m e r i c a d u r c h die Arbeit von 11 Tagen.
In S d i n d i e n rice viel h h e r u n d a m u c h larger a m o u n t of labour required
to obtain the same quantity of food. (226) A u s Timkowski (Russian M i s s i o n 25
to China) n i m m t er eine Preiliste von Pekih. (Zu wissen d a 137 tsian or
cash = 1 franc oder 18% cent.) servants in d e n ersten H u s e r n m o n a t l i c h
3300 tsian = $ 4.50; in second class H u s e r n , in addition zu their board,
von 1000 zu 1500 tsian = $ 1.75 per m o n t h or $ 21 per a n n u m . In Preussen
684
Aus H. Ch. Carey: Essay on the rate of wages (Fortsetzung)
u n t e r h n l i c h e n c i r c u m s t a n c e s wages n i c h t b e r $ 10 per a n n u m . D i e pri-

ces of provisions are as follows:
R i c e per 20 p o u n d s 400 tsian, eggs per h u n d r e d 4 0 0 - 6 0 0 ts., cabbages
per H u n d e r t 3 0 0 - 5 5 0 ts., millet flour per 20 p o u n d s 275 ts. Wages are as
5 follows: a j o i n e r per day 300 ts. = 151bs rice, a carpenter 200 = lOlbs rice, a
paper h a n g e r 200 = 10 lbs rice, a working m a n 130 = 6 lbs rice. D e r aver-
age price des Brodes in Paris fr several years, as given by the police to
Messrs. Bowring u n d Villiers war 60 C e n t i m e s fr 2 kilogramme. D i e wa-
ges, gegeben in d e m s e l b e n Report: D e r c a b i n e t m a k e r per day 3f. - 3f. 50 c.
10 oder 23 Pf. Brod, der carpenter 3 f. - 3 f. 50 = 23 Pf. Brod, hatter, s h o e m a k e r
etc 3 f. = 22 Pf. Brod, die terrace m a k e r s , blacksmiths etc 2 f. = 14 Pf. Brod.
Berechnet d a der franzsische Arbeiter 2x des chinesischen; gesteht
b r i g e n s selbst, d a er v o n C h i n a n i c h t s w e i . (227, 228) |
| 1 1 | I propose now to s u b m i t to t h e reader a scale of the advantages (or
15 productive powers) possessed by t h e several n a t i o n s to which I have refer-
red, that he m a y see at a glance how far it accords with the state of the la-
bouring classes as described vorher. G i e b t n u n folgende c u r i o s e T a b e l l e ,
(p. [229,] 230)
United Great Nether- France China Hindu-

20 States Brit. lands. stan.
security of
person and
property 100 100 45 50 20 10
freedom of
25 action 100 70 65 40 00 00
freedom of
commerce 80 50 60 30 00 00
habits of
industry 90 80 100 55 100 50
30 capital, land
included 90 100 45 50 15 15
460 400 315 225 135 75
Deduct
taxation 20 100 50 50 6 10
35 440 300 265 175 129 65
Es ist estimated da 11 days' labour in d e n U n i t e d States sufficient to

obtain a qr of wheat. Taking the above s u m of 440 u n d multiplying it m i t
11, das Product 4840, w h i c h I propose should represent a qr or 8 bushels of
wheat. Die powers des englischen labourers being = 300, wrden er-
40 heischen, to obtain the s a m e value of c o m m o d i t i e s 16 days, die des N i e d e r -
lnders 18, die des french labourer 28, die des C h i n e s e n 38, die des H i n d o o
685
74. These results correspond very nearly (indeed!) with the estimates of the
previous chapter. (1. c.)
T h e first dose of capital applied to land, was probably in shape of a
spade, u n d the n e x t t h a t of a plough, u n d it is unlikely t h a t the r e t u r n in
the second case, was less t h a n in the first. A m o n g the m o s t recent are the 5
cradle a n d horse rake, a n d it is highly i m p r o b a b l e that any farmer will ad-
m i t , that capital, t h u s employed, pays h i m less interest t h a n t h a t previously
applied in the shape of a reapinghook and h a n d r a k e . T h e "inferior soils" of
Mill, R i c a r d o , and others, m e a n those which by reason of their inferiority
of quality, or distance from market, are last brought into cultivation. It is 10
evident that both situation a n d quality m u s t enter into the consideration of
the character of land, as t h a t of second, third, or fourth quality n e a r N e w
York or Philadelphia would be sooner brought into cultivation, a n d com-
m a n d a higher rent, t h a n that of first quality in O h i o or I n d i a n a . T h e latter
are emphatically the "inferior soils" referred to, a n d yet fresh doses of capi- 15
tal are daily administered to t h e m , a n d to lands in Illinois, Missouri, T e n -
nessee, Mississippi u n d A l a b a m a u n d so far are they from being a t t e n d e d
with a " d i m i n i s h e d return", t h a t circulating capital is there worth 12, 15
oder 18% per a n n u m , a n d is used to greater profit by t h e borrower t h a n in
the older states, w h e n o b t a i n e d at 5 or 6. Those distant lands are brought 20
into cultivation in c o n s e q u e n c e of the "doses of capital" being a d m i n i s -
tered in the form of canals, turnpike a n d rail-roads, by which the transport
of their products is facilitated; b u t the result would be the same if the lands
were less distant a n d of inferior quality, a n d the capital were applied in the
form of m a n u r e , or improved m e t h o d s of culture. (234,35) T h e t r a d e of 25
p o p u l a t i o n is the only o n e that has heretofore b e e n free, a n d it is to be re-
gretted that those who are in favour of loosing the shackles which have
b o u n d all others, advocate restriction u p o n t h a t which heretofore escaped.
(239) D i e conclusions sind also: 1) R e g i e r u n g e n eingesezt fr die Protec-
t i o n von person u n d property. 2) D a beste Regierung die, die die Objekt 30
erreicht m i t d e m geringsten Opfer von freedom of action u n d des p r o d u c e
of labour. 3) wo die am wohl[feil]sten erreicht ist die rascheste a c c u m u l a -
t i o n des capital. 4) there is a t e n d e n c y des Capitals rascher zu w a c h s e n als
die Bevlkerung, when n o t prevented by h u m a n interferences. 5) Je rascher
der increase, desto grsser die Nachfrage n a c h Arbeit, u n d desto rascher 35
der increase of production. 6) Je grsser der Betrag der Production, desto
larger die quantity fr jedes individual m e m b e r der c o m m u n i t y , w e n n
gleich getheilt; aber der extent der portion actually assigned to the labour-
ing class m u s t depend, first, u p o n the ratio which capital bears to popula-
tion, a n d second, u p o n the extent of the d e m a n d s for the support of govern- 40
m e n t , a n d the m a n n e r in which they are assessed. 7) D a der rate of wages
686
Aus H. Ch. Carey: Essay on the rate of wages (Fortsetzung)
depends on the fund assigned for the support of the labouring p o p u l a t i o n

compared with the n u m b e r to be supported. 8) that high wages or a large
fund for t h e support of t h e labouring class, in proportion to the extent of
that class", are an infallible evidence of prosperity, and of the rapid in-
5 crease of capital. 9) D a nichts is required to secure der m a s s des people in
E u r o p a a rate of wages = d e m in d e n U n i t e d States aber peace, l a i s s e z
faire, cheap g o v e r n m e n t etc. (246,7)
i
687
Ii2| H.C.Carey. Principles of Political

Economy.
Part the First of the Laws

of the Production and Distribution
of Wealth. 5
Philadelphia 1837.
Value.
T h e idea of exchange is inseparably c o n n e c t e d with t h a t of value. We esti-

m a t e a deer as worth the labour of a week, a h a r e at t h a t of a day, i. e. we
should be willing to exchange that quantity of labour for t h e m . T h e sole in- 10
h a b i t a n t of an island has t h u s his system of exchange established, a n d
m e a s u r e s value precisely as does e a c h m e m b e r of a larger c o m m u n i t y . (9)
Ursprnglich die Vertheilung des Kapitals b e s t i m m t d u r c h seine cost of
p r o d u c t i o n (i. e. labour); aber sobald Erfindungen, V e r b e r u n g e n etc h i n -
e i n k o m m e n the cost of production would no longer be the m e a s u r e of value, 15
t h e cost at which they could be reproduced having fallen. V a l u e would be
estimated by t h e cost of p r o d u c t i o n u n d e r existing circumstances ... T h e
m o r e slowly die i m p r o v e m e n t s gemacht, the m o r e steady would be t h e pro-
portion which existing capital would bear to labour, a n d the m o r e rapidly
they were m a d e , the m o r e rapid would be the fall of pre-existing capital, 20
a n d the m o r e rapid would be the increase in the proportion which l a b o u r
would bear to that capital. (10, 11) T h e value of c o m m o d i t i e s , or m a c h i n -
ery, at the t i m e of production, is m e a s u r e d by the quantity and quality of la-
bour required to produce t h e m . Every i m p r o v e m e n t in the m o d e of p r o d u c -
688
Aus H. Ch. Carey: Principles of political economy
tion tends to improve the quality of labour, a n d to d i m i n i s h the quantity re-

quired for the reproduction of similar articles. W i t h every such improve-
m e n t there is a d i m i n u t i o n in the quantity t h a t can be o b t a i n e d in ex-
change for those previously existing, because no commodity will exchange for
5 more labour than is required for its reproduction. T h e r e is a c o n s t a n t i m p r o v e -
m e n t in the m a c h i n e r y of production, a n d in t h e quality of labour, a c c o m -
p a n i e d by a constant fall in t h e labour value of those existing c o m m o d i t i e s ,
or m a c h i n e s , which constitute capital. T h e longer, therefore, that any c o m -
modity, or m a c h i n e , in the m o d e of producing which i m p r o v e m e n t s h a v e
10 b e e n m a d e , has b e e n in existence, even where no change has b e e n m a d e in
the quality of the m a c h i n e s used, or in that of the c o m m o d i t y , a n d where
there has b e e n no c h a n g e in its powers from use, the smaller is the propor-
tion which its present l a b o u r value bears to its cost. (15) I m p r o v e m e n t in
the m a c h i n e r y by which p r o d u c t i o n is aided, is a t t e n d e d n o t only by a re-
15 d u c t i o n in the labour value of previously existing capital, b u t by a d i m i n u -
tion in the proportion of t h e product of labour t h a t can be d e m a n d e d in re-
t u r n for permitting it to be used. (16) Er k m m t zu f o l g e n d e n c o n c l u s i o n s
(die d e r b r a v e M a n n n o t a b e n e alle d a r a u s zieht, d a n e u e E r f i n d u n g e t c
b e s t n d i g d e n W e r t h d e r a c c u m u l i r t e n A r b e i t i . e . des C a p i t a l s d e p r e c i -
20 iren, w o r a u s n a c h i h m folgt, d a die l e b e n d i g e A r b e i t b e s t n d i g steigt i m
G e g e n s a t z z u r a c c u m u l i r t e n , z u r a u f g e h u f t e n . H i e r i n liegt d e n n a u c h
die Q u e l l e aller s e i n e r R e n o m m i s t e r e i e n . ) 1) D i e cause of value, attached
to commodities, or things, is t h e necessity for giving labour in exchange for
t h e m . 2 ) Der W e r t h jeder W a a r e m u i n einer a n d r e n geschzt w e r d e n u n d
25 so ist die nature of value exchangeable. 3) Der p r o d u c e r desires to d i m i n i s h
the quantity of labour required for their p r o d u c t i o n , a n d to facilitate their
acquisition. 4) with this view he appropriates a portion of his labour to t h e
construction of m a c h i n e s to aid h i m in p r o d u c t i o n . 5) those m a c h i n e s con-
stitute his capital. 6) capital t e n d s to improve the quality of labour a n d to
30 lessen the quantity required for t h e p r o d u c t i o n of any c o m m o d i t y . 7) D e r
value der W a a r e n , at the t i m e of production, is m e a s u r e d by the q u a n t i t y
a n d quality of labour required to p r o d u c e t h e m . 8) der value of an article
c a n n o t exceed that of the l a b o u r required to reproduce it. 9) every improve-
m e n t in the m o d e of p r o d u c i n g any c o m m o d i t y t e n d s to lessen t h e value,
35 in labour, of c o m m o d i t i e s of the same description previously existing.
10) D i e a c c u m u l a t e d products of labour, constituting capital, have, t h e r e -
fore a constant t e n d e n c y to fall in their labour value. 11) this fall of value is
a c c o m p a n i e d by a decrease in the proportion of the product of labour t h a t
can be claimed in return for permitting their use. 12) there is a c o n s t a n t
4C t e n d e n c y to increase in the value of labour w h e n c o m p a r e d with capital,
a n d to an increase in the proportion of product retained by t h e labourer. (19)
689
Iron exists t h r o u g h o u t the world in u n l i m i t e d quantity. In the single state

of Pennsylvania there is sufficient to supply the d e m a n d of the world for
t h o u s a n d s of years, and t h o u s a n d s of acres filled with it have b e e n sold for
t h e taxes of 1, 2 oder 3 cents per acre. T h e person who appropriates it is
paid for his labour in so doing, a n d for changing it in form or in place, pre- 5
cisely as the m a n is paid who employs himself in m a k i n g coats. (23) |
1131 In all these cases value is given to c o m m o d i t i e s t h a t previously h a d
n o n e ; b u t t h a t value is limited to t h e wages of labour, a n d to the u s u a l
profit on capital employed. (24)
Value in land. 10
M a n unterstelle einige wenige families m i t t e n in e i n e m extensive b o d y of

land, all of equal fertility, u n d d a j e d e family fr sich selbst alle fr i h r e n
C o n s u m n t h i g e n Artikel producire, performing no exchanges with its
neighbours. O h n e i m p l e m e n t s schwer fr sie a sufficient quantity von land
zu cultiviren to yield t h e m the food necessary for support. G e s e z t am E n d e 15
von 3 J a h r e n e a c h has prepared u n d brought into cultivation e n o u g h to
yield 200 bushels of grain. N a c h einiger Zeit some of the younger b r a n c h e s
are of age to establish themselves, a n d desire to extend the settlement.
W e n n equally u n p r o v i d e d m i t i m p l e m e n t s , the new farms erheischen glei-
ches Q u a n t u m Arbeit to bring t h e m into cultivation, aber w e n n sie m i t 20
S p a d e n versehn b r a u c h e n sie vielleicht die labour von 27 m o n t h s , wo ihre
Vter die von 3 J a h r e n u n d in Zeit von 27 m o n t h s they find themselves
possessed of farms also yielding 200 bushels. If, now, a n o t h e r were desirous
of establishing himself, a n d o n e of t h e farmers on N o . 1 were desirous of
changing his place, what would be t h e value of his farm? Er k n n t e es nicht 25
m e h r fr 3 years, sondern n u r n o c h zu 27 m o n t h s labour verkaufen, wofr
die farm n u n m i t d e m S p a d e n herzustellen. If he desired to rent it, the oth-
er party would n o t give h i m as large a proportion der proceeds for the use of
an article t h a t could be obtained by 27 m o n t h s ' labour, as he would have
d o n e at the t i m e when it could only be h a d in exchange for t h a t of 3 years. 30
G e s e z t n u n erneuter increase von capital, labour n u n aided d u r c h d e n
Pflug. E i n e n e u e Emigration k a n n n u n d u r c h die Arbeit von 2 0 m o n t h s
prepare farms that will yield 200 bushels p. a. D e r W e r t h der old farms fllt
n u n zu 20 m o n t h s ' labour u n d die proportion to be given as r e n t will fall
with it. E a c h addition to the capital of the c o m m u n i t y will be a t t e n d e d 35
with a d i m i n u t i o n of t h e cost of a farm of any given productive power, a n d
by a d i m i n u t i o n in the proportion t h a t can be d e m a n d e d as rent. I n d e die
owners der farms first brought into action bleiben nicht stationr; die own-
690
ers der farm N o . 1 d u r c h d e n use des spade, sind fhig, o h n e increased la-
bour, to produce 250 bushels, while those of N o . 2 were preparing farms for
the p r o d u c t i o n of 200 bushels. W h a t would n o w be the value of N o . 1? If
the labour of 27 m o n t h s sufficed to prepare as m u c h l a n d as would yield
5 200 bushels, t h a t of 3 3 % m o n t h s would be sufficient to prepare e n o u g h to
yield 250 bushels, u n d der value of N o . 1 could n o t exceed the quantity of
labour necessary to p r o d u c e a farm equal to itself in productive power. If
the owner whished to rent it, what proportion of t h e proceeds would he now
receive? Let us suppose, that, w h e n 3 years were necessary for its p r o d u c -
10 tion, he h a d b e e n able to o b t a i n % of its product. If, then, a m a n would be
willing to give % for t h e u s e of a m a c h i n e , value 36 m o n t h s of labour, what
proportion would be given for the use of o n e , whose value was only
33 m o n t h s ? 2 3 % . T h e owner who received 50 bushels, when it yielded
only 200, would n o w receive 57, w h e n it yielded 250 u n d der o c c u p a n t ,
15 who h a d b e e n a c c u s t o m e d to retain 150, would now have 193 as wages of
labour, aided by a spade. D e r use des Pfluges wrde befhigen N o . I seine
Production auf 300 bushels zu steigern, w h r e n d das L a n d N o . 3 in A c t i o n
gebracht. N o . 3 being able to obtain a farm of 200 bushels m i t der l a b o u r of
20 m o n t h s , k a n n one for 300 b. bereiten m i t der labour of 30 m o n t h s , a n d
20 such would now be the value of N o . 1. If the owner of the latter desired to
rent it, he could n o t now claim as large a proportion der proceeds as he h a d
before d o n e , because its value in labour h a d diminished. He would perhaps
have 2 1 % of the product, giving h i m 63 bushels u n d leaving to t h e occu-
p a n t 237, as the r e t u r n for his labour, aided by the spade a n d the plough.
25 T h e value of N o . 1, when first produced for cultivation, was 3 years' labour,
and as that of one year was worth 150 bushels of wheat, the price of the
farm in wheat would have b e e n 4 5 0 b . or 9 years' purchase of the 50 bushels
received as rent. T h e value in l a b o u r being now 30 m o n t h s , and a year's la-
b o u r being worth 2 3 7 b . , its price in wheat would be nearly 6 0 0 b . So der val-
30 ue der farm in labour gefallen u n d der owner k a n n in E x c h a n g e n i c h t m e h r
so viel davon im A u s t a u s c h erhalten als frher; n o c h could he have as rent,
so large a proportion des p r o d u c e . A b e r labour, durch d e n Pflug u n d d e n
spade, so viel m e h r productiver gemacht, da diese r e d u c e d proportion was
a t t e n d e d m i t an increase von m e h r als 25 % in t h e quantity of c o m m o d i t i e s ,
35 rent having advanced von 50 auf 63 b. So, w e n n wheat der standard der
comparison, the price der farm wrde gestiegen sein ... Labour, being t h u s
aided by improved i m p l e m e n t s , h a d improved in its quality. F a r m s were
m o r e readily p r o d u c e d t h a n they h a d been, a n d the c o n s e q u e n c e was a dim-
i n u t i o n in the value, in labour, of all previously existing farms, a n d a like
40 d i m i n u t i o n in the proportion of t h e p r o d u c t t h a t could be claimed by t h e
proprietor, as rent, for its use. ( 2 7 - 2 9 ) Unterstellen wir das system of ex-
691
change etablirt u n t e r den different families der obigen c o m m u n i t y . After a

short t i m e findet m a n es expedient to establish a store, wo der p r o d u c e r of
wheat e i n e n spade erhalten k a n n , u n d der p r o d u c e r of spades can exchange
t h e m for wheat. T h e necessity for transporting their produce to this place of
exchange, causes the owners of the farms in the vicinity, to m a k e roads 5
leading to it, at considerable cost of labour. T h e s e roads t e n d to facilitate
the approach to the s a m e place of those persons who m a y subsequently ap-
propriate to themselves the l a n d s that r e m a i n u n o c c u p i e d . Die settlers von
N o . 2 finden die Wege von N o . 1 vor. N o . 2, being able d u r c h die l a b o u r von
27 m o n t h s aided by a spade, to obtain a farm die 200 bushels bringt, folgt, io
d a sie m i t derselben Q u a n t i t t von Arbeit, 3 Jahre, originally bestowed on
N o . 1, have a farm that would yield h i m 267 bushels. Will aber e i n e n Theil
seines Products at the store a u s t a u s c h e n fr solche products die er selbst
n i c h t producirt. T h e cost of transporting diesen Theil = 25 b. Erhlt also
n u r 242 b. ||14| Die 2 parties p r o d u c e auf i h r e n farms ganz gleiche Q u a n t a , 15
aber N o . 1 h a t d e n benefit arising out von d e m C o n s u m der 2 5 b . m o r e t h a n
the other. D i e schuldet N o . 1 keiner Differenz des Landes, da gleiche soils
unterstellt, b u t to the a d d i t i o n a l capital u n d labour employed u p o n his
l a n d u n d das store facilitating exchanges. Die roads befhigen den farmer
to take his p r o d u c e to market, das store brings the m a r k e t to h i m . T h e store 20
being placed in the centre of the settlement, those nearest to it, who have
b e e n engaged for some years in m a k i n g roads and a c c u m u l a t i n g the capital
which caused its establishment, now derive d e n Vortheil in d e n 25 bushels
jhrlich m e h r als die deren farms neuer, u n d die n u r little beitrugen zu
roads u n d a n d r e n i m p r o v e m e n t s . H t t e N o . 1 gewnscht, to rent his farm 25
w h e n it produced h i m n u r 200 b., wrde er % der proceeds erhalten h a b e n ,
oder 50 b. Da die increased facility of obtaining farms ihre value in l a b o u r
v e r m i n d e r t hat, k a n n N o . 2 fr d e n u s e von einer yielding 2 4 2 b . n i c h t m e h r
erhalten als 2 3 % von d e m Product seines L a n d e s , say 56 b., leaving d e m la-
b o u r e r 186 fr his year's work. W e n n 186 b. der W e r t h von one year's la- 30
bour, N o . 1 m a y receive 8 1 b . as the rent of his farm, leaving the o c c u p a n t
186, whereas the t e n a n t could have h a d only 150, w h e n he first occupied it,
a n d paid only 50 b. N o . 2 verbessert seine roads u n d increase his farms. Er
erleichtert so die c o m m u n i c a t i o n s von N o . 3, der, m i t Hilfe des spade u n d
plough, fhig in 20 m o n t h s zu erhalten a farm of 200 b. oder at the cost of 35
3 years' labour, one t h a t would yield h i m 3 6 0 b . Die Transportationskosten
seien fr i h n 60. N u n wird die Sache sein als folgt:
No. 1 yields 360, No. 2 360 - 30 fr Transportkosten, also 330, No. 3 360
- 60 fr Transportkosten, also 300. Three years' labour would now pro-
d u c e a farm capable of yielding a n e t i n c o m e of 300 b., whereas, originally, 40
it would produce o n e capable of yielding only 200 b. D e r effect dieser in-
692
creased value, wie o b e n gezeigt, to d i m i n i s h the proportion that could be re-

quired by the owner, u n d N o . 3 could n o t now obtain m o r e als 2 1 % der pro-
ceeds, 63 b., leaving 237 d e m labourer. W e n n der owner von N o . 2 es zu
rentiren wnschte, he m i g h t claim von d e m o c c u p a n t all oder fast all, t h a t
5 it would yield ber 237 b., the value of a year's labour employed auf N o . 3,
say 93 b. as rent, or interest for the capital he had expended. N o . 1 m i g h t c l a i m
123 b. from the occupant, who would still retain 237 as wages. T h e capital
applied to the i m p r o v e m e n t of the roads, a n d the facilitation of exchanges,
has h a d the same effect als w e n n der owner h a d appropriated a larger q u a n -
10 tity of land u n d improved his m a c h i n e r y to s u c h an extent as to enable an
individual to cultivate that increased quantity. A whole year's l a b o u r ex-
p e n d e d auf N o . 3, will p r o d u c e net only 300 b., whereas it will, auf N o . 1,
produce 360 equal io 1 + % labourers. T h e capital e x p e n d e d aids p r o d u c -
tion to the extent of % of a labourer, a n d the owner claims the p r o d u c t of
s
15 t h e aid t h u s afforded, or 6 0 b . m o r e t h a n would be paid for t h e use of N o . 3.

