ERRATA.

Page.Line.
3.[32]. * advantages, r. disadvantages
73.[27]. were, r. from
85.[28]. * This is the, r. This is not the
89.[12]. * supposed to come, r. subsisted
116.[12]. productions, r. spontaneous productions
145.[9]. * trial, r. Tirol
147.[30]. its, r. their
172.[1]. * earth, r. cart
208.[29]. third, r. fourth
210.[6]. lands, r. hands
214.[4]. moving, r. removing.
217.[2]. turns, r. terms
229.[8]. * usefulness, r. uselesness
236.[19]. * management, r. mismanagement
266.[21], 22. they correspond, r. it corresponds
290.[2]. easily bred, r. bred early
339.[21]. * preventing, r. promoting
382.[10]. * work, r. worth
391.[8]. * next, r. net
425.[27]. discovering, r. discoursing
430.[29]. eiò, r. ciò
Ditto[30]. misuro, r. misura
501.[3]. * physical, r. political
Ditto[27]. competition, r. composition.
515.[17]. proportions, r. propositions
552.[12]. * bringing, r. coining
601.[9]. * diminution, r. denomination
626.[31]. * revolution, r. institution
637.
638.		ult.
[prim].		}formally, r. formerly

CONTENTS
OF THE
FIRST VOLUME.

BOOK I.
Of Population and Agriculture.
Introduction,Page [1]
Chap. I. Of the government of mankind,[6]
Chap. II. Of the spirit of a people,[8]
Chap. III. Upon what principles, and from what natural causes, do mankind multiply; and what are the effects of procreation in countries where numbers are not found to increase?[17]
Chap. IV. Continuation of the same subject, with regard to the natural and immediate effects of agriculture, as to population,[21]
Chap. V. In what manner, and according to what principles and political causes does agriculture augment population?[26]
Chap. VI. How the wants of mankind promote their multiplication,[31]
Chap. VII. The effects of slavery upon the multiplication and employment of mankind,[36]
Chap. VIII. What proportion of inhabitants is necessary for agriculture, and what proportion may be usefully employed in every other occupation?[41]
Chap. IX. What are the principles which regulate the distribution of inhabitants into farms, hamlets, villages, towns, and cities?[46]
Chap. X. Of the consequences which result from the reparation of the two principal classes of a people, the farmers and the free hands, with regard to their dwelling,[50]
Chap. XI. Of the distribution of inhabitants into classes; of the employments, and multiplication of them,[59]
Chap. XII. Of the great advantage of combining a well digested theory, and a perfect knowledge[knowledge] of facts, with the practical part of government, in order to make a people multiply,[67]
Chap. XIII. Continuation of the same subject, with regard to the necessity of having exact lists of births, deaths, and marriages, for every class of inhabitants in a modern society,[75]
Chap. XIV. Of the abuse of agriculture and population,[82]
Chap. XV. Application of the above principles to the state of population in Great Britain,[95]
Chap. XVI. Why are some countries found very populous, in respect of others, equally well calculated for improvement?[101]
Chap. XVII. In what manner, and according to what proportion, do plenty and scarcity affect a people?[109]
Chap. XVIII. Of the causes and consequences of a country being fully peopled,[114]
Chap. XIX. Is the introduction of machines into manufactures prejudicial to the interest of a state, or hurtful to population?[119]
Chap. XX. Miscellaneous observations upon agriculture and population,[124]
Chap. XXI. Recapitulation of the first book,[149]
BOOK II.
Of Trade and Industry.
