The foregoing sum of 17 925 723_l._ ster_An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2) Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes

branches:

1_mo_, Those which compose the King’s ordinary revenue; which, at the

peace 1763, amounted to 12 546 666_l._ sterling, burdened with the

payment of 2 022 222_l._ sterling of interest of the debts charged upon

it.

2_do_, The extraordinary taxes established for a limited time, after the

peace of Aix-la-Chapelle. These amount to 2 326 133_l._ and are totally

appropriated for the payment of capitals, and interest upon them,

incurred during the late wars, according to the principles of public

credit in practice in England, during the reign of K. William and Q.

Anne: and so soon as this fund has cleared the charges upon it, it is to

cease, being no permanent branch of revenue.

3_tio_, The extraordinary revenue raised on account of the last war.

This amounts to 3 052 923_l._ sterling, and consists of the second and

third twentieth penny, granted for a very limited time, and

appropriated, as the former branch, for discharging the debts lately

contracted. The sum of these three branches made the total of the 17 925

723_l._ paid in to the King’s treasury, and burdened with all the public

debts.

If we therefore suppose the two last branches of French revenue to be

continued until all the debts charged upon them are paid, then we shall

find the state of that kingdom reduced to the King’s ordinary revenue of

12 546 666_l._; from which however must be deduced at least one half of

the capitation. This half amounts to 1 182 222_l._ sterling, and is so

burdensome, that its continuance will be impossible. The revenue

therefore will be reduced to 11 364 444_l._ sterling, charged with 2 022

454_l._ sterling, interest of debts; of which indeed 711 111_l._ are

annuities upon lives, and must therefore be extinguished in time.

According to this view, the revenue of France will be 11 364 444_l._

sterling, charged with the annual payment of 2 022 222_l._ interest of

debts: and the revenue of Great Britain is 10 213 000_l._ charged with

the annual sum of 4 860 000_l._ interest of debts.

What remains free for France is 9 342 222_l._ sterling; and for England,

5 353 000_l._

But out of this free revenue of France must be deducted the permanent

articles of expence charged upon the ordinary revenue, exclusive of the

interest of debts already deducted. These articles amount to the sum of

8 468 889_l._ which being deducted from 9 342 222_l._ leaves a free

balance of no more than 873 333_l._

On the other hand, if we suppose the net amount of the revenue of Great

Britain, after paying the interest of its debts, to be, as above, 5 353

000_l._; and if the expence of the current service of the year,

including the civil list, be supposed to amount to 4 800 000_l._

sterling, as it nearly did, before the commencement of last war, there

will remain of free balance 533 000_l._[54]

Footnote 54:

But if the current annual expence should not exceed 3 600 000_l._ or 4

400 000_l._ including the civil list, which is nearly the present

estimate, we may then add 400 000_l._ to the free balance, and state

it at 950 000_l._ in round numbers.

From all which we may conclude, that, abstracting from extraordinary

supplies for extraordinary exigencies, the revenue of both nations is

pretty nearly in proportion to their current expence; and, therefore,

their respective powers, when engaged in war, will be in proportion to

their credit at the time.

CHAP. VII. In comparing the credit of the two nations, two things enter

into consideration. First, the confidence of the world, in the solidity

of their respective public faith. This I take to be totally in favour of

the British nation. The second is, the solidity and extent of the funds,

which are to be provided in security of the sums to be borrowed upon

future emergencies. These resources, in France, we have seen to consist

in their dixiemes, vingtiemes, double capitation, and extraordinary

impositions upon the clergy, and other bodies politic; taxes so

burdensome in their nature, and so contrary to the spirit of the French

nation, that it is hardly possible they ever can be made so permanent as

to answer any other purpose than a short temporary appropriation.

The true resources of France are confined to those taxes upon

consumption above enumerated, which do not enter into the ordinary

revenue, and which are now imposed and appropriated only for a time.

When these taxes become free, they may no doubt be rendered perpetual,

and appropriated for a future fund of credit.

On the side of Great Britain, the case is different. The greatest part

of her revenue is already perpetual; and the only two branches of annual

grants, the land-tax and malt-duty, are not so excessively burdensome,

nor so repugnant to the genius of the people, as to render the raising

of them at all precarious. And were this nation once to adopt the system

of raising money, in time of peace, sufficient to defray the charges of

government, the sinking fund would prove a resource for the future, far

above any thing that France can boast of.

CHAP. VIII. Having by this short sketch of the state of credit in Great

Britain and France, prepared a sort of canvass for our farther

reasoning, I proceed to apply principles to some combinations, which

might be formed concerning the consequences of an over-stretched credit.

In proportion as credit is used for borrowing money to be sent abroad,

either a supply of currency must be provided for filling up the void, or

alienation, trade, industry, &c. must suffer a check.

And even if money should be borrowed to be spent at home, an additional

quantity of it must be added to circulation; because this new expence of

the state will require it.

Every fund of property may be converted into money, with the assistance

of credit, providing the statesman lends his hand to the operation: and

the fundamental principle for supporting credit of all kinds, is, to

provide every one with money who has property to pledge for it.

When money is borrowed by a state, to be spent abroad, the loan must

either be made in coin, or in paper. If in the first, it is exported;

because coin is the money of the world: if in paper, it must either be

converted into coin, and exported, or it must be remitted by bills,

drawn upon countries, debtors to England, for example; or, in the last

place, it must be paid in the way of credit, by constituting England

debtor to the Continent for it. When it is paid by bills drawn upon

countries, debtors to England, then the consequence of such a loan is to

convert the balance of trade into a capital in the public funds.

In whatever way money is borrowed by a state, whether from natives, or

foreigners, the consequences are the same. The operation of a favourable

balance of trade will transfer what is owing to foreigners in favour of

natives; and a wrong balance of trade will transfer the property of

natives to foreigners.

If no check be put to the augmentation of public debts, if they be

allowed constantly to accumulate, and if the spirit of a nation can

patiently submit to the natural consequences of such a plan, it must end

in this, that all property, that is income, will be swallowed up by

taxes; and these will be transferred to the creditors, the state

retaining the administration of the revenue.

The state, in that case, will always consider those who enjoy the

national income as the body of proprietors. This income will continue

the same, and the real proprietors will pay the taxes imposed; which may

be mortgaged again to a new set of men, who will retain the denomination

of creditors; until by swallowing up the former, they slip into their

places, and become the body of proprietors in their turn, and thus

perpetuate the circle.

CHAP. IX. But as a thousand accidents may put an end to public credit,

before such intricate revolutions can be accomplished, the consequence

must be a bankruptcy. This may either happen by a deliberate act of

government, or from the natural consequences proceeding from an

over-stretched credit.

I here endeavour to shew, that it is impossible to form a supposition of

circumstances, in which a deliberate act of bankruptcy can be a prudent

measure. The only end that could be proposed to be attained thereby,

would be, to relieve those who are oppressed by taxes. But a sudden

abolition of taxes would have the effect of ruining the landed interest,

as well as all the manufacturing classes. Sudden revolutions are

constantly pernicious; and no revolution can be so sudden as that of a

bankruptcy. If such a revolution should happen, from circumstances which

can neither be foreseen or prevented, the best expedient would still be,

to adhere, as much as possible, to the faith of public engagements;

because no expedient would be so productive of good consequences, in

such a calamitous situation.

While the debts of a nation are due to its subjects, and while there

remains any balance due in favour of the nation, no increase of debts

can _necessarily_ bring on a bankruptcy. It is a contradiction to

suppose that a nation can become bankrupt to itself. But when, on the

general state of payments between a nation and the world, there is found

an annual balance due, which cannot be compensated either in the way of

payment, or in the way of credit, then indeed a bankruptcy becomes

unavoidable.

From this reasoning we may conclude, that the method of determining the

exact extent of public credit, is to keep a watchful eye upon the

increase of debts due to foreigners, and to compare these with the

favourable balance upon the trade of the nation. When those debts and

this balance begin to draw near to an equality, if part of the capital

of the public debts be not immediately paid off, by an augmentation upon

public contributions, the infallible consequence will be a

state-bankruptcy.

CHAP. X. The first requisite for contracting public debts, is to

establish a fund for fulfilling public engagements. This procures the

confidence of the lender. The next is, to establish an extensive plan of

credit at home, which may be sufficient at all times to keep circulation

full.

When, from the effects of borrowing, too great sums are, from time to

time, drawn out of circulation, the void must speedily be filled up. If

this be neglected, taxes will not be paid, as has been often observed:

besides, if money be allowed to become too scarce, in proportion to the

demand for it, interest will rise, and borrowing will become

proportionally more burdensome to the state in general.

Foreign expence frequently drains the fund of circulation at home: hence

a multitude of inconveniences arise. To prevent these, I suggest a new

scheme of borrowing, by opening subscriptions in foreign countries where

the interest is annually to be paid. This being to be remitted by the

country borrowing, a statesman may, with the greater ease, obviate the

inconveniences which might arise to circulation from such remittances.

In this chapter, I endeavour to prove by new arguments and

illustrations, that national distress is more owing to a scanty

circulation, than to circumscribed property; and a statesman who

neglects to employ every method for keeping up the circulating

equivalent within the state he governs, to the full proportion of all

the uses found for it, fails in the most essential requisite for

promoting the prosperity of his people, and the establishment of his own

credit.

Having pointed out the methods of contracting debts, I proceed to the

method of paying them. This may be accomplished in six different ways,

by the help of a sinking fund; which,

1_mo_, May be applied annually, to the discharge of certain capitals, at

the option of the state. Or,

2_do_, According to a certain rule, to determine the preference.

3_tio_, By appropriating the fund, for the payment of a proportional

part of the whole outstanding capital. Or,

4_to_, By reducing the interest of the capitals. Or,

5_to_, By converting the whole of the capitals into determinate

annuities, proportionate to the extent of the sinking fund. Or,

6_to_, By the means of lotteries, where the state may gain what

gamesters are willing to lose.

I point out the advantages and inconveniences of every plan. The first

five expedients are too plain to require a recapitulation. The sixth

amounts briefly to a supposition, that the interest of the public debts

is brought, by a proper chain of administration, to a lower rate than in

any other part of Europe. In this situation, accidental circumstances

will occasion (as at present) fluctuations in the price of the stocks.

When they fall below par, let government open subscriptions for

lotteries, to be paid in stock at the market price. Subscriptions also

might be opened, and the old capitals might be received at the market

price, and constituted a-new at the current interest, with a small

premium above the rate at the time. By such means, the sum of the old

capitals would be reduced, and a small benefit would accrue to the

subscribers. Then, upon the rise of the stocks, the interest on these

subscriptions might be reduced again; from which a double benefit would

result; the price of stocks would be supported on one hand, and the

capitals of the public debts would be reduced on the other.

CHAP. XIV.

_Recapitulation of the Fifth Book._

_Of Taxes._

INTROD. Having already explained the effect of taxes upon domestic

circulation; it now remains to investigate the principles by which they

are to be imposed on their proper objects.

CHAP. I. I divide taxes into proportional, which affect consumption, or,

more properly, what may be called expence; cumulative, which affect

property; and personal, which consist in personal service. These I

explain by giving examples of each.

