INDEX. 



Chapter F'tflh Of Money, page 10. 

 The excliange of all values is made by 



y ; it facilitates exchange*, 

 and serve* to measure them, ib. 

 It i K!M> the pledge of values, of which 

 u 11 tin *ig!>. It stand* for ifacm, 

 because it repiesents the labour 

 required in procuring them, 61 

 Money is wanted, not for lu own sake, 

 but as being a sign of the values 

 which are tranMi.iit.-d by wages, 

 sites, and loans, ib. 

 It u in fact a common and almost in- 

 variable unity, and is thus fitted 

 to be the measure of all values, 

 ib. 



Almost universal errors regarding mo- 

 ney, which hits been continually 

 i-on founded with capital, ib. 

 lt, In times of scarcity, it is always 

 said, that money, not provision, 

 is wanting, ib. 



The money which then seems to be 

 wanting is wages, or a capital ready 

 to command u new labour, with- 

 out which this labour cannot be 

 accomplished, ib. 



This money comes to the merchant by 

 the exchange of his merchandise 

 against the revenue of consumers. 

 .Money is only the sign of the wages, 

 rent, and income ; all three are in 

 fact composed of things material 

 and consumable, 62 

 Jdly, The augmentation of capital, and 

 not that of money, augments the 

 quantity of labour, ib. 

 The capital and income of the pro- 

 ducer does not in reality consist 

 in money, but in the merchandise 

 which he produces, ib. 

 His customers may receive their revenue 

 in money or in kind ; so long as 

 they are not richer, they will not 

 purchase more from him, ib. 

 3dly, The lending of capital, and not 

 of the money which represents it, 

 gives a right to interest or part of its 

 produce, ib. 



The prohibition of usury by theologi- 

 ans would be well founded, were 

 the borrower prevented from put- 

 ting it to profit, ib. 



No good can be done to a country by 

 multiplying the sign and not the 

 thing signified. Money decreases 

 in value as it becomes more abund- 

 ant over the whole market, ib. 

 ly, Competition amang lenders of 

 capital, and not the abundance of 

 money, regulates the rate of in- 

 terest, 63 



ow a merchant or a nation may pro- 

 cure money, without becoming 

 more wealthy, or increasing their 

 capital, ib. 



he importation of money lowers the 

 rate of interest, only in so far as the 

 money imported is at the same 

 time an importation of capital, ib. 

 hly, The production of precious me- 

 tals by mines does not necessarily 

 enrich a nation, ib. 

 Jy, The hoarding up of money by 

 the sovereign does not necessarily 

 impoverish a nation, ib. 

 liily, Krror in creating a fictitious 



money to represent gold, ib. 

 Principle of banks ; in what way the 

 trade of Lyons spared money by 

 04 



Banks where the virtment were-regis- 

 tered iu books, 61 



Note-banks where each himself made 

 hit odd payments and his vire- 

 men*, ib. 



Profit* of banks. They receive the in- 

 terest of what they promise to pay 

 as if they had in reality paid it. i>>. 



Hank* pushing their notes into circula- 

 tion by discount, seemed to cteate 

 capital which they had not, ib. 



Sthly, Krror which assigns to credit a 

 creative power, whilst it only bor- 

 rows to lend. Paper money, ib. 



Paper money supplies the place of pre- 

 existing coin, and borrows its va- 

 lue, ib. 



Necessary equation between money and 

 the numerical value of the wealth 

 which it causes to circulate, di- 

 vided by the rupidity of its circu- 

 lation, ib. 



9thly, Error of those who believe money 

 to be renewed by a commercial ba- 

 lance ; this balance destroyed by 

 sales on credit, 6.5 



Without sales on credit all commercial 

 balances would be equal, ib. 



The whole value of paper money is 

 never greater than the whole va- 

 lue of the pre-existing coin which 

 it supplies the place of, ib. 



Chapter Sixth. Of Taxation, page 65 

 In the establishment of taxes, the ob- 

 ject is not how to do good, but to 

 do the least possible evil, ib. 

 The distinction of direct and indirect 

 taxes is founded on the error of 

 the* Economists, who maintain- 

 ed that every kind of revenue arises 

 from land, ib. 



It is just that the tax be proportionate 

 to the fortune, and to the nature 

 of the property, the protection of 

 which is the most expensive to go- 

 vernment, ib. 



If it were an object to establish only 

 one tax, it would be necessary to 

 proportion that tax to the revenue, 

 but its establishment would always 

 be vexatious, ib. 



The essential properties of a tax are 

 equality, economy in levying it, a 

 convenient time for its payment, a 

 respect for the liberty of the con- 

 tributors, 66 



Taxes may with equal justice be pro- 

 portioned to income or to expendi- 

 ture, ib. 



The income most easily reached by 

 taxes is that of immoveables, ib. 



Levying of taxes in kind ; tithes, their 

 apparent equality and simplicity, 

 ib. 



Real inequality of tithes according to 

 the fertility of the soil, and the 

 goodness of the year, ib. 



Obstacles which tithes present to all ex- 

 pensive kinds of cultivation, and to 

 all improvements of the ground, ib. 



Land-tax, its real equality ; but acting 

 on a single class, ib. 



It would be quite as just to tax the re- 

 venue of capitals ; but by attempt- 

 ing to come at them, they would 

 be driven from the country, ib. 



