1822. Letter LXXXII (Dec.).—Ricardo's 'Protection to Agriculture.' Ricardo's visit to Italy and Switzerland. Death of Shelley. New Marriage Act. New Corn Law. Wellesley in Ireland. Suicide of Castlereagh. Canning at the Foreign Office. Wellington at Verona. Ashantee War. Dispute with United States about Oregon territory. Habeas Corpus suspended in Ireland. Good harvest. Low corn prices. Large importations of wheat from Ireland. General prosperity. Agricultural distress.
1823. Letters LXXXIII to LXXXVIII (31st Aug.).—Malthus' 'Measure of Value,' and article on Tooke. Malthus Associate of Royal Society of Literature. Ricardo's 'National Bank' (written). Death of Ricardo, 11th Sept. Essays of Elia. Byron in Greece. Burmese War. French invasion of Spain. Recognition of South American Independence. Huskisson at Board of Trade. Amendment of Navigation Laws. Canning's Jamaica circular. Catholic Association. Poor harvest, but medium prices of corn. Low general prices. Increased general imports.
INDEX.
A.
Accumulation, what it implies, [39], [47-50];
of produce and of capital, [54];
its effects, [45], [52], [71], [99], [168];
Ricardo's difference from Malthus upon, [168], cf. [185-191], [203].
'Additions to Essay on Population,' [105], [128].
Agriculture, improvements, [8], [46], [59], [180];
monopoly of home market, [56];
distress, [3], [212];
prosperity, [141];
burdens, [3];
restrictions in favour of home agriculture, see Corn Laws;
Anon. tract on, [91].
Allen, John, [6].
America, its future prospects, [77];
high wages in, [118], [197], [198], [203], [204], [205];
profits, [41];
Ambassador, [156];
emigration to, [161].
'Appendix' to tract on Bullion, [17];
to 'Observations,' [61].
Appreciation as distinguished from Depreciation, [82].
Attwood, Mr., [3].
Austin, H., of Gloucestershire, [117], [169].
Austin, Mrs., daughter of Ricardo, [117], [213].
B.
Bain, Prof. A., 'Life of Jas. Mill,' Pref. [viii], [x], [44], &c.
See Mill, Jas.
Bank, Ricardo's speech at B.-court, [104];
its bargains with Government, &c., [89], [110];
its profits and Charter, [90];
its bullion, [100];
its notes, [102];
cash payments, [115];
incapacity of directors, [104], [185];
'an unnecessary establishment,' [89];
views on, [102].
Balance of Trade, [11].
Banks, Country, [89].
Baring, Mr., [161].
Basevi, [67], [108].
Belsham, neighbour in Gloucestershire, [140], [159].
Bentham, Jeremy, Pref. [xi. seq.], [3], [51], [55], [91], [140], [141], [151], [152], [166].
Berkeley, Col., [147].
Berlin Decrees, &c., [27].
Binda, Mr., [117], [125].
Blake, Wm., F.R.S., [75], [115].
Boddington, Mr., [6].
Böhm Bawerk, Dr. Eugen von, Pref. [xvii], [230].
Bosanquet, Chas., [113].
—— Jacob, [113].
Bowood, [141], [156].
Bowring, J., Life of Bentham, [55], &c.
'British Review,' [145], [147].
Broglie, Duc de, [210], [211].
Brougham, Henry, Pref. [x], [63], [156].
Buchanan, David (editor of 'Wealth of Nations'), [125], [128].
Bullion Committee, [2], [12], [24], [25], [26], [32], [89]; Outl. [xix].
Bullion, merchants, [3];
every man a dealer in it, [10];
debate in Lords, [26];
Bank supplies of, [100];
Ricardo's tract on, see Ricardo;
as a commodity, [9].
Burdett, Sir F., [55], [64], [152].
C.
Cairnes, J. E., [113].
Capital, home and foreign, [7];
when 'scanty,' [43];
rapid increase without low rate of interest, [8];
abundant, [18].
See Accumulation and Profits.
Carey, Henry C., [68].