CHAP. II. Proportional taxes may be so imposed as to affect almost every

expence of living; and as all expence should arise from income, not from

stock, the first principle of taxation, is, to confine all impositions

to income only: whatever affects a capital is oppressive and unjust. But

as in all expence there is alienation, although in all alienation

expence is not implied, the best method to avoid the mistake of taxing

stock instead of income, is, to impose the tax in such a manner as to

affect the consumers only; in which case, whoever buys to sell again

will draw the tax completely back.

CHAP. III. In this chapter, I fully explain the operation of drawing

back proportional taxes.

When the commodities charged with such taxes are either not consumed by

purchasers, or by the industrious classes, they are constantly drawn

back, except so far as the consumption made by the latter is an article

of superfluity.

Hence I conclude, that the price of _labour_ is raised by proportional

taxes, in proportion to industry only, though the price of the

_commodity taxed_ be raised in proportion to the tax. Consequently, the

more taxes are found to increase the price of labour, the more we may

conclude in favour of the industry of the manufacturing classes: and the

more they bring into the exchequer, the more we may conclude in favour

of the ease and opulence of those who consume the objects of such taxes.

CHAP. IV. The proper object of cumulative taxes, is the large

possessions of the higher classes of a people, which can bear a

diminution in favour of the state, without danger of encroaching upon

their necessary or easy subsistence. It is not so when they are laid

upon the lower classes; because these are either composed of the

industrious, or of beggars. The first should be enabled to draw back

from the rich, what they advance for the public service. The latter have

nothing to give; to tax them is but adding to their misery, without

relieving the wants of the state.

The great advantages of proportional taxes over the cumulative, may be

reduced to three.

1_mo_, The proportion between the tax and the object taxed is

determinate.

2_do_, The proportion may be known to every body.

3_tio_, The time of paying the tax is regular and gradual; because in

paying for the commodity you pay for the tax, and your liberty in buying

such commodities is unrestrained; consequently, the expence is supposed

to be in proportion to what your income can afford. Whereas in the

cumulative taxes, it is, first, hardly possible to preserve the

proportion between the tax and the ease of a person’s circumstances. In

the second place, it is impossible for the state to ascertain exactly

that proportion. And in the last place, the demand for the tax is made

at a time when people are often unprepared.

CHAP. V. The principal inconveniences alleged against proportional

taxes, are, 1. That they raise prices: 2. Discourage consumption: and 3.

That they are oppressive and expensive in the collection. These

inconveniences are more apparent than real, as will appear from what

follows.

1_mo_, A proportional tax, rightly imposed, and properly levied, will

undoubtedly raise the price of the objects taxed; but it will only

consequentially raise the price of the labour of the industrious man who

pays it; because he will draw it back in proportion only to his

diligence and frugality.

The price of labour is _regulated_ by demand, and is _influenced_ only

by proportional taxes.

2_do_, As to discouraging consumption, if taxes raise prices, this

circumstance proves the increase of consumption; because if consumption

were to diminish, taxes would not be paid, and prices would fall of

course, even to the detriment of the industrious. These are always the

consequences of proportional taxes, when wrong imposed.

3_tio_, As to the expence and oppression in levying them, these

inconveniences are, in a great measure, in proportion to the disposition

of the people to defraud the public: for when they are fairly paid, and

honestly collected, proportional taxes are little more expensive, and

infinitely less oppressive than any other. I conclude my chapter by some

observations drawn from the practice of different countries, which point

out a method of avoiding both the oppression and the expence of levying

proportional taxes.

CHAP. VI. All taxes are paid out of the circulating money of a country;

consequently, they cannot exceed a certain proportion of that sum. It is

not, therefore, from the value of the property, or the quantity of

consumption, that any one can form a guess of the probable amount of

taxes, so much as from the easy and expeditious circulation, which

facilitates alienation and sale.

Were taxes, indeed, paid in kind, they might bear a proportion to fruits

and labour; but then they would diminish the fund of subsistence:

whereas they now draw a share of that quantity of money which circulates

through the hands of every individual.

The great difference between cumulative and proportional taxes, consists

in this. That in the first, he who pays them cannot draw them back in

proportion to his industry; in the last, he may: but so far as any one

of an industrious class proves idle or extravagant, every proportional

tax will affect his daily profits, as every cumulative tax will affect

the income of a fund already acquired. This deduction of principles is

of great use in imposing taxes; because it points out the method of

giving to many cumulative taxes usually imposed on the lower classes,

all the advantages of those of the proportional kind.

CHAP. VII. Taxes ought to be imposed for the benefit of the public, not

of private people: and while that object is fulfilled, taxes are

beneficial in every respect. When they are properly levied, they only

abridge unnecessary private expence: when they are properly applied by

the state, they advance improvement every where; and those who have

fortunes already acquired, will be brought to contribute to the ease of

the lower classes.

Thus by the help of cumulative and proportional taxes, rightly imposed,

and rightly expended, circulation is greatly increased; industry is

advanced; the public good is augmented, not diminished; and the burden

of payments becomes so equally proportioned, as not to be felt in any

degree sufficient to overbalance the advantages resulting from the

general system.

CHAP. VIII. Having said that cumulative taxes affect the income of funds

already acquired, I observe, that this income proceeds from moveable or

immoveable property. The first of which will constantly avoid the grasp

of every statesman who attempts to lay a tax upon it. Cumulative taxes,

therefore, if carried to their utmost extent, may absorb the whole

income of _immoveable property_; but of that only.

Proportional taxes, again, have been said to affect the superfluity of

those who consume the objects of them; consequently, if every thing

which is consumed were first to suffer an alienation for money, a

proportional tax might be imposed upon it.

The method, therefore, of carrying proportional taxes to their utmost

extent, is, to draw to market every thing consumable; and insensibly to

raise the tax upon it, so high as to absorb, as much as possible, the

whole superfluity of the consumers.

Taxes being carried to that height, the state will become proprietors of

the whole income of the immoveable funds, and the industrious classes

alone will augment their wealth, in proportion to their frugality.

From this general principle it appears, that for the establishment of

proportional taxes, consumption is requisite, together with alienation;

consequently, where alienation takes place without consumption, as in

the sale of lands, and other immoveable subjects, a proportional tax

cannot be, properly, imposed. And also where consumption takes place

without alienation, as when the fruits of the earth are consumed by

those who raise them, proportional taxes cannot, with any propriety, be

levied. Farther,

As taxes do not bear a proportion to effects, but to circulation, it

follows, that they can only be raised, properly, upon alienation by

sale. Many examples however may be found of proportional taxes, imposed

in different countries, where neither sale or even alienation takes

place. These I observe to be the worst kind of proportional taxes, and

the most oppressive to those who pay them.

From the principle that taxes are in proportion to circulation, and not

in proportion to consumption, we discover the reason why of old they

were so difficult to be raised. Consumption then went on as now, in many

respects, in proportion to the number of inhabitants; but circulation,

that is, alienation by sale, bore no proportion to it.

The effect of every increase in circulation is to swell the amount of

taxes; and when they are extensively imposed in a country of industry,

the whole currency is thereby made to flow through the coffers of the

public, as the blood of the human body flows through the heart, and is

by that diffused through every member.

CHAP. IX. I next examine the consequences of a total abolition of taxes,

the better to discover the effects which such an alteration would

produce, first, upon the prosperity of the whole community; and next,

upon that of the principal classes of inhabitants, which compose it.

These I reduce to three.

1_mo_, Those who administer government, and who are maintained from the

amount of taxes.

An abolition of them, with respect to this numerous class, would draw

consequences along with it, directly destructive to their interest; and,

consequently, prejudicial to that of all the industrious classes who

supply their consumption.

2_do_, With respect to the second class, which I suppose to be composed

of the industrious part of the people, I observe, that an abolition of

taxes must proportionally imply a diminution of circulation; this would

produce a proportional diminution upon alienation; consequently, would

interrupt the industry of many, and thereby throw them into a hurtful

competition among themselves for subsistence. And as it has been proved,

that the industrious classes pay no taxes, as matters stand, providing

they be diligent and frugal, they consequently would _gain_ nothing, and

must _lose_ a great deal by the abolition of them.

3_tio_, In the third class I comprehend those whom we have hitherto

considered as the opulent and idle consumers. Of this category the

proprietors of land form a considerable branch. They, we have said, draw

back no part, either of the cumulative or proportional taxes, which

affect them; but although they be deprived of that immediate

indemnification, competent to the industrious, they reap, in another

way, advantages which more than compensate all the burden laid upon

them. These proceed from the consequences of that spirit of industry

which is diffused over the whole people; in consequence of which, their

lands are improved, the produce of them is readily disposed of, and what

proves superfluous for domestic consumption meets with a ready market

abroad, and thereby supports the value of all productions within the

country.

It may be asked, then, where the burden of taxes falls, since every

class of inhabitants seems to gain some advantage by them?

I answer, that they imply no burden when rightly imposed. The

augmentation of industry, in consequence of the increase of circulation,

provides a fund of well employed time, which, converted into money, is

more than sufficient to pay all the taxes not immediately affecting the

income of solid property; and the constant improvement of this, in

consequence of the former, is more than sufficient to indemnify the

land-proprietors.

Taxes, in this light, resemble the expence laid out upon new

establishments for improvement; because in their consequences they

augment the prosperity and ease of the whole people, not by being

levied, but by being properly applied, as is farther explained in the

next chapter.

CHAP. X. Here I examine whether taxes be a spur to industry, as some

pretend.

The doubt concerning this point has arisen from what daily experience

has shewn, that nations become industrious in proportion to the taxes

they pay. It is not very evident, that the _payment_ of a tax by any

person should enable him to discharge it with more facility, unless it

be from the profit he reaps in drawing it back from others, with an

additional profit to himself. But it is palpable that the amount of

taxes being properly _expended_ by a state, will increase circulation,

and give fresh encouragements to industry of every kind.

I close this chapter with a short representation of the nature of

ancient and modern circulation, accompanied with observations upon their

respective effects in rendring mankind industrious.

CHAP. XI. Of all cumulative taxes, that laid upon land-property produces

the greatest amount, with the least oppression to the contributors. This

leads me into a particular inquiry into the nature of the land-tax, as

it is established in Great Britain, and in France.

To render a land-tax equal and easily born, the imposition ought to be

preceeded by a fair valuation of every article of revenue intended to be

taxed, and no other income but that proceeding from an immoveable fund

of property, ought to be affected by it. From this I am led to

disapprove of the method of assessment established in England by the

land-tax; and also of blending a tax upon solid property, with an equal

imposition upon personal estates, which we have shewn to be of a nature

incompatible with cumulative taxation.

The defects of this kind of imposition in France (where it is called the

_taille_) are different. There the rents of lands, which are the proper

object of every land-tax, are frequently withdrawn from under the

influence of it, in consequence of the privileges enjoyed by the higher

classes, which are exempted from the _taille_. The consequence is, that

the French land-tax falls upon that part of the lower classes who are

employed in the cultivation of the soil. From this proceeds a double

inconvenience.

If those who cultivate are proprietors, their portions are, commonly,

very small, and a land-tax which would be light to a considerable

proprietor, is quite intolerable to those who draw little more from

their portion than what is necessary for their own subsistence. If those

who cultivate are lessees to the more considerable proprietors, the

burden falls upon them independently of the land-rent, which ought

naturally to bear it.