It is still more impossible to come at 

 the revenue of trade aud manu- 

 factures, 67 



The largest revenue of the state is the 



labour of the poor ; their number 

 compensates iu smallness ; but it 

 cannot be taxed directly without 

 imiMiIic) and cruelty, 6T 



The impossibility of coming at the 

 greater part of revenues, has forced 

 government to tax expcnces on 

 consumption, ib. 



The tax on consumption would be 

 equable if it were possible to tax 

 every expcnce equally, ib. 



But a tax on domestic industry would 

 be oppretkive ; one on provisions 

 would be cruel ; one on goods for 

 exportation ruinous, ib. 



It can never be predicted who will pay 

 the lax on consumption, some- 

 times it is the producer, sometimes 

 it is he who employs the consu- 

 mer, ib. 



An excess of taxes on consumption 

 would raise the price of every 

 thing, and ruin all kinds of in- 

 dustry, ib. 



Taxes on a single object of consump- 

 tion, are nearly equivalent to a 

 capitation, because the consump- 

 tion of an individual being limit- 

 ed by his physical wants, is by no 

 means in proportion to his wealth, 

 (J8 



Fourfold division of taxes on consump- 

 tion ; gabelle, with monopoly ; 

 customs on foreign produce ; ex- 

 cise on domestic industry; and 

 tolls on agricultural produce, ib. 



Hosts of tax-gatherers, inequality and 

 rapid increase of frauds, ib. 



Other taxes which are not proportioned 

 either to the income or to the ex- 

 penditure, ib. 



Among the good qualities of govern- 

 ments, economy one of the most 

 essential to the happiness of the 

 people, ib. 



Invention of loans fatal, because they 

 become subservient to the violence 

 of political passions, 69 



By multiplying the means of defence 

 for one people, you multiply the 

 means of oppression for another, 

 ib. 



Sophisms which have represented the 

 public funds as a sort of wealth 

 still existing, ib. 



The public funds are the imaginary 

 capital which represents that por- 

 tion of the annual revenue set 

 apart for paying the debt, ib. 



Public and private credit are no 

 part of national wealth : if all 

 public and private debts were 

 abolished in a day, the nation 

 would neither be richer nor poor- 

 er, ib. 



By borrowing, we pledge for the pay- 

 ment of the debt, a revenue 

 which perhaps may never be 

 produced, ib. 



We arrive at length at a crisis, when 

 bankruptcy becomes inevitable, ib 



Chapter Seventh Of Population, page 



70 

 Increase of population appears at first 



a sign of prosperity, ib. 

 Human population may be multiplied 



with extreme rapidity, ib. 

 Thus every nation soon arrives at the 



degree of population which it can 



support upon its revenue, ib. 



79 



In what eases agriculture, the am, ill* 



hand*, 70 



But the population doe* not always 

 find the nicfae for which it u det- 

 tiiicd, ib. 



Agriculture and the art*, voder 

 bad sociil organization, may need 

 band* without being able to em- 

 ploy them, ib. 



The demand for labour in return for a 

 sufficient wage, always regulates 

 population, 71 



Each effect becomes a cause in its 

 turn, and the progress of wealth, 

 of labou-, and of population, are 

 regular and reciprocal, ib. 



Each nation in regard to others, has 

 the right to require that no go- 

 vernment shall oppose any obsta- 

 cle to the progress of iu subjects, 

 because all hare need of the pros- 

 perity of each. ib. 



But an excessive increase of popula- 

 tion is a national calamity, ib. 



Important observations and errors of 

 Maltlius on population. 72 



Population U not limited by subsist- 

 ence. Its progress U always ar- 

 rested long before having reached 

 this limit, ib. 



It is not true that population increases 

 in a geometrical progression, and 

 subsistence in an arithmetical one, 

 ib. 



Mai thus compares the one considered 

 abstractly, and the other as sub- 

 jected to certain obstacles, ib. 



Geometrical progression in the increast 

 of game, of flocks, of crops, ib. 



There remains in all countries a quan- 

 tity of land in reserve, capable of 

 producing much more, whenever 

 the increase of population shall 

 require it, ib. 



How the increase of population stops 

 when labour is no longer required, 

 ib. 



Misery of the poor population, when 

 there is a great variation in the 

 demand for labour, 73 



Religious instruction has encouraged 

 population, when it ought to have 

 done the contrary, ib. 



Essential duty of fathers not to multi- 

 ply a family which they must ex- 

 pose to misery and vice, ib. 



Great error in regarding marriage as a 

 total dispensation from chastity, 

 ib. 



He who has too many children, is un- 

 just and cruel towards his contem- 

 poraries and his posterity, ib. 



Only three births from each marriage 

 are necessary for keeping up fami- 

 lies, 74 



The population of peasant proprietors 

 stops of itself, when the land is 

 subdivided to a certain degree, 

 ib. 



Farmers and day-labourers cannot 

 judge beforehand of the fate they 

 are leaving to their children, ib. 



Wise laws, while protecting the peasant, 

 put limits to population, ib. 



The improvidence of day-labourers 

 with regard to the fate of their 

 families, is a necessary conse- 

 quence of their uncertainty, as to 

 the future demand for labour, 

 ib. 