Carlile, Richard and Ann, case of, Pref. [xi].
'Champion' newspaper, [208].
Chandler, Mrs., neighbour in Gloucestershire, [159].
'Chronicle' newspaper, [104]; Outl. [xix].
Clerk, George, [87], [125].
Clubs, King of, [3], [5]; [note to III], [25], [110], &c.;
Geological Club, [64];
Political Economy Club, see Pol. Econ.
Clutterbuck, Mr., [41], [152], [213].
Cobbett, Wm., Pref. [xv], [148], [159], [161], [162], [168], [208], [213].
Cobden, Richard, Pref. [x], [160].
Commons, debates in, [64], [84], &c.
Competition, 'general law of,' [10], [42], [51];
its effect in equalizing profits, [195], [203];
competition of sellers more effective than that of buyers, [173];
acts feebly in some cases, [202], [203].
Constant, Benjamin, [91].
Consumption and Production, [36], [39], [185], &c.;
and Accumulation, [45], &c.
Continental System, [27].
Coppleston, Dr., [212].
Corn, demand for not unlimited, [4];
corn laws, [34], [48], [58], [153], [201];
Corn Committee, [42];
new corn law, [64];
corn as measure of value, [193], [221].
Corn-prices, as regulating others, [34], [84], [90];
relation to profits, [37].
Cost of production, [175], &c.;
as explaining value, [230], cf. [55].
Coulson, Walter, [168].
Countervailing duty on corn, [64], Pref. [xi].
Crombie, Alex., [82].
Currency, 'redundant,' [11], [19];
how affected by the Peace, [38];
relation to foreign trade, [7 seq.], [38];
'Economical and Secure,' [96], [100], [103], [108], [112].
See Bullion, &c.
Custom house, delays, [137], [140].
D.
Debate, House of Lords on Bullion, [26];
ditto on Bank Restriction, [150].
Definitions deprecated by Say, [209];
unfairly used by Malthus, [229], [237].
Demand, unlimited, [34], [43], [44];
effective, [36], [39], [43];
its meaning, [42], [43], [54];
relation to supply, [41], [42], [44], [148], [173];
relation to market and natural price, [53], [148], [174], [176].
Depreciation, Torrens' criticism of Malthus' use of, [75], [81];
Tooke on depreciation, [27], [82];
a public evil, [85];
depreciation and exchanges, [15];
depreciation and corn measure of value, [221].
Destutt, De Tracy, [211].
Distribution, to Ricardo the chief subject of Pol. Econ., [175];
in case of wages and profits, [185], [189];
of money in the world, [22].
'Domestic competition,' bringing down unusual profits, [192 seq.]
Dumont, P. E. L., [3], [64], [210].
E.
Eckersall, Miss, [117].
'Economical and Secure Currency.' See Currency.
Edinburgh Review, [8], [10], [56], [65], [116], [120], [154], [170], [171], [184], [198], [240].
Elphinstone, W. F., [113].
Empson (Wm.), [238];
quotes letters of Ricardo's, [56], [65], [116], [120], [167], [175], [240].
Encyclopædia Brit., [55], [157], [158], [165], [171].
Essex, expenses of farming in, [97].
Exchanges, with Hamburgh, [24], [32],
with Holland, [27 seq.]
Exchequer bills, [90].
Experience, danger of appeals to in Pol. Econ., [96].
Exports, [7], [20], &c.;
of bullion, [3], [14], [19], [25].
See Imports.
Extension of Market, chief cause of, [99].
'External commodities,' [193], cf. [79].
F.
Facility of production, including skill, [93];
affecting value, [170];
affecting profits, [8];
'the essence of high rents,' [101], cf. [127].
Fact versus Principle, [18].
Fall or rise of money and of goods compared, [194-197].
Foligny, M. de, [137].
Ford Abbey, [51], [140], [141].
'Foreign commodities,' [79]; cf. [193].
Fragment of letter, [105], [216-219].
'Fragment on Government' (Bentham's), [55].
France, [24], [169], [170], [211]; cf. [92], [93].
French Revolution, [8], [151], [210].