T h e value of a year's l a b o u r being 237 b. and 3 years' l a b o u r being the cost
of farm N o . 3 , its value would be 711b., yielding 63 as interest. N o . 2 , yield-
ing 93 b. as rent, would now be worth 1050b. or about 4% years' labour, a n d
N o . 1 giving a rent 123 b., the l a b o u r of 6 years or about 1400 b. T h e owner
20 of N o . 1 h a d , however, b e e n 9 years employed in bringing his farm into t h e
c o n d i t i o n in which it now exists, a n d N o . 2 h a d b e e n 6 years. T h e i r value in
labour, is therefore less t h a n their cost, because it could n o t exceed that of
producing a n o t h e r of similar productive power, a n d the improved imple-
m e n t s h a d t e n d e d to lessen t h e labour required for so doing. D i e e x t e n s i o n
25 des settlement N o . 4 a t t e n d e d m i t similar effects. N o . I improves his roads
a n d his farm, s o N o . 2 , N o . 3 u n d N o . 4 would b e brought into action. ( H e y !
Hey!) Its o c c u p a n t would be enabled, in c o n s e q u e n c e of increased capital
in the form of agricultural i n s t r u m e n t s , to appropriate a farm t h a t would
yield h i m 410 b. T h e cost of transportation would be 90, a n d there would
30 r e m a i n 320. Die Sache s t n d e d a n n so:
N o . 1) producirt 4 1 0 b . , N o . 2 ) 410 - 30 (fr transport) = 380, N o . 3) 410
- 60 (fr transport) = 350, N o . 4 ) 410 - 90 (fr Transport) = 320. A l s o d i e
E i n n a h m e n 410, 380, 350 u n d 320. R e n t o n N o . 4 would b e 2 0 % o n t h e n e t
product, 64 bs., leaving 256 d e m labourer, N o . 3 m i g h t pay 94 b., N o . 2
35 124b., N o . 1, 154b., leaving in each case the same quantity, as wages, to t h e
occupant. A year's labour being worth 256 b . , u n d 3 years b e i n g required to
produce a farm like N o . 4, its value would be 768 b., yielding 64 as rent.
N o . 3, yielding 94 b., would n o w be worth 4% J a h r e , N o . 2, 6 J a h r e u n d
2
N o . 1, 7 J a h r e labour, oder 1920 b. D i e quantity actually bestowed u p o n

40 t h e m , has, however, b e e n 3 - 6 - 9 u n d 12 years. N o s . 1, 2, 3, enjoy die advan-
tages of situation, i. e. they have h a d capital applied in der F o r m von stores,
693
roads etc, to facilitate the exchange of their productions for the c o m m o d i -

ties desired by the producers. We here see t h a t as the productiveness of la-
b o u r increases, the value, in labour, of existing capital, falls below the cost,
a n d the proportion of the product that can be claimed as rent, decreases.
W h e n a year's labour would yield only 200 b., the owner could claim 50, 5
b u t w h e n it yields 320, he c a n claim only 64. In the o n e case the wages of
t h e labourer were only 150, in d e m a n d r e n , 256. ... Die owners von N o . 4
u n d N o . 1 stehn im selben Verhltni als die von 2 farms von gleicher ex-
t e n t u n d fertility, u p o n o n e of which there were houses a n d barns, while
u p o n the other there were n o n e . Their power of yielding crops being gleich, io
n u r der sie r e n t e n wollte, wrde erst sehn how m u c h to pay for that power
u n d d a n n estimate the value of t h e buildings to h i m . ... Die proportions of
rents u n d wages sind fixirt by the average product of labour ... a property
t h a t will yield m o r e t h a n the average return, will pay as rent m o r e t h a n an
average proportion, while one below t h e standard will yield less t h a n an av- 15
erage proportion to t h e owner. Adjoining N o . 1 there m i g h t be l a n d that,
trotz aller expenditure u p o n roads, n u r 256 b. liefern wrde in r e t u r n to a
year's labour. No person would cultivate it unless he could retain t h e whole
proceeds. ... T h e additional capital constantly applied to the i m p r o v e m e n t
of the farms first occupied, whether in the form of houses a n d b a r n s , or im- 20
proved roads; in stores or places of exchange; t e n d s to m a i n t a i n their value,
which is, however n o t equal to the cost of production. W i t h every increase
in the facility of obtaining axes, the value of those previously existing
would fall, b u t if the owner of t h e m were to add constantly to his n u m b e r ,
he would have a constantly increasing i n c o m e . His stock would, however, 25
n o t have a value equal to t h e cost of p r o d u c t i o n . ( 2 9 - 3 5 ) |
|15| W i r wollen jezt die U m s t n d e u n t e r s u c h e n , w a r u m lands of different
degrees of fertility are brought into action. W e n n L a n d von der ersten qual-
ity d e m cultivator in r e t u r n fr a given a m o u n t of labour 200 b, of grain
t e n
producirt, so das der 2', u n t e r h n l i c h e n U m s t n d e n , n u r 190; das der 3 30
n u r 180, das der 4' 170 u . s . w . ... It has b e e n shown, t h a t w h e n all l a n d is of
e q u a l fertility, the extension of cultivation over those m o r e distant, is ac-
c o m p a n i e d by a constant increase in the facility of obtaining farms, a n d a
constant r e d u c t i o n in the labour value of those previously existing. In d e m
jetzt unterstellten territory die a u c h der Fall, so far as relates to t h e m o s t 35
fertile lands ... Difference of distance is m a d e a m e n d s for by improved
i m p l e m e n t s , a n d m e a n s of transportation ... Proximity m a k e s a m e n d s for
difference of soil, as no m a n would cultivate land of second fertility, unless
it would yield as m u c h as he could obtain u p o n those of the first quality a
little m o r e distant. W i t h every extension of cultivation on fertile, b u t m o r e 40
distant lands, those of inferior fertility n e a r the settlement are b r o u g h t into
694
action. I m p r o v e d i m p l e m e n t s a n d improved m o d e s of cultivation enable

t h e o c c u p a n t s of t h e latter to o b t a i n a constantly increasing r e t u r n to la
bour, a n d improved roads a n d i m p l e m e n t s p r o d u c e t h e s a m e effect u p o n
t h e former, a n d t h u s w h e n l a n d of t h e 1 0 degree of fertility, in t h e neigh-
5 b o u r h o o d of the settlement, is cultivated, t h e o c c u p a n t has a m u c h larger
r e t u r n for his labour t h a n c o u l d be when only t h a t of the first quality was in
cultivation. ... D i e s e l b e n R e s u l t a t e wie frher. There, as lands e q u a l in
quality, b u t differing in distance, c a m e into cultivation, t h e r e t u r n to la-
b o u r was constantly increasing, a n d here the s a m e effect is p r o d u c e d as
10 lands e q u a l in distance, b u t differing in fertility, are b r o u g h t forward. As
p o p u l a t i o n a n d capital increase, resort is h a d to lands continually decreas-
ing in their original qualities, b u t m a d e to yield by improved m a n a g e m e n t ,
a constantly increasing r e t u r n to labour. ( 3 5 - 3 8 ) Die soils first cultivated
sind hufig n i c h t die of highest fertility. . B. die r e i c h e n l a n d s des west
15 n i c h t die gesuchtesten. D e r settler zieht etwas inferior land vor, w e n n n u r
clear u n d ready for cultivation, t i m b e r ist an objection for h i m u n d er
n i m m t eher land von N o . 2 oder 3 als solches von N o . 1, das m u be
cleared. After a t i m e , w h e n roads are m a d e , a n d considerable capital h a s
b e e n expended, fngt das m i t t i m b e r b e d e c k t e L a n d an = zu sein d e m
20 a m o u n t of labour that is r e q u i r e d to clear it. T h e trees are cut down u n d
b u r n t , u n d der cultivator ploughs a m o n g their s t u m p s . A further increase of
capital in the form of roads, enables those that are n e a r the town to sell it
as firewood; a n d it pays s o m e part of t h e e x p e n s e of clearing it. An exten-
sion of the road brings i n t o a c t i o n t i m b e r that is somewhat m o r e distant,
25 a n d t h e effect would be, to lessen t h e value of t h a t nearer settlement, were
it n o t that t h e increased capital enables t h e owner to erect a saw-mill, by
which to convert it into l u m b e r for b u i l d i n g h o u s e s . T h e road is e x t e n d e d
a n d t i m b e r N o . 4 is b r o u g h t forward etc a n d in each case t h e further i m -
p r o v e m e n t s in t h e vicinity of those first occupied, t e n d to preserve the val-
30 ue they h a d required, a n d even to increase it, a l t h o u g h a c c o m p a n i e d , as in
t h e case of cultivated land, with a value, in labour, m u c h below w h a t h a s
b e e n e x p e n d e d for its benefit. ... W h r e n d dieser Zeit wahrscheinlich large
bodies of l a n d die ganz valueless. S o m e c o n t a i n clay fit for m a k i n g porce-
lain, a n d others granite, iron or coal. ... At length a c a n a l is m a d e , or a rail
35 road is built, a n d this land begins to have value. F u r t h e r application of
capital increases it, a n d at length m a n u f a c t o r i e s are built, a n d t h e iron a n d
coal are b r o u g h t i n t o action, yielding a r e t u r n corresponding, in s o m e d e -
gree, to the great a m o u n t of capital that h a s b e e n applied to their i m p r o v e -
m e n t . These mines will not, however, be worked, unless they will yield as
40 high wages as c a n be o b t a i n e d by cultivation. W h e n they are so, t h e s e very
inferior soils" yield wages far greater als die zu erhalten w h e n only those of
695
the first degree of fertility were cultivated. Zuerst ihre value, even w h e n
worked, klein, b u t the constant increase of capital applied to facilitate the
transportation ihrer products to market, sei es in der form von coal, iron
oder hardware, vermehrt ihren W e r t h etc. W e n n aber an estimate g e m a c h t
of t h e a m o u n t of capital t h a t h a d b e e n , for centuries, applied to their im- 5
provement, it would be found t h a t their value was far short of their actual
cost. T h e increase of m a n u f a c t u r e s would produce an increase of d e m a n d
for houses, a n d masses of granite that for centuries h a d b e e n valueless,
would be brought into activity. A railroad applied to facilitate t h e transport
of stone to m a r k e t would now give to this "inferior soil" a value vastly 10
greater t h a n t h a t of the m o s t fertile land. ... T h e m o r e distant coal would
be in precisely the situation of the lower strata of a coal field, the highest
s t r a t u m of which was now in activity. Increased capital in the form of
s t e a m engines would give value in t h e o n e case, while railroads would give
it in the other. ... If the owner of a coal m i n e expend the whole proceeds 15
u n d allow his beds to be worked out, so hrt es auf to p r o d u c e rent; b u t if
he follow the example of the farmer, in investing a portion of the p r o d u c e
in the c o n t i n u a t i o n of his shaft, he finds new seams of coal, a n d a contin-
u e d increase in the ability to yield rent, as has b e e n the case with the coal
m i n e s of England. T h e shafts are constantly being sunk deeper, accompa- 20
n i e d by constantly increasing value in the land, which is vastly greater now,
w h e n they are obliged to go to the depth of 100 or 150 fathoms, t h a n they
were half a century since, when such expenditure was unnecessary. ... I m -
proved m e a n s of working befhigen die proprietors to raise their coals from
depths n o c h grsser etc. T h e lower strata of coal are in the situation of the 25
d o r m a n t powers of land subjected to cultivation. W h e n c o a l m i n e s are
worked with indifferent machinery, capable of extracting the coal from
only a m o d e r a t e depth, the land is soon worked out, a n d a b a n d o n e d . In-
creased capital enables the m i n e r to descend d o u b l e the distance, a n d the
value is now greater t h a n at first. A further application of capital enables 30
h i m to d e s c e n d successively 300, 500, 600, 1000, or 1500 feet, a n d with
every successive application the property acquires a h i g h e r value, notwith-
standing the quantity of coal that has b e e n t a k e n out. In like m a n n e r the
value of l a n d rises as capital is applied. ... A water power, beyond the lim-
its of settlement, has powers as great as they can ever b e c o m e , b u t they 35
are n o t wanted, a n d have no exchangeable value. A few years afterwards we
find that population has extended itself to or b e y o n d it; t h a t capital has
b e e n b r o u g h t with population; u n d that roads have b e e n m a d e . D i e water
power has b e c o m e valuable, n i c h t weil ihre power so ist, ||16| s o n d e r n be-
cause capital has b e e n applied, in various forms, towards t h e m a k i n g of 40
roads. A further increase of capital brings a large increase of p o p u l a t i o n ,
696
a n d it b e c o m e s t h e centre of a flourishing m a n u f a c t u r i n g district, as that of

Lowell has b e c o m e . T h e n a t u r a l agent has n o t h i n g that it did n o t possess
40 or 400 years before, b u t capital has r e n d e r e d its powers productive. In
building the first store, or place of exchange, the owner would experience
5 all the difficulties a t t e n d a n t u p o n t h e want of m a c h i n e r y for t h e transporta-
tion of m a t e r i a l s - f o r the b u r n i n g of bricks, or sawing of l u m b e r - a n d from
t h e necessity of using an axe instead of a p l a n e or of a saw. W h e n the trade
of the settlement h a d increased so far as to r e n d e r it expedient to have a
second, the lots i m m e d i a t e l y adjoining would have acquired, from the ex-
10 p e n d i t u r e of the owner of the first, a value fully equal, except the m e r e val-
ue of the building. These lots are therefore produced to their owners at
m u c h less cost t h a n t h e first h a d b e e n , a n d if the increased m e a n s of the
settlement h a d d i m i n i s h e d the quantity of l a b o u r required for p r o d u c i n g a
building similar to the first, there would be a further saving. T h e s e c o n d
15 building being erected, the exchangeable value of the first, in labour,
would be only as m u c h as N o . 2 h a d cost, being m u c h less t h a n t h e owner
h a d expended u p o n it. T h e third Would be built with less labour t h a n t h e
second, and the fourth with still less, a n d the m a n who wished to rent the
last, would give a m u c h smaller proportion des products of his business, as
20 rent, t h a n the first would have b e e n willing to do. ... Lands in the vicinity
of Tyre, of R o m e , of Venice, a n d of Antwerp, possessed those advantages of
situation that are now enjoyed by those in the n e i g h b o u r h o o d of L o n d o n
etc; arising from a b u n d a n t capital, by which they were rendered valuable.
T h e great city of G r a n a d a , a n d the capital employed by its m e r c h a n t s , en-
25 livened the whole of t h a t k i n g d o m , and aided in giving value to all t h e
land. G r a n a d a is n o w deserted; its c o m m e r c e is fled, a n d with it t h e value
of the land. ... L a b o u r a n d capital give value to land n e a r Lowell, or M a n -
chester, while their abstraction destroys t h a t which h a d b e e n given to t h e
vicinity of S a l a m a n c a or T o l e d o . T h e n a t u r a l powers r e m a i n the same, b u t
30 they have no value. ... W h a t are called natural advantages, like fertile soils,
are d e p e n d a n t for their value wholly u p o n the application of labour and capi-
tal, a n d we cannot attribute to them the p a y m e n t of rent. T h e situation t h a t
is m o s t convenient to fertile l a n d s m a y be of m o s t value today; t o m o r r o w
the n e i g h b o u r h o o d of a m a s s of granite m a y attract capital, a n d s o o n after
35 b o t h m a y be eclipsed by its i n v e s t m e n t in the coaltrade, requiring a differ-
ent place of business. T h e labour employed on the superior soils of t h e
S o u t h of E n g l a n d gave value to town lots that are now restored to cultiva-
tion, while t h e coal and iron of t h e north, have attracted capital t h a t h a s
given i m m e n s e value to land on the Mersey, that was before valueless, not-
40 withstanding those n a t u r a l advantages. If, however, we e x a m i n e the cost at
which this coal a n d iron have b e e n brought into activity, we shall find that
697
it f a r - v e r y f a r - e x c e e d s their present value. L a n d of the first quality m a y be

cut off from market, a n d be without value, because of i m p e d i m e n t s t h a t
m a y be removed by the aid of capital. All t h e fertile lands des R e d River
were d e e m e d worthless, b e c a u s e of the difficulties arising out of the raft,
t h a t prevented its navigation. T h e Raft was an i m m e n s e m a s s of timber, ac- 5
c u m u l i r t w h r e n d m a n y ages, that occupied the bed of the river for a b o u t
150 miles u n d entirely prevented its navigation. It has recently b e e n re-
moved, at very considerable cost. Advantage of situation will always be
found to be only proximity of capital, and the s a m e effect is p r o d u c e d ,
whether it be brought to the land, or the l a n d be brought to it, by m a k i n g 10
good roads, or canals. ... l a n d of the sixth degree of fertility, in the neigh-
b o u r h o o d of L o n d o n , yields a larger quantity of c o m m o d i t i e s , in r e t u r n to
labour, t h a n can be o b t a i n e d from that of the first degree in Illinois. ... He
who goes to a distant land a n d appropriates it, m u s t obtain s o m e t h i n g
which he could exchange for hats u n d coats, e q u a l in value to the l a b o u r he 15
has bestowed, ... die g a n z e Colonie i n d e von W i l l i a m P e n n would not,
30 years after, sell for % of the cost of production, u n d s u c h has b e e n the
case m i t colonies in general. If land possessed exchangeable value, i n d e -
p e n d e n t l y of the labour applied to its appropriation a n d i m p r o v e m e n t ,
P e n n should have h a d it in his power to sell it for a large advance u p o n its 20
cost, whereas he would gladly have sold at a heavy loss. T h e m a n who sells
oil m a k e s no charge for its n a t u r a l qualities. In estimating its cost he p u t s
down the value of the labour employed in its pursuit, a n d s u c h is its value.
... Oel u n d s t e a m exist i n b o u n d l e s s quantity, u n d ihr W e r t h i n e x c h a n g e
arises out of the labour so employed, (to producing the engine, a n d the 25
fuel, a n d in m a n a g i n g the engine) S u c h is the case with land, a n d he who
pays r e n t for its use pays only interest u p o n t h e labour t h a t has b e e n e m -
ployed in its production, by which it h a s b e e n rendered a m a r k e t a b l e c o m -
modity, for which hats etc can be h a d in exchange. If t h e views we have so
s u b m i t t e d correct sind ist G r u n d e i g e n t h u m d e n s e l b e n G e s e t z e n subject 30
die regulate das a c c u m u l a t e d product of labour invested in the form of
axes, ploughs, etc. W e n n die der Fall, m u m i t d e m increase von capital
u n d A u s d e h n u n g der Cultur ein i m p r o v e m e n t sein in der c o n d i t i o n des la-
bourer, an increased facility of obtaining l a n d e d or other capital, an in-
crease in the a m o u n t of c o m m o d i t i e s obtainable for the use of any given 35
a m o u n t of c a p i t a l , - a c c o m p a n i e d by a d i m i n u t i o n in t h e labourvalue Of
pre-existing capital, a n d a d i m i n u t i o n in t h e proportion of the p r o d u c t of
labour t h a t can be claimed as rent, or interest for its use. ( 3 8 - 4 8 ) (
698
|16a| Effects of the extension of cultivation

upon the wages of labour.
Obgleich m i t Capital in der F o r m von agricultural i m p l e m e n t s ausgestattet

u n d trotz der Masse des fruchtbaren L a n d e s die Lage eines settlers sehr
5 precair. So die der first emigrants in Virginia u n d N o r t h c a r o l i n a u n d Ca-
nada, a limited p o p u l a t i o n enabled t h e m to limit their cultivation to t h e
most fertile lands b u t a m o r e limited capital prevented t h e m from cultivat-
ing those l a n d s advantageously. Ihre Lage fast, wie die der Polen, Spanier,
Trken. " T h e starving colonists were now (1628) r e d u c e d to five o u n c e s of
10 bread per day." (Von C a n a d a . M a r t i n ' s Col. Libr. C a n a d a p. 10) T h e history
of all early settlements is one of great wretchedness a n d discomfort. D i e
emigrants n a c h N e u s d w a l e s , Swan river u n d d e m K a p der g u t e n Hoff-
n u n g , have acted over in our t i m e , the scenes of the early settlements of
America. V o m Swan River heit es bei M a r t i n 1. c. p. 29: "for three years
15 the settlers were in daily fear of starvation." Upwards of a t h o u s a n d
labourers were sent out to Swan River Colony, but the extreme c h e a p n e s s
of land (1 s. 6 [d] per a c r e - 1 8 3 6 n o c h fr e i n e n 1 sh. zu h a b e n ) u n d der ex-
travagant price of labour, furnished t h e m with such facilities a n d i n d u c e -
m e n t s to b e c o m e l a n d owners, that the capitalists were every where left
20 without persons to cultivate their lands. In consequence, capital to the
a m o u n t of 2 0 0 , 0 0 0 perished. A scene of desolation e n s u e d . T h e labourers
having deserted their masters for the delusive desire of being the owners of
land, i m p l e m e n t s of agriculture were allowed to rust on t h e b a n k s of t h e
r i v e r s , - s e e d s of various kinds rotted in casks on the b e a c h for want of sow-
25 ing, a n d sheep, cattle a n d horses perished because there was no o n e to at-
t e n d t h e m . T h e crisis c a m e - h u n g e r cured the labourers of their infatu-
ation, a n d they r e t u r n e d a n d d e m a n d e d from the capitalists they h a d
ruined, the work which they h a d deserted. It was not to be had." (Proced-
ings of the South A u s t r a l i a n Association, J u n e , 1834) D i e Association
30 glaubte die Colonie sei ruinirt d u r c h d e n niedrigen L a n d p r e i u n d h o b i h n
zu 12 sh. per acre. T h e real cause was, that the labourers believed l a n d h a d
value in itself apart from the l a b o u r bestowed u p o n it, a n d were a n x i o u s to
exercise "the power of appropriation" to which t h e power to d e m a n d rent is
attributed. E i n andrer Theil m i t gehrigem capital i n I n s t r u m e n t e n u n d
35 cattle versehn, erhlt by cultivating the m o s t fertile land, vielleicht etwas
m e h r als zu H a u s , weil n i c h t die Staatsabzge etc oder war zufrieden, weil
a c c o m p a n i e d m i t freedom from persecution fr religious a n d other opin-
ions. D i e der case m i t a large part der early emigrants n a c h d e n U n i t e d
699
States. U n d d a n a c h finden wir i n d e r W e s t m i n s t e r Review O c t o b e r 1836,

p . 5 4 b e r e i n e n e u e r l i c h e E m i g r a t i o n n a c h d e m C a p d e r g u t e n Hoff-
n u n g : G a n z gut ausgestattete Colonie, v e r b u n d e n u n t e r e i n a n d e r , farmers,
cooperirend m i t Capital u n d skill, located in an unrivalled climate, a n d
c o n t i n u e d long to receive direct support from the government [in] food, as- 5
sistance u n d protection. D o c h n a c h einigen J a h r e n vergeblicher A n s t r e n -
g u n g e n auf d e m P u n k t ihr U n t e r n e h m e n aufzugeben. I n 1 8 2 3 - 4 m o s t o f
the settlers in the frontier districts of A l b a n y almost reduced to starvation,
wovon rescued by the liberal subscriptions in Cape Town, in India, a n d in
England." W e n n die affairs der Colony gut gelenkt, wird sie m i t d e m in- 10
crease of n u m b e r s u n d capital u n d der extension der Cultur b e r m o r e
distant, or less fertile lands, rise of wages geben, wie in d e m settlement of
William Penn.
1699 der Prei einer T o n n e M e h l in Philadelphia, as appears von d e m
cash book von W . P e n n , 17 oder $ 45.34. Das hire of m e n von 2 s. 6 d. zu 15
4 s. = 33 oder 53 cents. V o n 1 7 8 3 - 1 7 9 0 wages zu 5 0 - 7 5 cents per day u n d
der average price of flour, p e r barrel of 196 p o u n d s , fr 10 J a h r e von
1 7 8 4 - 1 7 9 3 - $ 5.68 oder per ton of 11 barrels 62.48. V o n 1 8 2 5 - 1 8 3 4 wa-
ges v o n 75 zu 125 cents per day u n d der average price of flour $ 5.32 per
barrel or per t o n $ 58.52. N i m m t m a n die lowest wages in allen diesen Fai- 20
len, so result:
1699 to o b t a i n a ton of flour would require 137 days
1790 dto dto 125
1834 dto dto 78 wages hier fast doubled,
obgleich alle G r a d e von B o d e n in Cultur gebracht. In cotton, sugar, coffee, 25
tea ausgedrckt vielleicht verdreifacht. K a u m any l a n d in Pennsylvania,
das d e m o c c u p a n t nicht grsser c o m m a n d gebe ber necessaries etc als die
m o s t fertile soils on the Delaware without t h e p a y m e n t of rent. So die Ursa-
che des value des lands in der Nachbarschaft von Newyork u n d Philadel-
p h i a n i c h t entspringend von der Nothwendigkeit schlechtres L a n d zu culti- 30
viren sondern von d e m a m o u n t of capital e x p e n d e d darauf, while the vast
increase of capital im A l l g e m e i n e n gab die power to cultivate inferior, or
m o r e distant soils, nicht n u r o h n e R e d u c t i o n , sondern with a constant in-
crease of wages. New Sd Wales zeigt die Werthlosigkeit des L a n d e s . Pop-
u l a t i o n n o c h vor wenigen J a h r e n gering u n d n u r die fruchtbarsten soils re- 35
quired to be cultivated. D o c h war das g o v e r n m e n t gezwungen to offer
i n d u c e m e n t s , by grants of land, to find e m p l o y m e n t , at the m e r e cost of
subsistence for the labour power der colony. W e n n m a n die wages of Eng-
l a n d u n d der colonies vergleicht findet m a n , w e n n m a n die W a a r e n be-
trachtet, t h a t could be gained by a given a m o u n t of labour, with equal taxa- 40
tion h h e r in England. ( 4 9 - 5 3 ) |
700
|17| W a s das settlement von V a n D i e m e n s L a n d angeht the l a b o u r des

industrious settler has almost invariably b r o u g h t h i m to ruin, die returns of
capital smaller als von e i n e m similar a m o u n t in England. D a z u der acre zu
e i n e m average von 5 sh. per acre, wovon 5 % jhrlich zahlbar, n a c h seven
5 years' occupancy ... O n e year's rent of a farmer in E n g l a n d would pay for
transporting himself a n d family to N e w S o u t h Wales, or V a n D i e m e n ' s
land, where he could have 1000 of acres, in fee. W h y should he r e m a i n at
h o m e when such advantages are h e l d out to h i m ? Because t h e rent he pays
is only interest on capital e x p e n d e d for t h e i m p r o v e m e n t of the land, a n d
10 he can pay it, and yet m a k e m o r e t h a n he could do by taking wild land in
those countries for n o t h i n g . (54, 55)
W a s war der state of wages in der old world, when the m o s t fertile lands
only were cultivated? F o l g e n d e table furnished d u r c h Barton brought to t h e
present time by Dr W a d e
15 Wheat Husbandry do, do Wages do do
per qr. wages in pints of Carpenters in pints
per week of wheat. and Bricklayers, of wheat.
in money. in money
s. d. s. d. pints. s. d. pints.
20 1495 4 10 1 10 199 2 9 292
1593 15 9 2 6 82 3 9 123
1610 37 8 3 5 46 4 6 61
1651 69 1 6 10 48 7 6 55
1661 54 0 6 9 61
25 1682 45 3 5 11 66
1685 39 4 3 11 51 5 9 74
1725 34 5 5 4 79 6 0 89
1751 32 0 6 0 96 15 6 274
1770 47 8 7 4 79 15 9 169
30 1790 50 0 8 1 82 16 6 169
1795 58 8 17 3 150
1796 64 10 8 11 70
1800 79 9 18 0 116
1803 91 8 11 5 63
35 1805 82 8 28 3 175
1811 96 8 14 6 76 30 0 167
1813 114 0 33 6 156
1819 84 8 12 0 73 33 0 199
1824 57 2 10 0 89 33 0 295
40 1829 62 1 11 0 91 33 0 276
1832 63 9 12 0 90 33 0 265
Wade. History of the Middle and Working Class. pp538, 539.
V o n 1 4 5 3 - 1 4 9 7 war der average price of wheat, in m o n e y of the present

t i m e , 14 s. 1 d. per qr. W h r e n d der Zeit it fluctuated between 2 s. 8 d. u n d
701
1 1 7 sh. V o n 1 4 8 6 - 1 4 9 7 von 5 sh. zu 1 17 s. u n d averaged 1 u n d 2 d.

