1 Novr 1800
1. First as to the rise of prices. In an aggregate
view the alledged evil may appear an imaginary
one.† † N.B. This, being a false view, should not precede the But an aggregate view is an indiscriminate
view one: and an indiscriminate view is liable to be a
false one. It would be found particularly so here
in the present instance.
Vendible commodities since the rise require now an additional
quantity of money to pay for them: – true – this would
indeed be a misfortune an evil, if the additional quantity
of money did not exist. But it does exist it existed
even already before the rise: – for it was the sole cause of
the rise: then where is the mischief? The remedy
instead of treading as usual upon the steps
of the disease, precedes it: or rather precedes the
result which otherwise would be a disease, and
prevents it from being becoming so.
First then comes the encrease of wealth –
for is not money wealth? It not indeed the only
species of wealth: a man can neither be fed, cloathed,
lodged, convey'd not warmed by it. But it is not
the less a species of wealth: were it not, it would
not be received, as it is, in exchange for every other.
An encrease of wealth upon the whole is therefore not only a necessary concomitant
but the very cause of the supposed alledged evil.
It may be attended with Admitt it to be attended with
hardship diminution of wealth in the instance of
individuals, still, being attended with encrease of
wealth upon the whole, the loss is more than covered
by the profit, and to any conclusion that should be formed, by dwelling upon particular instances
of loss would be no otherwise than erroneous a wrong one.
Identifier: | JB/003/111/001
"JB/" can not be assigned to a declared number type with value 3.
manual of political economy