G.
Gallois, the publicist, [211].
Garnier (Germain), [212].
Gell, Sir Wm., [173].
General glut, [188 seq.];
impossible, [14].
See Over-production.
General prosperity, [86].
'General reasoning' versus 'repeated experience,' [190].
Geological Society, [64], [75].
George IV, his character, [172].
Gilbart, J. W., [85].
Godwin, Wm., [198], [206], [207].
Gold, exportation prohibited, [28];
unlike other commodities, [5];
imports of, [24];
conditions of exportation, [27].
Goldsmid, Aaron Asher, [24].
Grant, Chas., [130].
Greenough, G. B., [75].
Grenfell, Pascoe, [89], [96], [109].
Grenville, Lord, [113], [150].
Grote, Geo., [96], [157].
H.
Haileybury College, a student of, [87];
pamphlets on, [113], [125], [126];
Mackintosh Professor there, [149];
others of the staff, [137];
disturbances of students at, [104], [213];
the subject before India House, [127], [130].
Hamburgh, table of exchanges with, [24], [32], [33].
Hamilton, Prof., [136], [137].
Hardwicke, Lord, [42].
Harvest, effects of bad, [21], [139].
Held, Adolf, Pref. [xv].
High price of raw produce, its causes and effects, [47], [90];
Ricardo's views on it change, [126];
Malthus' view discussed, [127].
Hitchings, Mr., [134].
Hobhouse, [177];
Miss, [159].
Holland, table of exchanges with, [28-31];
visits to, [118].
Holland House, [125], [207].
Holland, Dr., [151].
Horner, Francis, [6], [81], [115].
Hughan, Thos., West India Merchant, [12].
Humboldt, Alex., [138].
Hume, J. Deacon, [27].
—— Joseph, [96], [133], [208], [240].
Hunt, 'Orator,' [152], [161], [163].
Hone, William, [45].
I.
Idleness of the inhabitants of fertile lands, [138]; cf. Otaheite.
Impey, Mr., [131].
Imports, [4], [7], [12], [21], [196];
of bullion, [25], &c.
Income tax, [112], cf. Pref. [xv].
India, E. I. College, see Haileybury.
E. India Co., its profits, [50];
illustrations from, [202], &c.;
Mill's book on, [146], [147], [149].
'Inquiry into principles of Malthus relative to Demand,' [191].
Interest, rate of, [8], [35], [41], &c.
See Profits and Capital.
Interest, of nations and of individuals, [18], [19];
of mankind, [188], [198].
Ireland, Malthus' visit to, [137], [138].
J.
Jackson, Randle, [113], [114], [130].
Jacob, William, [63], [67].
Jamaica, premium on bills in, [12], [13].
K.
King, 'of Clubs.' See Clubs.
King, Lord Peter, [148], [150].
Kinnaird, Douglas, [130].
Knyvett's concert, [2].
L.
Labour, as measure of value, [214 seq.];
as cause of value, [192].
Other references passim.
Labourers, as over-reached by employers, [139];
as injured by depreciation of money, [85].
Lansdown, Marquis of, [141], [156].
Lauderdale, Lord, [56], [57], [65], [115].
Leases in relation to prices, [47], [61].
Le Bas of Haileybury College, [137].
Level of currency, [16], [19], [34], [196].
Lisbon, gold imported from, [24].
Liverpool, Lord, letter of Torrens to him, [111];
motion in House of Lords, [150].
Locke, John, [221].
Lords Committee on Corn, [42];
debates on Currency, [26], [150].
Luxury, of idleness, [138];
love of luxuries displaced by other motives, [39];
luxuries curtailed by dear corn, [34], [35].
M.
MacCulloch, J. R., articles on Ricardo in Edinburgh Review, [154], [184];
and in Scotsman, [146], [184];
on Malthus in Scotsman, [168];
on Value, [221], [230].
Other references, Pref. [xii], [xvii], [44], [49], [171], [240].
Macdonnel, Mr., [160].
