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§ 3. The precious metals, as money, are of the same value, and dis-
tribute themselves according to the same law, with the precious
metals as a commodity
4. International payments of a non-commercial character
PAGE
379
CHAPTER XXII. Influence of Currency on the Exchanges and
on Foreign Trade.
§ 1. Variations in the exchange, which originate in the currency
2. Effect of a sudden increase of a metallic currency, or of the sudden
creation of bank notes or other substitutes for money
3. Effect of the increase of an inconvertible paper currency. Real
and nominal exchange
CHAPTER XXIII. Of the Rate of Interest.
380
381
384
§ 1. The rate of interest depends on the demand and supply of loans
2. Circumstances which determine the permanent demand and supply
of loans
385
386
3. Circumstances which determine the fluctuations
4. The rate of interest, how far, and in what sense, connected with
the value of money
388
390
5. The rate of interest determines the price of land and of securities. 393
CHAPTER XXIV. Of the Regulation of a Convertible
Paper Currency.
§ 1. Two contrary theories respecting the influence of bank issues
2. Examination of each.
3. Reasons for thinking that the Currency Act of 1844 produces a
part of the beneficial effect intended by it
394
395
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
CHAPTER XXV. Of the Competition of different Countries
in the same Market.
§ 1. Causes which enable one country to undersell another
2. Low wages one of those causes
CHAPTER XXVI. Of Distribution, as affected by Exchange.
§ 1. Exchange and Money make no difference in the law of wages
2. in the law of rent.
410
411
412
414
BOOK IV.
INFLUENCE OF THE PROGRESS OF SOCIETY ON PRODUCTION AND DISTRIBUTION.
CHAPTER I. General Characteristics of a Progressive State
.
of Wealth.
1. Introductory Remarks
2. Tendency of the progress of society towards increased command
over the powers of nature; increased security; and increased
capacity of co-operation
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 all
commodities
421
424
except the products of agriculture and mining, which have a
tendency to rise
425
3.
that tendency from time to time counteracted by improvements in production
4. Effect of the progress of society in moderating fluctuations of value 427
5. Examination of the influence of speculators, and in particular of
corn dealers
CHAPTER III. Influence of the Progress of Industry and
Population on Rents, Profits, and Wages.
428
§ 1. First case; population increasing, capital stationary
2. Second case; capital increasing, population stationary
430
432
3. Third case; population and capital increasing equally, the arts of
production stationary.
433
4. Fourth case; the arts of production progressive, capital and popu-
lation stationary
CHAPTER IV. Of the Tendency of Profits to a Minimum.
§ 1. Doctrine of Adam Smith on the competition of capital
2. Doctrine of Mr. Wakefield respecting the field of employment
3. What determines the minimum rate of profit
4. In opulent countries, profits habitually near to the minimum
5.- prevented from reaching it by commercial revulsions
7.- by the importation of cheap necessaries and instruments
8. by the emigration of capital
CHAPTER V. Consequences of the Tendency of Profits to a Minimum.
§ 1. Abstraction of capital not necessarily a national loss
2. In opulent countries, the extension of machinery not detrimental
but beneficial to labourers
CHAPTER VI. Of the Stationary State.
§ 1. Stationary state of wealth and population, dreaded and deprecated
by writers
2.- but not in itself undesirable
CHAPTER VII. On the Probable Futurity of the Labouring
Classes.
§ 1. The theory of dependence and protection no longer applicable to
the condition of modern society
2. The future well-being of the labouring classes principally dependent
on their own mental cultivation
448
450
452
453
455
458
3. Probable effects of improved intelligence in causing a better
adjustment of population-Would be promoted by the social
independence of women
4. Tendency of society towards the disuse of the relation of hiring
and service
459
6.
5. Examples of the association of labourers with capitalists.
- of the association of labourers among themselves
7. Competition not pernicious, but useful and indispensable.
BOOK V.
ON THE INFLUENCE OF GOVERNMENT.
CHAPTER I. Of the Functions of Government in general.
§ 1. Necessary and optional functions of government distinguished.
2. Multifarious character of the necessary functions of government
3. Division of the subject
CHAPTER II. Of the General Principles of Taxation.
§ 1. Four fundamental rules of taxation
2. Grounds of the principle of Equality of Taxation
3. Should the same percentage be levied on all amounts of income?
4. Should the same percentage be levied on perpetual and on termi-
nable incomes?
484
485
488
5. The increase of the rent of land from natural causes a fit subject of
peculiar taxation
492
6. A land tax, in some cases, not taxation, but a rent-charge in favour
§ 1. Direct taxes either on income or on expenditure
2. Taxes on rent
CHAPTER IV. Of Taxes on Commodities.
§ 1. A Tax on all Commodities would fall on profits 2. Taxes on particular commodities fall on the consumer. 3. Peculiar effects of taxes on necessaries.
4. how modified by the tendency of profits to a minimum
-
5. Effects of discriminating duties
6. Effects produced on international exchange by duties on exports
and on imports
512
517
518
519
520
Taxation.
§ 1. Is it desirable to defray extraordinary public expenses by loans? .
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
CHAPTER VIII. Of the Ordinary Functions of Government,
considered as to their Economical Effects.
§ 1. Effects of imperfect security of person and property
2. Effects of over-taxation .
3. Effects of imperfection in the system of the laws, and in the admi-
nistration of justice
CHAPTER IX. The same subject continued.
81. Laws of Inheritance
2. Law and Custom of Primogeniture
3. Entails
§ 4. Law of compulsory equal division of inheritances
6. Partnerships with limited liability. Chartered Companies
5. Laws of Partnership
7. Partnerships in commandite
8. Laws relating to insolvency
540
541
542
545
548
CHAPTER X. Of Interferences of Government grounded on
Erroneous Theories.
CHAPTER XI. Of the Grounds and Limits of the Laisser-faire
or Non-Interference Principle.
§ 1. Governmental intervention distinguished into authoritative and
unauthoritative.
2. Objections to government intervention-the compulsory character
of the intervention itself, or of the levy of funds to support it.
increase of the power and influence of government.
increase of the occupations and responsibilities of government
superior efficiency of private agency, owing to stronger interest
in the work
4.
5.
importance of cultivating habits of collective action in the
people.
571
572
573
8. - but liable to large exceptions. Cases in which the 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
579
7. Laisser faire the general rule.
10. Case of contracts in perpetuity
11. Cases of delegated management
12. Cases in which public intervention may be necessary to give effect
to the wishes of the persons interested. Examples: hours of
labour; disposal of colonial lands.
13. Case of acts done for the benefit of others than the persons con-
cerned. Poor Laws
16. Government intervention may be necessary in default of private
581
583
585
589
agency, in cases where private agency would be more suitable . 590