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Chapter X. Means of abolishing Cottier Tenancy.


$ 1. Irish cottiers should be converted into peasant proprietors . . . 199

2. Present state of this question 204

Chaptee XL Of Wages.

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

words, on population and capital 207

2. Examination of some popular opinions respecting wages . . . 208

3. Certain rare circumstances excepted, high wages imply restraints

on population 211

4. — which are in some cases legal 213

5. — in others the effect of particular customs 214

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

class 216

Chapter XII. Of Popular Remedies for Lorn Wages.

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

employment 218

2. — would require as a condition, legal measures for repression of

population 219

3. Allowances in aid of wages 221

4. The Allotment System 223

Chaptee XIII. The Remedies for Low Wages further


§ 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

4. — and by large measures of immediate relief, through foreign and

home colonization 231

Chaptee XIV. Of the Differences of Wages in different


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

ness in different employments 233

2. Differences arising from natural monopolies 236

3. Effect on wages of a class of subsidized competitors 238

4. — of the competition of persons with independent means of sup-

port 240

5. Wages of women, why lower than those of men 242

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

nations 243

7. Cases in which wagas are fixed by custom ........ 244

Chapter XV. Of Profits.

'S 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 . 246

§3. — excopt 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 280

5. — or are spread over unequal lengths of time 281

6. Occasional elements in Cost of Production: taxes, and scarcity

value of materials 283

Chaptee V. Of Bent, in its Relation to Value.

% 1. Commodities which a»e 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. Kent of mines and fisheries, and ground-rent of buildings .

4. Cases of extra profit analogous to rent

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Chapter XL Of Credit, as a Substitute for Money.


§ 1. Credit not a creation but a transfer of the means of production. . 808.

2. In what manner it assists production 310

8. Function of credit in economizing the use of money 311

4. Bills of exchange 312

5. Promissory notes 314

6- Deposits and cheques 315

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? 326

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 332

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

creditors 334

6. Examination of some pleas for committing this fraud ..... 334

Chapter XIV. Of Excess of Supply.

§ 1. Can there be an overaupply of commodities generally? .... 336

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

purchase 337

3. — never does exceed the inclination to consume 338

4. Origin and explanation of the notion of general oversupply . . . 339

Chapter XV. Of a Measure of Value.

§ 1. A Measure of Exchange Value, in what sense possible .... 341

2. A Measure of Cost of Production 342

Chapter XVI. Of some Peculiar Cases of Value.

§ 1. Values of commodities which have a joint cost of production . . 345

2. Values of the different kinds of agricultural produce 344

Chaptee XVII. Of International Trade.


|1. Cost of production not the regulator of international values . . . 347

2. Interchange of commodities between distant places, determined by

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

of production . . 348

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

the productive powers of the world 349

4. — not in a vent for exports, nor in the gains of merchants . . . 350

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

than the direct 351

Chaptee XVIII. Of International Values.

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

national interchange 352

2. — which depend on the Equation of International Demand . . . 353

3. Influence of cost of carriage on international values 356

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

commodities, holds of any greater number 356

5. Effect of improvements in production, on international values . . 358

6. The preceding theory not complete 360

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 361

8. The practical result little affected by this additional element . . 363

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

dependent 365

Chaptee XIX. Of Money, considered as an Imported


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

of exchange 367

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

commodities 367

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

the mines 369

Chaptee XX. Of the Foreign Exchanges.

Jl. 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

Chaptee XXI. Of the Distribution of the Precious Metals

through the Commercial World.

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

and imports, nor in the law of international values 374

3. The preceding theorem further illustrated......... 376

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