part i. p. 171.
Footnote 599:
_Report of R. S. L._, 1824, p. 21.
Footnote 600:
We might expressly wish to know a coat’s value in money or its value in cutlery or coals. The Professor at the Breakfast-table talks of “Madeira worth from two to six Bibles a bottle.”
Footnote 601:
_Definitions_ (1827), p. 235.
Footnote 602:
I. e. _to_ the object which measures that _cost-value_.
Footnote 603:
_Ibid._, p. 243.
Footnote 604:
See above, p. 254. Ricardo’s long correspondence with Malthus on the subject is mentioned by Empson, _Edin. Rev._, _l. c._ p. 469. Empson’s extracts from it are the most valuable part of his article.
Footnote 605:
R. Torrens, _Production of Wealth_, 1821, pp. iv, v.
Footnote 606:
Held, _Sociale Geschichte Englands_, p. 205.
Footnote 607:
_Dialogues of Three Templars on Political Economy_, 1824 (_Works_, Black, 1863, vol. iv.). All depends on the assumption in the middle of Dialogue I. p. 196, (“it is Mr. Ricardo’s doctrine that,” &c.), and on the confinement of the discussion to natural value (p. 198).
Footnote 608:
_Measure of Value_, p. 20 n.
Footnote 609:
London, 1832; Birmingham, 1833. The Constituent Assembly applied the same measure, but in a different way, in 1791. See Roscher, _National-ökon._ (1879), p. 298.
Footnote 610:
The words are, “enable the labourers to maintain a stationary or an increasing population” (_Pol. Econ._, 1836, p. 218). The awkwardness of the sentence may be due to bad editing; but we read elsewhere of the “_price of wages_.”
Footnote 611:
_Pol. Econ._, 1836, pp. 218, 223.
Footnote 612:
See Lassalle and Marx.
Footnote 613:
Cf. Malthus, _Pol. Econ._ (1836), pp. 224, 225, &c. _Essay on Population_, 7th ed., III viii. 323, but especially IV. xiii. 473. See also Rogers, _Six Centuries_, ch. viii., ‘The Famine and the Plague,’ especially pp. 233–242.
Footnote 614:
Malthus, _Essay on Pop._, IV. xiii. 473; cf. pp. 373 and 434.
Footnote 615:
Cf. especially _Essay on Pop._ (2nd ed.), III. ix. 444. “The price of labour has been rising—not to fall again.”
Footnote 616:
_Emigr. Comm._ (1827), p. 326, qu. 3411; cf. 3408, 3409. Cf. above, p. 197.
Footnote 617:
The chief of them being the rate of profits which is at the given time enough to induce the “undertaker” (or “enterpriser”) to continue business.
Footnote 618:
See Mill on Thornton’s ‘Labour,’ _Fortnightly Review_, May 1869. Cf. Walker on _The Wages Question_, pp. 140 _seq._
Footnote 619:
So in _Quarterly Review_, Jan. 1824, p. 315, Malthus says profits depend rather on the demand for produce than on the demand for labour.
Footnote 620:
_Discourse on Pol. Econ._, by J. R. MacCulloch, pp. 61, 62 (1st and 2nd edd.), 1825.
Footnote 621:
_Conversations on Pol. Econ._, 1817 (1st and 2nd edd.), p. 137. Mrs. Marcet’s memory is preserved for latter-day readers by Macaulay’s reference to her in the essay on Milton.
Footnote 622:
_Discourse_, _l. c._ Cf. MacC.’s _Pol. Econ._, Pt. III. ch. ii. p. 378 (ed. 1843); Prof. Fawcett’s _Manual of Pol. Econ._, p. 131 (1876).
Footnote 623:
James Mill, _Elem._ (1821), p. 25; John Mill, _Principles_, II. xi. § 1. Cf. _Fort. Rev._, 1869, May; Thornton, _Labour_, II. i. p. 83.
Footnote 624:
_Wealth of Nations_, I. viii. p. 31, 2.
Footnote 625:
_Ibid._, IV. ix. 306, 1.
Footnote 626:
_Ibid._, IV. ix. 310, 2.
Footnote 627:
_Ibid._, V. i. 327, 2.
Footnote 628:
_Pol. Econ._, ed. 1836, ch. iv. sect. ii. p. 224.
Footnote 629:
_Ibid._ ed. 1820, ch. iv. p. 248.
Footnote 630:
_Quarterly Review_, Jan. 1824. Cf. below, p. 288.
Footnote 631:
Supplement to _Encyclopædia Britannica_. Cf. above, p. 71.
Footnote 632:
Empson in _Edin. Rev._, Jan. 1837, p. 496.
