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11 Sept. 1800 + A Note

Ch. XI. Advantage by addition to National Capital Ch. XVI. Rise of prices

Two ways in
which the measure
adds to national
wealth -
1. by addition
made to fixed
capital by payment
of redemption
to persons who will
employ it as capital
2. by addition
to circulating capital
to the amount
of the paper in

Among the effects of the proposed measure will
be the making an addition to the mass of national
capital, and thence of national wealth, on two very distinguishable
ways. One is, by the addition made
by Annuity-Note paper to the mass of circulating
capital: - the other (as we shall see) is by the accelerating that effect accelerate or give the efficiency <add>operation</add>
acceleration given to the efficiency of the existing Sinking Funds, which in respect of the
redemption of the National Debt: [of which redemption operation
the effect is the converting a certain portion of the
existing circulating capital from an employment in by
which it ministers to consumption and unproductive
expenditure, to an employment in by which it
adds to the quantity of fixed and productive capital

1 The addition to
circulating capital
is as real while
it lasts as so much
gold would be

1. The addition made to the mass of circulating
capital, and in so far to the mass of national wealth,
by £100 worth of this paper is, for so long as
this paper continues in circulation, and continues
to be received in payment for goods and labour,
on the same footing as so much gold and silver, is as
real as the addition that would be made by so much
fresh imported and carried gold or silver: [x]
[x] obtained for example
from the Spanish American
mines, through
the medium of the
Spanish Government,
as the price of Gibraltar
or of peace. (a)

Note (a) (a) The addition made
to that mass by a nominal £100 worth of degraded paper by the French
Assignats for example by a paper which intend indeed
is not being received on a footing with the smallest
portion of gold and silver was, so long as it continued
to be received on a footing with a sixpenny piece of
silver, as real an addition to the mass of circulating
capital as would have been made by an additional sixpenny piece. ‡

Identifier: | JB/001/014/001
"JB/" can not be assigned to a declared number type with value 1.



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annuity notes

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ch. xi / advantage by addition to national capital


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jeremy bentham



jeremy bentham

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jeremy bentham

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