CHAPTER X. Means of abolishing Cottier Tenancy.

§ 1. Irish cottiers should be converted into peasant proprietors

2. Present state of this question

CHAPTER XI. Of Wages.

PAGE

199

§ 1. Wages depend on the demand and supply of labour-in other

words, on population and capital

2. Examination of some popular opinions respecting wages

3. Certain rare circumstances excepted, high wages imply restraints

on population

4.

5.

which are in some cases legal

in others the effect of particular customs

6. Due restriction of population the only safeguard of a labouring

class

CHAPTER XII. Of Popular Remedies for Low Wages.

§ 1. A legal or customary minimum of wages, with a guarantee of

employment

2.

would require as a condition, legal measures for repression of

population

3. Allowances in aid of wages

4. The Allotment System

CHAPTER XIII. The Remedies for Low Wages further

considered.

§ 1. Pernicious direction of public opinion on the subject of population 225

2. Grounds for expecting improvement

227

3. Twofold means of elevating the habits of the labouring people:

by education

230

and by large measures of immediate relief, through foreign and

home colonization

231

CHAPTER XIV. Of the Differences of Wages in different

Employments.

§ 1. Differences of wages arising from different degrees of attractive-

ness in different employments

2. Differences arising from natural monopolies

3. Effect on wages of a class of subsidized competitors

233

236

238

4.

-

of the competition of persons with independent means of sup-

port

240

242

6. Differences of wages arising from restrictive laws, and from combi-

nations

5. Wages of women, why lower than those of men

7. Cases in which wages are fixed by custom

CHAPTER XV. Of Profits.

§ 1. Profits resolvable into three parts; interest, insurance, and wages

of superintendence.

245

2. The minimum of profits; and the variations to which it is liable 240

§ 3. Differences of profits arising from the nature of the particular em-

ployment.

4. General tendency of profits to an equality.

PAGE

247

251

5. Profits do not depend on prices, nor on purchase and sale

6. The advances of the capitalist consist ultimately in wages of labour 252

7. The rate of profit depends on the Cost of Labour

CHAPTER XVI. Of Rent.

1. Rent the effect of a natural monopoly

255

2. No land can pay rent except land of such quality or situation, as

exists in less quantity than the demand

255

3. The rent of land consists of the excess of its return above the

return to the worst land in cultivation

257

4.

or to the capital employed in the least advantageous circum-

3. Is payment for capital sunk in the soil, rent, or profit?

6. Rent does not enter into the cost of production of agricultural

produce

2. Definitions of Value in Use, Exchange Value, and Price.

3. What is meant by general purchasing power

4. Value a relative term. A general rise or fall of Values a contra-

diction.

5. The laws of Value, how modified in their application to retail

transactions

CHAPTER II. Of Demand and Supply, in their relation to Value.

267

§ 1. Two conditions of Value: Utility, and Difficulty of Attainment

2. Three kinds of Difficulty of Attainment

3. Commodities which are absolutely limited in quantity

4. Law of their value, the Equation of Demand and Supply

5. Miscellaneous cases falling under this law

272

CHAPTER III. Of Cost of Production, in its relation to Value.

§ 1. Commodities which are susceptible of indefinite multiplication

without increase of cost. Law of their Value, Cost of Production 274

operating through potential, but not actual, alterations of supply 275

CHAPTER IV. Ultimate Analysis of Cost of Production.

1. Principal element in Cost of Production-Quantity of Labour

2. Wages not an element in Cost of Production.

277

278

§ 3.

-

PAGB

- except in so far as they vary from employment to employment 279
4. Profits an element in Cost of Production, in so far as they vary
from employment to employment.

5.

-

or are spread over unequal lengths of time

5. Occasional elements in Cost of Production: taxes, and scarcity
value of materials

CHAPTER V. Of Rent, in its Relation to Value,

1. Commodities which are susceptible of indefinite multiplication, but

not without increase of cost. Law of their Value, Cost of Pro-

duction in the most unfavourable existing circumstances

2. Such commodities, when produced in circumstances more favour-

able, yield a rent equal to the difference of cost

3. Rent of mines and fisheries, and ground-rent of buildings

4. Cases of extra profit analogous to rent.

CHAPTER VI. Summary of the Theory of Value.

280

281

290

§ 1. The theory of Value recapitulated in a series of propositions

2. How modified by the case of labourers cultivating for subsistence. 292

3. by the case of slave labour

--

293

CHAPTER VII. Of Money.

§ 1. Purposes of a Circulating Medium

2. Gold and Silver, why fitted for those purposes

3. Money a mere contrivance for facilitating exchanges, which does

not affect the laws of Value.

CHAPTER VIII. Of the Value of Money, as dependent on

Demand and Supply.

§ 1. Value of Money, an ambiguous expression

2. The value of money depends, cæteris paribus, on its quantity

together with the rapidity of circulation

CHAPTER IX. Of the Value of Money, as dependent on

Cost of Production.

1. The value of money, in a state of freedom, conforms to the value of

2.

304

3. This law, how related to the principle`laid down in the preceding

chapter

306

CHAPTER X. Of a Double Standard, and Subsidiary Coins.

2. The use of the two metals as money, how obtained without making

both of them legal tender

308

CHAPTER XI. Of Credit, as a Substitute for Money.

§ 1. Credit not a creation but a transfer of the means of production.

2. In what manner it assists production

3. Function of credit in economizing the use of money

4. Bills of exchange

5. Promissory notes

6. Deposits and cheques

CHAPTER XII. Influence of Credit on Prices.

§ 1. The influence of bank notes, bills, and cheques, on price, a part of

the influence of Credit

316

2. Credit a purchasing power similar to money

317

3. Effects of great extensions and contractions of credit. Phenomena

of a commercial crisis analysed

318

4. Bills a more powerful instrument for acting on prices than book

credits, and bank notes than bills.

320

5. the distinction of little practical importance

322

6. Cheques an instrument for acting on prices, equally powerful with

bank notes

324

7. Are bank notes money?.

327

8. No generic distinction between bank notes and other forms of credit 327

CHAPTER XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quantity, is

a matter of arbitrary regulation

328

2. If regulated by the price of bullion, an inconvertible currency

might be safe, but not expedient

330

3. Examination of the doctrine that an inconvertible currency is safe

if representing actual property

331

4.

of the doctrine that an increase of the currency promotes

industry

5. Depreciation of currency a tax on the community, and a fraud on

creditors

6. Examination of some pleas for committing this fraud.

§ 1. Can there be an oversupply of commodities generally?

336

2. The supply of commodities in general, cannot exceed the power of

purchase

4. Origin and explanation of the notion of general oversupply

CHAPTER XV. Of a Measure of Value.

§ 1. A Measure of Exchange Value, in what sense possible

2. A Measure of Cost of Production.

CHAPTER XVI. Of some Peculiar Cases of Value.

§ 1. Values of commodities which have a joint cost of production

2. Values of the different kinds of agricultural produce

CHAPTER XVII. Of International Trade.

1. Cost of production not the regulator of international values.

2. Interchange of commodities between distant places, determined by

differences not in their absolute, but in their comparative, cost

of production

3. The direct benefits of commerce consist in increased efficiency of

the productive powers of the world

XV

PAGE

347

348

349

4.

not in a vent for exports, nor in the gains of merchants

5. Indirect benefits of commerce, economical and moral; still greater

than the direct

350

351

CHAPTER XVIII. Of International Values.

1. The values of imported commodities depend on the terms of inter-

national interchange

which depend on the Equation of International Demand.

3. Influence of cost of carriage on international values

4. The law of values which holds between two countries, and two

commodities, holds of any greater number .

5. Effect of improvements in production, on international values

6. The preceding theory not complete

7. International values depend not solely on the quantities demanded,

but also on the means of production available in each country

for the supply of foreign markets.

8. The practical result little affected by this additional element

9. The cost to a country of its imports, on what circumstances

dependent

CHAPTER XIX. Of Money, considered as an Imported

Commodity.

§ 1. Money imported in two modes; as a commodity, and as a medium

of exchange

352

353

356

356

358

360

361

363

365

367

2. As a commodity, it obeys the same laws of value as other imported

commodities

367

3. Its value does not depend exclusively on its cost of production at

the mines.

369

CHAPTER XX. Of the Foreign Exchanges.

§1. Purposes for which money passes from country to country as a

medium of exchange.

370

2. Mode of adjusting international payments through the exchanges. 370

3. Distinction between variations in the exchanges which are self-

adjusting, and those which can only be rectified through prices. 373

CHAPTER XXI. Of the Distribution of the Precious Metals

through the Commercial World.

§1. The substitution of money for barter makes no difference in exports

and imports, nor in the law of international values

2. The preceding theorem further illustrated.

374

376