As a proof that this is a true representation of the matter, I review

the Marechal de Vauban’s scheme for new modelling the system of French

taxation: and from the intolerable oppression which would follow the

execution of it, we may judge of the present state of taxes in a nation

where that scheme was intended as a considerable alleviation of their

burden.

Nothing but the establishment of industry and extensive credit, with a

substitution of proportional taxes, instead of the many cumulative ones,

imposed on the lower classes in France, can ever produce a facility in

paying the considerable impositions laid upon that nation.

CHAP. XII. The most proper method of imposing a land-tax is, without

doubt, to confine the imposition to the rent of lands only, and to lay

it on in proportion to them. But how is it to be expected that ever such

a plan can take place in a nation where the proprietors of land govern

the state? In France, the power of the King has never been able to

establish a tax upon the rent of lands, for any longer duration than

that of a foreign war. In a neighbouring nation, it has now been

established for the greatest part of a century. Were it there to become

perpetual, it might be converted into a new domain, or it might prove a

fund for discharging, at once, a very great part of the national debt.

When taxes are imposed, it is of great consequence to establish a right

administration of them. The easiest method for a state, is to give them

in farm; and this was the general practice every where, on the first

establishment of taxes. But here no general rule can be laid down.

Cumulative taxes are better administred by commissioners, than let out

in farm. The operation of levying them is simple; but when they are

farmed, the lower classes of the people are apt to be oppressed. When

farms are properly established, an open management of them is absolutely

requisite: from this new improvements naturally arise, which give to the

farm almost every advantage of the management by commissioners. This

improvement is, to divide the profits upon the farm between the state

and the farmers: a plan put in execution in France not many years ago.

No question whatever appears more difficult to resolve, than that of

ascertaining the fund out of which taxes ought to be paid. Through the

whole course of this inquiry, I have endeavoured to shew, that the real

fund of taxes is the money circulating among the inhabitants, either in

consequence of sale, or of payments. In order to expose this question in

a new light, I have commented upon two passages of Davenant, where he

estimates this fund from the quantity of national consumption.

From this he is led to compute the yearly taxable expence of every man

in England at 8_l._ sterling; when perhaps the circulation of money

through the hands of many may not be twenty shillings: whereas,

according to my theory, it is these twenty shillings only that can be

laid under any taxation whatever.

I thought this method of comparing the result of Davenant’s reasoning

with mine, might better serve to support the latter than any other I

could contrive.

The last question proposed in this chapter is no more than a hint to

shew, that a proportional tax, laid upon meat and drink, is the most

proper equivalent for a land-tax; because those who purchase their

subsistence with money are, according to the principles of the first

book, those who consume that part of the fruits of the earth which is

equivalent to the land rent. If this be arbitrarily laid under an

imposition, by a pound rate, or otherwise, the proper drawback, if any

be allowed, should be from a tax laid upon those who consume that part

of the earth’s produce which belongs to the landlords.

I have now concluded this inquiry, according to the plan I at first

proposed. It is the fruit of eighteen years close, though agreeable

application; interrupted only by many intervals of bad health, and many

strokes of adverse fortune.

It never was, till lately, my intention to offer to the public, during

my life, what I had composed purely for my own instruction and

amusement. But upon comparing my sentiments in several points with those

of the generality of my friends, they have been found so widely

different, that I was thought in duty bound to my country, to submit

them to the criticism of the public.

To this I have the more willingly submitted, as I thereby shall pursue

my first intention in taking my pen; which was, to clear up my ideas on

this subject. And since I can now draw no farther knowledge from my own

inquiries, I must expect it from the criticisms of those who may think

it worth their while to animadvert upon my notions.

FINIS.

A TABLE OF COINS,

Shewing the Quantity of Fine Metal contained in them.

The number of grains of fine metal in every coin is sought for in the

regulations of the mint of the country where it is coined, and is

expressed in the grains in use in that mint: from that weight it is

converted into those of other countries, according to the following

proportions:

3840 Troy-grains, 4676.35 Paris-grains, 5192.8 Holland-aces or grains,

and 4649.06 Colonia-grains, are supposed to be equal weights; and the

coins in the table are converted according to those proportions.

Table of Coins, reduced to Grains of fine Metal, according to the Troy, Paris, Colonia,

and Holland-weights.

───────────────────────┬─────────────────────────────────┬─────────────────────────────────

│ Gold Coins │ Silver Coins.

───────────────────────┼───────┬───────┬────────┬────────┼───────┬───────┬────────┬────────

│Troy. │Paris. │Colonia.│Holland.│Troy. │Paris. │Colonia.│Holland.

───────────────────────┴───────┴───────┴────────┴────────┴───────┴───────┴────────┴────────

English Coins.

───────────────────────┬───────┬───────┬────────┬────────┬───────┬───────┬────────┬────────

1 A Guinea by statute │118.651│ 144.46│ 143.65 │160.45 │ │ │ │

2 A Crown by statute │ │ │ │ │ 429.68│ 523.2 │ 520.2 │ 581.

3 A Shilling by │ │ │ │ │ 85.935│ 104.65│ 104. │ 116.2

statute │ │ │ │ │ │ │ │

4 A Silver Pound │ │ │ │ │1718.7 │2093. │2080.8 │2324.1

sterling by │ │ │ │ │ │ │ │

statute 1601 │ │ │ │ │ │ │ │

5 A Gold Pound │ 113. │ 137.61│ 136.8 │152.8 │ │ │ │

sterling by │ │ │ │ │ │ │ │

statute 1728 │ │ │ │ │ │ │ │

6 A Silver Pound │ │ │ │ │1639.38│1996.4 │1984.7 │2216.

sterling in │ │ │ │ │ │ │ │

currency = 20⁄65 │ │ │ │ │ │ │ │

lib. troy │ │ │ │ │ │ │ │

7 A Silver Pound │ 113. │ 137.61│ 136.8 │152.8 │1638.5 │1995.3 │1983.7 │2215.7

sterl. at the │ │ │ │ │ │ │ │

proportion of gold│ │ │ │ │ │ │ │

to silver as 1 to │ │ │ │ │ │ │ │

14½ │ │ │ │ │ │ │ │

8 A Gold Pound │ 118.4 │ 144.18│ 143.34 │160.11 │1718.7 │2093. │2080.8 │2324.1

sterling at the │ │ │ │ │ │ │ │

same proportion of│ │ │ │ │ │ │ │

1 to 14½ │ │ │ │ │ │ │ │

9 A Pound sterling at │ 115.769│ 140.98│140.16 │156.55 │1678.6 │2041.2 │2032.2 │2269.9

the mean │ │ │ │ │ │ │ │

proportion in gold│ │ │ │ │ │ │ │

and in silver │ │ │ │ │ │ │ │

10 A Shilling current =│ │ │ │ │ 81.961│ 97.8 │ 99. │ 110.82

1⁄65 of a pound │ │ │ │ │ │ │ │

troy │ │ │ │ │ │ │ │

11 A Guinea in silver, │ │ │ │ │1804.6 │2197.6 │2184.8 │2440.3

or 21 shillings │ │ │ │ │ │ │ │

standard weight │ │ │ │ │ │ │ │

12 A Guinea at the │ │ │ │ │1720.4 │2095.1 │2082.8 │2326.4

proportion of 1 to│ │ │ │ │ │ │ │

14½, worth in │ │ │ │ │ │ │ │

silver │ │ │ │ │ │ │ │

13 A Pound troy, or 12 │5760. │7019.2 │6973.5 │7789.2 │ │ │ │

ounces English │ │ │ │ │ │ │ │

weight │ │ │ │ │ │ │ │

French Coins.

1 A Louis d’or │ 113.27│ 137.94│ 137.13 │ 153.17 │ │ │ │

2 A Crown of six │ │ │ │ │ 409.94│ 499.22│ 496.3 │ 554.3

livres │ │ │ │ │ │ │ │

3 A Crown of three │ │ │ │ │ 204.97│ 249.61│ 248.15 │ 277.1

ditto │ │ │ │ │ │ │ │

4 A Livre │ │ │ │ │ 68.34│ 83.23│ 82.74 │ 92.42

5 A Louis d’or, or 24 │ │ │ │ │1639.7 │1996.9 │1985.2 │2217.4

livres in silver │ │ │ │ │ │ │ │

6 A Marc of Paris │3783.87│4608. │4581.1 │5116.9 │3783.87│4608. │4581.1 │5116.9

weight, fine gold │ │ │ │ │ │ │ │

or silver │ │ │ │ │ │ │ │

7 A Marc of gold coin │3398.3 │4138.5 │4114.3 │4593.4 │ │ │ │

effective weight, │ │ │ │ │ │ │ │

in fine │ │ │ │ │ │ │ │

8 A Marc of silver │ │ │ │ │3402.3 │4143.4 │4119.2 │4600.9

coin effective │ │ │ │ │ │ │ │

weight, in fine │ │ │ │ │ │ │ │

German Coins.

1 A Carolin legal │ 115.45│ 140.6 │ 139.78 │ 156.12 │ │ │ │

weight │ │ │ │ │ │ │ │

2 A Ducat of the │ 52.8 │ 64.37│ 64. │ 71.48 │ │ │ │

Empire ditto │ │ │ │ │ │ │ │

3 A Florin of │ │ │ │ │ 179.73│ 218.87│ 217.6 │ 243.

Convention │ │ │ │ │ │ │ │

4 A Dollar of │ │ │ │ │ 269.59│ 328.31│ 326.4 │ 364.5

Convention │ │ │ │ │ │ │ │

5 A Dollar of │ 17.85│ 21.74│ 21.615 │24.14 │ │ │ │

Exchange, the │ │ │ │ │ │ │ │

Carolin = 9 flor. │ │ │ │ │ │ │ │

42 kreutzers │ │ │ │ │ │ │ │

6 A Florin current = │ 10.54│ 12.84│ 12.77 │14.26 │ │ │ │

1⁄11 of a Carolin │ │ │ │ │ │ │ │

7 A Carolin in silver │ │ │ │ │1674. │2038.6 │2026.8 │2263.8

at the proportion │ │ │ │ │ │ │ │

of 1 to 14½ │ │ │ │ │ │ │ │

Dutch Coins.

1 A Dutch Ducat │ 51.76│ 63. │ 62.67 │ 70. │ │ │ │

2 A Florin in silver │ │ │ │ │ 148. │ 180.3 │ 179.2 │ 200.21

[The Binder is desired to place this TABLE before the Index in Vol. II.

and not to cut off the Margin, but to fold it.]

------------------------------------------------------------------------

INDEX.

N. B. For the analysis of the subject, see the Table of Contents

prefixed to each volume.

_Agriculture_, the most essential requisite for population, Vol. I. p.

21. 25.

The extension of, how to be regulated, _id._ 28.

When it may be said to be carried to its utmost extent, _id._ 82.

The difference between, when exercised as a trade, and when as the

direct means of subsistence, _id._ 88.

Remarks on the state of, in Spain, _id._ 89.

In Germany, _id.._ 91.

In England and France, _id._ 102.

In Scotland, _id._ 103.

Whether the efficient cause of the multiplication of mankind, or

their multiplication of agriculture, id. 114.

What species of, most advantageous to modern society, _id._ 127.

The natural distribution of, _id._ 139.

_Agio of the bank of Amsterdam_, explained, II. 296.

