POLITICAL ECONOMY. 101 



would have done before, neither the circumstances 

 of the landlord, nor those of the farmer, will be much 

 mended by the change. 



Colonial Coin. 



It was soon found that the price of all goods from 

 the mother-country rose exactly in proportion as 

 the colonists raised the denomination of their coin, 

 so that their gold and silver were exported as fast as 

 ever. 



Purchase. 



No purchase is ever made either at home or abroad, 

 unless that which is received, is, at least in the esti- 

 mate of the purchaser, of more value than that which 

 is given. 



Barter. 



All commercial transactions of dealers are nothing 

 else than barter, the only true buyer and seller being 

 the producer and the consumer. The transit of 

 commodities from the hands of the first seller through 

 those of the dealer, is often multiplied in so many 

 ways before they reach the hands of the consumer, 

 who is the real buyer, that it would be quite impos- 

 sible to prove by calculation what proportion subsists 

 between barter and buying ; but the first in all pro- 

 bability greatly prevails over the last, the real buyer 

 and seller appearing but once in the market. 



Luxuries. 



Taxes on luxuries have no tendency to raise the 

 price of any other commodities besides that of the 

 commodities taxed. 



Excess. 



No principle can be better established, than that 

 a small excess of quantity operates very powerfully 



