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detail by natural circumstances, and does not, therefore, require to be regulated by governments. Origin and evils of government paper-money. Origin of commercial paper-money. Promissory notes and bills. Vast amount of these now in circulation. Advantages of this species of money. Natural circumstances which give rise to bankers. Their promissory notes form only a small part of commercial paper-money. Advantages of bank notes. Their disadvantages result from the interference of Government. Amount of the issue of country bankers. Natural circumstances control and regulate paper money. Page 178-218

CHAPTER IX.

PRICES.

Distinction between money price and natural price, and between natural and social price. Opinion that natural price rises in the progress of society, stated and examined. It was not Dr. Smith's opinion. Corn is a manufactured article. The labour necessary to procure it, does not increase in the progress of society. Price of wheat has not increased as our population has multiplied. Is less in well peopled than other countries. Effects of demand and supply on natural and on money prices. Money price regulates consumption, and indicates the most profitable production. Page 219-235

CHAPTER X.

EFFECTS OF THE ACCUMULATION OF CAPITAL.

Security of property, and accumulation of capital, said to influence production. Reasons for not noticing the former, and for noticing the latter. Definition of capital. It is a part of the national wealth, used for the sake of the profit it brings its owner. Capital considered under three classes of circumstances. If

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made and used by the same persons, it aids production. If made by one set of labourers, and used by another, they appropriating the whole produce between them, it aids production. If the owners of it be not labourers, it impedes production. The latter is the present state of society. Difference between instruments and wages. Popular language one cause of the prevalent error as to capital. Question, Would there be any motive for an increase of wealth were there no interest on capital? considered. CONCLUSION. Influence of Political Economy on our happiness. Importance of studying it. Illustration from the general poverty. That is generally attributed to nature: but here it is supposed to be caused by social institutions. Page 236-268

POPULAR POLITICAL ECONOMY,

&c.

INTRODUCTION.

OBJECT AND SCOPE OF POLITICAL ECONOMY.

Diversity of opinions as to the utility of the science-Reasons for defining it. - Mr. M'Cullock's definition.-Consumption discarded.—Dr. Smith confined the science to production and distribution. Phenomena to which the science relates, illustrated by a reference to the United States of America and New Holland, to the continent of Europe, and to the ancient empires of Asia; and by a reference to the productive power of savages, and of civilized man.-Land, and all other physical circumstances, not belonging to man himself, excluded from the science. The science is confined to the consideration of Labour, which produces all wealth; and it embraces all the natural and social circumstances which influence the production and distribution of wealth, discovering the former and examining the latter.-Dr. Smith only examines, and does not prescribe social regulations.

Two very different opinions prevail in society regarding political economy. On the one hand it is described as the most important of all the sciences, and indispensable to the welfare of society. It is said to explain the laws which regulate our condition, and

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DIFFERENT OPINIONS OF POLITICAL ECONOMY.

teach us how it may be improved. "Its object," we are told, "is to point out the means by which the industry of man may be rendered most productive of necessaries, comforts, and enjoyments." "There are few branches of human knowledge," says Mr. Malthus, " in which false views may do more harm, or just views more good." Persons who entertain these opinions, would have the principles of political economy, inculcated at school, like the most common branches of education, and made the basis of all legislation. So far do they carry their respect for its doctrines, that by them they would regulate the intercourse of the sexes, and all the relations of social life.

On the other hand, there is a large class of persons who never mention political economy without a sneer. They deny that any such science does or can exist; and deride those who undertake to teach it. "Some

of its doctrines," it is stated by Mrs. Marcet, one of its most distinguished ornaments, "are repugnant to the impulse of the heart, and the feelings of uninformed benevolence ;" and all the class of mere sentimentalists cannot bear to hear them enunciated. They say it degrades the labourer to a machine, and calculates the price of his bones and thews, as if they were parts of a steam engine; that it takes no account of "the head, the heart, and tongue of all," but as he is a portion or " doze" of capital; and all his noble faculties are only noticed, in this science, as they convert him into a more powerful instrument for producing wealth. They turn with disdain from political economy, because it makes individuals selfish, and corrupts our national councils. No calamity falls on the country, no alteration takes place in the course of trade, no

man,

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