Machinery, Ricardo's views of, changing, [184], cf. Pref. [xvii];
effect of improved, [99], [102], [188].
Mackintosh, Sir James, [6], [81], [149], [151].
Mallet, Mr. [140], [149].
Malthus, T. R., character, see Pref. [viii];
letter to Place, [207];
travels in France, [169];
article on Depreciation, [10], [27];
tract on Rent, [58], [127], [128];
'Political Economy,' [123], [138], [145], [166];
Say's Letters to him, see Say;
'Observations' and 'Grounds of an Opinion,' [56], [61];
Essay on Population and Additions, [105], [107], [119], [128], [138], [143], [183];
Notes on Adam Smith, [56];
tract on Measure of Value, [214 seq.];
tracts on East India College, [125], and see Haileybury;
Utilitarian view of his subject, [175];
article (by him?) on Godwin, [198], [206];
Death, [45].
Marcet, Dr., [141];
Mrs., [132], [133].
Market and Mint price, of bullion generally, [27];
of gold, [150];
of silver, [24], [115].
Measure of Value, cost, [175];
corn, [193 seq.], [214 seq.];
gold, [230], [231].
Mill, James, Pref. [viii], [ix], [xi], [44], [50], [51], [55], [92], [103], [109], [117], [131], &c.;
his 'Political Economy,' [172].
—— John S., [25], [132], [172].
Mocatta and Goldsmid, [24].
Money, like other commodities, [73];
on what its value depends, [78];
paper money ought to be Government monopoly, [89];
fall or rise unimportant in comparison with that of goods, [198];
as measure of value, [225], [230].
Monopoly and rent, [56], [61];
prices, [56], [202].
'Moral Sentiments,' Pref. [xiii].
Motives for production, adequate and inadequate, [38-40], [185].
Murray, John, the publisher, [106], [108], [112], [127], [133], [207].
Mushet, Robert, First Clerk to Master of the Mint, [1], [3].
N.
Napier, Macvey, [157], [158].
Napoleon, [27], [70], [84], [91].
National estimate of profits, [40];
national interest, [18];
growth of national wealth, [40].
'Natural level' of money, [19], cf. [34], &c.;
price of corn, [71];
wealth, [182].
'Neat produce,' [181];
revenue, [178];
surplus from land, [180].
Necessaries, [138], [197], [215], [224].
Necker, M., [91], [210].
Newmarch, William, [26].
Nominal and real value, [7], [198];
wages, [123].
Notes, to Letter [II] (Supply and Demand);
[III] (King of Clubs);
[XII] (Tooke on Depreciation and Exchanges);
[XVIII] (Corn Committee, 1814);
[XX] (Adam Smith on Indian trade);
[XXI] (Bentham);
[XXIX] (Torrens);
[XXXI] (Depreciation);
[XXXV] (Say's Correspondence with Ricardo);
[XLII] (MS. mentioned in letter);
[XLIV] (Torrens and Ricardo);
[LXIV] (Say's Correspondence);
[LXVII], [LXVIII] (Ricardo in Parliament);
LXIX [(I)] (Sinking Fund), [(II)] (Cobbett);
[LXX], [LXXV], [LXXXI] (Say's Correspondence);
[LXXX] (Francis Place);
[LXXXIII] (Labour as Measure of Value);
[LXXXIV] (Corn as Measure of Value);
[LXXXVI] (Cost and Value);
[LXXXVIII] (Death of Ricardo).
O.
Omnium, [24], [37], [85].
Otaheite, its fertility, [93 seq.], [101].
Overproduction, [14], [38], [39], [170], [178], [185]; cf. [note to II].
Owen, Robert, Pref. [xi], [170].
P.
Paget, Thos., [213].
Parsimony, [39], [190].
Peace, economical effects of, [38], [84].
Peninsular war, metal currency out of circulation in, [100].
Phelps, of Gloucestershire, [141].
Phillips, William, [64], [81].
Pierstorff, Dr. Julius, [230].
Place, Francis, Pref. [ix], [43], [96], [207], [209].