Introduction,[161]
Chap. I. Of the reciprocal connections between trade and industry,[166]
Chap. II. Of Demand,[172]
Chap. III. Of the first principles of bartering, and how this grows into trade,[175]
Chap. IV. How the prices of goods come to be determined by trade,[181]
Chap. V. How foreign trade opens to an industrious people, and the consequences of it to the merchants who set it on foot,[184]
Chap. VI. Consequences of the introduction of a passive foreign trade among a people who live in simplicity and idleness,[190]
Chap. VII. Of double competition,[196]
Chap. VIII. Of what is called expence, profit, and loss,[205]
Chap. IX. The general consequences resulting to a trading nation, upon the opening of an active foreign commerce,[206]
Chap. X. Of the balance of work and demand,[216]
Chap. XI. Why in time this balance is destroyed,[225]
Chap. XII. Of the competition between nations,[232]
Chap. XIII. How far the form of government of a particular country may be favourable or unfavourable to a competition with other nations, in matters of commerce,[237]
Chap. XIV. Security, ease, and happiness, no inseparable concomitants of trade and industry,[250]
Chap. XV. A general view of the principles to be attended to by a statesman, who resolves to establish trade and industry upon a lasting footing,[261]
Chap. XVI. Illustration of some principles laid down in the former chapter, relative to the advancement and support of foreign trade,[272]
Chap. XVII. Symptoms of decay in foreign trade,[278]
Chap. XVIII. Methods of lowering the price of manufactures, in order to make them vendible in foreign markets,[283]
Chap. XIX. Of infant, foreign and domestic trade, with respect to the several principles which influence them,[301]
Chap. XX. Of luxury,[306]
Chap. XXI. Of physical and political necessaries,[311]
Chap. XXII. Preliminary reflections upon inland commerce,[319]
Chap. XXIII. When a nation, which has enriched herself by a reciprocal commerce in manufactures with other nations, finds the balance of trade turn against her, it is her interest to put a stop to it altogether,[328]
Chap. XXIV. What is the proper method to put a stop to a foreign trade in manufactures, when the balance of it turns against a nation?[336]
Chap. XXV. When a rich nation finds her foreign trade reduced to the articles of natural produce, what is the best plan to be followed? And what are the consequences of such a change of circumstances?[343]
Chap. XXVI. Of the vibration of the balance of wealth between the subjects of a modern state,[359]
Chap. XXVII. Circulation, and the balance of wealth, objects worthy of the attention of a modern statesman,[374]
Chap. XXVIII. Circulation considered with regard to the rise and fall of the price of subsistence and manufactures,[394]
Chap. XXIX. Circulation with foreign nations, the same thing as the balance of trade,[414]
Chap. XXX. Miscellaneous questions and observations relative to trade and industry,[426]
Chap. XXXI. Recapitulation of the second book,[482]
BOOK III.
OF MONEY AND COIN.
PART I.
The principles of money deduced, and applied to the coin of Great Britain.
Introduction,[523]
Chap. I. Of money of accompt,[526]
What money is[——]
Definitions[——]
Money a scale for measuring value,[——]
Principles which determine the value of things[527]
Prices not regulated by the quantity of money,[——]
But by the relative proportion between commodities and the wants of mankind,[528]
Necessity of distinguishing between money and price,[529]
Money of accompt what, and how contrived,[——]
Examples of it,[531]
Bank money,[——]
Angola money,[——]
Chap. II. Of artificial or material money,[——]
Usefulness of the precious metals for the making money,[532]
Adjusting a standard, what?[533]
Debasing and raising a standard, what?[534]
The alteration of a standard, how to be discovered?[——]
Of alloy,[——]
Chap. III. Incapacities of the metals to perform the office of an invariable measure of value,[535]
1. They vary in their relative value to one another,[——]
All measures ought to be invariable,[——]
Consequences when they vary,[536]
Defects of a silver standard,[537]
Arguments in favour of it,[——]
Answers to these arguments,[538]
Usefulness of an universal measure,[539]
They have two values, one as coin, and one as metals,[540]
Smaller inconveniences attending material money,[——]
It wears in circulation,[——]
It is inaccurately coined,[541]
The coinage adds to its value, without adding to its weight,[——]
The value of it may be arbitrarily changed,[——]
Trade profits of the smallest defects in the coin,[——]
Chap. IV. Methods which may be proposed for lessening the several inconveniences to which material money is liable,[542]
Use of theory in political matters,[——]
Five remedies against the effects of the variation between the value of the metals,[——]
Remedies against the other inconveniences,[544]
Against the wearing of the coin,[——]
Against inaccuracy of coinage,[——]
Against the expence of coinage,[——]
Against arbitrary changes in the value of coin,[545]
Chap. V. Variations to which the value of the money-unit is exposed from every disorder in the coin,[——]
How the market price of the metals is made to vary,[——]
The variation ought to be referred to the rising metal, and never to the sinking,[546]
How the money-unit of accompt is made to vary in its value from the variation of the metals,[547]
Consequences of this,[——]
The true unit is the mean proportional between the value of the metals,[——]
