4. The law of values which holds between two countries, and two commodities, holds of any greater number, G. The preceding theory not complete, 7. International values depend not solely on the quantities de- 8. The practical result little affected by this additional element, 160 9. The cost to a country of its imports, on what circumstances 2. As a commodity, it obeys the same laws of value as other 3. Its value does not depend exclusively on its cost of produc- 167 170 172 2. Mode of adjusting international payments through the ex- 3. Distinction between variations in the exchanges which are CHAPTER XXI. Of the Distribution of the Precious Metals § 1. The substitution of money for barter makes no difference in 3. The precious metals, as money, are of the same value, and distribute themselves according to the same law, with the precious metals as a commodity, 4. International payments of a non-commercial character, PAGE CHAPTER XXII. Influence of Currency on the Exchanges § 1. Variations in the exchange, which originate in the currency, 193 2. Effect of a sudden increase of a metallic currency, or of the CHAPTER XXIII. Of the Rate of Interest. § 1. The rate of interest depends on the demand and supply of 4. The rate of interest not really connected with the value of CHAPTER XXIV. Of the Regulation of a Convertible 2. Examination of each, 3. Reasons for thinking that the Currency Act of 1844 pro- 5. Should the issue of bank notes be confined to a single estab- 6. Should the holders of notes be protected in any peculiar § 1. Causes which enable one country to undersell another, 3. - when peculiar to certain branches of industry, 4. but not when common to all, . - 5. Some anomalous cases of trading communities examined, 2. Tendency of the progress of society towards increased com- 272 CHAPTER II. Influence of the Progress of Industry and Population on Values and Prices. § 1. Tendency to a decline of the value and cost of production of CHAPTER III. Influence of the Progress of Industry and Population on Rents, Profits, and Wages. 1. First case; population increasing, capital stationary, 2. Second case; capital increasing, population stationary, 4. Fourth case; the arts of production progressive, capital and population stationary, 5. Fifth case; all the three elements progressive, CHAPTER IV. Of the Tendency of Profits to a Minimum. § 1. Doctrine of Adam Smith on the competition of capital, 3. What determines the minimum rate of profit, 4. In opulent countries, profits habitually near to the minimum, 6. 7. 8. - by the importation of cheap necessaries and instruments, § 1. Abstraction of capital not necessarily a national loss, 2. In opulent countries, the extension of machinery not detri- 327 CHAPTER VII. On the probable Futurity of the Labouring § 1. The theory of dependence and protection no longer appli- cable to the condition of modern society,. 2. The future well-being of the labouring classes principally dependent on their own mental cultivation, 3. Probable effects of improved intelligence in causing a better 341 5. Examples of the association of labourers with capitalists, - CHAPTER II. Of the General Principles of Taxation. § 1. Four fundamental rules of taxation, 394 5. The increase of the rent of land from natural causes a fit |