Political Economy, of what advantage to governments, [171];
inquiry not into production but into distribution, [175];
into effects not into motives, [185];
into principles not facts, [18];
corn, labour, and commodities the all-important subjects, [198];
two tasks of Pol. E., Pref. [xviii].
Political Economy Club, [182], [183], [208], [209].
Poor Rates, effect on quantity of available food, [107], [144];
Laws, [126], [144], [225].
Population, principle of, [42], [69], [180], [186], [189];
turned by Ricardo against arguments of Malthus, [68], [70], [98], [99], [101], [205], [215];
whether food precedes, [144].
Prices. See Wages, Profits, &c.
Private work, its effect on general demand for labour, [98].
Productive and unproductive consumption, [185 seq.]
Profits, rate of, [8], [35], [36], [38], [39], [40], &c.;
on what hypothesis everywhere the same, [58];
rate depends on what, [34], [46], [52], [53];
how related to wages, [49], [52], [97];
to facility of production of food, [45], &c.;
cannot be at two rates in same country, [192];
rate lowered by commercial restrictions, [36], [38];
when permanently high, [41].
Q.
Quantity and Value, [3], [4], [5], [188], &c.;
and Profits, [46], [188];
not quantity but proportions determinable, [175], cf. [211].
Quarterly Review, [179], [212].
Queen Caroline, [173], [177].
—— Sophia, [145].
Quin, Mr., [168].
R.
Radicalism, [163].
Real price, [135];
value, [7], [198];
wages, [123].
Redundancy of Money, [10 seq.];
permanent, [21];
how cured, [22], [23];
of labour and capital impossible, [174].
Reform, views of Ricardo and Malthus, Pref. [ix], [55], [151], [152], [163], [169].
Relief Works, [126], [128].
Rent, Malthus' tract on, [58];
always a transfer not a creation of wealth, [59], [155];
neglected by Say, [181];
other references, passim.
Restrictions on Corn trade. See Corn.
Resumption of cash payments by the Bank, [115], [150], [167].
'Retrograde Capital,' [39].
Ricardo, David, character and habits. See Pref. [viii seq.];
Corn pamphlet, [64];
Bullion pamphlet, [21], [72];
Appendix to ditto, [7], [17], [18], [23], [27], [72], [109]; cf. Outl. [xix];
Sinking Fund, [55], [62], [157], [160];
'Political Economy and Taxation,' [114], [132], [135], (2nd ed.) [166], [170], [175], [176], [180], [184], [206];
'Economical and Secure Currency,' [100], [103], [110];
other MSS., [178], [228];
Sale and popularity of works, [112], [166];
converts, [169], [173];
walks with Mill, [150];
patriarch, [146];
optimism, [72], [183];
diffidence, [157], [158], [181], [200];
'a poor master of language,' [176], cf. Pref. [ix];
travels in France, &c., [136], [210];
profits on Stock Exchange, [85], [147];
fear of dogmatism, [149], [174];
appearance of paradox, [145];
misunderstood, [178], [179], [212];
Sheriff of Gloucestershire, [147], [149], [151], [155];
M.P. for Portarlington, [152], [154];
Death, [240];
Letters not in this collection, [157], [184];
public services, [167];
speeches referred to, passim.
quoted, Pref. [xv], [3], [4], [160], [162], [221].
Ricardo, David, son of above, [41], [87].
—— Mortimer, [41].
—— Osman, [41], [137], [191].
Rogers, George, Pref. [ix].
Roget, Dr., [141].
Romilly, Sir Samuel, [3], [140], [141], [152].
Rush, American Minister, [156].
S.
Saving, 'excessive,' [38], [39], [188].
Say, J. B., Letters to Ricardo;
Notes to [XXXV], [LXIV], [LXX], [LXXV], [LXXXI];
Letters to Malthus, [169], [173], [178], [181];
other references, Pref. cf. [vii], [51], [53], [82], [91];
('travaillez toujours'), [105], [125], [145], [154], [173], [192];
severely characterised, [178], [179].
—— Horace, [91].
—— Louis, [211].
Scarlett, Mr., [6].