Das year selected zur Vergleichung der past m i t der present ist 1495, wo er
am niedrigsten war. 1497 war der Prei 1 11 sh. G e s e z t aber selbst 1495
h a t t e a week's labour 199 pints of wheat gegeben, it would only prove da
die situation des people wie h e u t e b e i b a r b a r o u s nations, gelegentlich riot- 5
ing in a b u n d a n c e u n d in a few weeks in a state of starvation. Die 199 pints
of 1495 wurden reducirt in 1497 auf 32 [pints] oder % bushel, for t h e sup-
port of t h e labourer a n d his family for a week. (57) |
|18| N a c h M a l t h u s 1350 der labourer could earn von % of o n e peck -
1 peck of wheat per day oder 80 pints for a week's labour; 1444 1 peck per 10
day oder 96 pints per week u n d von dieser Periode bis E n d e des J a h r h u n -
derts 2 pecks per day oder 192 pints per week. V o n 1 6 4 6 - 1 6 6 5 keine % of a
peck per day oder 72 pints per week. V o n 1 6 5 5 - 1 7 0 0 k a u m so viel u n d
whrend der ersten 12 J a h r e des 1 8 ' J h . ungefhr % of a peck oder 76 pints
per week. F r 5 J a h r e e n d e n d m i t 1810 wages ungefhr n a c h i h m % of a 15
peck oder 80 pints per week. Bei der B e s t i m m u n g der daily wages schwierig
zu b e s t i m m e n 1) fr welche Portion des Jahres die Arbeiter Beschftigung
fanden, 2) ausser einer gegebnen W a a r e , wie Korn, die quantity of other
necessaries, t h a t could be h a d in exchange therefore. Im Stand der Civilisa-
tion die Arbeit gleichmssig vertheilt durchs Jahr. W h e r e labour is n o t 20
assisted by capital, large n u m b e r s of people are required at certain a n d very
short periods, as at the t i m e of the harvest, for w h o m no e m p l o y m e n t exists
at others, b u t the application of m a c h i n e r y diminishes greatly the n u m b e r
required at those times, a n d facilitates the extension of cultivation etc. We
know very well that to secure the grain is as i m p o r t a n t as to raise it, a n d t h a t 25
if it were n o t possible to obtain the necessary assistance at harvest t i m e ,
m u c h of t h a t which h a d b e e n raised would be lost. So in d e n S o u t h e r n
States der planter compelled to limit his cultivation within the powers of
his people to m a k e his harvest. 1389, in securing the crop of corn von
200 acres, beschftigt 250 reapers u n d thatchers on o n e day u n d 200 an 30
e i n e m a n d r e n , (nach Eden) An e i n e m a n d r e n Tag in d e m s e l b e n J a h r 212
hired, for one day, to cut u n d tie up 13 acres of wheat u n d 1 acre of oats,
(id.) Zu dieser Zeit 12 bushels to an acre waren average crop, so d a
212 persons beschftigt to harvest 168 bushels of grain, an operation die
jezt leicht d u r c h 6 persons g e m a c h t ist. ... In den 1835 publicirten statisti- 35
sehen Tabellen b e r Irland (by order des british government) sind die
Preisse of l a b o u r u n d provisions in L o n d o n d e r r y 1833 u n d 1834 gegeben,
c o m m o n labourers 8 sh. per week u n d der average price of wheat w h r e n d
dieser 2 J a h r e 10 s. 6 d per cwt oder 52 s. 6 d. per qr. D i e wrde g e b e n
78 pints per week as the wages of c o m m o n labour, m e h r als W a d e fr die 40
wages in E n g l a n d fr 1811 giebt. ... A b e r anders verhlt es sich, w e n n m a n
702
von Mallow hrt, d a n i c h t 75 % der Bevlkerung in constant e m p l o y m e n t

etc Inglis (Ireland in 1834) vol.11 p . 2 9 9 sagt: In a country, where n o t % of
the people in constant e m p l o y m e n t , der average a m o u n t des labourer, er-
x
h a l t e n im Jahr, a n z u s c h l a g e n fr / Jhi. W h r e n d dieses h a l b e n Jahres
2
5 seine wages 8 d. fr 4 m o n t h s u n d fr die a n d r e n 2 - seed a n d harvest

times - 1 sh. Die 104 working days zu 8 d. sind 3 9 s. 4 d. u n d die 52 days
zu 1 sh., a d d e d to this, m a c h e n 6 1 s. 4 d. die giebt fr d e n Tag im J a h r
fr den Arbeiter u n d seine family n o t quite 4 d." M a c h t per a n n u m 6 1 s.
4 d., wovon 35 sh. a b g e h n als rent for his cabin u n d so n u r brigbleiben 4
10 6 s. 4 d., to supply himself with food u n d clothing, welches leztre viel h h e r
als in England, weil der shopkeeper in e i n e m L a n d , wo der trade sehr be-
schrnkt, h h r e n advance drauf n e h m e n m u . ( 5 8 - 6 0 ) D i e der Schlssel
zu den scheinbar h o h e n wages des 15 J a h r h u n d e r t s , e m p l o y m e n t war t e m -
porary u n d die wages of a single day were to furnish the m e a n s of support
15 fr 3 oder 4 Tage oder fr 1 W o c h e . (60) Er giebt n u n a u s E d e n f o l g e n d e
S t a t e m e n t s : A valuation des personal property zu Colchester, die t e n t h city
u n d eine der most thriving towns in E n g l a n d , 1296, zeigt die Lage der petty
t r a d e s m e n u n d artificers u n d befhigt so eine Idee von der situation des
c o m m o n labourer zu bilden. In m o s t houses a brass pot, von 1 s. zu 3 s. val-
20 ue is to be m e t with, a cobbler's stock in trade was 7 sh., a b u t c h e r ' s stock
of salt m e a t 1 18 sh., der eines a n d r e n zu 1 oder = 1 oder 2 qrs of wheat.
A l m o s t every family was provided m i t a small store of barley, or oats; rye
wenig gebraucht u n d wheat scarcely at all. S o m e families possessed a cow;
2 oder 3 die gewhnliche Z a h l , b u t m o r e kept hogs, a u c h 2 oder 3. F r o m a
25 s u b s e q u e n t valuation, 1301, the h o u s e h o l d articles are ascertained to h a v e
rarely exceeded 20 s. in value. Bread, milk, a n d beer constituted t h e u s u a l
diet der t o w n s m e n . 1351 (Edward III) erschien das statute of labourers, wo-
d u r c h die wages of h a y m a k e r s u n d weeders fixed zu 1 d. per day, payable in
m o n e y , or in wheat at 10 p e n c e a bushel, at the option of their employers.
30 Diese option granted weil w h r e n d des 14 Jh. wheat varied von 2 sh. u n d
4 l. per qr. W a r er hoch, so der labourer in m o n e y bezahlt, w o m i t er sich
kein food verschaffen k o n n t e . W a r er niedrig, so erhielt er Korn, w o m i t er
kein clothing kaufen k o n n t e . N i e m a n d durfte sein Dorf im S o m m e r verlas-
sen, w e n n er zu d e n above wages work erhalten k o n n t e , ausser d e n people
35 von Staffordshire, L a n c a s h i r e u n d einigen a n d r e n Orten. Labourers w u r d e n
2 m a l im J a h r eidlich auf diese regulations verpflichtet. 1360 die N o t i z v o m
P a r l a m e n t besttigt u n d e r penalty o f i m p r i s o n m e n t u n d b u r n i n g i n t h e
forehead m i t an iron. It was ||19| optional fr d e n m a s t e r to hire by t h e day
or year, aber der labourer war c o m p e l l a b l e to work for the statute wages,
40 by the day, or the year". ... 1388 die wages of labour wieder geregelt u n d a
plough driver allowed 7 sh. per a n n u m , m i t food, aber o h n e cloth u n d any
703
other perquisite". D i e whole wages = 7 yards of russet cloth, dessen Prei

fixirt zu 1 sh. per yard. N a c h d e m s e l b e n E d e n 1390 a farm von 57 acres
yielded 6 bushels of wheat u n d eine andre 5 bushels of oats, to the acre. Zu
der Zeit die Bevlkerung n i c h t b e r 2,353,202. Cultivation was widely
spread over the superior soils, yielding a very small return. 1444 wages 5
fixed by act of P a r l i a m e n t u n d a c o m m o n servant in h u s b a n d r y erhielt
15 sh., m i t 3 s. 4 d. fr clothes, u n d his m e a t u n d drink. 1496 wieder gere-
gelt by a new statute of labourers u n d a c o m m o n servant of h u s b a n d r y er-
hielt 16 s. 8 d. per a n n u m , m i t 4 sh. fr clothing, yet at this period Mr Bar-
t o n states his weekly earnings zu 199 pints of wheat, per week, = 4 b. 10
( 6 0 - 6 2 ) N i m m t m a n die folgenden quantities von der table von Barton
u n d W a d e u n d lt die Periode des lezten Kriegs aus, erhlt m a n :
Von 1680-1700 population 5,134,516 54 pints als W o c h e n l o h n .
1701-1726 5,500,000 64
1727-1751 6,100,000 78 15
1752-1764 6,700,000 80
1770 7,227,586 79
1790 8,540,738 82
1824 12,500,000 89
1829 13,500,000 91 20
1832 14,100,000 90 (63) M a c C u l l o c h giebt ein
s t a t e m e n t der contract prices von G r e e n w i c h Hospital. D a n a c h die average
3
quantity of bread fr 1 d. 1 7 2 9 , 1 7 3 0 u n d 1735 12 / oz. V o n 1 8 1 8 - 1 8 2 8 der
4
Prei varied von 1% zu 1% d. per p o u n d , average nearly 1% ., ungefhr

10 oz. per d. Die wages of carpenters, bricklayers u n d m a s o n s in der ersten 25
Period 2 s. 6 d. per day, in der leztren ungefhr 5 sh. so d a moneywages
verdoppelt, whrend der price of bread h a d risen urn 25 % nur. W h r e n d
dieser Zeit an increased extent von L a n d in Cultur gebracht. N a c h 1770
volle % der surface von Bedfordshire consisted of c o m m o n fields u n d of
c o m m o n or waste land. W h e a t in d e m early Theil des 18' J a h r h u n d e r t s an 30
article of export, b u t the application of capital to m a n u f a c t u r e s b r a c h t e d e n
m a r k e t h o m e to agriculturists, thus giving to his l a n d advantages of situa-
tion. Der money price stieg daher, whrend der labour price fiel. (64) V o n
1 7 6 0 - 1 8 3 2 in E n g l a n d enclosed 6,000,000 acres. Das p r o d u c e dieser im-
m e n s e extent of land verzehnfacht. (64 note) Als in Schottland die Popula- 35
tion a b o u t 1 million of souls u n d n u r die fruchtbarsten L n d e r e i e n er-
heischt fr Cultur, sagt Fletcher von Saltoun: There are at this day in
Scotland (beside a great m a n y poor families h a u p t s c h l i c h provided by t h e
c h u r c h boxes, with others, who, by living on b a d food, fall into various dis-
eases) 200,000 people begging from door to door." Also % der P o p u l a t i o n . 40
Fletcher empfahl die Einfhrung der slavery, as the only m e t h o d of cure,
704
famines waren sehr hufig. So 1635, 1688, 1 6 9 3 - 1 7 0 0 (the seven ill

years") 1740, 1 7 8 2 - 8 3 . N o c h 1727 a field of 8 acres sown m i t wheat, in der
Nachbarschaft von E d i n b u r g h , so great a curiosity, d a die g a n z e N a c h b a r -
schaft darauf aufmerksam u n d n u m b e r s of persons c a m e from a great dis-
5 tance to see it. N o c h in d e m m e m o r y of p e r s o n s " ihre Lage so, d a n u r die
usserste Frugalitt die peasantry befhigte to subsist a n d pay any r e n t
whatever. So late as 1763, the slaughter of bullocks for the supply der p u b -
lic markets selbst in Glasgow u n b e k a n n t , obgleich d a m a l s s c h o n
30,000 Bevlkerung. Bis 1775 u n d perhaps later in E d i n b u r g h customary,
10 Glasgow u n d d e n H a u p t s t d t e n Schottlands, for families to p u r c h a s e in
N o v e m b e r , what would now be reckoned a small, miserable, half fed cow,
or ox, the salted carcass of which was the only b u t c h e r ' s m e a t they tasted
through the year." M i t der A u s d e h n u n g der Cultur b e r die inferior soils it
is estimated, d a the p r o d u c e des country has b e e n increased 6 t i m e s since
15 1770 u n d die P o p u l a t i o n n i c h t q u i t e doubled in d e m interval, so d a ein
I n d i v i d u u m n u n 3 x h a b e n k o n n t e was seine Vorfahren n a c h d e m sieben-
jhrigen Krieg. ([65,] 66) |
|20| Ireland is a country wo n u r die superior soils are now cultivated. (67)
Effect of the Extension of Cultivation

20 upon the Profits of Capital.
W e n n die l a b o u r von 3 J a h r e n would produce n u r a farm capable of yield-

ing 200 b., Y of which was absorbed by the owner, its value was 4 5 0 b . u n d
4
das i n c o m e davon 50 b. oder m e h r als 1 1 % u p o n that a m o u n t . W h e n a sim-

ilar farm could be p r o d u c e d in 27 m o n t h s , or when the l a b o u r of three
25 years would give o n e yielding 242 b., the owner could claim only 56, leav-
ing 186 as t h e wages of a year's labour. T h e value of the l a b o u r of 3 years
being 558 bushels, u n d die rent 56, the owner would have 10% u p o n his
capital. W h e n the labour of 3 years would p r o d u c e o n e capable of yielding
300b., the proprietor's share would rise to 63b., leaving 237 to the labourer.
30 T h e value der farm would t h e n be 711 b., yielding as r e n t 6 3 b . or nearly 9 %.
W h e n land N o . 4 was b r o u g h t into cultivation, t h e s a m e l a b o u r p r o d u c e d a
farm yielding 320 b. wovon der owner claimed 64. Wages having risen to
256 b., the value was 768, yielding 64, oder 8% u p o n t h e capital. If we
c o n t i n u e t h e scale u n t i l we find t h a t t h e s a m e t i m e applied will yield a
35 farm producing [to] a year's l a b o u r 600 b., of which the owner claims 15%
or 90b., we shall find its value to be 1530, yielding nearly 6% interest. H e r e
we find the p r o d u c t of labour constantly increasing a n d wages rising, with a
705
constantly a u g m e n t i n g r e t u r n for the u s e of capital produced by a given

quantity of labour. We find, however, that i n c o m e bears a constantly di-
m i n i s h i n g proportion to t h e p r o d u c t of labour, a n d to the value in wheat, or
in m o n e y , of the capital; t h a t interest is falling.
W h e n three years' l a b o u r would p r o d u c e only a farm of 150 bushels, the 5
o c c u p a n t would give for its u s e that of 3 m o n t h s , or ]/ des product, 2 5 % b u t
4
as labour b e c a m e m o r e productive he would give successively

for o n e of 242 bushels, 71 days
300 65
320 63 10
600 47. Every day increases the power of a c c u m u l a t -
ing capital, a n d each day d i m i n i s h e s the sacrifice which m u s t be m a d e by
those who desire to o b t a i n the u s e of it. ... Im ersten S t a d i u m the savings
of a life would hardly suffice to secure to the labourer t h e enjoyment, rent
free, of a farm yielding 200 bushels. ... in the last the labour of 47 days 15
giebt er for the u s e of a m a c h i n e that he could himself p u r c h a s e at t h e e n d
of 5 years, whereas he gave, at first, t h a t of 3 m o n t h s for o n e t h a t he could
n o t o b t a i n in less t h a n 20, 30 or 40 years. H e r e we find the exact parallel of
the axe, constantly improving in quality. W h e n b u t a single o n e existed
a n d to produce a n o t h e r would cost m o n t h s of labour, half of the whole pro- 20
d u c e would be given by the labourer to secure the power of using it, b u t
w h e n a better one could be h a d by t h e l a b o u r of a day, he would n o t give
m o r e t h a n the ] / part. Vergleicht m a n die exertion now required t o accu-
m
m u l a t e a capital yielding any given annuity, m i t der n t h i g vor % Jhdt, fin-

det m a n d a weniger als % will accomplish it, weniger als % aber verglichen 25
m i t der corresponding period des 18' Jh. u n d die verglichen m i t 2 Jahr-
h u n d e r t e n frher m o r e c a n now be d o n e in o n e year als d a m a l s in ten
years. ( 7 3 - 7 8 ) where the ratio of capital to p o p u l a t i o n is small, t h e share of
p r o d u c t claimed by its owner is large, u n d it diminishes with t h e growth of
capital. A n y cause die dessen growth verhindert m u s t t e n d to prevent the 30
increase in t h e proportion des labourer. S u c h is the effect of war. (74 N o t e )
D e r entgegengesezte Fall a u c h mglich. W e n n Capital so viel schneller
wchst als population, t h a t it could n o t all be u s e d ist der capitalist ge-
z w u n g e n sich zu b e g n g e n m i t a very small proportion des Products u n d
der rate of interest would be very low. ... T h e difficulty of finding employ- 35
m e n t for it, would cause t h a t which was likely to be p e r m a n e n t l y employed,
to m a i n t a i n a high value, selling at 30, 35 or 40 years' p u r c h a s e of t h e in-
c o m e . D a h e r der capitalist in E n g l a n d willig to lend his capital to t h e gov-
e r n m e n t for a very small perpetual a n n u i t y ... A b e r in d e m a n g e g e b n e n
F a l l die quantity to be divided zwischen der whole body der labourers 40
would be r e d u c e d d u r c h d e n r e d u c e d a m o u n t of p r o d u c t i o n . T h e labourer
706
wrde in der Lage des Capitalisten sein, w e n n n u r das fruchtbarste L a n d

cultivirt. He would have a larger proportion als sonst aber a smaller q u a n -
tity. (1. c.) In d e n western u n d southwestern States der U n i o n war es n i c h t
u n u s u a l 12, 15, 18% j h r l i c h e n Z i n s zu zahlen. Offenbare T e n d e n z der
5 Profits of capital to ||21| fall im Fortschritt der Bevlkerung in der Cultur
u n d des Capitals. Bei der U n t e r s u c h u n g der Ursache davon we shall
consider wages as a fixed s u m , a n d profits as liable to change. (78) G e s e z t
100 M a n n , besitzend j e d e r 500 Dollars capital, d e t e r m i n e sich zu establish
in a new settlement. Sie werden e i n e n spot s u c h e n , der die advantages of
10 situation" besizt, d. h. o n e t h a t has benefitted by the labour e x p e n d e d in
m a k i n g roads u n d other i m p r o v e m e n t s . 99 von i h n e n kaufen, jeder, a quar-
tersection (160 acres) of l a n d u n d m i t der b a l a n c e subsist themselves dur-
ing the period of preparing t h e earth to yield t h e m a return, and in erecting
for e a c h a log h o u s e . D i e accomplished, h a b e n sie eine M a s c h i n e erwor-
15 ben, which, if worked properly, will yield t h e m wages, a n d a small surplus
of profit, being p e r h a p s a little m o r e t h a n they h a d b e e n a c c u s t o m e d to
ste
earn in the place from w h e n c e they c a m e . Die 1 0 0 Person errichtet e i n e n
store von Zucker, Caff etc m i t seinen 500 dollars. T h e advance to be
placed on his goods m u s t be considerable, or he will n o t m a k e as m u c h as
20 his neighbours, a n d he will n o t be disposed, to employ his t i m e a n d his
small capital less advantageously t h a n they do. He also m a k e s wages a n d a
small surplus of profit. At t h e close of t h e s e c o n d year, his neighbours hav-
ing b e e n enabled to increase their stock, by the appropriation of t h e surplus
of the first year, find t h a t instead of having e a c h one h u n d r e d b u s h e l s to
25 exchange at the store, they have 150. T h e c o n s e q u e n c e is, that t h e store-
keeper finds his business increased 50 %, a n d instead of passing t h r o u g h h i s
h a n d s 10,000b., he now h a s 15,000. If the first 10,000 gave h i m 500 dollars
wages u n d 100 dollars profit, t h e profit on the additional capital n o w e m -
ployed requires to be only 50 dollars, in order t h a t his i n c o m e m a y be in-
30 creased to 650 dollars, being precisely the s a m e as that of his n e i g h b o u r s .
To obtain 600 dollars from 10,000 he required to take 6% of t h e value of
the goods, and, in addition, as m u c h as would pay his expenses. 4% u p o n
15,000 dollars, would give h i m 650 dollars. H i s capital increases, a n d he
continues to obtain the same rate of profit upon it, with a reduced rate of ad-
35 vance upon his goods, because, w h e n he passes t h r o u g h his h a n d s
100,000 bushels of wheat he requires only to m a k e wages 500 dollars, a n d
1000 dollars profits, being b u t 1% cents per bushel, instead of 6, [as] at first.
His neighbours employ their savings in the p u r c h a s e of stock, a n d of i m -
proved i m p l e m e n t s , a n d are enabled to cultivate every year a little m o r e
40 land, a n d t h u s o b t a i n an annually increasing surplus over and above the value
of their time, or their wages. If the surplus increase m o r e rapidly t h a n we
707
have supposed, t h e business of t h e storekeeper does so likewise ... E a c h

a u g m e n t a t i o n of capital facilitates its further, a n d m o r e rapid growth, a n d
by increasing t h e a m o u n t of business to be d o n e , enables t h e storekeeper to
o b t a i n a constantly increasing amount of reward for his capital a n d labour,
arising o u t of t h e r e t e n t i o n of a constantly decreasing proportion of t h e prop- 5
erty t h a t passes t h r o u g h his h a n d s , leaving to t h e p r o d u c e r a larger propor-
tion, a n d t h u s enabling h i m to o b t a i n larger wages. He gradually gives up
those parts of business t h a t require h i m to retain t h e largest proportion. He
first ceases to sell by retail, n e x t he ceases to sell by t h e piece or d o z e n , a n d
confines himself to t h e sale of packages of goods, retaining constantly a 10
smaller proportion of the c o m m o d i t i e s , a n d m a k i n g t h e u s u a l profit u p o n
h i s capital, with large wages for his t i m e a n d a t t e n t i o n . ( 7 8 - 8 0 ) V o m store-
keeper u n d farmer g e h n wir n u n z u m m o n e y l e n d e r ber. L e i h t z u 2 5 % d e n
100 P e r s o n e n (in the second year of t h e above settlement, a p e r s o n arrives
with a s u m of 10,000 dollars in his pocket) D i e grossen advantage von d e m 15
u s e dieses small capital erwarten h a b e n i h m z u s a m m e n z u z a h l e n
2500 dollars. To look after so m a n y persons a n d collect his d u e s , requires
his whole t i m e u n d a t t e n t i o n u n d er receives only a m o d e r a t e interest for
his capital, a n d wages for his t i m e a n d attention. . . . (In A u s t r a l i e n 2 0 % so
an P c h t e r geliehn n i c h t selten, 15% der D u r c h s c h n i t t . Die B a n k von A u - 20
stralien leiht zu 10%. D e r legal rate of interest in t h e state of Mississippi is
10%. Zu Odessa der rate of discount between private individuals ist von 10
z u 18% per Jahr. F r h e r war e s 2 - 3 % per m o n t h . ) I m Lauf von w e n i g e n
J a h r e n 10 P c h t e r . B. ihre O p e r a t i o n e n so erweitert, d a sie sein ganzes
Capital p u m p e n k n n e n , n u n angewachsen zu 20,000 dollars. A b e r sie zah- 25
l e n n i c h t m e h r s o h o h e n rate. A b e r sie p u m p e n n i c h t m e h r fr ihre e i g n e n
wages. Sie sind h i n l n g l i c h versehn. All they will derive from its u s e , is t h e
p r o d u c t over a n d above t h e wages der persons they employ, from w h i c h is
to be d e d u c t e d t h e interest they pay, a n d the b a l a n c e will be their own wa-
ges for s u p e r i n t e n d i n g its e m p l o y m e n t . F r d e n m o n e y l e n d e r b e q u e m e r 30
10 P e r s o n e n zu 10%, als 100 persons zu 2 5 % zu leihn, weil im leztren Falle
seine g a n z e Zeit beschftigt, i m erstren eine S t u n d e i n der W o c h e h i n -
reicht, in looking after his interests, a n d he c a n t u r n his a t t e n t i o n to s o m e
o t h e r p u r s u i t t h a t will yield h i m wages for a t t e n t i o n . S o m e years after, find-
ing it i n c o n v e n i e n t to give even t h a t m u c h t i m e , he a n d s o m e n e i g h b o u r s 35
c o n c l u d e to establish an office, where m o n e y shall be lent o u t by certain
persons who are paid to a t t e n d to t h e business; or, in o t h e r words, a b a n k .
H i e r h a t er n u r die a t t e n t i o n als director to bestow; er empfngt so sehr we-
nig fr wages. Will er sein G e l d so u n t e r b r i n g e n , d a er gar k e i n e n reward
for t i m e u n d attention erheischt, so leiht er der Regierung, at a still lower 40
rate of interest, b e i n g t h e true a n d exact value of t h e capital, w i t h o u t
708
charge for m a n a g e m e n t . A b e r : t h e increased a m o u n t of capital being

attended with an increased d e m a n d for talent, a n d c o n s e q u e n t increase of
reward therefor, his personal exertions applied to t h e m a n a g e m e n t of the
business of others, without t h e aid of his own capital, c o m m a n d twice as
5 m u c h c o m p e n s a t i o n as he could obtain in t h e outset with its aid. So fllt
hier der Profit h i e r bestndig, in appearance, with the growth of capital,
when, in fact, the c h a n g e is p r o d u c e d by the abstraction of wages, which, in
the outset, were mixed up with profits. T h e difficulty of obtaining any given
a m o u n t of m o n e y , or other capital, has d i m i n i s h e d with the rise that h a s
10 t a k e n place in wages. At the t i m e at which he o b t a i n e d 25 %, the l a b o u r of a
year would n o t p r o d u c e the s a m e a m o u n t of c o m m o d i t i e s now to be ob-
tained by t h a t of 6 m o n t h s . H i s capital has fallen in value, m e a s u r e d ||22| in
labour, b u t the wages t h a t he can o b t a i n by the e m p l o y m e n t of h i s talents,
have risen, a n d he c a n e a r n an a d d i t i o n a l 10,000 dollars for investment,
15 with perhaps % d e r l a b o u r t h a t was required to obtain t h e first. ( 8 1 - 8 3 )
Capital employed in m a n u f a c t u r e s or shipping folgt d e n s e l b e n G e s e t z e n .
D e r M a n n der 2 oder 3 l o o m s h a t m u % des Products h a b e n , w h r e n d der,
l l
der 1000 hat, m i t / oder / zufrieden sein wrde. T h e proportion of t h e
w 10
labourer increases, a n d t h a t of t h e capitalist decreases with the improved

