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15
Annuity Notes
Ch. Miscell. Effects.

Note

Adam Smith
7 (a) continued

Note continued
Next let the supposed accession of 4 millions
continue the whole of it in the country during the supposed period,
and during all that time forming part of
the circulation. If (to make a supposition which
has never yet been realized) the accession of money finds all
hands in full employment — if the whole fund
of possible labour be already converted into actual
labour — [+] [+] and no accession
of labouring hands
be admitted from
foreign countries —

the accession of real wealth produced by the
accession of this four millions' worth of money will
amount to nothing. The effect of it will be all
spent in the raising of the prices of labour and goods.
in other words in lessening the marketable value of other
money the pre-existing stock of money: and just so
much as it adds to the quantity mass of money just so
much will it defalcate from the value of the pre-existing
part of that mass: having the value of the sum
total millions greater not less than after the accession
than it was before (a)

(a) A well known case put by Hume is that
of every man's waking of a morning and finding
just double the quantity of money in his pocket that
he went to bed with. The inference is, that by this
accession to the stock of money no such accession would
be made to the stock of wealth. The inference would
be correct if the supposition above stated and in a country
in from which there were no possibility of exportation exporting money, and in
which the above mentioned supposition [+] stated in the were verified,
[+] I mean that of
a perfect plenitude
of employment

but in no not in any other country.




Identifier: | JB/001/052/001
"JB/" can not be assigned to a declared number type with value 1.

Date_1

Marginal Summary Numbering

7a continued

Box

001

Main Headings

annuity notes

Folio number

052

Info in main headings field

Image

001

Titles

note

Category

text sheet

Number of Pages

1

Recto/Verso

recto

Page Numbering

f15

Penner

jeremy bentham

Watermarks

[[watermarks::[top half of i taylor]]]

Marginals

jeremy bentham

Paper Producer

evan nepean

Corrections

Paper Produced in Year

Notes public

ID Number

52

Box Contents

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