Scotch Farmers, [61].
'Scotsman' newspaper, [146], [168], [184].
'Services,' Say's doctrine of, [170], [174], [181], [209].
Sharp, Richard, [2], [25], [149], [151].
Silver, as a standard, [101];
under mint price, [115];
over ditto, [24].
Sinking Fund, Ricardo's article in Encyclopædia Britannica, see Ricardo.
Sismondi, [210], [211].
Smith, Adam, on Indian trade quoted, [50].
Other references, passim.
—— Robert and Sydney, [6].
—— Thos., of Gloucestershire, [45], [54], [116], [118], [125], [138], [140], [173], [214].
Smyth, Wm., [81], [82], [83], [139], [149].
Social wealth, [182].
Spain, New, [138].
Spence, William, [44], [76].
Stael, Baron de, [210], [211];
Madame de, [91], [210].
Stagnation, not overproduction but derangement, [189], [191].
Standard of living, [138], [197].
Steuart, Sir Jas., [16], [144].
Stocks, up and down in war times, [85];
Stockholders sufferers, [62].
Subsidies, [1], [15], [88];
effect on Exchanges, [15], [20 seq.];
relation to price of corn, [88].
'Sun' newspaper, [115].
'Superabundant supply,' [3], and whole of [note to II].
'Superior genius,' [174].
Supply, in relation to demand, [173-175], &c.
See Demand.
T.
Tables, exchange with Hamburgh, [24], [33];
with Holland, [28-31].
Taxation, relation to Rent, [59], [65];
not a cause of dear corn, [64];
too little considered by Economists, [164];
taxation and altered value of money, [3];
Say's views on English, [174], [179].
Tennant, Smithson, [2].
Theoretical and practical bias, [96];
theory and experience, [78].
Thornton, Henry, [25], [26].
'Times' newspaper, [130].
Tithes, [65], [171].
Tooke, Thomas, [26], [27], [81], [82], [184], [191], [212].
Torrens, Robert, [63], [64], [65], [75];
life, [76], [79], [81], [82], [90], [111], [112], [115], [116], [133], [149], [168], [170], [182], [195], [208].
Tracy, Destutt de, [211].
'Traveller' newspaper, [168].
'Trienniality,' [55].
U.
Ultra-Bullionists, [27].
Utility and Truth of propositions, [53], but cf. [182];
Utility and Value, [92], [93], [173], [174], [179], [182], [183].
V.
Value, real and nominal, [7];
of currency, [82];
doctrine of Value a cardinal point in Ricardo's system, [149];
how viewed by Malthus, [171], [175];
and by Say, [92], [93], [173], [181], [209];
Measure of Value, [148];
Ricardo's doctrine modified, [139];
Quantity and Value, [3 seq.], [53].
See also Measure.
Vansittart, Nicholas, [3], [5].
'Verbal disputes in Political Economy,' [192], cf. [165].
W.
Wages, foundation of capital, [49];
do not depend on day's produce, [97];
in proportion not to the produce but to the demand for labour, [98];
'Real,' [123];
too high and too low, [186], [188];
depends on facility of obtaining necessaries, [34];
effect of high wages on prices, [39];
wages low in 1817, [142];
remedy for low wages, [166].
Wants of men unlimited, [34], [45], [49];
effects of changing wants and tastes, [1], [38], [49], [53].
War, effects on trade, [8], [9], [39], [72], [84];
Peninsular, [100].
Warburton, Henry, [96], [115], [117], [139], [140],
[149], [172].
Wealth, as abundance, [211];
proper sense, [153];
natural and social, [182].
Wellington, Duke of, [84], [87].
West, Edward, [63].
Western, Mr., [213].
Westminster Election, [152].
Wetenhall, tables, [9], [24], [60].
Whishaw (or Wishaw), John, [2], [83], [118], [138], [139], [148], [149], [163].
Whitbread, Samuel, [63], [84].
Wilberforce, William, Pref. [xi], [89].
Woolaston, Dr., [139].
Workmen, combinations, [144].
Y.
Young, Arthur, [97].