JB/003/084/002

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1
That a quantity
of fresh extra influx money
flowing in in
a year can make
no addition to the
mass of vendible commodities
within the
year except in as
far as it gives
birth to an extra
influx of labour.

2
That it is not
clear that in the
present state of things
the existing stock of
money would not
without any such
extra influx be have
been sufficient for
bringing into actual
employment
as great a quantity
of capacity for labour
as is capable
in the existing state
of things, of being
brought into employment
in the time.
For that

27 Oct. 1800
Annuity Notes?

3
The existing stock
of money in a country
how small soever
would without ever receiving any encrease be capable of
bringing into actual
employment the growing
quantity of capacity
for labour.
For that

4
The quantity of
vendible commodities
in a country depends
not on the absolute
quantity of money but
on the application made
of in respect of the sort
of labour it is employed to purchase.

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5
The application
of the stock of money
remaining unchanged
no addition to the
quantity could make
any addition to the
the quantity of vendible
commodities.

6
By an appropriate
application of the
existing stock of money
without any
encrease as great
an addition could
be made to the stock
of vendible commodities,
as by an
addition to any amount
to the quantity
of money.

7
The reason of
the greater apparent
facility of making
a given addition
to the mass of wealth
without by an additional
mass of money
than without it is
that an addition to
productive capital
to a certain amount
could not be made
without a direct
tax: nor consequently
but by a person an authority having the power
of imposing taxes,
whereas with and
by money such an
addition may be
made to any amount
either by the application
of the money
alone, and without
the consequently by
any body who possesses
the money, and without
any appearance of
a tax, but with the
real though designed
effects of this.⊞
⊞ Without an accession
to the mass
of money great &
rapid additions to
the mass of wealth
could not be made
without not only conspicuous but taxes antecedent
to the accessions
non pecuniary to wealth:
by means of additional
money the
addition to non-pecuniary
wealth may
be made in the first
instance – the tax
being subsequent as
well as unperceived.

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5 8
That even in so far
as the extra money
say a million – is employed in the
giving birth to extra
labour and thence
to an extra mass
of vendible commodities
the extra quantity of vendible
commodities
produced by it in
the year is equal –
not to the whole
million thus employed
in the shape of principal
money in
making an addition
to the mass of national
capital, but
only to the interest
upon that principal
at the high rate
of interest made by
which includes
profit on Stock
say 15 per Cent:
Produce of the million
per year not
upon an average
not more than
15 per Cent: viz.
1/6th + 2/3 of 1/6
= £150,000:
and in the first
year not so much
by more than half.
It follows that

6 9
That part of the extra
influx which
finds no correspondent
quantity of
capacity for labour
to bring into act,
operates solely in
the production of a
rise of prices.
And that

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7 10
The part which
does find a quantity
of unemployed capacity
for labour which
it does accordingly
bring into act
operates also in
the production of the
rise of prices by
its whole amount
with the deduction
of no more than
between 1/5 and 1/6th.

8 11
That a considerable
quantity of capacity
for labour does, it
is true remain
every year unconverted
into actual
labour: but that
such non conversion
does not result
from want
of the effecting such
conversion can not
be accomplished produced in
any degree by any
encrease of in the
quantity of money
not even by any
encrease in the
proportion of money
employed in the
shape of capital;
but only by establishments
of a particular
nature,
calculated for the
collection and employment
of such
fragments of capacity
for labour
as must otherwise
be lost.

Identifier: | JB/003/084/002"JB/" can not be assigned to a declared number type with value 3.
Date_1	1800-10-27	Marginal Summary Numbering
Box	003	Main Headings	annuity notes; manual of political economy
Folio number	084	Info in main headings field	polit. economy annuit. notes?
Image	002	Titles
Category	rudiments sheet (brouillon)	Number of Pages	2
Recto/Verso	recto	Page Numbering
Penner	jeremy bentham	Watermarks	1798 am
Marginals		Paper Producer
Corrections		Paper Produced in Year	1798
Notes public		ID Number	1494
Box Contents