20 application of labour. Zu Lyon der m a s t e r weaver who h a s three l o o m s
(Bowrings second report, p. 35 u n d 37), is supposed to receive from the two
which he does n o t himself work, a b o u t 900 fr. p e r a n n u m . H i s r e n t a l will be
a b o u t 150 fcs, cost of lodging his two c o m p a g n o n s 80 f., r e m a i n i n g 670 fcs.
T h e value of a l o o m is from 1 0 0 - 4 0 0 fcs. T h e average gain of a l o o m p e r
25 day is generally r e c k o n e d at 3 fcs., m a k i n g a b o u t 1800 f. per a n n u m from
two looms, of which o n e half, as we have seen, goes to the owner of the cap-
ital." D e r owner of A m e r i c a n shipping m u s t have t h e u s u a l h i g h rate of
profit u p o n his capital, a n d large wages for his t i m e . To o b t a i n this he re-
quires b u t a very small proportion of the earnings of his vessels, t h e conse-
30 q u e n c e of which is t h a t the wages of s e a m e n are exceedingly high. T h e
owner of R u s s i a n shipping takes almost % des product a n d leaves a misera-
ble pittance for t h e m a s t e r a n d s e a m a n . Distribution of the proceeds of
R u s s i a n vessels in t h e Black Sea. R e p a i r s per a n n u m 500 rubles. Provi-
sions, per a n n u m , 1500 rubles, wages, 5 m e n , zu 200 rubles each, 1,000,
35 master, 600 z u s a m m e n 3,600, Profit 2,400, a n n u a l product, 6,000 rubles.
H e r e we see that, d e d u c t i n g the repairs, the earnings of the vessel are
5,500 rubles, of which 2,400 go to t h e capitalist, being a b o u t 44% der whole
proceeds. (Hagemeister's R e p o r t on the C o m m e r c e of the Black Sea, p. 57)
Die estimates given are of vessels von 4,000 zu 6,000 poods (70 to 100 tons)
40 b u r t h e n , m a k i n g from 5,000 to 7,000 rubles per a n n u m . So erhlt also der
owner eines russischen Schiffes von 85 tons b u r t h e n , w e n n es bestndig b e -
709
schftigt, for his share 2,400 rubles = $ 500, or 100 st. A b e r w e n n er es

versichern will, die charge for i n s u r a n c e on the hull ist von 8 zu 10% per
a n n u m , u n d wenn der value n u r 10,000 rubles, ist so m e h r als % des gross
profit so absorbed.-Der n o m i n a l profit is high, b u t the a m o u n t of c o m m o d i -
ties at the c o m m a n d of the owner is far less t h a n could be o b t a i n e d by the 5
owner of a similar vessel in England. T h e owner of half a d o z e n s u c h ves-
sels could c o m m a n d a m u c h larger a m o u n t of the conveniences of life in
England, or the U n i t e d States, t h a n at Odessa. Capital is scarce in Russia,
a n d labour is consequently u n p r o d u c t i v e . T h e share of the owner is large,
b u t its a m o u n t is small. (83, 84) In new countries, wo n u r die fruchtbarsten 10
l a n d s cultivirt, die proportion t a k e n by the owner of capital, invested in
land, or in other m a c h i n e s , sehr large; ebenso in old countries deren lim-
ited p o p u l a t i o n requires, in like m a n n e r , only the cultivation of lands of
the best quality. So in Polen, Spanien, Irland. (85,6) The rule that small capi-
tals must yield to the owner a large proportion of their products to indemnify him 15
for his time and attention richtig fr verschiedne nations, wie fr verschiedne
Theile und Individuen innerhalb einer nation. So l a n d let in small patches,
pays, as rent, a m u c h higher proportion of its product t h a n das in grossen
Q u a n t i s verliehne. T h e smaller the a m o u n t of capital owned by an individ-
ual, the larger must be his proportion of its proceeds, b e c a u s e he m u s t m a k e 20
wages for the t i m e employed in its m a n a g e m e n t . T h e smaller the a m o u n t
used by an individual, the larger is the proportion he is disposed to pay for its
use. D e r small dealer, der auf Credit kauft, zahlt d e m Capitalisten e i n e n
viel h h e r n Prei fr seine W a a r e n , als sein N a c h b a r , der on a large scale
for cash kauft; die Differenz oft 15 oder 2 0 % per a n n u m . So der m a n der 25
small h o u s e s builds m u s t have a large interest for his capital, b e c a u s e his
t i m e is o c c u p i e d by their m a n a g e m e n t . T h e occupant, who requires to u s e
a small a m o u n t of capital in t h e form of a h o u s e , m u s t pay s u c h a s u m as
will indemnify the owner for the u s e of his capital a n d his t i m e . So der
pawnbroker etc. Increase in the capital of individuals, or increase of busi- 30
ness, is always attended with the retention of a d i m i n i s h e d proportion of
t h e c o m m o d i t i e s that pass t h r o u g h their h a n d s . ... T h e owners of railroads
require a m u c h smaller proportion der goods they transport u p o n t h e m als
erheischt d u r c h die owners der turnpikes u n d der wagons, die auf i h n e n
fuhren. Die fine ships u n s r e r Zeit charge a less proportion der goods they 35
transport als die in d e n Tagen von Vasco de G a m a u n d C o l u m b u s . Der own-
er einer cotton mill bedarf einer viel geringem Proportion seines Products als n-
thig war fr den owner of a few handlooms. Der owner of a gristmill takes a
m u c h smaller toll t h a n was required by the m a n who p o u n d e d it in a h a n d -
mill. Trotz dieser verminderten Proportion, der return to capital ist increased. 40
Die railroad transports 100 x m e h r als k n n t e m i t derselben cost u p o n a
710
c o m m o n road u n d ist besser b e z a h l t m i t 1 % auf die W a a r e n als die leztre

m i t 10%. D a s Schiff performs seine Reise in 20 Tagen statt 90 oder 100
u n d y zahlt d e m Capitalist besser als frher %. Die gristmill of our days
20
grinds 100,000 b. of wheat u n d a very small proportion is sufficient p a y m e n t

5 for the u s e of capital a n d wages of s u p e r i n t e n d e n c e . ( 8 6 - 8 8 ) Every
i m p r o v e m e n t in m a c h i n e r y , every increase of capital, decreases h i s propor-
tion, and increases the quantity of commodities received by h i m . (88) U n t e r
der Regierung v o n George I Z i n s hufig nicht b e r 3 %. 1 7 3 1 - 2 lieferte die
Bank der Regierung G e l d zu 3 % . J u n i 1739 s t a n d e n die 3 per cents auf
10 107. 1743, ein Kriegsjahr, waren sie zu 97. 1744 a loan contracted zu 4%.
N a c h d e m Schlu des Kriegs, 1749, it was agreed, d a die creditors 4% fr
ein Jahr, 3% h e r n a c h bis 1757 erhalten sollten, w o n a c h der stock n u r
n o c h 3 % tragen solle. 1757, n a c h d e m die n a t i o n 2 J a h r e engagirt in an ex-
pensive war, der rate wenig m e h r als 3 %. 1789 der price der 3 per cents war
15 98. Seit 1815 they have fluctuated von 56 bis 93%. F r o m a s t a t e m e n t
furnished to P a r l i a m e n t by the B a n k of E n g l a n d von d e n halbjhrigen pri-
ces of stocks, it appears, d a von A u g u s t 1 8 1 5 - F e b r u a r 1832, w h r e n d
einer period von 17 years, the prices were once between 50 u n d 60 P. C,
5x zwischen 60 u n d 7 0 P . C . , 1 2 x zwischen 70 u n d 8 0 P . C . , 11 x zwischen
7
20 8 0 u n d 9 0 P . C , 5 x zwischen 9 0 u n d 9 3 / P . C . " V o n A u g u s t 1 8 2 5 - F e b r u a r
8
1832 war der hchste Prei 91 u n d der niedrigste 76% u n d der average der
14 halbjhrlichen returns 86. 1739 der owner of capital geno an i n c o m e
von about 2 8 , w h r e n d der Durchschnittsbetrag von a similar a m o u n t
whrend der lezten 20 J a h r e war a b o u t 37,10. Die power des capitalist to
25 purchase c o m m o d i t i e s sehr gewachsen zwar n i c h t in corn, wegen der Prohi-
bition, wohl aber in Z u c k e r etc. H e r e profits sehr gestiegen m i t increased
cultivation. Capital of every description is m o r e easily o b t a i n e d u n d das in-
c o m e arising from it is increased. ( 9 0 - 9 2 ) W a s n u n die Vereinigten Staa-
ten angeht in i h n e n scheinbar die profits n i e h h e r als w h r e n d des Kriegs.
30 A b e r sie waren m i t great risks v e r b u n d e n ; u n d bei U n t e r s u c h u n g der
Preisse der stocks findet m a n daher, da der Zinsfu fr securities u n a t t e n d -
ed m i t m u c h risk n i c h t viel h h e r waren als sonst. A u s s e r d e m s u c h t C.
a u s e i n e r T a b e l l e ( p . 9 3 , 94) b e r d e n p r i c e o f flour, p e r b a r r e l , n a c h z u z e i -
g e n , da in der 2' Periode (von 1 7 9 5 - 1 8 0 4 ) , w e n n capital yielded a b o u t
t e n
35 6%, flour was at $ 9.37 per barrel, ||23| in der 3 (von 1 8 0 5 - 1 8 1 4 ) , w e n n
t e n
der Zins n i c h t b e r 6% der Prei zu $ 8.24 u n d in der 5 , w e n n der aver-
age 5%, der Prei $ 5.36, it is obvious d a der owner of a given a m o u n t of
capital could purchase a m u c h larger quantity of provisions in the last,
t h a n in either of the previous periods. Vergleicht m a n die facility w o m i t
40 das Capital gegenwrtig a c c u m u l i r t wird u n d die M a c h t , die es besizt b e r
W a a r e n aller Art zu gebieten, so m u m a n gestehn, d a as cultivation has
711
Londoner Hefte 1850-1853. HeftX
b e e n e x t e n d e d over distant, or inferior, soils, there has b e e n a constant d i m -

i n u t i o n in the quantity of exertion required to secure t h e possession of
any given i n c o m e . (94, 95) T h e strongest evidence that n e e d be offered of
t h e inferiority of new settlements for the e m p l o y m e n t of capital, is to be
found in the fact that capitalists do n o t leave L o n d o n , Liverpool, or New- 5
york, to seek those places in which they c a n have 10 or 15 %, but, on the
contrary, when they have a c c u m u l a t e d e n o u g h to warrant t h e m in so doing,
transfer themselves to those places in which the proportion t a k e n by the
owner is small, b u t where large a m o u n t s c a n be used, where talent of every
description is in d e m a n d , where wages are high, a n d where the luxuries of 10
life m a y be h a d on the m o s t reasonable t e r m s . (97) T h e apparently h i g h
profits of capital in Colonien sind reducirt by b o t h the wages of superintend-
e n c e u n d die increased cost der conveniences of life. T h e capitalist will
n o t transfer himself from L o n d o n to Newyork unless he can be i n d e m n i -
fied for this cost. His capital m u s t yield h i m a higher rate of profit, or it will 15
be retained at h o m e . F o r this reason it will always be somewhat lower in
t h e great centre of civilization where t h e conveniences a n d luxuries of life
m a y b e m o s t cheaply purchased, their d i m i n i s h e d price m o r e t h a n m a k i n g
a m e n d s for the apparently lower rate of interest, a n d t h u s yielding a larger
r e t u r n in c o m m o d i t i e s . (98) A l s o R e s u l t a t . 1) m i t d e m W a c h s t h u m von 20
Capital u n d A u s d e h n u n g der Cultur ist increased facility of p r o d u c t i o n .
2) M i t der v e r m e h r t e n Leichtigkeit der P r o d u c t i o n vermehrte ability to ac-
c u m u l a t e capital. 3) M i t der v e r m e h r t e n Leichtigkeit der A c c u m u l a t i o n
V e r m i n d e r u n g der power to d e m a n d r e n t or interest u n d v e r m i n d e r t e pro-
portion des Products der labour, in r e t u r n for any species of capital, the own- 25
er can claim a n d the labourer will give. 4) Diese v e r m i n d e r t e d e m Capita-
listen assignirte Proportion giebt i h m a larger quantity der c o m m o d i t y
produced. 5) Diese larger quantity, that t h u s falls to b o t h labourer u n d cap-
italist, is exchanged for other c o m m o d i t i e s zu viel m i n d r e r cost, as capital
u n d p r o d u c t i o n increase. T h e owner of the ship a n d of the wagon transport 30
it to m a r k e t u n d bring in return die c o m m o d i t i e s desired, taking a con-
stantly decreasing proportion for so doing. T h e proportion retained by the
storekeeper for exchanging is also reduced, a n d t h u s every thing t e n d s to
increase the quantity of necessaries et conveniences that can be o b t a i n e d
by t h e labourer as wages, a n d by the capital as profits. 6) any given quantity 35
of capital is now o b t a i n e d at m u c h smaller cost of labour t h a n at any t i m e
past. 7) D i e quantity of c o m m o d i t i e s obtainable in return for permitting
the use of any given quantity of capital, is greater now t h a n it was 30, 50,
100 or 500 years since. 8) while t h e present reward of labour, in der F o r m
v o n wages, is constantly increasing, there is an equally constant increase in 40
the reward of e c o n o m y a n d p r u d e n c e , in t h e d i m i n i s h e d exertion required
to secure to the labourer a future i n c o m e , in the form of rent, or interest. (99)
712
Comparison of the Cost and Value

of Existing landed Capital.
W i r k o m m e n n u n zur B e t r a c h t u n g der Frage: what is the value of existing

l a n d e d capital, c o m p a r e d to the l a b o u r t h a t was required to p r o d u c e it" ...
5 a farm with its i m p r o v e m e n t s , w e n n sie r e n t gezahlt hat, ist diese r e n t n i c h t
an offset against any fall in value it m a y have experienced. It is still capa-
ble of yielding a given r e t u r n to a given quantity of labour, and will ex-
change for the s a m e quantity that was required to p r o d u c e it, unless the fa-
cility for obtaining s u c h farms h a s increased. If s u c h h a s b e e n the case, its
10 value in labour m u s t have fallen, b u t if there has b e e n a necessity for
resorting to soils of inferior productive power it will e x c h a n g e for m o r e la-
b o u r t h a n was necessary for its p r o d u c t i o n . D e r Value des Real Estate in
Great Britain u n d Ireland ist so angegeben in Pebrer's Resources des Brit-
ish Empire, p. 3 5 1 :
15 England Scotland Ireland
land, farmhouses etc 1000,000,000 200,000,000 400,000,000
Tithes, laity 106,000,000
Mines and minerals 90,600,000 6,600,000 2,600,000
Canals, tolls etc 61,000,000 2,600,000 2,600,000
20 Dwellinghouses,
warehouses,
manufactories etc 400,000,000 40,000,000 93,000,000
Fisheries 4,000,000 4,600,000 4,600,000
Waste lands 110,000,000 22,000,000 44,000,000
25 1771,600,000 275,800,000 546,800,000
Diese valuation excessiv, aber m a g sie gelten. Property sells for 30 oder
35 years' purchase of the rent wegen der difficulties in d e m way of employ-
ing capital. Sonst wrde die obige S u m m e sehr reducirt. A b z u z i e h n also
die 110 Mill, fr waste lands, die werthlos. N a c h M ' C u l l o c h das a n n u a l pro-
30 d u c t of Great Britain a b o u t 300 millions u n d von Irland weniger als 50 m i l -
lions. Pebrer schzt das G a n z e zu 514 millions. N e h m e n wir das j h r l i c h e
P r o d u c t von E n g l a n d allein zu 280 Mill. /.St. ... oder 1,350 millions of dol-
lars, being less als % des a m o u n t above given as t h e value of real property
of every description. It would, t h e n , allow n o t 6 years e m p l o y m e n t of la-
35 bour a n d capital to r e p r o d u c e t h e above property, the result of the labour of
m a n y centuries. W e r e even t h e value ganz gleich = der quantity of l a b o u r
required for their r e p r o d u c t i o n u n d sie k a n n n i c h t exceed diese quantity,
wie vast der U n t e r s c h i e d zwischen der n u m b e r of days required now, w h e n
aided by the a c c u m u l a t e d capital now existing u n d t h a t which m u s t have
713
b e e n required at the t i m e when a large portion of the i m p r o v e m e n t were

m a d e . T h e labour of 6 years would now produce as m a n y buildings as t h a t
of 12 years would have d o n e half a century since u n d probably as m a n y as
the same n u m b e r of persons could have produced in 20 years, a century
since. W e r e the property of G r e a t Britain worth as m a n y days labour as 5
have b e e n employed in its production, the n u m b e r of years would be
exceedingly great. I n s t e a d of being so, the value is greatly inferior to t h a t of
the quantity of labour t h a t would n o w be required for its reproduction. T h e
labourer can now ||24| purchase land, or any other species of property, by
giving the p r o d u c t of %, or % der quantity of labour originally required to
0 10
p r o d u c e it. He is in the situation of a m e m b e r of a jointstock c o m p a n y , in
which a constant addition is being m a d e to the value of his interest.
M c C u l l o c h schzt das rental von Great Britain auf 34 mill. St. u n d sup-
poses Y davon als paid fr d e n use des capital, u n d der r e m a i n d e r fr d e n
2
u s e der i n h e r e n t powers des soil. Klar, da der whole a m o u n t is p a i d for the 15

u s e of capital that has b e e n invested for improvement. ( 1 0 2 - 1 0 5 ) N a c h
d e m Report of the Auditor of State" ist im Staat O h i o der assessed value of
lands, h o u s e s , mills, u n d all other i m p r o v e m e n t s on land, 69 millions, %
u n t e r d e m true value, which would be 172 millions. D e r average value of
t h e product of labour u n d capital, n i c h t zu schtzen zu less als 1 dollar, per 20
day, per h e a d der labouring population. Der ganze W e r t h des real estate of
O h i o ist d a h e r 172 millions of days' labour, being e q u a l to t h a t of a b o u t
570,000 m e n for o n e year. D e r state contains a b o u t 300,000 m a l e s zwi-
schen d e n ages von 16 u n d 20. W e n n sie n u r sich m i t clearing u n d enclos-
ing of l a n d etc beschftigten, would it be possible t h a t in 2 years they could 25
r e p r o d u c e the state of Ohio? Offenbar nicht. Das real property der U n i t e d
States probably zu 3,600 millions e i n z u s c h t z e n . Es berschreitet sicher
nicht 4000 mill. Der value des a n n u a l product der labour u n d des capital
der U n i o n ist ungefhr 1,500 millions of dollars, being % of the value of all
the real estate. If t h e whole of this capital a n d labour could be applied to 30
t h e r e p r o d u c t i o n of the i m p r o v e m e n t s now existing, without the necessity
of devoting any portion of the time to the p r o d u c t i o n of food, or clothing,
could it be d o n e in 2% years? oder in 5? or even in 10? W e n n nicht, evi-
dent, d a it would n o t exchange for as m u c h labour as the i m p r o v e m e n t s
h a v e cost to produce u n d that the r e n t now received for the use of l a n d e d 35
property is only interest u p o n a portion of the capital e x p e n d e d to give val-
ue thereto. ( 1 0 5 - 1 0 7 ) W.Penn bildete sich ein, w h e n he obtained a grant
of all that l a n d which now constitutes Pennsylvania, a n d westward as far as
t h e Pacific Ocean, t h a t he h a d a princely estate. He invested his capital at
t h e transport of settlers etc aber 1708 verhypothecirte er das G a n z e fr 40
6600, to pay the debts he had incurred in settling the province. We have
714
b e e n favoured with an extract from his M S . accounts, showing the a m o u n t

of his expenditure a n d receipts during t h e first 20 years, woraus folgt, d a
er received the grant in p a y m e n t of a debt, a m o u n t i n g , m i t interest, auf
2 9 , 2 0 0 ; die expenditure, interest included war 5 2 , 3 7 3 u n d der ganze
5 a m o u n t received war only 19,460, leaving h i m m i n u s , altogether
62,113. S o m e years n a c h h e r das g o v e r n m e n t m a d e an agreement m i t i h m
to purchase the whole zu 12,000, b u t a fit of apoplexy prevented t h e com-
pletion of the agreement. At his d e a t h he left his irish estates to his favour-
ite child, as the m o s t valuable portion of his property. His A m e r i c a n prop-
10 erty was n o t worth t h e cost of p r o d u c t i o n . (107) ( U e b r i g e n s citirt C. u n t e n
1 . c . die R e c h n u n g a u s d e m T a g e b u c h e P e r m ' s , w o n a c h e i n s e h r g r o s s e r
Theil d e r A u s g a b e n r e i n P r o z e s s e i n E n g l a n d u n d S t r e i t i g k e i t e n m i t d e m
H o f etc.) Der D u k e of Y o r k erhielt a similar grant of N e w Jersey, viele
J a h r e spter offered at a b o u t 5000, wahrscheinlich less t h a n h a d b e e n ex-
15 p e n d e d u p o n [it]. (108) Vast bodies of l a n d in the state of Pennsylvania,
containing coal a n d iron, u n l i m i t e d in quantity, have b e e n a b a n d o n e d by
the owners, after having paid taxes t h e r e o n for 20, 30 or 40 years. T h o s e
taxes a m o u n t to 1, 2, 3 cents per acre, a n d at those prices, in d e n lezten
5 J a h r e n , have extensive tracts, situated n e a r the great western canal, b e e n
20 purchased. T h e proprietors have p a i d taxes for a long series of years; m i t
diesen taxes roads have b e e n m a d e ; the state h a s constructed a canal; a n d
yet those lands are n o t worth Y of what they have cost. They are a b a n -
10
d o n e d by their owners, u n d sold to any o n e who will pay a few cents per
acre for m a i n t a i n i n g roads t h r o u g h t h e m , a n d for other county expenses.
25 At some future period werden sie vielleicht fr twice as m a n y dollars sell,
als sie n u n cents k o m m a n d i r e n w r d e n u n d d a n n wrde der W e r t h der vast
productiveness des soil zugeschrieben, for the use of which rent is paid.
W h y can it now c o m m a n d no rent? (109, 110) the lands that are rejected in
o n e year as inferior, are t a k e n up in the next, because they have a c q u i r e d
30 advantages of situation, i. e. capital has b e e n expended for their profit, . . .
vor weniger Zeit large q u a n t i t i e s of l a n d s z u m Verkauf angeboten in Texas
zu 1 cent per acre. ( I l l ) the U n i t e d States sell l a n d at $ 1.25. T h e proprie-
tors of the N e w South A u s t r a l i a n C o m p a n y propose to fix theirs at 12 sh.st.
(116) M a n is m o s t productive when he has the advantage of the previous
35 expenditures of those who have preceded h i m u n d d a r u m the whole system
of colonization, as at present forced, is, to the last degree, u n s o u n d . M e n
are forced to scatter themselves over the earth, a n d t h e n they are to be c o m -
pelled to r e m a i n together, to e n d e a v o u r to secure, in a wild country, s o m e
small portion of the advantages which they m i g h t have enjoyed in full, at
40 h o m e , wenn sie freigelassen etc. (118) We shall now i n q u i r e how far t h e
value of property in cities u n d towns corresponds m i t der cost of p r o d u c -
715
tion. D a s R e n t a l von L o n d o n soll 7 mill. S t . sein. E s t i m a t i n g the value auf

