102 POLITICAL ECONOMY. 



on price. This is true of all commodities, but of none 

 can it be so confidently asserted as of corn. 



When expected supplies are matter of uncertainty, 

 opinion of quantity will act on prices equally whether 

 that opinion be well or ill founded. 



Coin and Paper. 



Adam Smith compares the coin of a kingdom to 

 the highways through it ; neither of them, he says, 

 produce any thing ; on the contrary they are both 

 to be kept in repair at a certain expense ; but they 

 greatly facilitate the conveyance from one place to 

 another, and from one person to another, of whatever 

 the land produced by agriculture, or what active 

 capital has produced by manufactures and commerce. 

 Paper-money he compares to a waggon way through 

 the air. 



Depreciation. 



In 1813 and 1814, the depreciation of our cur- 

 rency was probably at its extremest reduction, gold 

 being then from 51. Ss. to 51. 10s. per ounce. In 

 1819, when Mr. Peel's bill passed, it was only 41. 2s. 

 and 4-1. 3s. Those who take a particular side of the 

 argument, select for comparison, not the actual de- 

 pression when the bill passed, but the extreme point 

 in 1813. 



The Luxury of Idleness. 



If the labourer can obtain support for himself and 

 family by two or three days labour ; and if, to furnish 

 himself with conveniences and comforts, he must 

 work three or four days more, he will in general 

 think the sacrifice too great compared with the ob- 

 jects to be obtained, which are not strictly necessary, 

 and prefer the luxury of idleness to the luxury of 

 improved lodging and clothing. This to a certain 

 degree prevails in India, Ireland, and all countries 