The unit to be attached to the mean proportion upon a new coinage, not after the metals have varied,[548]
It is better to affix the unit to one, than to both metals,[549]
Variation to which the money-unit is exposed from the wearing of the coin,[——]
Variations to which the money-unit is exposed, from the inaccuracy in the fabrication of the money,[550]
Variation to which the money-unit is exposed from the imposition of coinage,[551]
When coinage is imposed, bullion must be cheaper than coin,[——]
Exception from this rule,[552]
Variation to which the money-unit is exposed by the arbitrary operations of Princes in raising and debasing the coin,[——]
Chap. VI. How the variations in the intrinsic value of the unit of money must affect all the domestic interests of a nation,[553]
How this variation affects the interests of debtors and creditors,[——]
A mistake of Mr. Locke,[555]
When the value of the unit is diminished, creditors lose; when it is augmented, debtors lose,[556]
Chap. VII. Of the disorder in the British coin, so far as it occasions the melting down or the exporting of the specie,[558]
Defects in the British coin,[——]
Of the standard of the English coin and money-unit,[——]
A pound sterling by statute contains 1718.7 grains troy fine silver,[559]
The guinea 118.644 grains fine gold,[——]
Coinage in England free,[——]
The standard not attached to the gold coin till the year 1728,[560]
Consequences of this regulation to debase the standard,[——]
That debtors will not pay in silver but in gold,[——]
That some people consider coin as money of accompt,[561]
Others consider it as a metal,[——]
Operations of money-jobbers, when the coin deviates from the market proportion of the metals, or from the legal weight,[562]
They melt down when the metals in it are wrong proportioned,[——]
And when the coin is of unequal weight,[——]
Why silver bullion is dearer than coin,[——]
Because that species has risen in the market price as bullion, and not as coin,[563]
What regulates the price of bullion?[564]
1. The intrinsic value of the currency,[——]
2. A demand for exporting bullion,[565]
3. Or for making of plate,[——]
Exchange raises, and the mint price brings down bullion,[——]
Continuation of the operations of money-jobbers: their rule for melting the coin,[566]
The price in guineas equal to the price of shillings of 65 in the pound troy,[——]
When guineas may be melted down with profit,[——]
Silver is exported preferably to gold,[567]
This hurtful, when done by foreigners,[——]
Chap. VIII. Of the disorder in the British coin, so far as it affects the value of the pound sterling currency,[568]
Two legal pounds sterling in England,[——]
And several others, in consequence of the wearing of the coin,[569]
Why any silver coin remains in England,[——]
Value of a pound sterling current determined by the operations of trade,[——]
To the mean value of all the currencies,[570]
Exchange a good measure for the value of a pound sterling,[——]
The use of paper money not hurtful in debasing the standard,[571]
The pound sterling not regulated by statute, but by the mean value of the current money,[——]
Why exchange appears so commonly against England,[——]
How the market price of bullion shews the value of the pound sterling,[——]
Shillings at present weigh no more than 1⁄65 of a pound troy,[572]
And are worn 4.29 troy grains lighter than their standard weight,[——]
A pound sterling worth, at present, no more than 1638 grains troy fine silver, according to the price of bullion,[573]
And according to the course of exchange,[——]
Shillings coined at 65 in the pound troy, would be in proportion with the gold,[574]
Which shews that the standard has been debased,[——]
And that the preserving it where it is, is no new debasement,[——]
Proof that the standard has been debased by law,[575]
And is at present reduced to the value of the gold,[——]
Chap. IX. Historical account of the variations of the British coin,[576]
Purport of this treatise not to dictate, but to inquire,[——]
How the disorder in the coin may be remedied without inconveniences,[——]
By making the nation itself choose the remedy,[577]
If the present standard is departed from, every other that might be pitched on is arbitrary,[——]
People imagine the present standard is the same with that of Queen Elizabeth,[578]
Debasements of the standard during the reformation,[——]
Raised by Edward VI.[——]
Debased by Elizabeth,[——]
Supported by her successors,[——]
Until it was debased by the clipping, after the revolution,[579]
Lowndes’s scheme refuted by Locke: the standard raised to that of Elizabeth, and the consequences of that measure,[580]
Silver has been rising from the beginning of this century,[——]
The English standard has been debased by law, since 1726,[——]
The trading interest chiefly to be blamed for this neglect,[581]
Debasing the standard chiefly affects permanent contracts,[——]
And prevents prices from rising as they should do,[——]
Chap. X. Of the disorder of the British coin, so far as it affects the circulation of gold and silver coin, and of the consequences of reducing guineas to twenty shillings,[582]
Why silver coin is so scarce,[583]
Consequences of fixing the guineas at 20 shillings, with regard to circulation,[——]
Will make coin disappear altogether,[584]
How light shillings are bought by weight,[——]
Consequences as to the circulation with merchants and bankers,[585]
That guineas would still pass current for 21 shillings,[——]
That the standard would be affixed to the light silver, as it was in the year 1695,[——]
