The Principles of Political Economy Applied to the Condition, the Resources ... - Francis Bowen - Βιβλία Google

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THE DECLINE IN THE VALUE OF MONEY

Consequences of such a decline

The value of the precious metals depends on the cost of their production 393

How much the American mines increased the supply

Effects of this increase

Two conclusions from these facts

Statistics of the supply in the present century

Great fluctuations of this supply

Effects of gold washịngs unlike those of silver mines

Anticipated extent of the decline now going on

Relative values of gold and silver

In what ratio the value of money falls

Effects of economizing the use of money

The present decline but little retarded by a greater demand for money 404

No reason to dread the decline

Its effect on outstanding obligations

What property will be depreciated

Rates of interest will not be permanently affected

Only the coin in active circulation affects prices

The spirit of speculation ultimately induced

Specie reserves absorbed by the rise of prices

Probable future course of the depreciation

Prices to be equalized throughout the world

Beneficial effects of the decline .

Former crises of a similar character

Such a decline not followed by a reaction.

Change in the relative values of gold and silver will not indicate the

How the alteration in the coinage should be made

What justice requires in this respect

How the alteration was made in 1853

The principle was borrowed from the English system

Silver is not now a standard of value .

The decline in the value of money favors the United States

EFFECT OF SPECULATION ON PRICES. - THE THEORY OF A COM-

How prices are adjusted

A fall in price does not always increase the demand

Two elements of the demand .

What constitutes the supply

The price equalizes demand and supply

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Commerce anticipates changes of price

Commerce consists in speculation

Speculation distinguished from gambling

Speculation does not enhance prices unnecessarily .

Speculation in grain benefits the consumers

Mistakes in speculation correct themselves

Speculators cannot control the price of grain

Cycle of events in a commercial crisis

A fever of general speculation

Two theories respecting a monetary crisis

Expansion of the currency not the cause of the evil

Not money, but purchases, affect prices .

Purchases can be made to any extent without money.

No limit to the expansion of credit

Extent of land speculations in the United States

No increase of the currency needed for such speculation

The currency not actually increased at such times

English examples cited to this effect

American examples

money, but disposable capital, is wanted

Money not needed even to effect payments

Scarcity of money” means “ want of capital to lend”

A moderate expansion of " loans and discounts” is possible

Fluctuating amount of disposable capital

Effects of the loan-market being gorged

Effects of the consequent reaction.

These fluctuations independent of the currency ·

Other causes affect the amount of disposable capital

Effects of increased imports or diminished exports

The bank reserves deaden the shock

Money as a means of effecting exchanges

Serves also as a standard of value

THE DOCTRINE OF INTERNATIONAL EXCHANGES; THE POLICY OF

ENCOURAGING DOMESTIC MANUFACTURES BY LAYING DUTIES

ON IMPORTED Goods .

The evils of excessive importation explained

any country obtains

for her exports

Advantages of interchange between nations

Illustrated by the trade with Barbadoes

Our trade with England explained

Benefits of this trade sacrificed by over-importation

Effect of removing a protective tariff

Ruinous effects of the tariff of 1846

Interchange of raw material and manufactured goods

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More imports obtained by lessening the price of exports

All three branches of industry need development

Warning from the experience of England .

Free trade economists admit these principles .

Protection benefits agriculturists more than manufacturers

Effect of doubling the duty on imported manufactures

Prices not increased by the full amount of the duty

Compensation for slightly increased prices

How England has extended her manufactures

Free trade applicable under certain circumstances .

Cost of transportation acts in favor of England .

Excessive imports cause ruinous fluctuations of price

Taxes on articles bought for display cost nothing

Protective duties on them are a clear saving

Private and public interest not always identical .

The maxim, “ buy at the cheapest market,” examined

Refutation of it from experience

Fallacious illustrations from extreme cases

Nations, like individuals, must serve an apprenticeship

Patents and copyrights are protective duties

Consequent admission respecting a protective system

England's acquired skill and experience her only advantage

Former protection has diminished prices

Need of favoring inventive skill

The progress of improvement a national advantage

Individuals not so much benefited .

Summary of the arguments for protection .

Waste caused by exclusive devotion to agriculture

THE DISTRIBUTION OF PROPERTY AS AFFECTED BY THE LAWS

REGULATING THE SUCCESSION TO THE ESTATES OF PERSONS

Inherited property not a natural right

But natural equity limits the authority of law

Natural right limited to one's own earnings

Landed property at first a usurpation

How it becomes a right

Theory of the Communists refuted

Proper rule for the descent of property.

Different systems of distributing the estate

De Tocqueville and Webster on laws of inheritance

Political influence gravitates towards property

The habits of the people conform to the policy of the law

Excessive subdivision of land not to be dreaded

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Division of estates in France has reached its limit

Laws of the ancients respecting inheritance

Effects of the feudal law in England .

Origin of the right of primogeniture

And of the law of entail

Bacon and Smith on the law of entail

Perpetuities forbidden in law, established in fact

How English estates are kept together

This custom worse than perpetual entail

Evils of Scotch perpetual entails removed in part

Two causes of increased burdens on Irish estates

Commission for the sale of Irish encumbered estates

Amount of sales under this commission

Consequences of the great inequality of wealth in England

Opposite state of things in France

The monster farm system:

The land produces less under this system

Beneficial effects of small properties

Results of the two systems taken side by side

Large estates divert much land from production

The Scotch Highlands converted into game preserves

Or into sheep pastures

Systematic depopulation of the country

Absenteeism and middlemen in Ireland

Large estates make food dearer and wages lower

Fearful proportion of laborers for hire in England .

Results of the depopulation of the rural districts .

Benefits of the American law of inheritance

Wealth creates wealth, poverty generates poverty

Natural limit to excessive accumulation.

The English law chills exertion .

Preponderance of misery in Great Britain

Apologies for primogeniture

Great estates deaden exertion everywhere

Opposite effects of republican principles

Liberal use of wealth in the United States

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