_Aides in the French taxes_, explained, II. 502. _n._

_America_, the alterations in the modes of government in Europe,

occasioned by the discovery of, I. 10. 51.

_Amsterdam_, remarks relative to the bank of, II. 56.

Original intention of the bank there, _id._ 292.

Principles of circulation through it, _id._ 298.

Its credit compared with the bank of England, _id._ 308.

Dangers to which it is liable, _id._ _ib._

_Animal food_, detrimental to population, I. 117.

_Animals_, their numbers in all countries proportioned to the quantity

of food produced for them, I. 18.

This proposition illustrated in mankind, _id._ 19. 113.

_Anne_, Queen, state of the revenue of England at her accession, II.

381.

_Antients_, their simplicity of manners, how compatible with a great

multiplication, I. 152.

_Arbitrary power_, its influence on trade, I. 244.

_Army_, regular, the necessity of, in an industrious state, argued, I.

136.

_Army_, how to raise a supply of men for, without having recourse to

the hiring foreign troops, I. 450.

_Athenians_, Xenophon’s plan for the proper employment of, I. 460.

_Athens_, surprizing quick reduction of its wealth, I. 438.

_Balance between nations_, the nature of, in a commercial view,

explained, II. 334.

Hints for the payment of, without the intervention of coin or

bullion, _id._ 344.

_Balance of power_, the nature of, inquired into, I. 448.

_Balance of trade_, what, II. 21.

Reflections relating to, I. 416.

Whether any judgment can be formed concerning it, barely from the

quantity of specie found in a nation, I. 429.

Whether the state of specie furnishes any rule to judge of it, _id._

435.

A wrong one raises the price of bullion to the value of coin, II. 5.

Between England and France, the state of, how to be discovered, _id._

18.

How the payment of a wrong one affects circulation, _id._ 169.

_Bank_, whether landed men might not as well issue their own notes on

their landed security, as apply there, II. 131.

_Banks_, the two general classes of, II. 146.

Of circulation, what, _id._ 150.

How a good one may be obliged to stop payment, _id._ 152.

On what the solidity of it depends, _id._ 153.

On what kind of credit such banks ought to issue their notes, _id._

_ib._

How their obligation to pay in coin arose, and the consequences of

that obligation, _id._ 157.

How affected by a wrong balance of trade, _id._ 161.

How a grand balance may be paid by, without the assistance of coin,

_id._ 162.

How hurt by leaving the payment of a wrong balance to exchangers,

_id._ 165.

Upon what principles they ought to borrow abroad, and give credit at

home, _id._ 178.

Of Edinburgh, hints for the advantage of, _id._ 187.

How they may be enabled to discharge notes on demand, _id._ 200, 213.

Subaltern, and their competition with each other, II. 202.

National, necessary regulations for, proposed, II. 205.

When, and in what case, they shall be obliged to keep open books,

_id._ 208.

Whether it is their interest to grant credit and cash accounts to

exchangers and others, and to make a trade of sending the coin out

of the country, _id._ 211.

How by the return of a favourable balance, the debts of foreigners

may be paid off, and the nation delivered from that burden, _id._

218.

Dangerous to an idle nation, _id._ 232.

Of the first establishment of that of Mr. Law, _id._ 235.

The Royal Missisippi, _id._ 243.

_Bank of Amsterdam_, original intention of, II. 292.

The principle of its circulation of coin explained, _id._ 298.

_Bank of England_, the interest of, examined, I. 629.

State of, II. 158.

Its situation in the year 1745, _id._ 176.

Its principal operations traced, _id._ 220.

Its circulation with the exchequer explained, II. 225.

Hints for the advantage of, proposed, _id._ 229.

How the paper of, tends to supply circulation, _id._ 233.

Its credit compared with that of the bank of Amsterdam, _id._ 308.

_Banks of deposit and transfer_, II. 291.

_Bank notes_, the nature of, explained, II. 151.

Of the optional clauses contained in, _id._ 195.

_Bankers and exchangers_, subaltern ones, the use of, II. 154.

_Banking_, that branch of credit best deserving the attention of a

statesman, II. 149.

The nature of, in Scotland, _id._ 155.

_Bankruptcies_, national, how occasioned, II. 456.

The natural consequences of, traced, _id._ 457.

As supposed to take place by a concerted act of power, _id._ 458.

The supposition of a nation becoming bankrupt to itself inconsistent,

_id._ 462.

_Barter_, the first species of trade, I. 175.

_Beer_, remarks on the late additional duty on, II. 512.

_Belloni_, Mr. mistakes of, pointed out, with respect to estimating the

exportation of commodities of a particular country, by the quantity

of money found in it, I. 430.

_Bills of mortality_, plan for the improvement of, I. 72.

_Birmingham_, no silver coin counterfeited there, II. 99. _note._

_Brakenridge_, Dr. his account of the state of population in Great

Britain, I. 95.

Remarks on, _id._ 97.

_Bread_, the price of, how limited in the greatest famine, I. 397.

_Britain, Great_, remarks on the state of population in, I. 95.

By what means her credit is supported, II. 107.

Short state of its present taxes, debts, and funds, _id._ 398.

Compared with those of France, _id._ 438.

_Bullion_, how the price of, is regulated, I. 564. II. 20.

Why dearer in England than in France, _id._ 14.

The advantages of this to France, _id._ _ib._ Brought to the mint,

when trade is favourable, _id._ 35.

The causes of its rise and fall in the English market explained, II.

332.

_Buyers and sellers_, the interest of, examined, I. 628.

_Canada_, the principles of the European trade to, inquired into, I.

186.

_Cantillon_, Mr. his remark on the course of exchange between London

and Paris, II. 17.

_Capet_, Hugh, the nature of his jurisdiction compared with that of a

king of Poland, I. 240.

_Charity_, modern, shewn to be impolitic, I. 467.

_Child_, remarks on that position of his, that the legislature can keep

down the rate of interest to the level most advantageous for trade,

II. 122.

_Circulation_, in a political sense, explained, I. 374.

Illustrated by a party at quadrille, _id._ 375.

How to be excited, _id._ 378.

Illustrated, _id._ 381.

When it should be checked, _id._ 384.

Foreign and domestic, to be distinguished, _id._ 389.

How affected by the payment of a wrong balance of trade, II. 170.

Comparative inquiry into the state of, among the ancients and

moderns, II. 558.

_Cities_, the growth of, accounted for, I. 48.

Described as under a feudal government, _id._ 51.

In what respects advantageous to a country, _id._ 55.

See _Corporations_.

_Classes of mankind_, the advantages of calculations and bills of

mortality distinguishing them, I. 72.

_Coin_, new regulations for, proposed, I. 634.

The term defined, II. 46.

What the best form to be given to it, _id._ 67.

Difference between, and medals, _id._ 67.

Gold, silver, and copper, remarks on, _id._ 68.

Never found to exceed the uses of circulation, _id._ 112.

How the obligation of banks to pay in, arose, and the consequences of

that obligation, _id._ 157.

French, account of its variation about the time of the death of Louis

XIV. _id._ 236.

See _Money_.

Coinage, duty on, II. 2.

Its first introduction must reduce the prices of commodities, _id._

Consequences of the exclusive privilege of, _id._ 4.

The price of, in France, _id._ 17.

How the paying for, affects the profits on goods exported, _id._ 26.

How it affects the profits on goods imported, _id._ 28.

How it influences the prices of inland commodities, II. 33.

Experiment in, proposed, _id._ 39.

How the imposition of, will affect the creditors of Great Britain,

_id._ 53.

How it advances the credit of France, _id._ 54.

Whether the imposition of, in England, would not frequently stop the

mint, _id._ 57.

When adviseable to impose a duty on, _id._ 29.

How imposed, _id._ 30.

By authority, _id._ 31.

By consent, _id._ ib.

The consequences, _id._ _ib._ _id._ 34.

_Colbert_, Mr. remarks on, I. 67.

_Commerce_, an examination of the various principles by which it is

regulated, I. 191.

_Commodities_, in trade, what considerations enter into the fixing

prices on them, I. 182.

Consumable, distinguished from permanent property, _id._ 361.

By what the prices of them are regulated, _id._ 528.

_Companies_, mercantile, an inquiry into the advantages and

disadvantages of, I. 471.

_Competition_, its effect on trade, I. 196.

Three questions relative to, _id._ 200.

Among nations, its operation, _id._ 232.

Among workmen, the nature of, examined, _id._ 317.

_Conquerors_, why the government of, heavy to be borne, I. 10.

_Consumers and producers_, their relation to each other, and the

political balance between, considered, I. 264.

_Consumption of productions of the earth_, the question whether a

frugal or prodigal one, be for the advantage of population, argued,

I. 141.

_Corn_, difference between the price of it being lowered by plenty, and

by importation, I. 292.

Expedient proposed to assist a people during a scarcity of, _id._

294.

_Corn trade_, general reflexions on, I. 214.

On exportation and importation of, _id._ 230.

_Corporations_, reflexions on, I. 331.

Whether checks upon industry, _id._ 332.

Regulations of German ones, _id._ 333.

_Corsicans_, the real state of their contest with Genoa, I. 419.

_Corvée_, in the French revenue, what, II. 485. _n._

_Country_, the love of, in individuals, how to be understood, I. 164.

_Courage_, where likely and where unlikely to be found, I. 452.

_Credit_, a definition of, II. 105.

Why seldom found perfectly solid, under a pure monarchy, _id._ 106.

Why that of France is so fluctuating, _id._ 106.

Why that of Great Britain so well established, _id._ 107.

Not yet fixed upon true principles, _id._ 130.

The various kinds of, _id._ 141.

Their characteristic differences, _id._ 143.

The nature of, examined into, I. 365.

Its commercial advantages, _id._ 366.

Public, how the internal balance of wealth is affected by it, _id._

370.

_Credit_, public, brief sketch of the birth and progress of, I. 208.

The utmost extent of, how to be determined, II. 463.

The rise and fall of, explained, _id._ 351.

Of anticipations, or borrowing money upon assignments of taxes, for

the discharge of principal and interest, _id._ 354.

Of France, state of, before the death of Louis XIV. _id._ 367.

A comparison between that of France and England, in the times of

Richlieu and Davenant, _id._ 377.

Of Great Britain, the present state of, _id._ 380.

_Credit_, private, the subdivisions of, II. 144.

How to carry, to its greatest extent, _id._ 145.

_Credit_, debts and taxes, consequences of the change produced in the

policy of industrious trading states, by the establishment of, II.

441.

_Creditors_, the interest of, always the predominant, and what

determines the interest of a nation, I. 611.

Public, the interest of, examined, _id._ 625.

_Cumulative tax_, the term defined, II. 500.

See _Tax_.

_Crop_, plentiful, of Grain in England, inquiry what proportion it

bears to the annual consumption, I. 109.

Difference between a reputed good and bad one, _id._ 112.

_Davenant_, Dr. his correction of Sir William Petty’s computations, I.

42.

His scheme for land and poll taxes to raise the government supplies,

inquiry into the expediency of, II. 362.

His reasons for recommending the farming of taxes, _id._ 581.

_Debts_, public, the various consequences of, II. 348.

The methods of contracting and paying off, _id._ 465.

The two classes of, _id._ 473.

The consequence which would result from an immediate discharge of

them, _id._ 474.

Of England, at the peace of Ryswick, what, _id._ 360.