Footnote 633:
_Quart. Rev._, Jan. 1824 (no. lx.), pp. 333–4.
Footnote 634:
Ricardo, _Pol. Econ. and Tax._, ch. i. sections iv., v.; _Works_, pp. 20, 25. Cf. Malthus, _Pol. Econ._, 1820, p. 104, and the whole of section iii. pp. 72 _seq._
Footnote 635:
_Quart. Rev._, _l. c._ p. 324; cf. p. 315. Cf. above.
Footnote 636:
_Pol. Econ. and Tax._, ch. i. sections iv. and v.
Footnote 637:
Any given value, it might be added, is influenced by custom as well as competition.
Footnote 638:
1821, p. 186, ch. iv. sect. iii. “That consumption is coextensive with production.”
Footnote 639:
_Pol. Econ._, III. xiv. “Of excess of supply.” Cf. I. v. § 3, p. 42.
Footnote 640:
A cargo of skates was sent to Rio Janeiro in 1808.
Footnote 641:
The intention of the new Corn Law of 1815 was to keep out all foreign grain till the home price should reach 80_s._ a quarter, or the loaf 1_s._ See above, p. 221.
Footnote 642:
The article on the Bullion question, in August of the same year, might be his, if it was not Francis Horner’s. Cf. Horner’s _Life_, vol. i. ch. vi., dates April and Sept. 1805, from which it appears that Horner was working hard at the question and meant to write on it, as he might have done better in 1811, fresh from his experience on the Bullion Committee. As to the February article, the authorship is shown partly by internal evidence, partly by Horner’s _Life_, vol. ii. p. 68 (Jan. 1811): “I received Malthus’ MS. from you [Jeffrey] and have since transmitted it to him with such remarks as occurred to me in perusing it,” &c. MacCulloch did not begin to write the economical articles for the _Edin. Rev._ till 1818. See _Notes and Queries_, 5th Oct., 1878.
Footnote 643:
For the history of the currency in the interval see Miss Martineau’s _Introd. to Hist. of Peace_, Bk. II. ch. iii.; _Hist. of the Peace_, Bk. I. ch. iii. and ch. xv.; Cobbett’s _Paper v. Gold_; Macleod’s _Banking_, vol. ii., end of ch. ix. pp. 174–221, much the completest account.
Footnote 644:
Peel changed his views then on Currency, as he did later on Catholic Emancipation and the Corn Laws.
Footnote 645:
p. 370. He speaks approvingly of the American free trade in banking in a way that would have pleased Cobden.
Footnote 646:
p. 371.
Footnote 647:
_E. g._ Horner complains of this even in so clear a paper as that on Newenham. See Horner’s _Life_, vol. i. pp. 436–7 (_sub dato_ 1808).
Footnote 648:
_Works_ (ed. MacC.), pp. 291–296.
Footnote 649:
Ricardo, _Works_ (MacC.), p. xxi.
Footnote 650:
Cf. below, Bk. V.
Footnote 651:
Horner’s _Life_, vol. ii. p. 68 (Jan. 1811).
Footnote 652:
_Thoughts and Details on High and Low Prices during the last Thirty Years, 1793–1823._ The later ed. of 1838 in three vols. is more valuable.
Footnote 653:
_Political Register_, 30th Nov., 1816.
Footnote 654:
Internal evidence, _e. g._ p. 237 of the _Quarterly_, compared with p. 65 of _Measure of Value_, would show his authorship, and the article is ascribed to him by Tooke, _Prices_, ed. 1838, vol. i. p. 21.
Footnote 655:
_l. c._ pp. 215–16.
Footnote 656:
Bosanquet, _Practical Observations on the Report of the Bullion Committee_ (1810); Ricardo, _The High Price of Bullion a Proof of the Depreciation of Bank-Notes_ (1809), and his _Reply to Bosanquet_ (1811).
Footnote 657:
_l. c._ _Pol. Econ._, Introd. (1820), pp. 6 and 7 n., (1836) p. 5 n. Cf. Tooke, _Prices_, Part I. p. 6 (ed. 1823).
Footnote 658:
Tooke, _Prices_, Part III. p. 91.
Footnote 659:
See _Tract on Value_, p. 18.
Footnote 660:
_Quarterly_, April 1823, p. 230.
Footnote 661:
_Econ. Pol._, Part III. ch. ii., 2nd ed., 1842; 1st ed., 1802.
Footnote 662:
“Products” is Say’s word, however.
Footnote 663:
_Elements_ (1821), ch. iv. sect. iii. pp. 186 _seq._ “That consumption is coextensive with production.” Mill taught this as early as 1808 in his tract (against Spence) _Commerce defended_.
