M.

_Machinery_, effects of, in fixing the relative values of commodities, 34-41.

_Malthus_ (Mr.), examination of the opinions of, on rent, 549-566. The real cost of production regulates the price of commodities, 567, 568, 572, 573. Increase of population no cause of the rise of rent, 569; nor agricultural improvements, 570, 571. His supposition, that net income is diminished, in proportion to a diminution of gross income, disproved, 579-583. Loss of rent, the effect of a low price of corn, 587, 588.

_Manufactures_, improvement of, in any country, tends to alter the distribution of the precious metals among the nations of the world, 157-170. Manufacturers pay less poor rate than farmers, 359-362. The market price of manufactures, but not their natural price, raised by bounties on their exportation, 436-438.

_Mines_, distinguished by their fertility or barrenness, 77-79. Effect of discovering the rich mines of America on the price of the precious metals, 80. Observations on the rent of mines, 462-467.

_Money_, effects of the rise of, in value, on the price of commodities, 43, 44. The rate of profit not affected by variations in the value of money, 46-48. Different value of money in different countries, accounted for, 170-173. The value of money, _generally_, diminished by improvements in the facility of working the mines of the precious metals, 178. The demand for, regulated by its value, and its value by its quantity, 250, 251. Low value of, in Spain, prejudicial to the commerce and manufactures of that country, 307. Observations on the rates of interest for money, 412-416, 512, 513. The value of, though partially degraded by a bounty on corn, yet not permanently degraded, 432-434. The quantity of, employed in a country, dependant upon its value, 500. Effects of the state charging a seignorage on coining money, 501, 524, 525.

_Monopoly-price_, observations on, 340-345.

N.

_National Debt_, observations on, 340.

_Net Revenue_, advantages of, unduly estimated by Adam Smith, 491, and by M. Say, 492, _note_. Examination of their doctrines, 492-498. Is not diminished by a proportionate diminution of gross revenue, 579-583.

P.

_Paper Currency_, circulation of, explained, 501. Paper-money not necessarily payable in specie, to secure its value, 502. But the quantity issued must be regulated according to the value of the standard metal, _ibid._ 503. The Bank of England, why liable to be drained of specie for its paper currency, 504-506. Compelling the issuers of paper money to pay their notes either in gold coin or bullion, is the only control upon their abusing their power of issuing such money, 507. Provided there were perfect security against such abuse, it is immaterial by whom paper money is issued, 509. Illustration of this point, 510-516.

_Poor-Laws_, pernicious tendency of, as they now exist, 111, 112, 115. Remedies for, 113, 114.

_Poor-Rates_, nature of, 355. How levied, 356-358. More falls on the farmer than on the manufacturer, in proportion to their respective profits, 359-362.

_Population_, increase of, no cause of the rise of rent, 569.

_Price_ (real), of things, distinguished, 4. Natural and market prices distinguished, and how governed, 82-89. The prices of commodities not necessarily raised by a rise in the price of labour, 109, 110. Rise of price on raw produce, the only means by which the cultivator can pay the tax imposed thereon, 195. The market, but not the natural price of manufactures, raised by bounties on their exportation, 436-438. The influence of demand and supply on prices, considered, 542-548, 567, 568, 572, 573. Alteration in the market price of corn encourages its production, 574, 575.

_Produce_ of land, and labour of the country, must be divided between capitalists, landlords, and labourers, to afford a criterion of rent, profits, and wages, 44-48. Effect of taxes on raw produce, 194. Tax on raw produce raises the price of wages, 199. Objections against taxing the produce of land, considered, 201-224. Remarks on the inconveniences supposed to result from the payment of taxes by the producer, 538-541.

_Production_, difficulty of, benefits the landlord, 76. The cost of production, the regulator of the price of commodities, 542, 567, 568, 572, 573.

_Profits_ of stock difficult to ascertain, 410. The quantity of labour necessary to obtain the produce of land, is the criterion by which to estimate the rate of profit, wages, and rent, 44-48. A rise in the price of corn, productive of a diminution in the money value of the farmer's profits, 117-122. A rise in the price of raw produce, if accompanied by a rise of wages, lowers the agricultural and manufacturing profits, 125-130. Proofs, that profits depend on the quantity of labour requisite to provide necessaries for labourers, on that land, or with that capital which yields no rent, 131-144. Effects of an extension of foreign trade on profits, 146, 147. Proofs, that the profits of the favoured trade will speedily subside to the general level, 148-154. And so with respect to home trade, 155-157. Further proofs that profits depend on real wages, 173-175. Tax on necessaries virtually a tax on profits, 269, 270. Effects of a taxation of profits, considered, 270-284. The profits of stock diminished by a tax on wages, 285. Effects of accumulation on profits and interest, 398-416.

_Prohibition_ of importation of corn, effects of, considered, 437, 438.

_Provisions_, causes of the high prices of, 203. First, a deficient supply, _ibid._--204. Secondly, a gradually increasing demand, ultimately attended with an increased cost of production, 205. Thirdly, a fall in the value of money, 209. Fourthly, a tax on necessaries, 210.

R.

_Rent_, nature of, 49, 50, 52, 362, _note_. Adam Smith's doctrine of rents, considered, 50, 51. The different productive qualities of land and increase of population, the cause of rents, 54-58. Rise of, the _effect_ of the increasing wealth of a country, 65, 66. Influence of the prices of corn on rent, 67-69. Effects of agricultural improvements on rent, 70-76. Observations on the rent of mines, 77-81. Tax on rent falls wholly on the landlords, 220-224. Corn-rents materially affected by tithes, 227. Examination of Dr. Adam Smith's doctrine concerning the rent of land, 458-475. And of Mr. Malthus's opinions on rent, 549-566. Increase of population is no cause of the rise of rent, 569. Neither are agricultural improvements, 570, 571. Loss of rent, the effect of low price of corn, 587, 588.

_Riches_, defined, 377. Difference between value and riches, 377-386. Means of increasing the riches of a country, 386-388. Erroneous views of M. Say on this subject considered, 388-397.

S.

_Say_ (M.), erroneous views of, concerning the principles of the land-tax in Great Britain, corrected, 241-244. Examination of some of his principles of taxation, 319-324, 330, 331, _notes_. Remarks on his mistaken view of value and riches, 388-397. Examination of his doctrine concerning bounties on exportation, 443-448. And on gross and net revenue, 492-498. Danger resulting from his recommendation respecting the charging of seignorage for coining money, 525, 526, _notes_. Observations on his statement of the inconveniences resulting from payment of taxes by the producer, 538-540. His opinion on the influence of demand and supply on prices, considered, 544, 545.

_Scarcity_, a source of exchangeable value, 2.

_Seignorage_, effects of, on the value of money, 501, 524, 525.

_Simonde_ (M.), remarks on the opinion of, concerning the inconveniences resulting from the payment of taxes by the producer, 540, 541.

_Silver._ See _Gold_ and _Silver_.

_Sinking fund_, in England, merely nominal, 340. How conducted, 510.

_Smith_ (Dr. Adam), on the meaning of the term value, 1. His doctrine that corn is a proper medium for fixing the varying value of other things, examined, 7-9. Strictures on his doctrine relative to labour being the _sole_ ultimate standard of the exchangeable value of commodities, 10, 11, 575, 576. And on his definitions of rent, 49, 50. His theory of productive and unproductive labour considered, 64-66, _notes_. Correction of his erroneous view of the inequality of taxes on land, and all other taxes, 236-238. His opinion on the taxes upon the wages of labour, 286. Examination thereof by Mr. Buchanan, 287-292. Observations thereon by the author of this work, 293-306. Correction of his mistaken view of taxes upon luxuries, 314-319. Remarks on his doctrine concerning bounties on exportation, 420, 422-439. Examination of his doctrine concerning the rent of land, 458-475. And on gross and net revenue, 492-498. Strictures on his principles of paper-currency, 503-508. His statement respecting the advantages of the Scottish mode of affording accommodation to trade, disproved, 515, 516-523. Remarks on his doctrine relative to the comparative value of gold, corn, and labour, in rich and in poor countries, 529-537.

_Spain_, commerce and manufactures of, injured by the low value of money there, 307.

_Stamp-duty_, weight of, a bar to the transfer of landed property, 267, 268.

T.

_Taxes_, nature of, explained, 186. Impolicy of taxes on capital, 190. Taxes upon the transfer of property, 191. On whom the several kinds of taxes principally fall, 192. Objections to taxes on the transference of property, 192, 193. Effect of taxes on raw produce, 194. A rise of price in raw produce the only means by which the cultivator can pay the tax, 195. Such tax in fact paid by the consumer, 196-198. Tax on raw produce and on the necessaries of the labourer, raises the price of wages, 199. Objections against the taxation of the produce of land, considered and refuted, 201-224. Tithes, an equal tax, 225. Difference between them and a tax on raw produce, 226. Objections to them, 227-231. Tax on land, virtually a tax on rent, 232. They ought to be clear and certain, 233, 234. Effects of taxes on gold, considered, 247-261. Ground rents, not a fair subject of taxation, 267. Taxes on houses by whom ultimately borne, 266. Taxes on necessaries, virtually a tax on profits, 269, 270. Effects of taxation of profits considered, 270-284. Taxes upon luxuries, 314. Advantages and disadvantages of, 327-329. Supposed absurdities in taxation, explained and obviated, 315-317. Proper objects of taxation, 326. Observations on the taxation of other commodities than raw produce, 330. Effect of taxes to defray the interest of loans, 332-334. Remarks on the tax upon malt, and every other tax on raw produce, 346-353. Nature and operation of the poor-rate, 355-362. Examination of the inconveniences supposed to be sustained by the payment of taxes by the producer, 538-541.

_Tithes_, nature of, 225. Are an equal tax, _ibid._ Difference between tithes and a tax on raw produce, 226. Tithes materially affect corn-rents, 227. They act as a bounty on importation, and therefore are injurious to landlords, 229, 230. Do not discourage cultivation, 237, 238.

_Trade_, general causes of sudden changes in the channels of, 363-365. More particularly the commencement of war after a long peace, or vice versa, 365-368. The effects of such revulsions on agriculture, considered, 369-376. Observations on the carrying trade, 407. See _Foreign Trade_.

U.

_Utility_, essential to exchangeable value, 2.