Progress of, traced, _id._ 381.

_Demand_, a definition of that word, in a commercial view, I. 172.

High, and great, distinguished, _id._ 188.

Distinguished from competition, _id._ 197, 487.

The different acceptations of that word enumerated, _id._ 484.

_Demand_ and work, an inquiry into the causes which influence an

alteration of the balance between, I. 217.

The duty of a statesman to assist and permit gentle vibrations

between, id. 229.

_Democracy_, how it differs from monarchy, I. 242.

How they affect trade respectively, _id._ 243.

_Dependance_, in society, three kinds of, distinguished, I. 238.

On courts, the principles on which it subsists, analized, _id._ 357.

_Depopulation_, the most effectual causes of, I. 108.

_Desertion_, among soldiers, the cause of, pointed out, I. 136.

_Diseases_, political, certain sign of, I. 69.

_Dissipation_, the benefits of, to industry, I. 367.

_Ducats_, examination of the new regulation of, in Holland, I. 612.

_Dutot_, M. his sentiments on paper credit with reference to the

affairs of France, II. 241, 245.

_Edinburgh_, hints for the improvement of the banks there, II. 187.

_England_, the idleness and luxury of manufacturers, of more prejudice

to its foreign trade, than the high taxes, II. 504.

_England or France_, which the most populous, I. 102.

_Equality of possessions in a state_, the consequences of, examined

into, I. 367.

_Estate_, the difference between one near the metropolis, and one in a

remote province, I. 55.

_Evil_, no such thing in the universe, I. 482. _n._

_Europe_, the great revolution in the political system of, and the

cause to which it is owing, I. 10.

_Excess_, import of that term, I. 308.

Distinguished from sensuality and luxury, _id._ 311.

_Exchange_, the best measure for valuing currency, I. 570.

How the course of it is regulated, II. 13, 21.

Whether the loss which the course of it marks on the trade of Great

Britain with France, be real or apparent, _id._ 25.

The first principles of, _id._ 310.

The difficulties which occur in paying balances, _id._ 315.

How these payments are effected, _id._ 332.

The operations of, between London and Paris, _id._ 335.

_Exchequer_, its circulation with the bank, explained, II. 225.

_Excise_, the accounts of, how settled between the exchequer and the

bank, II. 226.

When it first took place, _id._ 362.

Its effects at that time, _id._ _ib._ In what the oppression of

levying consists, _id._ 511.

Defect of, and the ill effects arising, _id._ 512.

Hints for remedying, _id._ 515.

_Expence_, the word defined, and the senses in which it is used,

distinguished, I. 205.

_Exportation_, the proper means of encouraging, I. 283.

Reflections on premiums for, _id._ 297.

What the most profitable branches of, _id._ 341.

The proper conduct when that of a nation is reduced to the articles

of natural produce, _id._ 343.

Why those manufacturers who work for, the poorest of those in a

state, II. 10.

Theory of the prices on articles of, _id._ 11.

_Fall of man_, consequences of, shewn, I. 455. _n._

Conclusions drawn, on the supposition that it had not taken place,

_id._ _ib._

_Feudal system of government_, how departed from in the present forms,

I. 10.

Why taxes so little found under, _id._ 501.

Subordination of the different ranks under, how founded, _id._ 240.

Its influence on trade, _id._ 245.

_Feudal governments_, three remarkable stages, through which they have

changed to the present forms, I. 356.

_Fisheries_, hints for the proper establishment of, I. 480.

_Fleuri_, Cardinal, his experiment to fix the par of exchange, II. 340.

_Foreign ministers_, political hint, as to their accommodations in the

countries where they are sent to reside, I. 420.

_Forestalling_, why a crime, I. 200.

_Forests_, whether extended by an increase in the consumption of

firewood, I. 145.

_Foundling_ hospitals recommended, I. 75.

_Foundlings_, opportunity for providing for, pointed out, I. 287.

_Fourage_, in the French taxes, what, II. 496. _n._

_France_, reflections on the state of agriculture in, I. 141.

The progress of luxury in, compatible with the prosperity of her

foreign trade, _ib._ 288.

The principle on which the raising and sinking of the numerary value

of the coin there in former times is accounted for, _ib._ 612.

The policy of, with regard to its coin, why not easily understood,

II. 32.

Remarks on the currency of its coin, _id._ 58.

Regulations of, with regard to coin, bullion, and plate, _id._ 70.

Price of coinage there upon silver, _id._ 71.

Ditto upon gold, _id._ 72.

Proportion between a French grain weight to a grain troy, _id._ 73.

Proportion between the louis and the guinea, _id._ 74.

Advantages of the French regulations, _id._ 75.

High price of bullion at Paris in 1760, _id._ 76.

Present state of the wearing of the French silver coin, _id._ 77.

Fluctuations of credit in, _id._ 106.

Chronological anecdotes of banking there, _id._ 250.

How its credit was destroyed in 1720, _id._ 284.

How a bank may even now be safely established there, _id._ 289.

State of their debts, funds, and appropriations, at the peace of

1763, _id._ 403.

Extent of annual supplies of, from 1756 to 1762, _id._ 420.

Courts of justice in, how rendered oppressive, _id._ 432.

Method of levying the taxes in, _id._ 437.

The nature of the taxes imposed there, explained, _id._ 496, 501.

_France and England_, which the most populous, I. 102.

_Free_ gifts in France, as imposed in 1759, II. 419. _n._

_Freedom_ of a people, in what it consists, I. 237.

_Frugality_, the proper means of preventing the ill effects of, when it

takes place in a luxurious state, I. 281.

_Fund_, sinking, the first foundation of, II. 385.

_Gabelle_, in the French taxes, explained, II. 501, _n._

_Gardens_, kitchen, why most frequently found in the neighbourhood of

cities, I. 139.

_Gee_, Mr. remarks on his observations on the balance of the English

trade, I. 431.

_Germany_, Remarks on the state of agriculture in, I. 91.

_Governing_, in what the art of, consists, I. 12.

_Government_, the republican form of, most favourable to trade and

industry, I. 242.

_Grain_, inquiry into what proportion a plentiful crop of, in England,

bears to the current annual consumption, I. 109.

Inquiry into the difference between a plentiful year and a year of

scarcity, _id._ 113.

The price of, regulated by the abilities of the lowest class of

people to purchase it, _id._ 401.

The good effects which would result from preserving the price at some

uniform standard, II. 509.

_Greece_, antient, remark on the disproportion between the prices of

necessaries, and elegances in, I. 403.

Accounted for, _id._ 439.

Its treasures supposed equal to the mines of the new world, _id._

437.

_Guinea and louis_, proportion between, II. 74.

_Guineas_, an examination into the consequences of bringing down their

currency to twenty shillings, I. 583.

_Harris_, examination of a passage in, concerning coin, I. 609.

_Helots_, their cruel treatment under the Spartan government, I. 254.

_Henry_ VII. wise regulation of, for the preservation of bullion, II.

327.

_Holland_, the principles of its constitution inquired into, I. 214.

Regulations observed in, with regard to coin and bullion, II. 78.

Regulations of the Dutch mint, _id._ 79.

How they reckon their silver standard, _id._ _ib._

Mint price of fine silver, _id._ 80.

Price of coinage there, _id._ _ib._

Of the Dutch gold coins, _id._ _ib._

Mint price of fine Gold, _id._ 81.

Price of coinage upon ducats, _id._ 82.

The rider, _id._ _ib._

Utility of not fixing the denomination of ducats, _id._ 83.

How to find the proportion of the metals in the coin of Holland, and

a wonderful phænomenon in the value of ducats, _id._ 84.

Quantity of fine silver in a florin piece, _id._ 85.

Quantity of fine gold in a florin of riders, _id._ _ib._

Investigation of the proportion as to the ducat, _id._ _ib._

Proportion between the mint weights of Holland, England, France, and

Germany, _id._ 87.

Defects of the silver currency of Holland, _id._ 91.

Frauds of money-jobbers there, _id._ 94.

Reason of the apparent scarcity of silver coin there, _id._ 96.

The great multiplication of taxes there, _id._ 529.

_Horses_, whether the keeping a superfluous number in large cities, a

public disadvantage, I. 145.

_Hume_, Mr. examination of his doctrine concerning the influence of

riches on the price of commodities, I. 398.

Concerning the balance of trade, _id._ 416.

_Jacob_ the patriarch, an idea of primitive society, borrowed from the

history of him and his family, I. 23.

_Janizaries, Turkish_, and the Pretorian cohorts of Rome, parallel

between, I. 247.

_Idle_ persons, the multiplication of, a load on society, I. 61.

_Jews_, their law relating to interest, II. 112.

The only money-lenders in Europe, until a commercial system

prevailed, _id._ 113.

_Imitation_, influence of the taste for, I. 280.

_Indies_, account of the French company of, II. 247.

Its revenue, _id._ 257.

_Industrie_, in the French taxes, explained, II. 496. _n._

Remarks on this tax, _id._ 498.

_Industry_, an inquiry into the effects of, I. 133.

a definition of, _id._ 166.

Distinguished from labour, _id. ib._

Why difficult to introduce in a country where slavery is established,

_id._ 167.

Whether the cause or the effect of trade, _id._ 170.

How it is stimulated, _id._ 193.

The difference between the progress of, in antient and modern times,

accounted for, _id._ 193.

Brief sketch of the progress and revolutions of, _id._ 207.

A strong argument for a general exercise of, _id._ 210.

The means of extending liberty to the lowest denominations of a

people, _id._ 218.

Flourishes best under a republican government, _id._ 242.

Excluded by the system of Lycurgus, _id._ 258.

The revolution it produces in the wealth of a nation, pointed out,

_id._ 452.

The proper direction of, hinted, _id._ 457.

In what instance it destroys simplicity of manners, _id._ 459.

Antient and modern, the difference of, shewn, I. 462.

See _Industrie_.

_Inhabitants_, an examination into that maxim which asserts the number

of, to be the riches of a country or state, I. 60.

_Innovations_, inconveniences attending, I. 632.

_Interest_, private, the proper spring of action in the individuals of

a well governed state, I. 164.

_Interest of money_, how permitted under the Mosaic dispensation, II.

112.

When it obtained in Europe, _id._ 113.

Upon what principles the rate of, is regulated, _id._ 115.

No statute for regulating in England, before the time of Henry VIII.

_id._ 116.

Different classes of borrowers, _id._ 117.

Extortions in, how prevented, _id._ 118.

Whether in the power of the legislature to command the rate of, _id._

122.

The lowering of, the rise of land, _id._ 123.

Proper conduct of a statesman in relation to, _id._ 124.

Probable consequences of reducing it below the level of the stocks,

_id._ 125.

A low rate most essential to states carrying on the most extensive

foreign commerce, _id._ 129.

Whether the rate of, a sure barometer of the state of commerce, _id._

135.

Whether it falls in proportion to the increase of wealth, _id._ 139.

How affected by the manners of a people, _id._ _ib._

_Ireland_, the causes which influenced Great Britain to open her ports

for the importation of provisions from, I. 231.

_Island_, the progress of society illustrated, in a supposed one, I.

128.

_Kings_, their rights not founded on tacit contracts between them and

their people, I. 240.

In the old feudal systems, more formidable abroad than at home, _id._

356.

Compared with the domestic influence of those under the present

commercial systems, _id._ _ib._

_Labour_, the different obligations to, in antient and modern times, I.

59.

How the methods of, are to be improved, _id._ 193.

_Land_, the disproportion between the rents of arable and pasture,

accounted for, I. 43.

What the general raising of rents of land may be supposed to

indicate, _id._ 45.

Considerations on the taxes on, II. 561.

No regular valuation of, made, since doomsday book, _id._ 564.

The tax on, how levied in England, _id._ 565.

What the most proper method of imposing a tax on, _id._ 577.

_Landed interest_, examination into, I. 622.

_Landed men_, inquiry whether they might not issue their own notes on

the security of their land, without the intervention of a bank, II.

131.

_Landed property_, the inconvenience of minute subdivisions of, I. 85.

Inquiry into the expediency of the equal distribution of, _id._ 124.

_Landholder and stockholder_, how comparatively affected by taxation,

II. 448.

_Land tax in Scotland_, defect in, II. 497.

_Law_, Mr. account of the establishment of his bank, II. 235, 239.

_Laws_, none really invariable, in any government, I. 7.

_Levity_, remarks on the influence of, in luxury, I. 280.

_Liberty_, public, in what it is understood to consist, I. 237.

Capable of subsisting under despotic forms of government, _id._ _ib._

_Liberty_, universal, established in Europe, and the consequences of,

I. 70.

_Linen manufacture_, by what means it has been augmented in Scotland

and Ireland, I. 86.

_Loans upon interest_, if deemed unlawful in a religious view,

expedient to avoid, I. 370.

_Locke_, Mr. mistake of, corrected, in relation to a proposed

alteration of silver coinage, I. 554, 602.

_Lotteries_, the advantage of, to the government, II. 400. _n._

When only proper to be used for paying of public debts, _id._ 479.

_Lowndes_, Mr. examination into the present propriety of his scheme for

regulating the coin in 1695, I. 602.

_Luxury_, the term defined, I. 31, 307.

The parent of public distress, _ib._ 212.

In what instance to be encouraged, _ib._ 263.

This farther explained, _id._ 276.

How to be effected, _id._ 277.

Changes in the modes of, ever distressing to manufacturers, _id._

280.

Political improvement of this circumstance, _id._ _ib._

The interests affected by, _id._ 307.

The mind, _id._ 308.

The body, _id._ 309.

The fortune, _id._ _ib._

The state, _id._ _ib._

Its different effects on different antient nations, remarked, and

accounted for, _id._ 324.

Its effects in modern times, _id._ 325.

Prejudicial to courage, _id._ 452.

Modern, the cause of, hinted, _id._ 462.

_Lycurgus_, the tendency of his laws to encourage population, shewn,

I. 70.

Why there was no industry in his republic, _id._ 193.

His republic the most perfect plan of political œconomy, _id._ 250.

His laws transmitted by tradition only, _id._ 251.

The sanction he obtained for them, _id._ _ib._

His regulation of property, _id._ 252.

Cloathing, _id._ 253.

The cruel treatment of the helots, _id._ 254.

His plan of education, _id._ 255.

Remarks on the austerity of his institutions, _id._ 256.

His care to guard against the Spartans having an intercourse with

foreign nations, _id._ 257.

Conclusions drawn from a supposed adoption of his system by any

modern nation, _id._ 259.

_Machines_, the introduction of, into manufactures, whether hurtful or

beneficial to a date, I. 119, 295.

_Mankind_, in what respect alike in all ages, I. 6.

The distribution of their residence in a country, how determined,

_id._ 46.

Their number in a free country, in the _ratio_ of their food, _id._

113.

_Manners of a people_, national peculiarities in, noticed, I. 8.

The simplicity of, how it affects population, I. 36.

_Manufactures_, the principles which determine the residence of, I. 49.

Their flourishing or decaying in particular places, accounted for,

_id._ 182.

The proper method of lowering the prices of, to render them vendible

at foreign markets, _id._ 283.

Why particular ones cannot be furnished so cheap at home, as by other

countries, _id._ 284.

The importance of their being properly situated, _id._ 289.

_Manufacturers_, why those who work for exportation are the poorest,

II. 10.

More hurt by their own idleness and extravagance than by taxes, _id._

505.

_Markets_, public, their great use in trade, I. 180.

_Marriage_, political considerations on, I. 71.

_Master_, his right to share in the profits of his journeymen, proved,

I. 318.

_Maxims_, general ones, the danger of adopting, I. 60.

_Medals and coin_, the difference between, II. 68.

_Megens_, Mr. his sentiments concerning the coin of the bank of

England, II. 158.

_Melon_, M. de, his remark on the proper qualifications of a statesman,

I. 377.

_Merchant_, observations on the profession of, I. 177.

_Metal_, the term defined, II. 46.

Why a scale of value realized in, can never be exact, _ib._ _id._ 54.

How the proportion of those in coin, is kept nearly the same in all

European markets, _id._ 62.

Why this proportion so different between Europe and Asia, _id._ 63.

How to determine the true intrinsic value of those in which a balance

to foreign nations is to be paid, _id._ 316.

How to remove the inconveniences which occur in such payments, _id._

325.

_Metropolis_, the growth of, accounted for, I. 48.

A large one, whether disadvantageous to a country, _id._ 52.

_Militia_, reflections on, I. 136.

_Mind_, the effects of luxurious gratifications on, I. 308.

_Minot_, a French measure, what, II. 576, _n._

_Mint_, French unit of weight in, II. 70.

Weights of Holland, England, France, and Germany, proportion among,

_id._ 87.

_Missisippi bank of France_, account of the establishment of, II. 243,

252, 265.

Inquiry into the motives for its plan, _id._ 256.

Not intentionally a bubble, _id._ 263.

How the failure might have been prevented, _id._ 276.

How the credit of France was destroyed in May 1720, _id._ 284.

_Modesty_, reflections on, with reference to the Spartans, I. 258.

_Monarchy and democracy_, compared, I. 242.

Their different influences on trade, _id._ 243.

_Monasteries_, magnificent ones, how advantageous to a country, I. 468.

_Money_, the term defined, I. 32.

How to be procured, _id._ _ib._

The plenty of, productive of luxury, _id._ 33.

The effects of the introduction of, on trade, _id._ 176.

Observations on that of Sparta, _id._ 259.

An inquiry into the principles of the circulation of, _id._ 360.

Real, and symbolical, what, _id._ 364.

Illustrated, _id._ 381.

Ready, caution necessary in taxing it, _id._ 387.

No real and adequate proportion between, and goods, _id._ 394.

In countries of simplicity, _id._ 395.

In countries of industry, _id._ 397.

Paper, whether advantageous to a nation, _id._ 408.

Whether a tenfold increase of, in Europe, would raise the prices of

commodities in the same proportion, _id._ 413.

Whether any judgment can be formed concerning the balance of trade of

a nation, barely from the quantity of specie that is found in it,

_id._ 429.

The dissipation of by individuals, not expedient to be checked, _id._

471.

Defined, _id._ 526.

A scale for measuring the value of things, _id._ _ib._

On what principles the value of things is determined, _id._ 527.

The prices of things not regulated by the quantity of, _id._ _ib._

Necessity of distinguishing between, and price, _id._ 529.

Of account, what, and how contrived, _id._ _ib._

Bank, _id._ 531.

Angola, _id._ _ib._

Usefulness of the precious metals in making, _id._ 532.

Standard, how to be adjusted, _id._ 533.

Debasing and raising a standard, what, _id._ 534.

Alteration of the standard, how to be discovered, _id._ _ib._

Of alloy, _id._ _ib._

Incapacities of metals to constitute invariable measures of value,

_id._ 535.

The obligation of such measures to be invariable, _id._ _ib._

Consequences of their variation, _id._ 536.

Defects of a silver standard, _id._ 537.

Arguments in favour of a silver standard, _id._ _ib._

Answers to those arguments, _id._ 538.

Usefulness of an universal measure, _id._ 539.

Why metals incapacitated from performing the office of, _id._ 540.

Wearing in circulation, _id._ _ib._

Inaccuracy in coining, _id._ 541.

Coinage adding to the value, without adding to the weight, _id._

_ib._

The smallest defects of, profited by in trade, _id._ _ib._

Five remedies against the effects of the variation in the value of

metals, _id._ 542.

Remedies against other inconveniences, _id._ 544.

Remedies against the wearing of coin, _id._ _ib._

Remedies against inaccuracy in coinage, _id._ _ib._

Remedies against the expence of coinage, _id._ _ib._

Remedies against arbitrary changes in the value of coin, _id._ 545.

How the market price of the metals is made to vary, _id._ _ib._

The variation to be referred to the rising metal, not to the sinking,

_id._ 546.

Of account, how made to vary in its value, from the variation of the

metals, and the consequences, _id._ 547.

What the mean proportional between the value of the metals, _id._

_ib._

The unit to be attached to the mean proportion, upon a new coinage,

not after the metals have varied, _id._ 548.

The unit better to be affixed to one metal than to both, _id._ 549.

To what variation the unit is exposed, from the wearing of the coin,

_id._ _ib._

To what variation the unit is exposed, from the inaccuracy in the

fabrication of coin, _id._ 550.

Variations to which the unit is exposed, from the imposition of

coinage, _id._ 551.

When coinage imposed, bullion cheaper than coin, _id._ _ib._

Exception, _id._ 552.

Variation to which the unit is exposed, from the arbitrary raising

and debasing the coin by Princes, _id._ _ib._

How this variation affects the interests of debtors and creditors,

_id._ 553.

A mistake of Mr. Locke in relation to, corrected, _id._ 555.

Defects in the British coinage, _id._ 558.

Of the standard of English coin and money unit, _id._ _ib._

Coinage free in England, _id._ 559.

The standard, when attached to the gold coin, _id._ 560.

Consequences of that regulation, _id._ _ib._

Silver, sometimes considered as a money of accompt, _id._ 561.

Jobbers in, their practices explained, _id._ 562. 565.

Why silver bullion is dearer than coin, _id._ _ib._

What regulates the price of bullion, _id._ 564.

The intrinsic value of the currency, _id._ _ib._

Paper, the use of, not hurtful in debasing the standard, _id._ 571.

The standard how shewn to have been debased, _id._ 574.

Proof that the standard has been debased by law, _id._ 575.

The standard at present reduced to the value of the gold, _id._ _ib._

How the disorder in the coin may be remedied without inconveniences,

_id._ 576.

If the present standard be departed from, all other arbitrary, _id._

577.

The present standard not the same with that of Queen Elizabeth, _id._

578.

Anecdotes of its alterations, _id._ _ib._

Debasing the standard, chiefly affects permanent contracts, _id._

581.

Why silver so scarce, _id._ 583.

Consequences of fixing the guinea at twenty shillings, _id._ _ib._

How to fix the pound sterling at the standard of Queen Elizabeth,

_id._ 587.

The consequences of this reformation, _id._ 588.

Sufferers by the debasement of the standard, have a right to redress,

_id._ 590.

But not the whole class of creditors, _id._ _ib._

Whose claim ought to be liable to conversion, _id._ 591.

Objections against the principles before laid down, _id._ 593.

Answers to them, _id._ 595.

Upon whom the loss incurred by the wear of it, falls, _id._ 598.