Footnote 664:
_Lettres à M. Malthus sur différents sujets d’écon. pol., notamment sur les causes de la stagnation générale du commerce_ (1820), pp. 26 _seq._
Footnote 665:
_Pol. Econ._ (1820), p. 355, (1836) p. 316. Against Say’s general position see _Definitions_, p. 56 n.
Footnote 666:
_Wealth of Nations_, I. iii.
Footnote 667:
See above, p. 232. A curious footnote in _Essay on Pop._, 3rd ed., vol. ii. p. 264, suggested that there might be over-production in the case of high farming when its cost made the farmers charge more than the public could bear. But this note disappeared afterwards.
Footnote 668:
Ricardo, _Pol. Econ. and Taxation_, ch. xxi. p. 176 (MacCull.’s ed.). Mill (_Elements_, pp. 193 ft., 194) is more rigid.
Footnote 669:
_Essay_, 7th ed., IV. xiii. 473.
Footnote 670:
_Pol. Econ._ (1836), ch. iv. sect. iii. p. 239, slightly altered from 1st ed., 1820, ch. iv. sect. iii. p. 266.
Footnote 671:
Sismondi, _Nouveaux Principes de l’Écon. Pol._, 1819. See Malthus, _Pol. Econ._ (1820), p. 420, (1836) pp. 325 n., 366 n. Cf. on the other hand _Essay_, III. xiii. 372–3 and n.
Footnote 672:
_Wealth of Nations_, V. i. art. ii. pp. 350–353 (ed. MacC.). He is outrivalled by Ferguson, _Civil Society_, parts iv. and v. (ed. 1773).
Footnote 673:
3rd ed. of _Pol. Ec. and Tax._ (1821), ch. xxxi. pp. 468–9, ed. MacCull., pp. 235–6. Cf. below (Critics). It is the position of Marx.
Footnote 674:
If we believe Bowring, _Life of Bentham_ (ed. 1843), p. 176.
Footnote 675:
“Supposing that his opinions have not altered within the last twelve months.”—_De Quincey_, vol. iv. p. 231.
Footnote 676:
James Mill, _Elements_, pp. 193, 194. MacCull., _Pol. Ec._, p. 207. Cf. the tract _Mordecai Mullion_ (1826).
Footnote 677:
Especially by Sunday Schools, according to the testimony of Samuel Bamford.—_Radical_, vol. i. p. 7 (1844).
Footnote 678:
We have his counterpart in our own day.
Footnote 679:
See below, Bk. III., for disproof of the charge that he was reactionary in his politics, like many economical optimists.
Footnote 680:
_Pol. Econ._, 1820, p. 236.
Footnote 681:
_l. c._ p. 472.
Footnote 682:
_Emigr. Comm._ (1827), p. 317, qu. 3281.
Footnote 683:
Some such view is suggested by Malthus himself, _Essay_, IV. xiii. p. 473 (cf. _Pol. Ec._, 1820, p. 475), a passage which it is hard to reconcile with the passages in the _Quarterly_ and in the _Pol. Ec._ that speak of the necessity of a special class of unproductive consumers.
Footnote 684:
_Pol. Econ._ (1820), ch. vii. sect. ix. p. 473. Cf. _Tract on Rent_, p. 48 n.
Footnote 685:
_Essay on Pop._, III. iii. p. 282 (in relation to Robert Owen). Cf. the whole ch. xiii. of Book III., where he treats of “Increasing Wealth as it affects the Condition of the Poor.”
Footnote 686:
_Pol. Econ._, _l. c._ p. 474.
Footnote 687:
_Ibid._, _l. c._ pp. 474–5.
Footnote 688:
See above, pp. 245 _seq._ and 252.
Footnote 689:
See below, Bk. IV., and cf. above, p. 208.
Footnote 690:
See above, p. 142.
Footnote 691:
The passage is quoted in full because by recent critics it is much garbled; _e. g._ in _Progress and Poverty_, VII. i. 304 n.
Footnote 692:
_Essay_, 2nd ed., IV. vi. 531.
Footnote 693:
Lucretius, iii. 951. Cicero’s simile of the theatre open to all comers, but giving each man his own seat, had special application to Property (_De Finibus_, iii. 20).
Footnote 694:
Epitaph on Fenton.
Footnote 695:
James Grahame’s _Population_ (1816), p. 34. Cf. _Quarterly Rev._, Dec. 1812, p. 327; Hazlitt, _Spirit of the Age_, ‘Malthus,’ end.
Footnote 696: