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Ch. Miscell. Effects

Note ? continued

Adam Smith
7 (a) continued
How the increase
of prices would be
counteracted &
kept down to a
certain degree, by
increasing the effect of

labour and reducing
the profits of

It has already been stated, that in the
event of a clear addition if in consequence by virtue of
the emission of the proposed paper, a clear addition
should come to be made, before the conclusion
of this first period, to the total mass of currency
in circulation, a part of that addition would
go to the enhancement of prices, and in so far
have the effect of making not an addition to, but a defalcation from the
pecuniary means of those a part of the community
viz.: all such members as did not come
whose means did not derive a direct accession
from the influx. By these prices were meant
the nominal in money prices. [I] -
[I] But this effect
would be counteracted
and diminished at
least in a certain
degree by other effects
originating in the
same cases.

[On the other hand
at the same time as another part of the addition
to the currency would have the effect of calling
into truth to one quantity of labour, and thence
to an addition to the quantity of wealth coming
to market for money, and thereby tending to keep
down the money price of labour and goods, and
as of this part</del>] In a certain proportion would be employd
in increasing the effect of labour by
machinery, and other devices operating
to that end - and At the same time the extra
influx of money which it added to the wages of labour
and thus in so far to increase the real price of goods, would by
the increased extra competition among manufacturers and
vendors and operate to a certain degree in reducing
the rate of profit of Stock paid In both these ways it would
operate in reduction of the real prices of goods, and thence also
in proportion of the money prices.

Identifier: | JB/001/056/001
"JB/" can not be assigned to a declared number type with value 1.


Marginal Summary Numbering

7a continued



Main Headings

annuity notes

Folio number


Info in main headings field




note ? continued


text sheet

Number of Pages




Page Numbering



jeremy bentham


<…>m 1798


jeremy bentham

Paper Producer

frances wright


Paper Produced in Year


Notes public

ID Number


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