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§ 3. The precious metals, as money, arc of the same value, anil dis-

tribute themselves according to the same law, with the precious

metals as a commodity 379

4. International payments of a non-commercial character .... 379

Chaptee XXII. Influence of Currency on the Exchanges and

on Foreign Trade.

§ 1. Variations in the exchange, which originate in the currency . . 380

2. Effect of a sudden increase of a metallic currency, or of the sudden

creation of bank notes or other substitutes for money .... 38*

3. Effect of the increase of an inconvertible paper currency. Real

and nominal exchange 384

Chaptee XXIII. Of the Rate of Interest.

§ 1. The rate of interest depends on the demand and supply of loans . 385

2. Circumstances which determine the permanent demand and supply

of loans _ 386

3. Circumstances which determine the fluctuations 388

4. The rate of interest, how far, and in what sense, connected with

the value of money 390

5. The rate of interest determines the price of land and of securities. 393

Chaptee XXIV. Of the Regulation of a Convertible

Paper Currency.

% 1. Two contrary theories respecting the influence of bank issues . . 394

2. Examination of each 395

3. Reasons for thinking that the Currency Act of 1844 produces a

part of the beneficial effect intended by it 397

4. — but produces mischiefs more than equivalent 400

5. Should the issue of bank notes be confined to a single esta-

blishment? 408

6. Should the holders of notes be protected in any peculiar manner

against failure of payment? 409

Chaptee XXV. Of the Competition of different Countries

in the same Market.

% 1. Causes which enable one country to nndersell another .... 410

2. Low wages one of those causes 411

3. —when peculiar to certain branches of industry 412

4. — but not when common to all 414

5. Some anomalous cases of trading communities examined. . . . 414

Chaptee XXVI. Of Distribution, as affected by Exchange.

§ 1. Exchange and Money make no difference in the law of wages . . 416

2. —in the law of rent. . . 417

3, — nor in the law of profits . ' . - 418

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| 1. Direct taxes either on income or on expenditure 4<)5

2. Taxes on rent 49G

3. — on profits . <, 496

4. — on wages 498

5. An Income Tax 499

6. A House Tax 501

Chaptee IV. Of Taxes on Commodities.

§ 1. A Tax on all Commodities would fall on profits ■ . 504

2. Taxes on particular commodities fall on the consumer 505

3. Peculiar effects of taxes on necessaries 50(3

4. — how modified hy the tendency of profits to a minimum . . . 507

5. Effects of discriminating duties 510

6. Effects produced on international exchange by duties on exports

and on imports 512

Chaptee V. Of some other Taxes.

§ 1. Taxes on contracts 517

2. Taxes on communication 518

3. Law Taxes 519

4. Modes of taxation for local purposes 520

Chaptee VI. Comparison between Direct and Indirect

Taxation.

§ 1. Arguments for and against direct taxation 521

2. What forms of indirect taxation most eligible 523

3. Practical rules for indirect taxation 524

Chaptee VII. Of a National Debt.

§ 1. Is it desirable to defray extraordinary public expenses by loans? . 526

2, Not desirable to redeem a national debt by a general contribution 528

3. In what cases desirable to maintain a surplus revenue for the

redemption of debt . . 529

Chaptee VIII. Of the Ordinary Functions of Government,

considered as to their Economical Effects.

11. Effects of imperfect security of person and property 531

2. Effects of over-taxation 532

3. Effects of imperfection in the system of the laws, and in the admi-

nistration of justice 633

Chaptee IX. The same subject continued.

§1. Laws of Inheritance 526

2. Law and Custom of Primogeniture 537

3. Entails 539,
§ 4. Law of compulsory equal division of inheritances 540

5. Laws of Partnership 541

6. Partnerships with limited liability. Chartered Companies . . . 542

7. Partnerships in commandite . 545

8. Laws relating to insolvency , . 548

Chaptkb X. Of Interference* of Government grounded on
Erroneous Theories.

§ 1. Doctrine of Protection to Native Industry 552

2. Usury Laws 558

3. At tempi s to regulate the prices of commodities 5fil

4. Monopolies 5132

5. Laws against Combination of AVorkmen 503

6. Restraints on opinion or on its publication 506

Chapter XI. Of the Grounds and Limits of the Laisser-faire
or Non-interference Principle.

§ 1. Governmental intervention distinguished into authoritative and

unauthoritative 567

2. Objections to government intervention—the compulsory character

of the intervention itself, or of the levy of funds to support it. . 568

3. —increase of the power and influence of government 570

4. — increase of the occupations and responsibilities of government . 570

5. — superior efficiency of private agency, owing to stronger interest

in the work 571

6. — importance of cultivating habits of collective action in the

people 572

7. Laisser-faire the general rule 673

8. — but liable to large exceptions. Cases in which tho consumer is

an incompetent judge of the commodity. Education .... 575

9. Case of persons exercising power over others. Protection of chil-.

dren and young persons; of the lower animals. Case of women

not analogous 577

10. Case of contracts in perpetuity 579

11. Cases of delegated management 579

12. Cases in which public intervention maybe necessary to give effect

to the wishes of the persons interested. Examples: hours of

labour; disposal of colonial lands 581

13. Case of acts done for the benefit of others than the persons con-

cerned. Poor Laws 585

14. Colonization 585

5- — other miscellaneous examples 589

"6- Government intervention may be necessary in default of private

agency, in cases where private agency would be more suitable . 590

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