22 years' purchase, der a m o u n t 154 millions of p o u n d s . T h e wages of t h e
labourers, m e c h a n i c s , architects, a n d other persons required in t h e build-
ing of s u c h a city, sehr low zu 4 s. per day, or 60 per Jahr, at t h a t rate
l
t h e r e would be required 2% millions of persons for o n e year, oder / m i l l i o n 2 5
for five years, a n d to give it all t h e advantages of streets etc etc. Sicher t h a t
the whole could n o t be r e p r o d u c e d by t h e e x p e n d i t u r e of double, treble, or
q u a d r u p l e the quantity of l a b o u r that could be purchased by any b o d y of
m e n having at c o m m a n d the s u m of 154 millions of p o u n d s . T h e assessed
value of the city u n d county of Philadelphia, in 1835, was 47 millions of 10
dollars u n d der true value ca 117 millions, being e q u a l to t h a t n u m b e r of
days' labour, or that of 80,000 m e n for 5 years. Let us look at t h e a m o u n t of
l a b o u r required to clear this tract of l a n d of t h e t i m b e r with which it was
covered, to fence it, to prepare t h e land for cultivation, to m a k e roads u n d
bridges, to erect the public buildings, to build a city von 50,000 h o u s e s , to 15
m a k e wharves, to pave its m a n y miles of streets, to construct sewers, to
b u i l d the water works etc klar d a die labour required to reconstruct t h e m
would vastly exceed that which their present value would c o m m a n d . T h a t
w h i c h h a s b e e n required to construct the State canals u n d railroads, has
cost fast % der sum. ||25| Let the l a b o u r required fr the c o n s t r u c t i o n of 20
those works, 5 x repeated, be c o m p a r e d with that necessary for the repro-
d u c t i o n der county of Philadelphia, u n d it will be seen how utterly u n a d e -
q u a t e it would be ... There is no species of property t h a t proves, m o r e in-
contestibly, t h a t value ist to be attributed to l a b o u r a n d capital, t h a n lots in
a n d n e a r cities. N e h m e n wir d e n um Liverpool u n d L o n d o n etc u n d ascer- 25
t a i n the a m o u n t d e n ihre owners fr taxes gezahlt h a b e n , to be applied to
t h e opening u n d paving of streets etc finden wir da trotz ihrer H h e die
prices at which they now sell, are small w h e n c o m p a r e d with their cost. ...
A h o u s e nearer the centre of business, is worth m o r e , by 2, 3, or 5000 dol-
lars, aber it has contributed m o r e by m a n y 1000 dollars to the various im- 30
p r o v e m e n t s that have b e e n m a d e , having b e e n built m a n y years earlier.
T h o s e contributions have b e e n (A ha!) in a great degree unfelt, having
b e e n paid o u t of the wages of the occupant; but, while they have enabled
the owner to d e m a n d a constantly increasing rent, they have aided in giv-
ing value to the m o r e distant, or inferior, lots, which are always in the m a r - 35
ket, in c o m p e t i t i o n with t h e m , a n d the o c c u p a n t s of which are enabled, as
t h e town extends, to obtain a constantly increasing return to l a b o u r a n d
capital. ... a m a n m a y misapply his t i m e a n d o b t a i n a p r o d u c t t h a t will n o t
pay h i m - b u t that is no evidence that he w h o selects a piece offertile land,
a n d prepares it properly, obtains a larger reward t h a n the value of the la- 40
b o u r that has b e e n applied. In the case of town lots, wie in d e m von lands,
716
the question to be solved is: "will the property be worth as m u c h as it will

cost to improve it?" It m a y be m u c h less, if the selection of a site be injudi-
cious, or if the party select a lot t h a t is badly situated. It cannot, certainly,
exceed the value of t h e l a b o u r e x p e n d e d . ( 1 1 9 - 1 2 4 ) In c o m p a r i n g t h e value
5 of lands, houses, mills u n d other l a n d e d property, we find the e s t i m a t e d
value of existing l a n d e d capital to b e a r t h e least proportion to existing la-
bour. (125) D e r value des real estate etc ist: an 6 J a h r e p u r c h a s e of t h e prod-
u c t of labour, in Schottland 8 years' p u r c h a s e u n d in Irland an 11 years.
W e r e it in o u r power etc so wrde sich a u c h in Bezug auf F r a n c e , Spain
10 u n d I n d i a zeigen, d a je productiver die Arbeit eines L a n d e s , desto smaller
ist die proportion which t h e value of capital bears to the value of labour.
H e n c e the difference in the proportion claimed by the owner for its use. ...
every circumstance t h a t limits the field for the e m p l o y m e n t of capital, in-
creases the moneyprice of investments yielding revenue u n d t h u s real estate
15 in England sells for 30 years' purchase, whereas an a m e r i c a n capitalist
n i c h t m e h r als 18 dafr geben wrde oder h c h s t e n s 20 years' p u r c h a s e . In
like m a n n e r every c i r c u m s t a n c e t h a t interferes with t h e growth of capital,
or m i t d e m free e m p l o y m e n t of labour, raises the labour price of invest-
m e n t s yielding revenue. ... D i e total p r o d u c t i o n of F r a n c e wird stated zu
20 8,000 millions fcs. oder a b o u t 1,500 millions of dollars; divided a m o n g
32 millions of people. D i e wages of a similar n u m b e r of persons in d e n
U n i t e d States wrde n i c h t less sein als 2,200 millions of dollars. It follows,
t h a t if the whole were divided, reserving n o t h i n g to the owner of l a n d e d , or
other, capital, the a m e r i c a n labourer could not live as he is a c c u s t o m e d to
25 do u n d da, wie in Irland, t h e property von alien lands u n d h o u s e s of
F r a n c e would n o t be worth the acceptance of an equal n u m b e r der c o m -
m o n labourers der U n i t e d States, u n d e r existing circumstances. ... T h e ex-
istence of slavery in the early periods of almost all n a t i o n s , is in d e c i d e d
opposition gegen die I d e e of value in land. Sie existirt wo p o p u l a t i o n small
30 u n d land a b u n d a n t u n d also n u r die fruchtbarsten soils zu b e b a u e n nthig.
It is b u t a form of obtaining rent, a n d is resorted to b e c a u s e no m a n will
pay for t h e u s e of l a n d w h e n he can have as m u c h as he pleases in full oc-
cupancy, unless capital h a s b e e n employed to give value to it. W h e n capital
increases, it acquires a real value from the e x p e n d i t u r e t h e r e o n u n d die n e -
35 cessity for holding m e n in slavery ceases, b e c a u s e they will pay, volunta-
rily, a larger a m o u n t of rent als can be obtained von i h n e n while in b o n d -
age. ( 1 2 6 - 2 9 ) Capital in l a n d differs in no respect from t h a t invested in
other m a c h i n e s , r e n t ist n u r interest for capital invested u n d der value of
all landed property is d u e , like t h a t of all other gifts of n a t u r e existing in
40 u n l i m i t e d quantity, solely der l a b o u r employed in its appropriation u n d
improvement. (129,30) T h e people of the slave States von N o r d a m e r i c a
717
generally change their places on the s a m e principle that, in former t i m e s ,

stage owners changed their horses. It was d e e m e d most profitable to get as
m u c h as possible o u t of t h e m in the shortest t i m e , and t h e n replace t h e m
with new ones. Such has b e e n the system of cultivation p u r s u e d in those
states. (133) Zwei Felder m i t d e n s e l b e n advantages of situation", das eine 5
b e b a u t , das andre nicht. We do n o t c o n t e n d that equal quantities of labour
will give equal value to all land, b u t only t h a t all which exists is d u e to the
l a b o u r applied to its i m p r o v e m e n t . ... D a s waste field m a y n o t be suscepti-
ble of yielding, at any t i m e , s u c h r e t u r n as will i n d u c e its appropriation, or
cultivation, oder es m a g faul liegen weil its qualities are different u n d re- 10
q u i r e a larger application of capital. It m a y be a b e d of clay, excellent for
m a k i n g bricks, b u t b a d for cultivation; or, a m a s s of granite, gut for build-
ing, aber n i c h t s einbringend d e m Agriculturist; oder it m a y be a great coal
deposite, admirably adapted for fuel, b u t unlikely to p r o d u c e wheat or rye;
or it m a y be iron or copper ore. ... A few years afterwards a canal, or a rail 15
road, m a y be m a d e to this land, u n d das inferior property, the b e d of gran-
ite, or of coal, that h a d b e e n totally u n p r o d u c t i v e , m a y b e c o m e worth, per-
haps, 20 or 50 times as m u c h as the superior l a n d adjoining it, paying a
large rent for the u s e of the interest it has acquired in t h a t canal or railroad
u n d in d e n a n d r e n i m p r o v e m e n t s a c c u m u l a t e d for centuries t h a t it has 20
b e e n unproductive ... Beds of lime stone, die einige few years since, ver-
h l t n i m s s i g valueless seien, now yield large revenues. An a n d r e n P l t z e n
sind G r a n i t m a s s e n , wovon frher 100 acres gegeben worden waren fr a
single acre of land susceptible of cultivation; jezt a single acre davon bringt
m e h r ein als 100 acres of land in its vicinity, of the highest degree of fertil- 25
ity. T h u s the different soils change places, a n d that which was superior be-
c o m e s inferior, while that which was entirely worthless takes its place at the
h e a d of the m o s t productive, (p. 1 3 3 - 3 5 ) |
|26| It m a y be said that l a b o u r is n o t invariably a cause of value. It is,
however, never applied except with the view to give i t . . . es ist oft sehr m i s - 30
directed, oft there are values that appear n o t to be caused by labour. ... the
u n e x p e c t e d discovery of a vein of coal would give no value to l a n d unless
possessing advantages of situation; i. e. unless capital h a d b e e n e x p e n d e d
to give it facilities of getting the p r o d u c e to m a r k e t . It is a prize to t h e find-
er, b u t its value arises from the labour of his predecessors. (135,6) D i e Ar- 35
beit allein giebt Werth; aber das Resultat derselben Q u a n t i t t A r b e i t k a n n
sehr verschieden sein. ... If two m e n went o u t h u n t i n g , u n d am E n d e der
season o n e c a m e h o m e m i t a load of skins, w h r e n d der andre ganz failed
hat, the difference of result would n o t be ascribed to any n a t u r a l agent; b u t
if the same 2 m e n h a d chosen 2 pieces of l a n d u n d das result h a d b e e n sim- 40
ilar, the n a t u r a l agent would have h a d all t h e credit. (136,7)
718
In d e n v o n i h m e n t w i c k e l t e n G e s e t z e n findet H e r r C a r e y the perfect

harmony of interests ... zwischen landlord u n d tenant, capitalist u n d la-
bourer, - the planter a n d his slave - we find rights u n d duties in h a r m o n y
with each other. If we reject these laws, a n d resort to appropriation und to
5 monopoly finden wir sie alle opposed in interest. (142,3)
Fluctuations of Price.
T h e creation of new capital is a c c o m p a n i e d by a constant r e d u c t i o n des

value des previously existing, which is the cause that the actual value der
whole quantity is by no m e a n s e q u a l to the cost of p r o d u c t i o n . (146) A u c h
10 der actual increase in d e m value of l a n d e d property m u s t be less als der
a m o u n t of labour e x p e n d e d in its i m p r o v e m e n t . (1. c.) If the whole a n n u a l
produce der U n i t e d States 1,500 millions of dollars ist n u r Y davon ver- 10
wendbar auf B a u e n von H u s e r n , canals, railroads etc to the clearing of

farms, their enclosure u n d die various other i m p r o v e m e n t s necessary to
15 give value to land; u n d der actual a n n u a l increase des value m u s t fall short
of that s u m . E x p e n d i t u r e for purposes of this description can c o m e only
out of that portion of wages u n d profits n o t n e e d e d for t h e p u r c h a s e of
c o m m o d i t i e s for actual c o n s u m p t i o n ... So bei der occasional m a n i a for
speculation in property, j e d e r findet at length d a he has u n d e r t a k e n was er
20 nicht ausfhren k a n n o h n e aid u n d t h a t those a r o u n d h i m are in t h e s a m e
situation. Die projektirten G e s c h i c h t e n stocken, g e h n z u m Theil caput,
theils b e r d a u e r n sie m i t Verlust die Crise, bis gradually wieder a healthful
state of things arises. (146,7) Local increase m a y take place to a considera-
ble extent, u n d be p e r m a n e n t , but, if s u d d e n , it m u s t always be a t t e n d e d
25 with a d i m i n u t i o n in t h e rate of increase, or in t h e actual value, elsewhere.
T h e construction of railroads u n d canals to a great city, increases rapidly
t h e value of property t h e r e i n by transferring to it the trade heretofore d o n e
in small towns, whose progress is thereby arrested, lands in Illinois m a y
rise rapidly in value, b u t they rise in the ratio of capital invested for t h e i r
30 i m p r o v e m e n t . If railroads u n d canals be m a d e for their use, so that they of-
fer s u c h i n d u c e m e n t s to emigration as to cause the farmers of N e w Eng-
land, N e w York u n d Pennsylvania, to a b a n d o n or sell their farms, t h e rise
there is a c c o m p a n i e d by a fall elsewhere, owing to t h e withdrawal of t h e
capital to Illinois. T h e increased value of l a n d s in A l a b a m a , u n d Missis-
35 sippi, has b e e n great, b u t it has b e e n a c c o m p a n i e d by a corresponding de-
crease in those of S o u t h Carolina, N o r t h Carolina u n d Virginia, t h e pro-
prietors of which have sold their plantations at reduced prices, u n d oft
a b a n d o n e d t h e m . ( 1 4 7 - 4 9 ) W h e n e v e r the persons using roads, or canals, or
719
houses, are willing to pay interest u p o n their cost, it m a y be p r e s u m e d t h a t

the benefit derived therefrom is e q u a l thereto, b u t w h e n they are n o t will-
ing to do so, part, at least, of the capital is wasted. (148 N o t e ) Wo die A n -
w e n d u n g des Capitals gefesselt war, d u r c h gesetzliche S c h r a n k e n u n d inter-
ferences, wie in England, there is a t e n d e n c y to a very gradual advance in 5
the proportion claimed by its owner, as those restrictions are removed, ei-
ther by the gradual operation der laws of n a t u r e , oder d u r c h die repeal der
restrictive laws ... m i t dieser A u s n a h m e , no increase k a n n Platz finden in
der proportion der capitalists oder d e m Zinsfu, that can be p e r m a n e n t ,
(p. 151,2) There can be no p e r m a n e n t increase in the rate of interest, or in 10
the rate of advance of t h e trader, after their proportions shall have b e e n set-
tled u n d e r a system t h a t allows every m a n to employ his m e a n s in s u c h
m a n n e r as he d e e m s likely to yield h i m the largest return. W h e n we see in-
terest rising rapidly, or trade carried on [at] a high rate of profit, we m a y be
assured t h a t a reverse will take place, a n d that it will fall below the level, as 15
it has risen above it. F o r the m o m e n t , t h e change is always attributed to t h e
increased productiveness of capital, b u t were capital a n d l a b o u r really m o r e
productive, the proportion would fall, instead of rising. (152) C o m m o d i t i e s
of all descriptions rise in price, while labour is stationary, so t h a t the la-
b o u r e r obtains a d i m i n i s h e d quantity. The tendency is to a fall in the labour 20
price, yielding to the labourer a constantly increasing quantity in return for a
given amount of exertion. W h e n , on the contrary, we see a rise in c o m m o d i -
ties generally, giving to the labourer a d i m i n i s h e d return, we m a y feel as-
sured that it is n o t to be p e r m a n e n t . (152) T h e m o n e y price of l a b o u r
would have fallen with the increased difficulty of obtaining the precious m e t - 25
als, wenn n i c h t dafr substituirt Credit in der form von drafts, n o t e s etc in
d e n m e i s t e n operations der world. (153) ||27| If the price paid to the m a k e r
of shoes be one dollar per pair, and the average p r o d u c t of l a b o u r be o n e
pair, the average m o n e y price of labour m u s t be o n e dollar. Besizt aber
einer eine M a s c h i n e , w o m i t er 2 pairs m a c h e n k a n n , so erhlt er 2 dollar 30
pro Tag fr seine labour, whrend sein N a c h b a r der n u r % Paar m a c h e n
k a n n n u r 50 cents erhlt. T h e one is above the average, the o t h e r below it.
S u c h is the case a m o n g n a t i o n s . I n d i e n u n d C h i n a sind unter, E n g l a n d u n d
A m e r i c a b e r d e m average. H r t das M o n o p o l der M a s c h i n e r i e i m Allge-
m e i n e n auf, so fiele der m o n e y price der shoes. D e r inferior workman, if 35
u n a b l e to p u r c h a s e a m a c h i n e to aid h i m , w r d e n u r % Paar fortfahren pro
Tag zu m a c h e n u n d n u r m e h r halb soviel moneywages wie frher erhalten.
Moneywages in E n g l a n d u n d A m e r i c a h h e r als anderswo, weil sie aids to
labour besitzen n i c h t c o m m o n to all the world. Bliebe ihre M a s c h i n e r i e
stationr whrend die des europischen C o n t i n e n t s auf d e n s e l b e n level 40
stiegen, so wrden die moneywages auf d e m C o n t i n e n t steigen, u n d ihre
720
Aus H. Ch. Crey: Principles of political economy
fallen. W e n n C h i n a u n d I n d i e n unfhig eine hnliche M a s c h i n e r i e zu er-

halten, the effect would be a r e d u c t i o n in their moneywages, already far be-
low the level. (154) D i m i n i s h e d p r o d u c t i o n in any part of the world t e n d s
to d i m i n i s h the quantity of c o m m o d i t i e s obtainable by the labourer in
5 every other part. (156) when the rise of moneywages is preceded by a rise
in the prices of c o m m o d i t i e s , it arises from d i m i n i s h e d p r o d u c t i o n , or from
excess of the substitutes for m o n e y , is disadvantageous to the labourer, a n d
temporary in its d u r a t i o n . W h e n , on the contrary, it is a c c o m p a n i e d by a
fall in the prices of c o m m o d i t i e s , it arises from increased p r o d u c t i o n , is ad-
10 vantageous to the labourer a n d is likely to be p e r m a n e n t . (157) W h e n a
rise in m o n e y wages arises from further i m p r o v e m e n t s of m a c h i n e r y , wo-
d u r c h die powers des labourers wachsen, u n d er n o c h m e h r gestellt ist b e r
d e n average of p r o d u c t i o n , it is a c c o m p a n i e d by a fall in t h e price of c o m -
modities. So heit es in d e m Supplementary Factory report. Preface to ta-
15 bles by J. W. Cowell Esq.: 1834 in 2 fine spinningmills von M a n c h e s t e r ,
k o n n t e ein Spinner p r o d u c i r e n 16 Pfund G a m , von der fineness v o n
200 h a n k s to the p o u n d , von m u l e s of the productive fertility v o n
3 0 0 - 3 2 4 Spindeln, working t h e m 69 S t u n d e n ; producirte in dieser Zeit oft
m e h r als 16 Pfund. Diese m u l e s im selben J a h r ersezt d u r c h a n d r e von
20 double power. F r h e r h a t t e der Spinner 16 Pfund von N o . 200 yarn gespon-
n e n . Im M o n a t M a i erhielt er 3 s. 6 d. per p o u n d ; x m i t 16 giebt 54 sh., wo-
von er zu z a h l e n hatte, at the highest, 13 s. for assistants. D i e lie i h m
41 sh. of net earnings. Bald n a c h h e r die productive Kraft dieser m u l e s ver-
doppelt, being r e m o u n t e d m i t 648 spindles. N u n gezahlt 2 s. 5 d. per
25 p o u n d , statt 3 s. 6 d., % von seinen frhren wages per p o u n d ; aber t u r n s n u n
ab das Doppelte, 32 Pfund. Seine gross receipts zu 2 s. 5 d. ergiebt x m i t 32
= 77 sh. 4 d. B r a u c h t e n u n 5 assistants, deren D u r c h s c h n i t t s l o h n 5 sh. per
piece in der W o c h e , also 25 sh. oder sage 27 sh. Bleibt i h m 52 sh. 4 d. als
n e t E i n k o m m e n , statt 41 sh being an increase von 9 s. 4 d." (156, 157,
30 Note)
Review. 1) Malthus.
with every increase in the power of obtaining o n e necessary of life, there is

increased power of obtaining all others. (162) C o r n does n o t rise to the cost
of producing it on inferior land, b u t falls to the cost of obtaining it from t h e
35 m o r e productive m a c h i n e s daily brought into action, precisely as in t h e
case of m a n u f a c t u r e s . (178) T h e reason, why c o m is apparently higher in
rich countries als in poor ones, is t h a t the latter are sellers of raw p r o d u c e ,
a n d the former are purchasers of it. W h i l e E n g l a n d exported grain it was
721
necessarily lower t h a n in the countries to which it was sent, b u t the in-

creased capital applied to m a n u f a c t u r e s enables the people of t h a t country
to o b t a i n it from abroad with less labour t h a n is necessary to p r o d u c e it at
h o m e . T h e m o n e y price m u s t be sufficiently high to warrant its importa-
tion, b u t the labour price is less t h a n in the countries from which it c o m e s . 5
(179) ( D e r H a u p t p u n k t , w o r a u s C . M a l t h u s d e s I r r t h u m s b e z i c h t i g t ist,
weil profit u n d wages n i c h t gefallen, sondern gestiegen sind, im M a a wie
m a n zu inferior lands seine Zuflucht n a h m ; da sie gleichzeitig m i t der
R e n t e gestiegen sind.) (181,2) M a l t h i error consists in supposing that rent
arises from a transfer of product, instead of an increase p r o d u c e d by t h e aid 10
of capital. T h e return to l a b o u r is a u g m e n t e d , a n d the owner of the capital
receives c o m p e n s a t i o n for t h e loan of his m a c h i n e u n d e r t h e n a m e of
rent. (182) Experience tells us, da in d e n countries, old a n d new, wo n u r
die fruchtbarsten lands cultivated, der reward of labour sehr small. N a c h
der Theorie m t e n sie h o c h sein. (1. c.) If profits d i m i n i s h in going von 15
N o . 2 zu N o . 3 , they m u s t equally d i m i n i s h in going von N o . 1 to N o . 2 ; u n d
if capital has n o t b e e n a c c u m u l a t e d while n u r N o . 1 was cultivated, what
h o p e can there be that i m p r o v e m e n t will take place w h e n obliged to u s e
N o . 2 . (185)
2) Ricardo. 20
T h e application of a sufficient a m o u n t of capital will give to any land what-

ever "advantages of situation." (191) M r . R c supposes t h a t the necessity der
Cultur der inferior soils precedes the power of doing so with advantage,
whereas in the U n i t e d States a n d in E n g l a n d the power of doing so without
a fall of either wages or profits greatly precedes t h e necessity, a n d will be so 25
wherever capital is p e r m i t t e d to a c c u m u l a t e . (194) In A m e r i c a houses,
lots u n d lands sind high, yielding a constantly increasing quantity of c o m -
m o d i t i e s in return for permitting t h e m to be used. (195) Every country
which supplies the world m i t any c o m m o d i t y , produces it u n d e r t h e least
advantages of situation. (196) T h e value of labour rises steadily in regard to 30
all c o m m o d i t i e s , b u t m o r e rapidly in proportion as they are of finer quality,
or require m o r e attention in m a n u f a c t u r e , because e a c h i m p r o v e m e n t in-
creases the m e a n s of purchasing s o m e t h i n g m o r e expensive t h a n h a s yet
b e e n used by the m a s s of the c o m m u n i t y , a n d i n d u c e s the application of
capital to its production, w h e n the change is rapid. (199) | 35
|28| W h e n the labour price of corn is high, the owner of land h o l d s m a n
in slavery to compel h i m to pay taxes u n d e r the n a m e of rent. (200)
N i c h t s absurder als die A p p r e h e n s i o n E n g l a n d s b e r das growth der
722
Aus H. Ch Carey: Principles of political economy
coarser m a n u f a c t u r e s der U n i t e d States u n d des C o n t i n e n t s von E u r o p e . Je

rascher der increase der p r o d u c t i o n der coarser m a n u f a c t u r e , desto rascher
die d e m a n d u p o n G r e a t Britain fr die luxuries which r e q u i r e superior
ability in their preparation. T h e labour for s u c h c o m m o d i t i e s is less severe
5 and better paid. (200 Note.) I n d i a n a , Illinois, Michigan, A l a b a m a u n d M i s -
sissippi offer lands n o t exceeded in the world for fruitfulness u n d d o c h die
sandy lands of N e w Jersey s o m e t i m e s sell fr 100 dollars per acre, b e c a u s e
they are n e a r P h i l a d e l p h i a or N e w York. (201) W i e bei allem a n d r e n Capi-
tal, when improved l a n d is scarce, the o c c u p a n t is willing to increase the
10 share allotted to the owner. (202) R e n t is d e e m e d to arise so entirely from
the difficulty of obtaining food, t h a t if, by any i m p r o v e m e n t in t h e m o d e of
cultivation, N o . 1 u n d N o . 2 can be m a d e to supply the d e m a n d , the value
of all land will fall, obgleich N o . 3 should be applied to t h e p r o d u c t i o n of
cotton, yielding as m u c h to the owner as if it h a d b e e n e m p l o y e d in
15 producing corn. Practically, this is occurring every day u n d yet rents rise.
There is a c o n s t a n t d i m i n u t i o n in the proportion of p o p u l a t i o n a n d of land
required to furnish food, a n d increase in the proportion t h a t c a n employ
themselves in the p r o d u c t i o n of wool, cotton a n d tobacco; b u t the m o r e
rapid the r e d u c t i o n in the former, the m o r e rapid is the rise of rent. Ri-
20 cardo's great error consists in supposing rapid changes of p r o d u c t i o n , with-
out a corresponding c h a n g e of c o n s u m p t i o n . All i m p r o v e m e n t s of the o n e
are gradual a n d a t t e n d e d by increased power and disposition for the other.
(203) Bis W h i t n e y enabled the planter to clean cotton, war die P r o d u c t i o n
davon small u n d die C o n s u m t i o n limited. S e i t d e m a succession of im-
25 provements t e n d i n g to lessen the cost, aber m i t der r e d u c t i o n of price im
Markt, there has b e e n an increase of d e m a n d . (205) If all the people der
U n i t e d States were employed in raising wheat, they would be compelled to
pay the expense of transporting it to E u r o p e for exchange; b u t the in-
creased productiveness der labour applied to cultivation enables t h e m to
30 transfer a large portion of their powers to other pursuits, a n d with every
such transfer there is an increase in the value of property, in the value of its
products, in the rent of the landlord, a n d in the wages of the cultivator.
(206) Mr. Ricardo labours, throughout, u n d e r t h e error of supposing t h a t
great proportion m e a n s great quantity. T h e smaller the a m o u n t p r o d u c e d ,
35 the larger is the landlord's proportion, b u t the smaller is his quantity. % von
10 bushels, ist sehr different return von % von 30 b. He supposes that the
a u g m e n t e d price will also t e n d to increase the revenue des landlord, yet in
those countries wo der landlord h a s % der Prei is lowest. In d e n U n i t e d
States u n d in E n g l a n d die Proportion less als in Polen, aber die quantity
l
40 u n d price sind grsser. In Polen der owner h a t / von 10 bushels u n d der
2
Prei ist vielleicht 4 0 - 5 0 cents per bs. Seine R e v e n u e von e i n e m acre ist
723
d a h e r 5 bushels = $ 2 to $ 2.50. In d e n U n i t e d States he m a y have % of