Inland dealings not able to support the standard where there are

money-jobbers, or foreign commerce, _id._ 599.

Public currency supports the authority of the coin, not the value of

the pound sterling, _id._ 601.

In what sense the standard debased by law, and in what sense by the

operation of other political causes, _id._ 614.

The payments made by bankers regulate all other, _id._ 615.

Regulation proposed for the coin, _id._ 634.

The first introduction of coinage must reduce the prices of

commodities, II. 3.

Why the doctrine of money appears so intricate, _id._ 45.

The difference between raising the value of coin by imposing coinage,

and raising the denomination of it, _id._ 50.

Whether it is the interest of England to debase the standard of,

_id._ 64.

The borrowing of, for carrying on trade, more relative to the

merchant than the manufacturer, _id._ 137.

_Montesquieu_, Mr. examination of his doctrine concerning the influence

of riches on the prices of commodities, I. 398.

_Multiplication of people_, the three principles of, I. 90.

Whether the efficient cause of agriculture, or agriculture of

multiplication, _id._ 114.

_Nation_, every interest in, intitled to protection, I. 589.

_Nations_, trading, compared to a fleet of ships, I. 233.

_Navigation_, remarks on the consequences of the act of, in England, I.

343.

_Naturalization of strangers_, ineffectual in the view of lowering the

prices of manufactures, I. 290.

_Necessaries_, an inquiry into the cause of a rise in the prices of, I.

291.

Physical and political, distinguished and explained, _id._ 312.

The consumption of, how to be ascertained, _id._ 314.

And superfluities, vague terms when different ranks of people are

compared, _id._ 258.

_Netherlands_, Austrian, the cities of, in a state of depopulation, and

the reason, I. 334. _n._

_Nobility_, the advantages of a numerous one, to a state, I. 63.

Why their spirit ought to be preserved, _id._ _ib._

Their behaviour in the field compared with that of traders, _id._ 64.

Poor, reflexions on their situation, _id._ _ib._

_Oeconomy_, general definition of, I. 1.

Family and political, distinguished, _id._ 2.

Political, when brought to perfection, _id._ 83.

_Ounces_, different, a comparison of, II. 323. _n._

_Padua_, observations on the soil and produce of the country round, I.

140.

_Paper money_, how realized, II. 110.

_Paris_, remarks on the state of agriculture round, I. 139.

_Partisans in France_, what, and cardinal Richlieu’s sentiments on

their conduct, II. 369.

Their extortions, why not then to be remedied, _id._ 370.

The present regulation of them, _id._ _ib._

_Pay of the soldiery_, political plan for the regulation of, I. 449.

_Payments_, those made by bankers regulate all others, I. 615.

_Petty_, Sir William, his computations of the number of inhabitants and

consumption of provisions in England, I. 41.

_Population_, how limited, I. 18. 113.

What the most essential requisite for, _id._ 25.

Reflexions on the best means for promoting, _id._ 72.

Inquiry into the state of, in Great Britain, I. 95.

Antient and modern, politically considered, _id._ 125.

_Populous_, inquiry into the meaning of this word, when affirmed of a

country, I. 102.

_Populousness of antient nations_, inquiry into the question

concerning, I. 38.

_Posts for the conveyance of letters_, their great use in commerce, I.

180.

_Pound sterling_, two legal ones in England, I. 568.

Current value of, _id._ 569.

How determined, _id._ 570.

What the good measure of, _id._ _1_

The value of, how marked by bullion, _id._ 571.

How to fix it at the standard of Queen Elizabeth, _id._ 587.

The consequences of this reformation, _id._ 588.

_Premiums on exportation of commodities_, reflexions on, I. 297.

_Prerogative_, regal, often arbitrarily exercised, from a view to

establish public liberty on a more extensive bottom, I. 248.

_Price_, what understood by, II. 46.

_Prices_, how regulated on necessaries and on superfluities, I. 440.

The rise of, on articles of home consumption accounted for, II. 9.

How kept down on articles of exportation, _id._ _1_

_Princes_, how those who incline to rob their subjects may avoid

robbing themselves at the same time, II. 65.

_Producers and consumers_, an analysis of the principles which

influence the alterations in the political balance between, I. 264.

_Profit and loss_, explained and distinguished, I. 206.

_Profits_, how they consolidate into prime cost, II. 8.

Consolidated, the ill effects of, and how to remedy, I. 289.

_Property_, how regulated under the Spartan government, I. 252.

Inconsumable, what, I. 360.

Consumable, what, _id._ 361.

Consequences of the alienation of both kinds, _id._ _1_

Incorporeal, _id._ 369.

Landed and monied, the different ways of life of the possessors of

each compared, II. 478. _n._

Permanent, the expediency of its contributing to the burdens of the

state, I. 387.

Solid, how understood, II. 149.

_Provisions_, those produced in most countries, nearly consumed by the

respective inhabitants, I. 109.

The consequences of an augmentation in the value of, I. 226.

_Public money_, heinous nature of all attempts to defeat the

application of, I. 297.

_Public spirit_, an improper principle of action in the governed, I.

164.

_Public works_, not the produce of the wealth of a nation, I. 464.

_Quadrille_, the idea of circulation of wealth in a state, illustrated

by the game of, I. 375.

_Rank_, the obligation individuals are under to uphold that which they

have once attained, I. 313.

_Remuage_, in the French duties, explained, II. 550 _n._

_Revenue of England_, at the revolution, its amount, II. 364.

State of, at the accession of Queen Anne, II. 381.

_Riches_, an inquiry into the effects of, before the introduction of

trade and industry, I. 437.

_Richlieu_, cardinal, his sentiments on the public credit of France,

II. 367.

His sentiments of the extortions committed by the farmers of the

French taxes, _id._ 369.

Why not capable of being remedied at that time, _id._ 370.

His scheme for payment of the public debts, _id._ 372.

_Roads_, the advantages of good ones to a country, pointed out, I. 57.

The making and improving of, shewn to have a tendency to destroy

simplicity of manners, I. 459.

_Romans_, ancient, reflexions on the agriculture of, I. 88.

The consequences of their subduing the Grecian states, _id._ 439.

_Rome_, antient, remarks on the disproportion between the prices of

necessaries and elegances in, I. 403.

Accounted for, _id._ 439.

Consular and imperial, its ornaments compared, _id._ 457.

_Scotland_, remarks on the state of agriculture in, I. 103.

Similar instances in other parts of Europe, _id._ 105.

Accounted for, _id._ 106.

Remark on the variation of the price of oatmeal in, _id._ 403.

The nature of banking there, II. 155. 179. 184.

_Security_, real, what, II. 144.

_Self-interest_, its extensive influence and use, in a political view,

I. 162.

_Sensuality_, the term distinguished from those of luxury and excess,

I. 311.

_Silver_, in coin, the scarcity of, to what owing, I. 547. 558. 583.

Why exported preferably to gold, _id._ 567.

Why any remains in England, _id._ 569.

Rising in value, _id._ _1_

The rising of, the debasement of the standard, _id._ 616.

Question relating to the scarcity of, in England, II. 61.

_Simplicity of manners_, shewn to be relative, I. 456.

_Slavery_, the origin of, traced, I. 22.

Its effects on the multiplication and employment of mankind, _id._

36.

Whether industry can be introduced in a state where the former is

established, _id._ 168.

Its operation in America, _id._ 169.

Real, preferable to a nominal liberty, _id._ 244.

_Society_, primitive, an idea of, illustrated in the history of Jacob

the patriarch, I. 23.

Reflexions on the present state of, compared with remote times of

primitive simplicity, _id._ 69.

The best bond of, _id._ 84.

The best principle on which it is to be governed, _id._ 163.

_Societies_, human, in what respects they all agree, I. 6.

_Soil_, a rich one, its disadvantageous effects on the inhabitants of

it, traced, I. 34.

Why less fruitful countries flourish most, _id._ 35.

_South-Sea-scheme_, comparison of, with that of the Missisippi, II.

387. _n._

_Spain_, remarks on the state of husbandry there, I. 89.

On the depopulation of, _id._ 107.

_Spartans_, how prevented from having an intercourse with foreign

nations, I. 257.

Their modesty, _id._ 258.

The only articles of trade among, _id._ _1_

Observations on their money, _id._ 259.

Conclusions drawn from a supposed adoption of their system by any

modern nation, _id._ _1_

See _Lycurgus_.

_Spirit of a people_, whereon formed, I. 8.

_Standard of English coinage_, remarks on, I. 558.

When attached to the gold coin, _id._ 560.

How shewn to have been debased, _id._ 574.

Not the same now with that of Queen Elizabeth, _id._ 578.

Anecdotes of its alterations, _id._ _1_

The debasing of, shewn chiefly to affect permanent contracts, _id._

581.

In what sense debased by law, and in what sense, by the operation of

political causes, _id._ 614.

Of Elizabeth, its advantage over that of Mary I. _id._ 621.

Alteration of, how it affects different interests, _id._ 632.

A more easy method of making a change in, proposed, _id._ 633.

Whether it is the interest of princes to debase, II. 64.

The proper arguments against it, _id._ 67.

_Standing armies_, the nature and use of, explained, I. 442.

The consequence of trade and industry, _id._ 445.

The history of, _id._ 446.

_State_, how to preserve a trading one from decay, I. 224.

Every change in, advantageous to some class or other, _id._ 428.

_Statesman_, the term defined, I. 149. 151.

Modern, his extraordinary influence and advantages, beyond those of

former ages, _id._ 321.

The criterion of his abilities, _id._ 377.

His actions not to be estimated by the rules of private morality,

_id._ 482.

_Stews_, public, how far expedient, I. 386.

_Subordination_, how produced in society, I. 21.

Political, explained and distinguished, _id._ 238.

The boundaries of, deduced, _id._ 242.

Wherein that which now subsists in trading nations differs from that

which obtained under the old feudal systems, _id._ 248.

_Superfluities_, domestic competition in the manufacture of them, to be

discouraged, _id._ 271.

_Taille_, in the French taxes, explained, II. 496. _n._

_Tariffee_, in the French taxes, explained, II. 498. _n._

_Taxes_, general reflexions on, I. 13.

From what principle the imposition of them is justifiable; and the

proper application of them, _id._ 269.

The proper use of, in regulating the several articles of trade, to

suit temporary circumstances, _id._ 321.

Why the right of imposing, scarcely any where attached to royalty,

_id._ 335.

The plan of, under pure monarchies, and under limited monarchies,

compared, _id._ 353.

The necessity of, under a decay of foreign trade, _id._ 354.

Their internal effects on the people, _id._ 371.

Their operation on industry, _id._ 385.

The expediency of distinguishing raisers and consumers in, _id._ 388.

To be regulated by the proportion between foreign and domestic

circulation, _id._ 390.

Only a liquidation of the antient personal services, _id._ 442.

History of, _id._ 443.

The perpetuity of, argued, _id._ 445.

The consequences of a total cessation of, II. 461.

The word defined, and the various kinds of, specified, _id._ 484.

The various objects of, or funds for taxation, _id._ 486.

Proportional, affect only the idle, _id._ 488.

In what manner they raise the price of commodities, _id._ 493.

Where they ultimately fall, _id._ 494.

Cumulative, what, in England and in France, _id._ 496.

The height of, in England, not so prejudicial to its foreign trade,

as the idleness and luxury of manufacturers, _id._ 504.