3 0 b . zu $ 1.50 per b. = $ 11.25. (209) In the colony of western Australia we
see the precise n a t u r e der division die statthat in d e n early stages of so-
ciety. D e r owner of land erhlt als rent 10% for the capital applied to its i m -
provement, which interest he could have from any other m o d e of invest- 5
m e n t . He takes a large share of the p r o d u c t u n d der labourer a small o n e .
W i t h every increase of capital he will have a d i m i n i s h e d share of the prod-
uct, aber t h a t diminished share will yield h i m a larger r e t u r n of c o m m o d i -
ties of every description. (209) A rise in the price of agricultural p r o d u c e ,
w e n n n i c h t d u r c h c u r r e n c y g e s c h i c h t e n v e r a n l a t , can take place only in 10
c o n s e q u e n c e of d i m i n i s h e d production. (210)
3) Mill. J. B. Say, Torrens. Wakefield.
Mr. M a l t h u s thinks the r e m e d y to consist in "not pushing cultivation too

far" a n d Mr. Wakefield in c o m p a n y with Dr Chalmers thinks they would be
r e m e d i e d by n o t p u s h i n g trading too far. ... All is restriction and rgula- 15
tion, whether proposed by the advocates of free trade, in form of selfre-
straints, or by the Quarterly Review, the advocate of the old system, in the
form of taxes u p o n m a c h i n e r y . (225)
4) Mc.Culloch
Die decreasing proportion des capitalist k m m t daher, da, as l a b o u r be- 20

c o m e s m o r e productive, capital is m o r e easily a c c u m u l a t e d and its power
of purchasing labour is d i m i n i s h e d . (229) Could t h e cotton manufacturers
live u p o n t e n % if the capital invested in m a c h i n e r y was n o t large? (233)
D e r b r a v e C a r e y b e m e r k t : The perfect right to the enjoyment of property
is entirely inconsistent with the doctrines of the school of economists, 25
whose works are now u n d e r c o n s i d e r a t i o n s (237)
5) Senior.
S. sagt: the surplus is t a k e n by the proprietor of the n a t u r a l agent, a n d is

his reward n o t for having laboured or abstained, b u t simply for n o t having
withheld what he was able to withhold; for having p e r m i t t e d the gifts of na- 30
ture to be accepted." C. b e m e r k t d a z u : This view appears to us to be, in
the highest degree, hostile to the security of property. (238) W h e n das
724
Capital am productivsten, any given a m o u n t of capital will c o m m a n d least

labour, b u t most commodities. (267) In a c o m m u n i t y in which every m a n
owned the m a c h i n e s that he used, a n d e a c h possessed the s a m e quantity of
m a c h i n e s , t h e whole p r o d u c t would be d e e m e d t h e wages of labour. (275) |
5 |29| Railroads a n d canals produce n o t h i n g . T h e y enable the labourer to
apply otherwise the capital t h a t would be employed in horses a n d wagons,
a n d the t i m e t h a t would be employed in driving t h e m . T h e owners c l a i m a
portion of the extraproduct in consideration of granting the u s e of t h e m .
T h e benefit derived from t h e aid of t h e shopkeeper a n d his capital ist von
10 derselben N a t u r . (278,9)
6) R.Jones.
Mr. Jones ... i s t . . . embarrassed by t h e doctrine of m o n o p o l y u n d appropri-

ation, a n d he did n o t r e m a r k t h a t the r e d u c t i o n in the proportion of the
capitalist is a c c o m p a n i e d by an increased r e t u r n for the use of capital.
15 (291)
W e r e capital p e r m i t t e d t o a c c u m u l a t e i n F r a n c e a n d Ireland, the c o m -
plaint of the division of l a n d would soon cease, because the labourers
would employ themselves in other pursuits t h a t would yield t h e m larger re-
turns. (297)
20 Definitions.
C. v e r s t e h t u n t e r C a p i t a l all articles possessing exchangeable value, the

a c c u m u l a t e d results of past labour. (294)
Senior sagt that, for all useful purposes, t h e distinction of profit from
r e n t ceases as soon as the capital, from which a given revenue arises, has
25 b e c o m e , whether by gift or by inheritance, the property of a person to
whose abstinence a n d exertions it did n o t owe its creation". A l s o s a g t C.
the m a n who builds a h o u s e , receives profits, b u t the o n e who inherits the
s a m e h o u s e , receives rent. ... R e n t is d e e m e d to be the reward o b t a i n e d for
t h e u s e of n a t u r a l agents, a n d other gifts of fortune, b u t if those gifts of for-
30 t u n e be sold by the heir to a third person, who exchanges for t h e m the capi-
tal a c c u m u l a t e d for a life, they b e c o m e again capital. ... Is n o t all this evi-
d e n c e that rent a n d profits are the same? (301) It is u s u a l to speak of
similar operations as yielding profits, but the profits of capital are received as
rent and interest only, a n d a d d i t i o n a l reward will always be found to be re-
35 ceived as c o m p e n s a t i o n for risk incurred, for t h e exercise of skill, or for the
725
devotion of t i m e ; and therefore to be i n c l u d e d u n d e r the t e r m wages. (323)

If a w o m a n who h a d m a d e 25 cents per day at sewing, were able on obtain-
ing the use of a spinning wheel, to d o u b l e her wages, it would be d e e m e d
absurd to ascribe the difference to profits of capital; b u t it is n o t m o r e so
t h a n in a case where a m a n doubles his i n c o m e in c o n s e q u e n c e of charter- 5
ing a ship, instead of a schooner t h a t he h a d b e e n a c c u s t o m e d to use.
(324,5) profits of trade are a c o m b i n a t i o n of profits of capital a n d wages of
labour, or s u p e r i n t e n d e n c e . (338) As labour is improved in its quality it be-
c o m e s m o r e productive, capital is a c c u m u l a t e d at less cost of labour, a n d
its owner c a n d e m a n d a smaller proportion of the product for granting its 10
aid. (338,9) E i n e r s e i t s with every i m p r o v e m e n t in the quality of labour,
t h e quantity of c o m m o d i t i e s to be divided is increased; this increased pro-
d u c t i o n is a t t e n d e d by the power, on the part of the labourer, to retain a
constantly increasing proportion of the c o m m o d i t i e s p r o d u c e d . He is, there-
fore, constantly improving in his condition. A n d e r s e i t s obgleich die pro- 15
portion des capitalist is constantly d i m i n i s h i n g m i t der increased p r o d u c -
tiveness of labour, the d i m i n i s h e d share gives h i m a constantly increasing
quantity of c o m m o d i t i e s , enabling h i m to increase his c o n s u m p t i o n , while
he rapidly increases his capital. S c h l u : the interests des capitalist und des
labourer are thus in perfect harmony. (339) (Aber, m o n cher, w e n n die pro- 20
portion d e s K a p i t a l i s t ist constantly d i m i n i s h i n g , m u sie n i c h t s c h l i e -
lich n o c h u n t e r 0 a n l a n g e n ? ) D i e laws of n a t u r e (die k o n o m i s c h e n )
sind gut, aber die inventions" der M e n s c h e n h a b e n sie verdorben u n d das
t e
2 L a n d soll grade beweisen, da the condition des people ist poor and
miserable precisely to the extent that those inventions have b e e n p e r m i t t e d 25
to supersede the laws of n a t u r e u n d umgekehrt. (341,2)
726
C. H. Carey.
Principles of Political Economy.
Part the Second. Of the Causes
which retard increase in the production
5 of wealth and improvement in the physical
and moral condition of man.
P h i l a d e l p h i a 1838.
Im Anfang lebt der M e n s c h auf grosser Oberflche Lands, die verhltni-

mssig wenig i h m bietet. [16] M i t d e m W a c h s t h u m des Capitals m a n draws
10 gradually n e a r e r to his fellowman a n d p o p u l a t i o n b e c o m e s m o r e dense.
(17)
1) Security of person.
2) Security of property.
Every part (der Bierbraurei) of the process is loaded with the m o s t r u i n o u s

15 penalties, a n d before m a l t is brewed it m u s t r u n the gauntlet of at least
30 acts of Parliament; a n d there are n o t less t h a n 70 statutes w o m i t j e d e r
M a n n b e k a n n t sein m u before h e c a n v e n t u r e t o m a l t his own barley a n d
brew his own beer." (Speech of Mr. Slaney, in the h o u s e of c o m m o n s ) [65,
66] In E n g l a n d wenn (nach 1837?) in relation to the packing of b u t t e r
727
24 acts, to t h e wool u n d d e m trade darin 987 statutes, to gold a n d silver,

290, to tobacco 460, u n d to the fisheries 970 acts. These are all interfer-
ences m i t d e n rights of property. (68) D e r effect jeder Regulation ( S p r i c h t
h i e r speziell v o m C o a l t r a d e ) , is to r e n d e r the acquisition ||30| of fuel by
t h e c o n s u m e r m o r e difficult, a n d to e n h a n c e its cost, a n d the effect m a y be 5
seen in the fact that, trotz d e m p a y m e n t der duty u n d der heavy freight
across the atlantic, english coal is as cheap in N e w York as in L o n d o n . (76)
F r a n c e is now divided into 4 districts, a n d t h e right of importing a n d ex-
porting grain from o n e to the other d e p e n d s u p o n the average prices for a
given period. (84) Lyon is partitioned in 4 divisions, in d e n e n 4 ver- 10
s c h i e d n e rates of octroi, u p o n wine. Croix R o u s s e fcs. 0.85, Guillotire
1.25, Vaize 1.50 Lyon (within the walls) 5.50 (Bowrings Second Report,
p. 113) [85] In I n d i e n die 3 m o d e s of collection Z e m i n d a r y , Ryotwar u n d
M o u z a w a r settlements. Im ersten der Z e m i n d a r collector farmer general;
im zweiten die collection direkt g e m a c h t v o m Ryot or labourer u n d im 3. 15
das settlement m a d e m i t d e m village collectively. (93)
Unproductive expenditure.
Quality of Labour.
1) Agriculture.
T h e quality of handicraftlabour m a y be j u d g e d from t h e fact that, while t h e 20

lowest e u r o p e a n carpenter c a n earn in Calcutta 6 s. per day u n d der Chi-
nese 2 s., the wages of H i n d o o carpenters, at the s a m e place, c a n n o t be esti-
m a t e d above 6 d. (129) M i t d e m h o h e n Eisenprei in F r a n c e z u s a m m e n -
h n g e n d . " I n the South of F r a n c e , a good useful spade is never seen, an
iron rake very seldom; a n d their saws a n d other carpenter's tools are of the 25
m o s t inferior quality." (133) Of all silk producing countries F r a n c e is t h a t
where reeling is least advanced. (134) Divided a m o n g a m u l t i t u d e of small
proprietors, who breed their own worms, a n d who reel 6, 10, 15 or 201bs of
silk, the reeling offers no g u a r a n t e e either for quality or strength. ( 1 3 4 , 1 3 5 )
In the U n i t e d States, the high price of labour i n d u c e s every exertion to di- 30
m i n i s h the quantity required in agricultural, as well as m a n u f a c t u r i n g op-
erations, a n d the rapid growth of capital enables the farmer to possess h i m -
self of the m a c h i n e r y required therefor. ... T h e horse rake a n d the cradle
are of A m e r i c a n invention ... in general u s e . (140) In t h e conversion des
grain in flour sehr grosse Verbesserungen im lezten ]/ J a h r h u n d e r t ; alle ih-
2 35
728
ren Ursprung in d e n U n i t e d States. T h e y possess the largest flour m i l l s of

the world. In der Stadt Rochester allein sind 21 mills m i t 95 pairs of stones.
Agricultural wages vary von $ 8 to $ 12 per m o n t h m i t board. Taking die
niedrigste R a t e + $ 1.50 per board, so erhlt m a n $ 174 als die a n n u a l
5 wages des c o m m o n labourer. + % fr sein wife u n d children, giebt $ 232
oder f 48. 6 s. 8 d. for t h e support of t h e family. (142)
2) Manufactures.
N a c h d e m Report von Bowring von den 23,500 riband looms in F r a n c e ,

m e h r als % n o c h n a c h d e m alten System (nicht der J a c q u a r d m e c h a n i s m
10 angewandt), which are described as rude a n d cheap, averaging, p e r h a p s ,
n o t m o r e t h a n 1 5 - 1 6 fcs in value". There are few cottages without o n e or
more, a n d the o c c u p a t i o n of weaving fills up t h e h o u r s t h a t are n o t e m -
ployed in t h e business of the small farm. (143) Zu M h l h a u s e n 1 a d u l t u n d
2 children requisite (Siehe J.W.Cowell, Preface to factory tables, p. 119) for
15 t h e m a n a g e m e n t of 200 coarse threads, a n d they gain a m o n g t h e m a b o u t
2 s. at coarse work. Zu M a n c h e s t e r u n d Bolton, o n e adult u n d 2 children
c a n m a n a g e 758 threads, a n d gain a m o n g t h e m 5 s. 6 d. per day. So, o b -
gleich wages so viel lower in F r a n c e , the difference of p r o d u c t is so great
that the cost, in money, of the c o m m o d i t y p r o d u c e d is greater t h a n in Eng-
20 land. ... Die quantity (of cotton) c o n s u m e d 1832 = 82 millions of p o u n d s
u n d n a c h d e n estimates furnished to the french ministerial C o m m i s s i o n ,
t h e n u m b e r of operatives is von 600 zu 800,000. Die C o n s u m t i o n von M a s -
sachusetts, 1835, n a h e 14 millions of p o u n d s u n d die Z a h l der persons e m -
ployed in alien cotton mills 19,754. (145)
25 with every increase of p o p u l a t i o n a n d capital, there is an increased facil-
ity of m a i n t a i n i n g good roads, a c c o m p a n i e d by a d i m i n u t i o n in the cost of
transmitting intelligence, d u r c h letters oder newspapers u n d requiring a
constantly d i m i n i s h i n g proportion der population to be employed in their
transmission a n d delivery. (179)
30 1836 in F r a n c e von 22,906,689 adults k o n n t e n 14,353,586 weder lesen
n o c h schreiben. (188) T h r o u g h o u t E u r o p e the size of the public libraries is
nearly in t h e ratio of the ignorance of the population. Paris h a s t h e largest.
(198)
T h e whole british shipping employed in the foreign T r a d e , outwards
35 a m o u n t s to 2,180,042 tons navigated by 122,103 s e a m e n , w h i c h gives
5 s e a m e n for every 100 tons. Of the french shipping which entered F r a n c e
in 1831, the t o n n a g e employed in the trade with all foreign countries,
a m o u n t e d to 372,931 tons, navigated by 34,355 m e n , giebt 9 m e n p e r
729
100 tons. T h e navigation der U n i t e d States is carried on by a proportion of

4% s e a m e n per 100 tons. Im J a h r e n d e n d 30. September 1836 the A m e r i c a n
vessels that entered the ports der U n i t e d States from foreign countries,
a m o u n t e d to 1,255,381 tons, navigated by 61,280 m e n u n d 2,609 boys, u n -
gefhr 5 per 100 tons. Coasting trade: Of France 209,831 m e n per 5
1,608,896 tons, = 13 m e n per 100 tons. Of Greatbritain und Ireland
513,109 m e n per 8,777,921 tons, giebt 5% per 100 tons. (p. 161,2)
D i e total expenditure der hospitals of F r a n c e , 1833 war 48 482,000 fcs;
die der b u r e a u x de bienfaisance 8,956,000 fcs, z u s a m m e n 57 millions.
(212) N a c h D u p i n in F r a n k r e i c h 20 Millions, ganz deprived of a n i m a l food 10
u n d live wholly on corn, m a i z e a n d potatoes, 1% millions eat little or no
b r e a d u n d barley rye, flummery m a d e of buckwheat, chestnuts, pulse, a
m o d e r a t e quantity of potatoes u n d water etc ihre einzige N a h r u n g . (216,17)
1% millions in F r a n c e a daily i n c o m e of 25 centimes, (4 cents), giving
t h e m j h r l i c h 91.84 fcs. ($ 17.13 per a n n u m . ) A n d r e 7 millions h a b e n an 15
a n n u a l i n c o m e von 33 centimes, (6 cents) per day. (i.e.) |
| 3 1 | Mr Edwin Rose, praktisch beschftigt als an operative engineer, in
different Factories von F r a n c e u n d G e r m a n y , stated distinctly that it took
twice the n u m b e r o f h a n d s (Rose u n t e r d e m C o m m i t t e e o n Artisans u n d
M a c h i n e r y , e x a m i n i r t Session of 1824) to perform m o s t kinds of factory 20
work in F r a n c e Switzerland etc that it did in England, u n d d a wages there,
w e n n estimated by the only standard good for any thing, i. e. by the work
d o n e were higher t h a n in England. (M'Cullochs Statistics of British E m -
pire, vol. II p. 84) [274] D o c h Herr de Villeneuve u n d diese ganze Schule
the m o r e severe the labour, a n d the smaller the p r o d u c t thereof, t h e m o r e 25
nearly does the system a p p r o a c h perfection. (275)
Schzt die G e s a m m t p r o d u c t i o n Hindostans, m i t a p o p u l a t i o n von
135 millions auf 200 millions S t . giebt auf d e n M a n n 1, lOsh. = $ 7.20,
oder jeder family von 4 persons 6 = $ 28.80, as the total return to l a b o u r
a n d capital. (Er schzt das ausser der Agricultur angewandte P r o d u c t auf 30
l
/ ) Unterstellt die franzsische P r o d u c t i o n n a c h D u p i n etc auf
4
7,000,000,000 fcs = 280 Millions St. oder above 1,300,000,000 dollars.

D i e giebt an average p r o d u c t von a b o u t 215fcs = 8.7 sh. per h e a d oder
per family von 4 persons = 8 6 0 fcs or a b o u t 160 dollars. ( 2 8 1 - 2 8 3 )
D a s A n n u a i r e de F r a n c e fr 1833 giebt die P o p u l a t i o n n a c h d e m Census 35
j u s t t a k e n at 32,560,934 u n d die P r o d u c t i o n wie folgt:
Minerals: 97 Mill, fcs, G r a i n 1,900,000,000, wine 800,000,000, m e a d o w s
700 Millions, vegetables u n d fruits 262 Mill., W o o d 141 mill., flax 50 mil-
lions, D o m e s t i c a n i m a l s 650mill., m a n u f a c t u r e s 1,400,000,000. Z u s a m m e n
6,000,000,000. (282) 40
Die P r o d u c t i o n von G r e a t Britain geschzt von M C u l l o c h zu 1 6 - 17
730
per h e a d oder 82 10 sh. fr j e d e family von 5 persons, giebt, m i t a p o p u l a -

tion of 18 millions a total of 297 millions. Da das Product per h e a d grsser
in England als Schottland, 17 l. d a h e r auf d e n E n g l n d e r zu r e c h n e n , giebt
fr j e d e family von 4 persons an average of 68 = $ 324 oder m i t a popula-
5 tion von 15,300,000 (1837) 260 millions sterling = $ 1,224,000,000. (283,4)
Schzt die a m e r i k a n i s c h e P r o d u c t i o n auf $ 95 oder 19.6 sh. per h e a d ,
giebt $ 380 fr j e d e family of four persons (population, 1837 = 15,800,000)
u n d ein Totalproduct von $ 1,500,000,000 = 312, Mill. S t . (285)
Distribution of Wealth.
10 1) Labour and Capital.
India. Schzt in british I n d i a die Z a h l der labourers auf 34 millions, d e r e n

average earnings n i c h t h h e r zu schtzen als 24 rupees ( 2 10 sh. oder
$ 12) per J a h r = 8 5 millions /. St. u n d leaving b e r 100 millions oder m e h r
als Y des total p r o d u c t to be divided a m o n g the owners of capital in its vari-
2
15 ous forms of agricultural i m p l e m e n t s , seed, m a n u f a c t u r i n g m a c h i n e r y ,

a n d land. D e r profit eines l o o m n a c h Dr. H a m i l t o n zu 13 d. per week = 2
16 s. 6 d. per a n n u m , while t h e wages des weaver are 4 s. 6 d. per m o n t h or
2 14 sh. per a n n u m . Zu P a t n a , der profit of a l o o m employed in m a k i n g
checkered m u s l i n s u n d employing 3 persons, is stated at 10 16 s. per J a h r
20 oder I s . 4 d . per week, fr e a c h person, w h r e n d die earnings des weaver
von 1 s. to 1 s. 4 d. D i e poverty der owners der looms so gro, da they are
compelled to o b t a i n advances of capital from their employers, who, in their
turn, claim a large proportion of t h e p r o d u c t as interest for advances t h u s
m a d e . U n t e r diesen U m s t n d e n zweifelhaft ob der Arbeiter selbst % v o m
25 Marktprei der von i h m verfertigten W a a r e n erhlt. (289) In der Agricultur
der proprietor advances seed fr 100% Z i n s . (290) Schzt m a n das G e -
s a m m t p r o d u c t I n d i e n s auf 200 M i l l i o n e n p o u n d s , so wird h c h s t e n s m i t
d e n labourers g e h n 90 Mill. (290)
France. D u p i n schzt das P r o d u c t der franzsischen Agricultur auf fcs
30 5,3 13,163,73 5; davon geht ab fr S a a m e n 321,604,241 bleibt
4,991,559,494. Diese vertheilt er so: Rent. 1,626,000,000, Capital
600,833,800, Z u s a m m e n 2,226,833,800; Labour 2,764,725,694. Er schzt
die Z a h l der m a l e labourers employed auf 7,833,342 u n d ihre average wa-
ges zu 331 fcs per a n n u m . D u p i n in der distribution der proceeds of l a b o u r
35 applied to m a n u f a c t u r e s , assigns n u r y d e m owner des capital, in der Agri-
w
cultur dagegen 45 % als rent or profits. (293) C a r e y s c h l g t an die average

earnings der 10 millions of m a l e s of F r a n c e (10 millions die G e s a m m t z a h l
731
der males b e r 16 Jahre) zu 1 fc per h e a d per day, for 300 days im J a h r

= 3,000,000,000 fcs; k m m t h i n z u % fr die proceeds der l a b o u r der w o m -
en u n d children = 1,000,000,000. Total 4,000,000,000. If we divide the n a -
t i o n in families of 4, so erhalten wir ungefhr 8 millions of families. 400 fcs
per family u n d a total von 3,200,000,000. Fgt m a n % [als] Differenz h i n z u 5
fr die wages of the c o m m o n labourer a n d the m e c h a n i c etc, so
800,000,000, erhlt m a n 4000 Mill., leaving 3,000 millions for rents u n d
profits des capitalist = % des whole product. We have evidence, d a in
Lyon, St. E t i e n n e etc ]/ des p r o d u c t goes to the owner der looms u n d d a a
2
l o o m der costs von 1 0 0 - 4 0 0 fcs, yields an average gain of 3 fcs per day. C a - 10
rey h a t a u s d e n statistics d e s d e p a r t m e n t ||32| d e r Seine, fr 1824, ( p u b -
l i s h e d b y o r d e r o f t h e g o v e r n m e n t ) folgendes s t a t e m e n t g e m a c h t , e m -
bracing 29 branches of various m a n u f a c t u r e s in Paris giving following
result:
Fcs Fcs 15
Total value of commodities 155,800,000
Value of raw materials used 146,000,000
Expenses 1,375,000
Tax on beer 765,000
148,130,000 20
Actual value produced 6,670,000
Of which is paid as wages 2,786,000
Leaving for interest on
machinery, Zins und Profit 3,884,000
Hier der Theil der labourers weniger als ]/ . (294,5) If we saw the spindles of
2 25
t h e vast factories of England divided a m o n g the workpeople, a n d e a c h car-
rying a few of t h e m to his or her h o m e , t h u s losing t h e benefit of t h e power
by which they h a d b e e n kept in m o t i o n , England caput; it h a d lost t h e prin-
ciple of c o m b i n a t i o n . (295,6) N a c h D u p i n an % der Agriculturbevlkerung
proprietors des soil they cultivate u n d erhalten davon eine R e v e n u als 30
R e n t e , exceeding 64 fcs per Jahr. (296) G r o as is the proportion des owner
von l a n d e d u n d other capital there are n o t m o r e als 38,000 families whose
i n c o m e s average $ 3,200; 37,500 d e r e n i n c o m e s 2,000; 37,500, deren in-
c o m e s 800 u n d 100,000 deren i n c o m e s 480 $. per Jahr. (297)
732
England und Wales.

Nach dem Census Families. Persons. Per cent Per cent
von 1831: of families. of persons
1) Agricultural
5 occupiers. 250,000 1,500,000 7.6 9.1
2) Agricultural
labourers. 800,000 4,800,000 24.2. 29.0
3) Mining
labourers. 120,000 600,000 3.7 3.6
10 4) Millers, bakers
and butchers. 180,000 900,000 5.4. 5.5.
5) Artificers,
builders etc 230,000 650,000 7.0. 3.9.
6) Manufacturers 400,000 2,400,000 12.1. 14.5.
15 7) Tailors,
shoemakers,
hatters 180,000 1,080,000 5.4. 6.5.
8) Shopkeepers. 350,000 2,100,000 10.6. 12.7.
9) Seamen und
20 soldiers 277,017 831,000 8.4. 5.0
10) Clerical, legal,
medical classes 90,000 450,000 2.7. 2.7.
11) Disabled
paupers. 110,000 110,000 3.3 0.7
25 12) Proprietors
und annuitants 316,487 1,116,398 9.6. 6.8
3,303,504 16,537,398 (P.297)
Auffllt die grosse proportion of families, m e h r als Y employed in per-

w
forming the exchanges. M e h r als 1 s h o p u n d shopkeeper, m i t his family, to

30 be m a i n t a i n e d by every 9 families in d e m k i n g d o m . Zweitens je 36 families
m s s e n m a i n t a i n die family of a m e m b e r of one of the learned professions.
t e
D a s 3 ist die large proportion der proprietors u n d a n n u i t a n t s , fast 10%;
u n d requiring that every 9 families should m a i n t a i n o n e s u c h family. Z u -
s a m m e n erhalten wir
35 % vom Ganzen
Shopkeepers. 10.6
Professional. 2.7.
Proprietors und
annuitants 9.6
40 22.9.
Producers of
commodities 77.1
100.0
733
So E i n e family, als proprietor oder a n n u i t a n t , legal, clerical or m e d i c a l ad-

viser, or performer of exchanges von je 3 families im k i n g d o m , engaged in
p r o d u c i n g c o m m o d i t i e s for exchange, zu erhalten. (298) |
|33| By restraints of various kinds E n g l a n d limits the field for employ-
m e n t of capital, a n d forces vast n u m b e r s to engage in occupations in which 5
their labour is comparatively u n p r o d u c t i v e . (303) C a r e y r e c h n e t
3,800,000 families, zu 5 0 each also zu 199 millions Ist. u n d w e n n das
G e s a m m t p r o d u c t 260 millions bleibt 70 millions fr profits of capital u n d
wages of m a n a g e m e n t . (Doch die average wages jeder family von 4 persons
19 sh. 3 d. per W o c h e . U n t e r d e n 70 Mill, n i c h t e i n g e s c h l o s s e n d i e B e s i t - 10
zer v o n stocks.) T h e great m a s s of farming capital has, for m a n y years past,
yielded b u t little, if any profit. T h e owners have m a d e wages for their t i m e ,
a n d have b e e n contented if their capitals r e m a i n e d u n t o u c h e d . In every di-
rection we find the s a m e state of things. E b e n s o in trade, shipping, m a n u -
factures ... D i e proportion des capitalist sehr small, weil die persons e m - 15
ployed in trade are too n u m e r o u s for the a m o u n t of exchanges to be
performed; the shipping is too great for the quantity of m e r c h a n d i s e to be
transported; u n d die n u m b e r of persons die capital auf m a n u f a c t u r e ver-
w e n d e n wollen, is greater t h a n is required to m e e t the d e m a n d s of those
whose p r o d u c e the people are p e r m i t t e d to take in exchange. D e r share des 20
capitalist ist probably a b o u t % des product. ( 3 0 6 - 3 0 8 )
United States Er u n t e r s t e l l t % or 3,950,000, the p o p u l a t i o n 1837 being
15,800,000. R e c h n e t die earnings (per a n n u m ) einer agricultural family
$ 232. N i m m t $ 280 = 58 5 s. als d e n average reward of personal services
in d e n U n i t e d States a n . 25
3,950,000families, receiving $ 280 per Jahr giebt
$ 1,106,000,000
Das Totalproduct 1,500,000,000
lt als Profits of capital 3 94,000,000
= 6 % auf $ 6,600,000,000 of capital. (308, 309) 30
Also Resultat: Indien. P r o d u c t = 200Mill., davon less als % fr wages of
labour, giebt 12 s. 6 d = $ 3 per h e a d u n d lt m e h r als % fr profits
= 14 sh. 6 d. or $ 3.50 per h e a d der population.
France. 7 000 Millions of fcs, wovon % = 122 fcs = $ 22.90 per h e a d , fr
wages of labour u n d den capitalists % = 91 fcs = $ 16.68 per h e a d . 35
England. 260 Mill. Products. Fast % = 12. 10 sh = $ 60 per h e a d , wa-
ges, bleibt fr die capitalists ungefhr 70 Mill, oder etwas m e h r als ]/ A
= 4 12 sh. = $ 22 per head of the population.