Proportional, their effects, _id._ 507.

Good method of raising, _id._ 514.

Cumulative, the nature of, explained, _id._ 518.

Compared with proportional, _id._ 520.

How a cumulative tax is convertible into a proportional one, _id._

_1_

Consequences of, when the amount is properly applied, _id._ 523.

Of the extent of taxation, _id._ 527.

The hardship of, in those instances where no alienation takes place,

_id._ 530.

The difficulty of establishing, upon barter, _id._ _1_

Draw an additional sum of money into circulation, _id._ 531.

The extent of cumulative taxes, _id._ 538.

Method of ascertaining the value of landed property, _id._ 539.

Impossibility of establishing, upon the income springing from money,

_id._ _1_

Interest of a whole people considered with respect to, _id._ 542.

Consequences of abolishing taxes relative to the cumulative interest

of a whole state, _id._ 543.

Consequences of such abolition, to those who are fed by the produce

of taxes, _id._ 546.

Judiciously imposed, and equitably levied, enrich a nation, _id._

554.

Whether they promote industry, _id._ 556.

Upon land, considerations on, _id._ 561.

On land, how levied in England, _id._ 565.

What the most proper method of imposing, on land, _id._ 577.

What the best method of levying, generally, _id._ 579.

On land, whether possible to be converted into one of the

proportional kind, _id._ 592.

_Taxation_, why so little found under feudal governments, I. 50.

_Temple_, Sir William, his symbolical representation of a flourishing

state, I. 71.

_Theft_, why encouraged by Lycurgus among the Spartans, I. 257.

_Theory_, reflexions on the benefit of, in the arts, I. 67.

Its use, in political researches, _id._ 542.

Not exactly confirmed by experience, and why, II. 8.

And practice, remarks on the difference between, in political

subjects, I. 298.

_Tithes_, under what species of taxation to be ranked, II. 497.

The most oppressive kind of tax upon landed property, _id._ 568.

_Trade_, its beneficial tendency traced, I. 118.

A definition of, _id._ 166.

Whether the cause or the effect of industry, _id._ 170.

The progress of, traced, _id._ 175.

A republican form of government, and those which approach nearest to

it, most favourable to, _id._ 242.

Its influence in creating national connexions, _id._ 266.

Its natural, division, _id._ 301.

Infant, by what means, to be encouraged, _id._ 302.

Foreign, the ruling principles of, _id._ 304.

Inland, as supposed to take place on the extinction of foreign trade,

_id._ 305.

Inquiry into the expediency of laying it open, _id._ 424.

Natural consequences of it, _id._ 425.

The interest of, examined, _id._ 628.

_Trade_, inland, how it may be made a resource on the decay of foreign,

I. 319.

_Trade_, foreign, passive and active distinguished, I. 184.

The progress of, traced, _id._ 185.

Illustrated, _id._ 191.

An examination of the principles on which it may be established and

preserved as long as possible, _id._ 267.

On what it is founded, _id._ 273.

Inquiry into the causes of the decay of, _id._ 278.

The proper remedies proposed, _id._ 279, 319.

Its extensive uses, _id._ 326.

The proper remedies in cases of successful rivalship in particular

articles of it, _id._ 328.

How to put a stop to it in manufactures, when the balance of it turns

against a nation, _id._ 336.

Cautions against hasty measures in such instances, _id._ 338.

The natural consequences which will result upon the cessation of it,

_id._ 350.

_Trading nation_, the true policy of, I. 262.

_Traittes_, in the French taxes, explained, II. 501. _n._

_Troops_, foreign, how they become necessary to a state, I. 449.

Plan to supersede the necessity of, _id._ 450.

_Value_, the exact scale of, what, II. 55.

_Vauban_, Marechal, observations on his scheme of raising the land-tax

in France, II. 562, 567.

_Vice_, the proper method of checking, among a people, I. 386.

_Vineyards_, reflexions on the political tendency of, I. 88.

_Visa_, the nature of that commission explained, II. 376.

_Ustencil_, in the French taxes, what, II. 496. _n._

_Wants_, reciprocal, the political use of, among a people, I. 28.

_War_, all history full of, I. 448.

The different methods of raising the supplies for, by the different

powers of Europe, II. 371. _n._

_Wealth of a nation_, the ill consequences of its remaining in few

hands, I. 26.

Of antient nations, how differently acquired, _id._ 324.

Natural consequences of its being withdrawn from foreign trade, to

domestic circulation, _id._ 351.

Whether to be estimated by the quantity of coin in it, II. 42.

The last sacrifice a statesman ought to make in cases of emergency,

I. 339.

Observations on that of a trading nation, _id._ 355.

Two kinds of circulation of, in a state, _id._ 373.

_Weights_ in different places, the uncertainty of, shewn, II. 323. _n._

_Wood_, whether an increase in the consumption of, for firing, a public

disadvantage, I. 145.

_Wool_, inquiry into the principles which operate in regulating the

trade in, I. 274.

_Woollen manufacture_, by what means it has been augmented in England,

I. 86.

_Words_, synonimous, observation respecting, I. 310.

_Work_, an examination into the alterations of the balance between, and

_demand_, I. 217.

The proper means of lowering the price of, when increased by the

augmentation of the value of subsistence, _id._ 227.

_Xenophon_, his plan for the proper employment of the Athenian people,

I. 460.

FINIS.

------------------------------------------------------------------------

The reader is desired to correct the following errors, especially such

as are distinguished by an asterisk *, which pervert the sense entirely.

ERRATA.

Page. Line.

2. 8. of, r. as

7. 2, 7. manufactures, r. manufacturers

9. 32. their grains, r. their gains

71. 26. * 55.162, r. 51.162

73. 13. * 801.61, r. 801.68

82. 4. * 1½, r. ½

85. 15. * 24.572, r. 25.572

87. 1. * price, r. piece

93. 15. * 1201.26, r. 120126

118. 16. this, r. the

119. 18. * seems, r. comes

132. 32. * considerable, r. inconsiderable

143. 27. case, r. ease

149. 9. property, r. prosperity

152. 24. that, r. their

156. 4. advance-profits, r. advance; profits

157. last. _dele_, back.

158. 17. _dele_, the

160. at the end, _add_, * severely felt.

168. penult. * of, r. to

182. 26. * brought, r. bought

197. 15. * no, r. the same

249. 3. last, r. East

254. 13. * 5000, r. 500

261. 15. he, r. the

326. 9. * exportation, r. importation

333. 23. * bills to, r. bills on

344. 16. exchange-property, r. exchange

369. 21. * mixed, r. raised

394. 12. * determinate, r. indeterminate

406. 14. _after_ King’s library, _add_, and archives of France.

411. 24. * 1762, r. 1744.

429. last. 4 444 444, r. 14 444 444

N. B. In page 182. line 10. _for_ quarterly, _read_ half-yearly, _and

then the note at the bottom of the page may be struck out_.

------------------------------------------------------------------------

Transcriber’s Note

The last numbered page is p. 646. It is followed by a large table, and

the index, which are not paginated. These have been assigned page

numbers, continuing from ‘646’ for ease of reference here. The Index was

printed in two columns, but is given here in a single column.

Several long accounting tables employ ‘Carry over’ and ‘Brought over’

lines to bridge page breaks. These are no longer required, and have been

removed.

Spelling, generally, is not ‘corrected’, given the age of the text,

unless there is a clear preponderance of an alternate more standard

spelling. ‘Knowledge’ appears three times as ‘knowlege’, but more than

twenty times as ‘knowledge’. Verbs ending with -er (‘enter’, ‘render’)

are frequently spelled without the ‘e’ when used in other tenses, as

‘entred’, ‘rendring’, etc.

The word ‘Missisippi’ appears as the modern variant ‘Mississippi’ in the

table of contents and index. The two instances (pp. 243, 261) in the

text proper have been retained.

Diacritical marks in non-English languages are frequently missing, and

have not been added.

---

Indexing Issues

No attempt was made to validate all the references in the Index. Several

issues did arise during the preparation of this transcription:

The entry for ‘Remuage’ is corrupt, indicating a note on p ‘50?’. The

note now appears as note 46 on p. 550.

The entry for ‘Ustensil’ misspells the word ‘Ustencil’, and transposes

the last digits of the correct page number (‘496’) as ‘469’.

---

Errors deemed most likely to be the printer’s have been corrected, and

are noted here. The references are to the page and line in the original.

The following issues should be noted.

The changes requested in the Errata table above have also been made, and

are marked with an asterisk. The brackets show the specific change made

to the line. The editor’s final request

2.8 * [of/as] affecting Replaced.

7.1 * manufacture[r]s Inserted.

9.32 * their g[r]ains will purchase Removed.

15.26 Is not this called par[./?] Replaced.

66.15 _a[n/u] cours du jour_ Replaced.

71.26 * 5[5/1].162 : 55.38 :: 100 : 108.2. Replaced.

73.13 * 801.6[1/8] :: 1 : 14.47 Replaced.

77.13 23 mar[k/c]s 7 ounces 152 grains Replaced.

77.22 23 mar[k/c]s 7 ounces 152 grains Replaced.

85.15 * _f._ 2[4/5].572 in silver florins Replaced.

86.9 [i/I] this case Capitalized.

87.1 * the weight of the p[ri/ie]ce Replaced.

93.15 * 1201[.]26 aces fine Removed.

93.17 263 : 12012[0/6>] Replaced.

103.23 to shew how eve[ry/n] the most surprizing Replaced.

effect

118.16 * 26th chapter of th[is/e] second book Replaced.

119.18 * hen a state [seems/comes] to contract Replaced.

132.32 * at a very [in]considerable interest Added.

143.27 * [c/e]ase of transfer Replaced.

149.9 * depends the pro[per/speri]ty of trade Replaced.

152.24 * in security of th[at/eir] good faith Replaced.

156.4 * of their advance[-/;]profits[,] Replaced./Removed.

157.26 * are quickly thrown[ back] into circulation Removed.

158.17 * searching after[ the] principles, not after Removed.

facts,

168.31 * What are the consequences [of/to] circulation Replaced.

182.26 * these bills will be b[r]ought from Removed.

197.15 * and pay [no/the same] interest Replaced.

249.3 * the [l/E]ast India company Replaced.

254.13 * upon the value of 500[0] livres Removed.

261.15 * If that was [t]he case Added.

326.9 * for articles of [ex/im]portation Replaced.

333.23 * he will sell his bills [to/on] the country Replaced.

344.16 * in regulating exchange[-property]. Removed.

368.19 far beyond [t]heir due proportion Restored.

369.21 * when taxes were [mixed/raised] Replaced.

394.12 * perpetual or [in]determinate annuities Added.

406.10 * library[ and archives of France] Added.

411.24 * during the war 17[62/44] Replaced.

469.5 the whole [t]he> lender Restored.

524.24 extrava[va]gance of your neighbour Removed.

588.5 exportation and importa[ta]tion Removed.

608.20 their own debt[) / (']and it is so, Reversed.

613.6 and the fatal catastrop[h]e Inserted.

627.21 In order to make [t]his change of policy Added.

646.29 no farther knowle[d]ge Inserted.

659l.22 _Usten[s/c]il_ Replaced.

An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2) Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes · 第 16 / 16 章

The foregoing sum of 17 925 723_l._ sterling, arises from the following