United States. $ 1,500,000,000; $ 70 = 14 11 s. 3 d, per head, b e r 70%
des G a n z e n fr wages u n d der Rest vertheilt fr die capitalists, fast = $ 25 40
oder 5 s. 5 per h e a d of the population. (309,10)
734
2) Support of Government.
W r e n in E n g l a n d whrend des Kriegs all the extra d e m a n d s des govern-

m e n t supplirt worden d u r c h an i n c o m e tax, so wren die extraprofits des
Capitalisten absorbirt worden; aber statt zu zahlen his m o n e y , he lent it, zu
5 h o h e m Zins der Regierung which interest was collected from the l a b o u r i n g
classes, d u r c h taxes on salt, beer, sugar, tobacco etc. (329) All that could be
supplied by the labouring classes h a d b e e n taken, while m o s t of t h a t w h i c h
should have b e e n contributed by the capitalists, h a d b e e n lent. (333) T o o k e
in O n h i g h u n d low Prices" giebt folgende wages Listen fr Y o u n g w o m e n
10 in cotton mills zu M a n c h e s t e r :
735
D e r Effect der S t e u e r n w h r e n d der Kriegszeit auf das Volk u n d speziell

die Artikel, die es vor allem kaufen sieht m a n aus folgenden: ( A n d r e S e i t e
schlag) I
|34| 1790. 1795. 1800. 1805. 1810
5 Strong beer 8 sh. 0 d. 8 s. Od 9 s. 5 d 10s. Od. 17.0
Malt. 10. 6 10. 6 10. 6 18. 8 34.8 d.
Tea 12 P.C. 20 P. C. 30 P. C. 65 P. C. 96 P. C.
Tobacco 1 3 1. 7 1. 7 1. 8 2.2
Sugar 12. 4 15. 0 20. 0 27. 0 26.6
10 Rum. 9. 0 13. 5 13.7
Salzprei stieg
in Folge der duty 4. 8 6 1 14. 0 16. 10 19.9
(p. 329 u n d 332)
W e n n die P r o d u c t i o n von Indien auf 2 000 millions of rupees geschzt

15 oder 200 mill. I. St., viel m e h r als ]/ erheischt die costs of g o v e r n m e n t u n d
2
d e n share of the owner des capital zu zahlen; bleibt fr d e n labourer 2 ru-

pees per m o n t h , d a m i t erhlt er for a year's labour a b o u t 24 m a u n d s
2000 p o u n d weight of rice. (355)
France. D e r average der S t e u e r n fr eine series of years vor 1830 war
20 923,086,298 fcs. Da n u n die expenses of direct taxes 11 %, die von indirect
18%, der average a b o u t 15%, folgt d a 150 millions of fcs, or 30 m i l l i o n s of
dollars, a s u m nearly e q u a l to t h e whole cost of government, in all its
forms, in the U n i t e d States, are absorbed by the collectors der revenue,
(p. 357) Die I n h a b i t a n t s v o n Beaujolais, in their representation to t h e
25 2 C h a m b e r s , t h u s give t h e n e t proceeds of 100 hectolitres of wine the pro-
d u c e of 4 hectares, or 9 acres of land: P r o d u c t = 5,800 fcs. Cost fr m a -
n u r e , repairs, cooperage, u n d carriage 1,650, bleibt 4,150. Diese w e r d e n so
vertheilt: Regierung 2,768, landlord 4 0 1 , dealer 580, bleibt fr d e n labourer
4 0 1 . D e r p r o d u c e r erhlt so weniger als 10%, 24% goes to t h e capitalist, die
30 r e m a i n i n g 66% absorbed by t h e d e m a n d s of the government. (Bowring's
second Report, p. 103) [359, 360] V o n d e n 7 000 millions fcs, die F r a n c e
producirt, 3,000 go to t h e capitalist. 15 % davon, 450 millions g e h n an die
Regierung. Bleiben 2 500 millions of fcs oder 500 m i l l i o n s $ to be divided
a m o n g all the owners of capital, in a n a t i o n of 33 mill. Die i n c o m e s d a h e r
35 sehr small. (363) P u b l i c e m p l o y m e n t ist d a h e r gesucht by every father for
his son. (364)
D a s G e s a m m t t a b l e a u ist: Capital 2 550 millions, labour 3 250, govern-
ment 1 2 0 0 , total 7 000. G i e b t als average reward of personal services, per
h e a d of the whole p o p u l a t i o n 100 fcs. R e t u r n to capital per h e a d 78, Gov-
40 e r n m e n t share per h e a d 37, total 215 fcs. (p. 364)
England. Total p r o d u c t 260 millions l. st. D i e Distribution n u n wie folgt:
737
736
1803 1808 1813 1818 1823. 1828. 1833.

Throstle spinners per
week of 72 hours. 9sh. l.d. 9s. Od 8 s. 4 d. 9 s. 10 d. 9 s. l d 9s. l d 8 s. 10 d.
Hours worked. 78. 60 75 77. 74 72. 69.
5 Wages paid 10 s. iy 2 d. 7 s. 5 d. 8 s. 8 d. 10 s. 5d. 9 s. 3/2d. 9s. ld. 8 s. 5%.
Flour per 240 lbs. 40. 0 55. 0 70. 0 47. 0 40. 0 45. 0 35. 0
Potatoes per 240 lbs. 7. 0 12. 0 12. 0 7. 6 5. 9 7. 0 4. 6
Butchers' meat 0. 6 0. 5 0. 5 0. 4/2 0. 4 0. 3
Coals per 112 lbs. 0. 10 0. 8 0. 8 0. 6 0. 6 0. 6 0. 5%
10 Strong Calicoes
per yard 0. 10 0. 9 0. 4.
[p. 336]
Capital 55 millions. Personal service 145, government a n d c h u r c h 60,

= 260 millions. Giving as the average reward of personal service, per h e a d
von der whole population 9 10 s., Return to capital per h e a d 3 . 12 sh.,
Government 3.18, total 17. (378)
United States. Das G e s a m m t p r o d u c t 1 5 0 0 millions $. D i e total expenses 5
of g o v e r n m e n t m a y be t a k e n at $ 2.19 per head, z u s a m m e n 34 [millions] $,
l
wovon ungefhr / v o m capital u n d % von wages gezahlt ist. (379.) In
2
c e n t e s i m a l parts erhalten wir folgenden:
Comparative view of the distribution

United States England France India 10
Labour 72.75 56. 47. 45
Capital 25. 21. 36.
55
Government 2.25 23 17.
100 100 100 100 (379)
D e r average net return for personal services, after paying all claims of gov- 15
e r n m e n t , would be in d e n U n i t e d States 72 cents, (3 s.), in E n g l a n d 2 sh., in
l
F r a n c e 1 fc (or 9 d. st.), in I n d i a 2 d. or / of a rupee. (380)
w
Vertheilung der Public Revenue.
Indien. (Unter d e m Ostindischen engiisn Government.) Governors u n d M e m -

bers of C o u n c i l 153,265 die m e m b e r s der R e v e n u e boards 131,532, die 20
secretaries 155,185, die diplomatic agents 249,161, die military expenses
9,326,811. Hier 1200 t h o u s a n d dollars appropriated fr die D i p l o m a t i e
eines L a n d s dessen labourers are compelled to limit their e x p e n d i t u r e for
clothing, fr eine family von 4 persons, auf 6 shillings per Jahr. ($ 1.44)
(p. 385) ||35| D i e a n n u a l s u m (in E n g l a n d ) received by peers a n d their con- 25
n e x i o n s - 1 7 2 f a m i l i e s - i s stated a t 9 7 9 , 7 4 0 oder 5 , 6 9 6 per family.
50 families h a b e n 663,820, an average of 13,276 per family. (Wakefield,
Public E x p e n d i t u r e , p. 260) [392] Wo die Regierung die largest proportion
des p r o d u c t of labour expends, ist 1) die quality of l a b o u r lowest; the la-
b o u r e r takes the smallest proportion, a n d the capitalist takes the largest, 30
wie in I n d i e n u n d F r a n c e . 2) Dieselbe Differenz observed in der distribu-
tion der p u b l i c revenue, the chief officers of the g o v e r n m e n t having it in
their power to take a large share thereof, leaving a small o n e to be divided
u n t e r die n u m e r o u s persons in the inferior situations des p u b l i c service,
wie in I n d i e n u n d F r a n c e . 3) A very small proportion der public revenue is 35
applied to purposes tending to the i m p r o v e m e n t of the c o n d i t i o n of m a n ,
738
while a large portion is applied to the injury of their neighbours, or in other

ways tending to the advantage, real or supposed, of those charged with t h e
a d m i n i s t r a t i o n des government. U m g e k e h r t : wo das g o v e r n m e n t e x p e n d s
die smallest proportion. (396,97) D a s Totalrental von Irland geschzt auf
12,715,478; being an average von 12 s. 9 d. = $ 3.06 per acre. (M'Culloch.
Statistics. V . I , p . 5 4 3 ) [p.423]
739
Carey, H. C.
The Past, The Present, and the Future.
Philadelphia. 1848.
[The lesson of the past to the present]
Man and Land. 5
S o b a l d d e r S p a d e a n die Stelle d e s S t o c k s g e t r e t e n h e can now m a k e

holes, four inches d e e p with less labour t h a n with his stick he could m a k e
those of two. ([10,] 11) ( H a u p t b e h a u p t u n g : d a im Fortschritt der Civilisa-
tion von d e n s c h l e c h t e m B o d e n a r t e n (hills) zu d e n f r u c h t b a r e m in d e n
E b e n e n herabgestiegen wird.) D i e ersten settlers der englischen R a c e eta- 10
blirten sich on the barren soil of Massachusetts, u n d g r n d e t e n die colony
of P l y m o u t h . Other settlements are formed at Newport u n d N e w H a v e n ,
u n d t h e n c e they m a y be traced, following t h e courses of t h e rivers, b u t oc-
cupying in all cases the higher lands, leaving the clearing of t i m b e r a n d the
draining of swamps to their m o r e wealthy successors. ... D i e settlers h a l t e n 15
stets die higher u n d drier lands, away from the river b a n k . T h e settlers de-
sire food, a n d if they u n d e r t a k e to clear the forests a n d d r a i n the m e a d o w s ,
they m u s t starve. (25, 26) G o o d l a n d a b o u n d s , b u t the settler prefers that
which will yield the largest r e t u r n to labour, w h i c h the richer lands would
not, as t h e cost of clearing t h e m would be m o r e t h a n they were worth w h e n 20
cleared. (30) T h e early settlers of Ohio, I n d i a n a , a n d Illinois, uniformly se-
lected the higher grounds, leaving the richer l a n d s for their successors. T h e
i m m e d i a t e valleys of streams, fertile as were the soils, were a n d still are
avoided on account of danger to be a p p r e h e n d e d from the fevers w h i c h
even now sweep off so m a n y of t h e emigrants to t h e new states. T h e facility 25
740
Henry Charles Carey:
The past, the present, and the future. Philadelphia 1848.
Titelblatt
Aus H. Ch. Carey: The past, the present, and the future
of getting some small crop, always p r o m p t e d , as it still prompts, to the se-

lection of land which was m o s t readily brought into cultivation: a n d n o n e
so well answered t h e purpose as t h a t which was slightly clothed with t i m -
ber, a n d clear of undergrowth. ... D i e s a m e reason which prevented (den
5 settler) from c o m m e n c i n g the work of artificial drainage to secure a place
for his dwelling equally prevented h i m from so doing for any other p u r p o s e .
In the prairies the richest l a n d is found in the centre of the prairie, a n d
there can water be m o s t readily obtained; while on the outer edges, as t h e
surface descends towards t h e t i m b e r e d land, it is less healthful, a n d water
10 is obtained only by boring to a considerable depth, while the soil is far less
rich: yet here invariably does t h e settler c o m m e n c e , as the centre r e q u i r e s
drainage, a n d three or 4 yoke of o x e n to break up t h e tough soil. W i t h e a c h
step in the progress of wealth a n d population, t h e new settlers are s e e n a p -
proaching n e a r e r to the centre a n d obtaining better soils at less cost of la-
15 bour. W h i l e t h u s passing inward towards richer portions of the prairie,
others gradually m a k e their way down to t h e lower lands n e a r the m a r g i n s
of the streams, b u t for want of drainage these are frequently overflowed ...
U n e m b a n k e d - l i a b l e to occasional overflow from the river, a n d its neigh-
b o u r h o o d is destructive to life a n d health. (32,3) T h e p i n e of the hills is
20 small, a n d easily cleared. It gives h i m good fuel, a n d its knots furnish artifi-
cial light. To attempt to clear t h e l a n d t h a t bears the oak would r u i n h i m .
(34) If, instead of d e s c e n d i n g t h e Mississippi, we ascend the Missouri, t h e
Kentucky, the Tennessee, or t h e R e d River, we find invariably t h a t t h e
m o r e dense t h e p o p u l a t i o n a n d t h e greater t h e m a s s of wealth, the m o r e are
25 the good soils cultivated: u n d t h a t as p o p u l a t i o n diminishes with o u r a p -
proach to their headwaters, a n d as l a n d b e c o m e s m o r e a b u n d a n t , cultiva-
tion recedes from t h e river b a n k s , the t i m b e r a n d the u n d r a i n e d m e a d o w -
lands increase in quantity, a n d the scattered i n h a b i t a n t s are seen obtaining
from t h e superficial soils a d i m i n i s h i n g r e t u r n to their labour, a c c o m p a -
30 n i e d with d i m i n i s h i n g power to c o m m a n d t h e necessaries etc. If we cross
the Mississippi into Texas, a n d m a r k the site of the town of A u s t i n , t h e
centre of the first A m e r i c a n settlement, we find it to have b e e n placed h i g h
up on the Colorado, while millions of acres of the finest t i m b e r a n d m e a d -
ow lands in the world, totally u n o c c u p i e d , were passed over, as i n c a p a b l e
35 of paying the cost of simple appropriation. If we look to t h e Spanish Col-
ony of Bexar, we find further illustration ||36| of the s a m e universal fact.
T h e whole t e n d e n c y of colonization is towards the head-waters of t h e
rivers. (34) In every case on record, in which settlements have b e e n at-
t e m p t e d on rich lands, they h a v e either failed totally or their progress h a s
40 b e e n slow, a n d it has b e e n only after repeated efforts t h a t they have
thriven. T h e reader who desires evidence of this fact, a n d of the absolute
743
necessity for c o m m e n c i n g with t h e poorer soils, will o b t a i n it if he study

t h e history of the french colonies in L o u i s i a n a a n d C a y e n n e , a n d c o m p a r e
their repeated failures with the steady growth of those formed in the region
of the St. Lawrence, where n u m e r o u s a n d somewhat prosperous settlements
were formed at places where t h e l a n d is now h e l d to be almost utterly val- 5
ueless, b e c a u s e better soils can be o b t a i n e d elsewhere, by sinking deeper
into t h e earth, or removing to a little distance. He m a y o b t a i n a d d i t i o n a l
evidence, if he will c o m p a r e the gentle, b u t steady, growth of t h e colonies
p l a n t e d on the sterile soils of N e w England, with the repeated failures of
colonization u p o n the richer lands of Virginia a n d Carolina, which latter 10
could n o t be r e d u c e d to cultivation by m e n working for themselves; a n d
h e n c e we find the richer colonists purchasing negroes, a n d compelling
t h e m to perform the work, while the free labourer seeks t h e light sandy
lands of N o r t h Carolina. ... no m a n , left to himself, will c o m m e n c e t h e
work of cultivation on t h e rich soils: because it is from those soils t h a t the 15
return is t h e n least u n d it is von i h n e n u n d auf i h n e n , d a die C o n d i t i o n
des labourers die schlechteste, where the work is u n d e r t a k e n in advance of
the wealth a n d c o m b i n a t i o n that c o m e with t i m e . (34,5) Stellt m a n sich auf
d e n C h i m b o r a z o u n d blickt u m sich, s o sieht m a n , the only civilized p e o -
ple of t h e days of Pizarro occupying h i g h a n d dry Pern, d r a i n e d by little 20
streams whose rapid course forbids the possibility that m a r s h e s should be
formed in which vegetable m a t t e r m a y decay, to give richness to t h e soil for
the p r o d u c t i o n of t i m b e r before t h e period of cultivation, or of food after-
wards. It was poor a n d easily cleared. It wanted no artificial drainage. It
was therefore occupied. (38) In all cases we m a r k the pioneers gladly setz- 25
ing on the clear dry land of the hillsides, in preference to t h e rich a n d
highly wooded land of the river b o t t o m s . Everywhere we see t h e m , as p o p u -
lation gradually increases, descending, equally gradually, t h e sides of t h e
hills a n d m o u n t a i n s towards the rich lands at their feet: a n d everywhere,
with the growth of n u m b e r s , penetrating the earth to r e a c h t h e lower soils, 30
to enable t h e m to c o m b i n e the u p p e r clay, or sand, with t h e lower marl, or
lime, a n d t h u s c o m p o u n d i n g for themselves, o u t of the various m a t e r i -
als ... a soil capable of yielding a larger return t h a n t h a t u p o n which they
were at first compelled to expend their labours. Everywhere, with increased
power of u n i o n , we see t h e m exercising increased power over land. Every- 35
where, as t h e new soils are brought into activity, and as they are enabled to
o b t a i n larger returns, we find m o r e rapid increase of population, p r o d u c i n g
increased t e n d e n c y to c o m b i n a t i o n of exertion, by which the powers des in-
dividual labourer are trebled etc. (48, 49)
1760 die Population von E n g l a n d u n d W a l e s 6,479,000. T o t a l q u a n t u m 40
des pfoducirten grain geschzt auf 15,349,000 qrs u n d die exports exceeded
744
the imports um 400,000 qrs. (Die g a n z e quantity of l a n d ungefhr

37,000,000 acres.) [5/1] D i e quantity of l a n d n o w in cultivation m i n d e s t e n s
zweimal so gro als b e i der accession von G[eorge] III (1760). W i t h this ex-
tension over the surface, t h e r e h a s b e e n a corresponding descent i n t o the
5 bowels of t h e land, a n d t h e lower soils have b e e n to a wonderful extent
c o m b i n e d with t h e superficial ones. T h e underlying m a r l of Norfolk u n d
Lincoln has b e e n c o m b i n e d with the sand, a n d t h r o u g h o u t the k i n g d o m
lime has been, to an extent n o t to be estimated, c o m b i n e d with the clay, t h e
power to accomplish which has resulted from t h e cultivation of t h e iron
10 a n d coal soils, always a m o n g t h e last to be brought into full activity. T h e
effect of this m a y be j u d g e d from t h e fact t h a t t h e s a m e land which in the
former period yielded, in a d d i t i o n to the grain, b u t a b o u t 40 tons of straw,
now yields the s a m e grain a n d m o r e t h a n 500 tons of straw, hay a n d tur-
nips, as food for the cattle required to m e e t the d e m a n d s of the m e a t m a r -
is kets ... d e m a n d s 3x exceeding those der former period. T h e weight of
food, per acre, is considerably m o r e t h a n twice as great as was t h e n o b -
tained, and the n u m b e r of acres being doubled, we have 5 x the quantity of
food to be distributed, while the p o p u l a t i o n has increased b u t 150%. (52)
Im 14' Jh. der r e t u r n des h u s b a n d m a n weniger als 1 qr per acre im
20 D u r c h s c h n i t t u n d if from this abgezogen 2 bushels fr seed, so b l e i b e n
6 bushels as the p r o d u c t of labour. D i e P o p u l a t i o n n u n 6%mal greater, aber
die n u m b e r of persons w h o live by t h e labours des field n i c h t 3 x greater,
while the land in cultivation is probably 10 x so gro; u n d das average
yield per acre, estimating green crops as beef a n d m u t t o n , a n d looking to
25 the vast yield of potatoes a n d various other articles of vegetable food, is at
least 6x as great. (54) A b e r R i c a r d o ' s System is o n e of discords ... its
whole tends to the p r o d u c t i o n of hostility a m o n g classes a n d n a t i o n s . ...
His book is the true m a n u a l of the d e m a g o g u e , who seeks power by m e a n s
of agrarianism, war, a n d p l u n d e r . (74,5)
30 Man and food.
If to India, we m a y see t h e rich soil relapsing into jungle, while its late oc-
c u p a n t starves a m o n g t h e forts of the hills. ... If to Aegypt, we m a y trace
with its advance the gradual descent of p o p u l a t i o n towards the Nile, bring-
ing into activity the rich l a n d s of the Delta: a n d with its decline, t h e a b a n -
35 d o n m e n t of those lands, t h e filling up of t h e canals, a n d the c o n c e n t r a t i o n
der population on t h e higher a n d less productive lands. (86) |
745
|37| Wealth.
it will be observed that we consider the owner a n d farmer always as o n e

a n d the s a m e person ... S u c h it is in the U n i t e d States. (97) M a n is always
going from a poor soil to a better, a n d t h e n r e t u r n i n g on his footsteps to the
original poor one, a n d t u r n i n g up the m a r i e or t h e lime; a n d so on, in con- 5
t i n u e d succession ... a n d at each step in this course, he is m a k i n g a better
m a c h i n e . (129) Capital m a y be invested in agriculture with more advantage
t h a n in engines, because the last are only of equal, whereas the other is of
superior, power. (1. c.) D e r G a i n von einer s t e a m e n g i n e is t h e wages of la-
bour, die wool in cloth verwandelt etc minus t h e loss by deterioration of the 10
m a c h i n e . L a b o u r applied to fashioning the earth produces wages + the
gain by i m p r o v e m e n t of the m a c h i n e . '(1. c.) D a h e r a piece of land t h a t
yields 100 per a n n u m t h e u r e r verkauft als a steamengine, die ebenso viel
pro J a h r producirt. (130) D e r buyer of t h e first knows that it will pay h i m
wages a n d interest + the increase of its value by use. T h e buyer of t h e 15
other knows t h a t it will give h i m wages a n d interest - the d i m i n u t i o n in its
value by u s e . T h e one buys a m a c h i n e that improves by use. T h e other, o n e
t h a t deteriorates with use. ... T h e o n e is a m a c h i n e u p o n which new capital
a n d labour m a y b e expended with constantly increasing return; while u p o n
t h e other no s u c h expenditure can be m a d e . (131) 20
Wealth and land.
T h e division of land, a n d its cultivation by t h e owner for his own profit, are
the necessary consequences of t h e growth of wealth. (139,40) In A m e r i c a
m e n m a n a g e their own affairs: b e c a u s e land is divided, a n d m e n u n i t e d .
(155) 25
Man and his standard of Value.
S u c h is the history of 1 8 2 5 , 1 8 3 6 u n d 1839, at all of which periods the b a n k

(of England) m a n u f a c t u r e d "deposits" ( I n d e m sie die securities aufkauft
u n d der former owner dieser millions of securities s u c h e n for profitable in-
vestments) by m o n o p o l i z i n g securities, a n d was t h e n itself misled into the 30
belief t h a t the increase of its own debts indicated an actual surplus of capi-
tal. (190) D e r course der B a n k of E n g l a n d in der late railroad speculation
appears to have b e e n precisely t h e s a m e as was, in the great land specula-
746
tion of 1836, t h a t of the b a n k s of the west, established a m o n g a scattered

people who still cultivated poor lands: a n d who borrowed m o n e y to m a k e
the banks. A m a n p u r c h a s e d a section of land, a n d paid the a m o u n t to t h e
treasurer. T h e treasurer deposited t h e m o n e y i n the b a n k . T h e b a n k lent
5 the m a n the m o n e y , on his n o t e . He paid it again to t h e treasurer, who
again deposited it in t h e b a n k , which again lent it to the original owner,
who again b o u g h t land, a n d again p a i d the treasurer, repeating t h e opera-
tion until, with a single 1000 dollars, he b e c a m e the owner of tens of 1000
of acres. At the e n d of t h e operation, t h e government h a d parted w i t h vast
10 bodies of land, a n d h a d , in exchange, a vast a m o u n t of b a n k credits; a n d
the b a n k held the notes of the speculator. (190,1)
Man and his Fellow Man.
D e r early cultivator has no m e a n s of selfdefence. He m a y be enslaved by

any stronger t h a n himself. ... Voluntary u n i o n being h e r e impossible
15 a m o n g the m a n y , the few h a v e power to compel u n i o n ... In all cases of in-
voluntary u n i o n , the principle of u n l i m i t e d liability: solidarit is seen to
exist. T h e lord wants a certain n u m b e r of m e n , a n d they m u s t c o m e . He
loses a portion of his subjects in battle, a n d he calls on the b a l a n c e to m a k e
up the deficiency. He wants a certain a m o u n t of a n n u a l contribution, a n d
20 those who c a n pay m u s t m a k e up for those who cannot. ... with the growth
of population a n d wealth, the better soils are cultivated, a n d m e n are en-
abled to live closer to e a c h other: a n d voluntary u n i o n t e n d s gradually to
supersede the involuntary. Ceasing to labour in gangs, they cultivate pieces
of land for which they pay rent: a n d t h u s individuality grows with wealth,
25 while u n i o n t e n d s to give t h e m a seifdefensive power, by aid of w h i c h they
obtain a gradually increasing proportion of the product of their labour.
(212,13) T h e true test of a n a t i o n is to be found n o t in t h e size of their
great, b u t in that of their little, m e n . (241)
747
Man.
Man and his Helpmate.
Man and his Family.
In F r a n c e t h e whole n u m b e r of officials appointed u n d paid by the govern-

m e n t , liable to removal, u n d susceptible of p r o m o t i o n ; u n d a n n u i t a n t s or 5
pensioners; is 931,977, gezahlt 397,000,000 fcs. H i n z u z u f g e n 400,000 sol-
diers u n d 60,000 sailors u n d m a r i n e s , z u s a m m e n 1,392,000 persons receiv-
ing pay from that portion of the n a t i o n which styles itself " T h e State".
(252) W i t h e a c h step of increase in the density of population, t h e power of
c o m b i n a t i o n increases, the c o n s u m e r a n d the p r o d u c e r being enabled m o r e 10
a n d m o r e to place themselves by t h e side of e a c h other. (272,3)
Concentration and Centralization.
Colonisation.
Look to it from what quarter we m a y , we see the h u m a n race d e s c e n d i n g

from the great centre of the eastern c o n t i n e n t , the p l a t e a u of Asia, a n d 15
seeking in the lower lands t h e m e a n s of obtaining increased supplies of
food; those first cultivated having b e e n , invariably, possessed of t h e small-
est quantity of the foodproducing ||38| properties. E m i g r a t i o n is, therefore,
in strict accordance with t h e laws of n a t u r e . F r o m that point the first p e o -
ple proceed to occupy t h e l a n d given for their use. At every stage of their 20
course we see t h e m arresting their m a r c h , a n d stopping to apply themselves
to t h e cultivation of the u p p e r a n d poor soils, a n d by degrees bringing into
action t h e m o r e productive ones. (315) D u r c h die m e n s c h l i c h e n inventions
in m a n y Fllen: increasing poverty is seen to exercise a strong repulsive
power, a n d m e n are compelled to increase their distances from each other in 25
t h e h o p e to o b t a i n from the miserable soils t h e n cultivated, t h e food neces-
sary for the preservation of existences. So der poor A r a b b e m c h t i g t e sich
countries die frher dichte Bevlkerung e r n h r t e n etc. (317) In M a s s a c h u -
setts they make rich soils, for they have power to c o m p e l the great m a -
c h i n e to answer to their d e m a n d s . (320) M i t B e z u g a u f V i r g i n i a s a g t er: 30
In t h e seventeenth century, the g e n t l e m e n of England gave the land, a n d
748
sold the slave, (the importer o b t a i n e d from the n o b l e m e n a n d g e n t l e m e n

proprietors a grant of 50 acres of l a n d fr j e d e n importirten Sklaven u n d so
etablirte die englische Aristokratie d e n slavetrade in Virginia) In t h e n i n e -
t e e n t h , the p l a n is different. T h e y now sell t h e land, and give t h e Slave. T h e
5 "systematic colonization" of o u r t i m e differs in scarcely any thing else
from t h a t which distinguished t h e age of Jeffries a n d J a m e s II. (353 N o t e . )
Bis z u m Schlu der R e g i e r u n g von J a m e s II t h e i m p o r t a t i o n of negro
slaves sehr limitirt, white slaves being found cheaper a n d better. T h e to-
bacco ships have b r o u g h t t h e m as r e t u r n cargo (die prisoners m a d e b e i der
10 Rebellion of M o n m o u t h , who escape the h a n g m a n , are distributed a m o n g
t h e q u e e n a n d the courtiers, by w h o m they are sold at 10 or 15 I. each, to be
resold in Virginia for 40 oder 50 I.) whereas the negro would require a voy-
age to the coast of Africa, to which no cargo could be carried: and, there-
fore, so long as the exportation from E n g l a n d c a n be m a i n t a i n e d , t h e other
15 b r a n c h of the slave trade can attain b u t little development. M i t d e m S c h l u
der Regierung von J a m e s II t h a t traffic falls off u n d thereafter the supply
comes chiefly from the African coast. ([357,] 358) (Von Anfang an t h e im-
portation of (white) labourers u n d e r bonds of servitude: der trade in m e n be-
c a m e , by degrees, lucrative. [353] A u c h s o m e t i m e s y o u n g persons kid-
20 n a p p e d a n d h u r r i e d on b o a r d of ship; a n d at others, persons charged with
small crimes, prefer being sold by magistrates als die d a m a l i g e n
Schreckensprisons. [357] V i r g i n i a w a r e i n e r e i n a r i s t o k r a t i s c h e Colonie.)
T h e cause of the existence of slavery in the U n i t e d States is obvious. I m -
poverished b r a n c h e s o r d e p e n d e n t s (diese G e s c h i c h t e n a m e n t l i c h k l a r i n
25 d e n two Carolines, wo bis 1663 Lord Clarendon, Albemarle u n d a n d r e n o -
b l e m e n a grant erhalten m i t absolute authority) of the english Aristocracy
sought wealth without labour. Unwilling to work themselves, a n d u n a b l e to
offer i n d u c e m e n t s to t h e free labourer, who could have land elsewhere for
himself, they first enslaved their poorer c o u n t r y m e n ; a n d when that source
30 of supply was stopped, they took the negro. H a d no aristocracy existed in
England, no negro slavery could have arisen in A m e r i c a . ... A e h n l i c h m i t
den settlers in Australia ... U e b e r a u hier Klage b e r d e n high price of la-
bour. T h e l a n d is good e n o u g h , b u t labour is too d e a r to work it, a n d it will
n o t pay. If the labour m a r k e t could but be overstocked, so t h a t the landown-
35 ers could m a k e their own terms, the latter would be rich. They wanted slaves,
although not fully aware of the fact. T h e m a n w h o c a n n o t work a n d who
u n d e r t a k e s the work of settlement, m u s t h a v e slaves, or he m u s t starve ...
D i e aristokratische Colonisation h a t n u r so strong a t e n d e n c y towards culti-
vating rich soils in advance of their n a t u r a l order. (359,60)
40 In all [other] countries t h e fertile lands were a b a n d o n e d as p o p u l a t i o n
decreased. (372) I n W e s t i n d i e n h a t e s sich ebenfalls gezeigt: that rents
749
1
c a n n o t c o m e from land u p o n which labour a n d capital have n o t b e e n , a n d

are n o t c o n t i n u e d t o b e expended. T h e m e r e land can pay n o t h i n g b u t
wages. (373) W i t h the growth of p o p u l a t i o n a n d of wealth m a n acquires
increased power to d e t e r m i n e for himself what soils he will cultivate; a n d
he takes the n e a r or t h e distant, t h e superficial and the profound, as he 5
d e e m s t h e o n e or the other best fitted to enable h i m to improve his c o n d i -
tion. W i t h e a c h step in the progress of power of m a n over land, wealth
t e n d s to increase with greater rapidity u n d m i t j e d e m such step er befhigt
to bring into activity better soils with less labour. W i t h e a c h he b e c o m e s
m o r e a n d m o r e a being of power, a n d less a victim of necessity. (376) D i e 10
T e n d e n z des englischen Systems im Bezug auf I n d i e n etc ist of compelling
m e n to waste labour in transportation t h a t m i g h t profitably be applied to
p r o d u c t i o n . (401) ||39| In I n d i e n von 1 8 1 8 - 1 8 3 8 9 years of famine. D i e von
1 8 3 7 - 8 schrecklich, yet the u n f o r t u n a t e people u m g e b e n von r e i c h s t e m
L a n d das sie nicht cultiviren k n n e n , weil das g o v e r n m e n t left t h e m no 15
m e a n s . T h e rivers were choked with dead bodies ... the air putrefied with
t h e stench o f d e a d a n d dying h u m a n beings, a n d a n i m a l s ; t h e jackals a n d
vultures were seen preying on the still a n i m a t e d bodies of o u r fellow crea-
tures. M o t h e r s drowned their children by night, unwilling t h a t the m o r n i n g
s u n should witness their famishing state; u n d whole families of respectabil- 20
ity p o i s o n e d themselves, rather t h a n beg a little rice for their support; and,
a l t h o u g h a rupee's worth ( dollar) of grain would sustain a m a n for
30 days, h y d r o p h o b i a was b e c o m i n g as prevalent as cholera. (404)
Civilization.
Civilization h a s , in all ages a n d countries, b e e n found where m e n have ac- 25

c u m u l a t e d wealth by m e a n s of which they have b e e n enabled to subject to
cultivation the rich soils of the earth ... C o n c e n t r a t i o n on the former is es-
sential to t h e progress of civilization. W i t h each step t h e r e i n we have di-
m i n i s h e d m a c h i n e r y of exchange: physical a n d intellectual. M e n exchange
m o r e directly with e a c h other the products of their m i n d a n d of their 30
h a n d s : a n d with e a c h step production, m a t e r i a l a n d intellectual, t e n d s to
increase. (415) W i t h t h e increase of m a t e r i a l product, the proportion of the
labourer increases, while t h a t of l a n d d i m i n i s h e s : a n d with e a c h step, l a n d
t e n d s to b e c o m e m o r e a n d m o r e divided. (1. c.) P o p u l a t i o n m a k e s the food
c o m e from the rich soils (442) 35
750

The Future.
Die Dispersion der A m e r i c a n e r von d e n r e i c h e n u n d cultivirten G e g e n d e n

des Ostens in d e n far west k m m t aus M a n g e l an Concentration; statt d e n
C o n s u m e n t e n z u m P r o d u c e n t e n von food etc zu setzen, statt C o n s u m e n t e n
5 von food zu werden, w a n d e r n die j u n g e n L e u t e fort u n d werden P r o d u c e n -
ten desselben. W o h e r das? E n g l a n d m u s t be m a d e to raise h e r own food,
a n d she m u s t be m a d e to let other n a t i o n s c o n s u m e theirs. Ihr colonial
system m u vernichtet werden. (442 [, 443]) T h e m a c h i n e r y of p r o d u c -
tion is greater (in A m e r i c a ) t h a n t h a t of England, a n d all they now want is
10 better m a c h i n e r y of exchange. (445) In d i e s e m Augenblick E n g l a n d s g a n z e
Politik ist d e p e n d e n t on the action of the U n i t e d States. If they d e t e r m i n e
that they will eat their own food, a n d work up their own cotton, a n d smelt
their own iron ore, the downfall of the system of ships, c o m m e r c e , a n d col-
onies is certain etc. (455) So long as E n g l a n d shall c o n t i n u e to be the chief
15 distributor of cotton, der cottonplanter c a n know n o t h i n g of selfgovern-
m e n t , for he m u s t c o n t i n u e to be subject to the periodical revulsions with
which that country is afflicted. ... T h e intervention of E n g l a n d between t h e
producer in A m e r i c a a n d t h e c o n s u m e r s of the c o n t i n e n t constitutes a
c u m b r o u s , costly, a n d wasteful p o r t i o n of t h e m a c h i n e r y of exchange. (459)
20 If we wish, then, t h a t the whole people shall b e c o m e as rich, a n d strong etc,
we m u s t place the c o n s u m e r by the side of the p r o d u c e r in Pennsylvania,
Virginia, Southcarolina a n d other States, a n d t h u s enable the latter to cul-
tivate rich soils, instead of compelling the former to fly to Oregon or Texas,
there to b e c o m e himself a producer, cultivating poor ones. C o n c e n t r a t i o n ,
25 even to its present extent, c a n n o t be m a i n t a i n e d without protection. To re-
peal even the existing tariff would be to drive to the w e s t . . . we m u s t arrest
the progress of depopulation, a n d p r o m o t e c o n c e n t r a t i o n u p o n rich soils ...
by increased protection, by aid of a tariff that is n o t for revenue. (469) t h e n
capital, in the form of m a c h i n e r y , would be seen travelling to place itself by
30 the side of the food, the cotton, the wool, a n d the iron ore, a n d m e c h a n i c s
a n d labourers would seek the l a n d s where food was cheap a n d m a n was
dear. (470)
V o n Anfang der U n i t e d States an we m a y trace the n a t u r a l effort to
place the c o n s u m e r by t h e side of t h e producer, a n d t h u s to d i m i n i s h t h e
35 loss resulting from the use of costly m a c h i n e r y of exchange; a n d during t h e
whole we see the effort c o u n t e r a c t e d by the false direction given to t h e cap-
ital and labour of England. Laws were passed prohibiting various species of
manufactories in t h e colonies, while others forbade their trading with e a c h
other, a n d thus N o r t h Carolina a n d Massachusetts were forced to e x c h a n g e
751
their products t h r o u g h the m e d i u m of t h e ports of England. ||40| 22 years of

e u r o p e a n war produced a great d e m a n d for food, a n d t e n d e d to the disper-
sion of t h e people for raising it to supply the wants of people who t h u s pre-
ferred the u s e of swords to t h a t of ploughs. Years of disturbed relations
with E n g l a n d t e n d e d to p r o d u c e concentration, a n d labour a n d capital 5
were applied to fashioning t h e p r o d u c e which otherwise m i g h t have b e e n
exported in its r u d e state. R o b b e r y a n d oppression on the high seas forced
t h e m to this effort to place t h e c o n s u m e r by t h e side of the producer. Peace
c a m e , a n d t h e whole wealth of E n g l a n d was t u r n e d to manufactures, while
armies ceased to waste food. T h e farmers a n d manufacturers of the U n i t e d 10
States were b o t h ruined, a n d h e n c e arose t h e first d e m a n d for protection by
m e a n s of a tariff. A few years passed by, a n d t h e n t h e years of "prosperity,"
so loudly v a u n t e d by t h e P r e m i e r as p e r m a n e n t , were followed by the u n i -
versal r u i n of 1826, in which were swept away a new set of m a n u f a c t u r e r s
engaged in finding a m a r k e t at h o m e for t h e supplies of food no longer 15
n e e d e d abroad. T h e c o n s e q u e n c e was t h e tariff of 1828, which was followed
by t h e act k n o w n by the n a m e of the C o m p r o m i s e (1832). F r o m the t i m e
of its passage u n t i l the year 1836, however, capital was steadily a c c u m u l a t -
ing in England, a n d seeking a vent abroad ... M u c h of it c a m e to the U n i t -
ed States, in the form of iron a n d cloth, to be applied to t h e m a k i n g of 20
roads, or of clothing for the people employed in m a k i n g t h e m . T h e roads
halfmade, the collapse c a m e , a n d all was again ruin. T h e C o m p r o m i s e was
killed, a n d t h e tariff of 1842 took its place. T h a t of 1846 has succeeded it;
a n d now we have an other collapse. English factories are closed, a n d arti-
sans are discharged ... Railroads still go on, a n d furnaces are still e m - 25
ployed, b u t p a n i c is the order of the day, a n d all m a y stop: a n d t h e n the
i r o n m a k e r s of A m e r i c a will be ruined. ... die interferences der A m e r i c a n s
also n u r a n a t u r a l effort at selfpreservation. ... die A m e r i c a n s gezwungen
worden d u r c h die E n g l n d e r (statt da der m a n who m a k e s the shoes eats
t h e food p r o d u c e d by the m a n who desires to wear t h e m , m u t e u m g e k e h r t 30
der farmer carry to h i m the food etc) sich weit zu verscatter ... They have
b e e n compelled to u s e a vast quantity of inferior m a c h i n e r y of exchange, in
the form of roads a n d waggons, in place of the superior m a c h i n e r y of
steamengines a n d mills ... We have always d e e m e d such interferences er-
r o n e o u s , b u t are now well satisfied t h a t the error has b e e n with u s . 35
(116-118)
752
Aus Th. R. Malthus: Principles of political economy
T. R. Malthus.
Principles of Political Economy
considered with a View
to their practical application.
5 2 ed. L o n d o n . 1836.
Ch. I. Of the Definitions of wealth

and of productive labour.
wealth ... the material objects, necessary, useful, or agreeable to m a n ,

which are voluntarily appropriated by individuals or n a t i o n s . (33) No politi-
lo cal economist of the present day can by saving m e a n m e r e hoarding; a n d
beyond this contracted a n d inefficient proceeding, no u s e of t h e t e r m in
reference to the n a t i o n a l wealth can well be imagined, b u t t h a t w h i c h m u s t
arise from a different application of what is saved, founded u p o n a real dis-
tinction between the different kinds of l a b o u r m a i n t a i n e d by it. (38,9) Pro-
15 ductive labourer der der direkt his master's wealth vermehrt. (47)
Ch. II. On the Nature, Causes

and Measures of Value.
In reality prices are d e t e r m i n e d by t h e d e m a n d in posse c o m p a r e d with t h e

supply in esse. (64 N o t e ) a rise in wages produced by a fall of profits. Also a
20 fall of profits would occasion a fall of price in those c o m m o d i t i e s , where,
from the quantity of fixed capital employed, the profits of t h a t capital h a d
before formed the principal ingredient in the cost of production. (88)
753
Ch. III. Of the Rent of Land.
T h e causes of the ordinary excess of t h e price of rawproduce above the

costs of production, m a y be stated to be three. 1 and mainly) T h a t quality of
the soil, by which it can be m a d e to yield a greater quantity of the necessa-
ries of life t h a n is required for t h e [mainjtenance of the persons employed 5
on t h e land. 2) that quality peculiar to the necessaries of life, when prop-
erly distributed, of [creatjing their own d e m a n d , or of raising up a n u m b e r
of d e m a n d e r s in proportion to the q u a n t i t y of necessaries p r o d u c e d .
3) [The] comparative scarcity of fertile land, either n a t u r a l or artificial.
(140) I 10
| 4 1 | It is obvious t h a t if a smaller quantity of p r o d u c e be sufficient to
r e m u n e r a t e b o t h the capitalist a n d the labourer, the outgoings necessary to
cultivation will be diminished, rents will t e n d to rise on all t h e old lands,
a n d poorer lands m a y be cultivated with advantage. (159) Spezieller sind
die laws which govern t h e rise a n d fall of rents, t h e m a i n causes which 15
practically t e n d to increase the difference between the price of the p r o d u c e ,
a n d the expenses of cultivation including ordinary profits: 1) such an accu-
m u l a t i o n of capital c o m p a r e d with the m e a n s of employing it, as will lower
the profits of stock 2) s u c h an increase of population as will lower the
wages of labour; 3) such agricultural i m p r o v e m e n t s , or such increase of ex- 20
ertions as will d i m i n i s h t h e n u m b e r of labourers necessary to p r o d u c e a
given effect. 4) such an increase in the price of agricultural produce, from
increased d e m a n d , as, while it probably raises the m o n e y p r i c e of labour, or
occasions a fall in the value of m o n e y , is nevertheless, a c c o m p a n i e d by a
d i m i n u t i o n either temporary or p e r m a n e n t , of the m o n e y outgoings of the 25
farmer, c o m p a r e d with his m o n e y returns. (157,8) T h e very great agricultu-
ral improvements, which have t a k e n place in some parts of Scotland, t h e
n o r t h of England, a n d Norfolk, have raised, in a very extraordinary m a n -
ner, the rents (nach A b l a u f der ersten lease) of those districts, a n d left prof-
its where they were. (161) T h e fertility of the land, either n a t u r a l or 30
acquired, m a y be said to be the only source of p e r m a n e n t l y high n a t i o n a l
returns for capital. (213) If a country can only be rich by r u n n i n g a success-
ful race for low wages, I should be disposed to say at once, perish s u c h
riches! But, t h o u g h a n a t i o n which purchases t h e m a i n part of its food from
foreigners, is c o n d e m n e d to this hard alternative, it is n o t so with the pos- 35
sessors of fertile land. (214) P r u d e n t i a l habits with regard to marriage car-
Iried to a considerable extent, a m o n g the labouring classes of a country
m a i n l y d e p e n d i n g u p o n m a n u f a c t u r e s a n d c o m m e r c e , m i g h t injure it. In a
country offertile lands, s u c h habits die greatest blessings. (215)
754
Aus Th. R. Malthus: Principles of political economy
Ch. IV. Of the Wages of Labour.
During the last 40 years des 1 7 ' J h . u n d d e n ersten 20 des 18' der D u r c h -
schnittsprei des K o r n s so, verglichen m i t d e n wages of labour, d a der la-
bourer, m i t a day's earnings, n u r % of a peck of wheat kaufen k o n n t e . V o n
5 1 7 2 0 - 1 7 5 0 fiel der W e i z e n p r e i so, w h r e n d wages stiegen, da er m i t a
day's labour e i n e n g a n z e n peck kaufen k o n n t e . (228) A u s einer review der
Kornpreisse u n d wages von d e m reign von Edward I I I an folgt, also von
500 Jahren, da die earnings of a day's l a b o u r in this country hufiger u n -
ter als b e r a peck of wheat waren; da a peck of wheat, eine Art m i d d l e
10 point, aber rather above the m i d d l e , a b o u t which the cornwages of labour,
varying according to the d e m a n d a n d supply, have oscillated. (254)
Ch. V.) Of the Profits of Capital.
Profits are invariably m e a s u r e d by value, a n d never by quantity. (266)

G e s e z t d a s C a p i t a l n u r in Arbeitslohn verausgabt. 100 I. e x p e n d e d in
15 i m m e d i a t e labour. D i e returns am E n d e des Jahres 110, 120 oder 130, it is
evident that in e a c h case the profits will be d e t e r m i n a t e d by the proportion
of t h e value of the whole p r o d u c e which is required to pay t h e l a b o u r e m -
ployed. If the value des p r o d u c e im M a r k t = 110, die proportion r e q u i r e d
w
to pay the labourers = / des value des p r o d u c e u n d profits 10%. Ist der
u
w
20 W e r t h des Products 120, die Proportion fr l a b o u r = / u n d die profits
1 2
10
20%; wenn 130, die proportion required to pay t h e labour advanced = / 13
u n d profits = 30%. Nun gesezt die advances des capitalist bestehn nicht allein
aus labour. Der Capitalist erwartet gleichen Vortheil auf alle Theile des Capitals,
die er vorstreckt. G e s e z t % der advances fr labour (unmittelbar), % beste-
25 h e n d aus a c c u m u l a t e d l a b o u r u n d profits, m i t any additions which m a y
arise von rents, taxes u n d a n d r e n outgoings. ... d a n n strictly true t h a t t h e
profits of the capitalist will vary m i t d e n varying values dieses ]/ des pro- 4
d u c e compared with the quantity of l a b o u r employed. Z. B. farmer w e n d e

in der cultivation an 2000, 1500 davon in seed, keep of horses, wear a n d
30 tear of his fixed capital, interest u p o n his fixed and circulating capitals,
rents, tithes, taxes etc u n d 500 auf i m m e d i a t e l a b o u r u n d die returns am
E n d e des Jahres seien 2 400. Sein Profit 400 auf 2000 = 20%. U n d gleich
obvious that if we took % des value des produce, n m l i c h 600 u n d c o m -
pared |[|42| it with the a m o u n t paid in the wages of i m m e d i a t e labour, t h e
35 result would shew exactly the same rate of profits. (267, 268)] [...]
755

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KARL MARX

EXZERPTE NOTIZEN MARGINALIEN

Herausgegeben vom Institut fr Marxismus-Leninismus

beim Zentralkomitee der

Kommunistischen Partei der Sowjetunion

und vom Institut fr Marxismus-Leninismus

beim Zentralkomitee der

Sozialistischen Einheitspartei Deutschlands

DIETZ VERLAG BERLIN

Redaktionskommission der Vierten Abteilung:

Bearbeitung des Bandes:

Marx, Karl: Gesamtausgabe : (MEGA) / Karl Marx ; Friedrich Engels.

IV. Abt. ISBN 3-320-00150-7

Text und Apparat

Bullion. Das vollendete Geldsystem 3 767

Abschnitt I Adam Smith 3

Heft mit Exzerpten und Notizen 77 848

Exzerpte aus: The Economist. April bis Juni 1851 86

L o n d o n e r Hefte 1 8 5 0 - 1 8 5 3 . Heft VIIX 119 874

Heft VII 121 874

Exzerpte aus Travers Twiss: View of the progress of po-

Exzerpte aus Condy Raguet: A treatise on currency and

Exzerpte aus William Leatham: Letters on the cur-

Exzerpte aus Antonio Serra: Breve trattato 396

Exzerpte aus: The Economist. April bis Mai 1845 426

Heft IX 471 966

Exzerpte aus William Blake: Observations on the effect

Exzerpte aus George Ramsay: An essay on the distribu-

Heft X 660 1019

Bullion. Das vollendete Geldsystem. Seite 1 5

Der v o r l i e g e n d e Band e n t h l t die b e r l i e f e r t e n Exzerpte u n d Notizen

Iii Bullion. Das vollendete Geldsystem.

A u s d e r Theilung der Arbeit g e h t hervor, d a E i n e r v o n d e r W a a r e d e s

gemeine Handelsinstrument u n d die W a a r e n aller Art verkaufen u n d kaufen

eingebracht u n d Contraete, Kufe, Verkufe etc einer M a s s e unbere-

Geld als Circulationsrad. (Wechsel im W e r t h des Geldes: 1) Die M n z e

1) La valeur estime en m o n n a i e est le prix des choses. ( p . 1)

6) W a s geliehn wird ist nicht Geld, sondern ein Werth, T h e i l des W e r t h s

Es giebt k e i n e n Werthmesser. Die W e r t h e m e s s e n sich wechselseitig. D a s - 15

1) G o l d u n d Silber ursprnglich n i c h t Reprsentativa; diese Idee k o m m t

D i e Bevlkerung aller G e g e n d e n elend weil sie d e m Schatten nachluft,

bringt. Verkauft seinen stock fr Gold, transmittirt die n a c h Paris, H a m -

20 Unterschied des M n z u n d des Bankgeldes. U n d die zugleich der U n -

VII. Sismondi. (Nouveaux principes etc.)

9 ) D e r Credit k a n n n u r e i n e n T h e i l des v o r h a n d n e n R e i c h t h u m s frukti-

10 O h n e G e l d die Bildung der Capitalien u n m g l i c h . ( p . 34)

1) D i e bisherigen O e k o n o m e n l u g n e n , d a die V e r m e h r u n g des G o l d u n d

1) D e r Credit schafft ein systme merveilleux d'anticipation, d . h . d i e K u n s t

2) D i e Wichtigkeit des Metallgeldes n i m m t tglich ab ... D e r H a n d e l

1) W a a r e n im A u s t a u s c h sich wechselseitig Maa ... A b e r dieses Verfahren

D i e faon des Geldes giebt i h m n u r t e m p o r r e n W e r t h (d. h. lokal[en)J u n d

XII. Ricardo. (Principes de l'conomie politique.)

1) la d e m a n d e de n u m r a i r e n'est rgle q u e par sa valeur et sa valeur d-

1) Mills Beweis, d a d e r W e r t h des G e l d e s = d e r P r o p o r t i o n , w o n a c h

1 Mill. U n z e n um vermindert sich also der W e r t h der G e s a m m t m a s s e

XIV. Senior. Fundamental Principles

1) Das G e l d ist der allgemeine Messer aller a n d r e n Dinge, (p. 33)

XV. Sismondi. (Essais.)

20 1) M i t d e m Tauschwerth k a m das Geld auf, seine n o t h w e n d i g e E r g n z u n g .

D i e currency oder moneyfrage i m m e r sekundr, i m m e r Effect, n i e Ursa-

XVII. J. Wade XVIII. J. St. Mill XIX. Th. Cooper

XVII, John Wade.

1) Die Einfhrung des Geldes gab d e n Preissen U r s p r u n g u n d d e m Kauf-