That merchants would gain by it,[586]
Debtors would be ruined,[——]
Consequences as to the bank,[——]
Reducing guineas to 20 shillings is the same as making them a commodity,[587]
Chap. XI. Method of restoring the money-unit to the standard of Elizabeth, and the consequences of that revolution,[——]
How to fix the pound sterling at the standard of Queen Elizabeth,[——]
The consequences of this reformation will be to raise the standard 5 per cent.[588]
Every interest in a nation equally intitled to protection,[589]
Those who suffer by the debasement of the standard,[——]
Ought only to benefit by the restitution,[590]
And not the whole class of creditors,[——]
Whose claim ought to be liable to a conversion,[591]
According to justice and impartiality,[——]
Chap. XII. Objections stated against the principles laid down in this inquiry, and answers to them,[592]
That a pound will always be considered as a pound,[593]
That the standard is not debased at present, being fixed to the statute, not to the coin,[——]
That the pound sterling is virtually worth 1718.7 grains fine silver,[——]
That these principles imply a progressive debasement of the standard every new coinage,[594]
That the same argument holds for debasing the standard measures of weights, capacity, &c.[——]
That the wearing of the coin falls on them who possess it at the crying down, but does not debase the standard,[——]
That inland dealings, not the price of bullion, or course of exchange, regulate the standard,[——]
That public currency supports the value of the coin,[——]
That this scheme is the same with that of Lowndes,[——]
Answers to these objections,[595]
That a pound will be considered at its worth by all debtors, and by those who buy,[——]
If the standard was affixed to the statute, people would be obliged to pay by weight,[——]
No body can be obliged to pay 1718.7 grains fine silver for a pound sterling,[596]
That it is not the regulation of the mint, but the disorder of the coin which must debase the standard,[——]
That people are obliged to measure by the standard weight, but are not obliged to pay by the standard pound,[597]
That the loss upon light money when called in, does not fall upon the possessors,[——]
That inland dealings cannot support the standard where there are money-jobbers or foreign commerce,[599]
That public currency supports the authority of the coin, not the value of the pound sterling,[601]
That the scheme is similar, though not the same with that of Lowndes,[602]
Lowndes reasoned upon wrong principles,[——]
Locke attended to supporting the standard, without attending to the consequences,[——]
Political circumstances are greatly changed,[604]
Reconciliation of the two opinions,[606]
The question in dispute is not understood,[607]
The true characteristic of a change upon the standard is not attended to,[——]
Principles will not operate their effects without the assistance of the state,[608]
When people understand one another, they soon agree,[——]
Permanent contracts are confounded with sale in the dispute,[609]
The interest of creditors is always the predominant, and determines the opinion of a nation,[611]
Application of principles to the operation the Dutch have lately made upon their coin,[612]
All decisions in political questions depend upon circumstances,[613]
Chap. XIII. In what sense the standard may be said to have been debased by law; and in what sense it may be said to have suffered a gradual debasement by the operation of political causes,[614]
These proportions appear contradictory,[——]
Debased by law, when affixed to the gold,[615]
Effects which the changing the proportion of the metals has upon melting the coin, and regulating payments,[——]
Payments made by bankers regulate all others,[——]
The standard gradually debased by the rising of the silver,[616]
The proportion of the metals in 1728, supposed to have been as 15.21 is to 1.,[——]
By what progression the silver standard has been debased,[——]
The standard of Elizabeth, for the pound sterling, was 1718.7 grains silver, and 157.6 ditto gold, both fine,[617]
The gold standard of her pound worth, at present, 2285.5 grains fine silver,[——]
The variation of the metals has produced three different standards of Elizabeth,[——]
One worth £ 1 0 11⅜ present currency,[618]
Another worth £ 1 7 10⅞ ditto,[——]
And a third worth £ 1 4 5⅛ ditto,[——]
The last is the true standard of Elizabeth for the pound sterling, and worth at present 2002 grains fine silver, and 138 ditto gold,[——]
But may vary at every moment,[619]
Gold rose during the whole 17th century,[——]
And silver has risen since the beginning of this century,[——]
Some positions recapitulated,[620]
Chap. XIV. Circumstances to be attended to in a new regulation of the British coin,[621]
The adopting of the standard of Elizabeth, has an air of justice,[——]
Advantages of that of Mary I.,[——]
Conversions necessary in every case,[622]
Every interest within the state to be examined,[——]
Landed interest examined,[——]
Interest of the public creditors examined,[625]
Interest of trade examined,[628]
Interest of buyers and sellers examined,[——]
Interest of the bank examined,[629]
Inconveniences attending all innovations,[632]
Argument for preserving the standard at the present value,[——]
That every change must either hurt the bank, or the public creditors,[——]
A more easy method of making a change upon the standard,[633]
Chap. XV. Regulations which the principles of this inquiry point out as expedient to be made, by a new statute for regulating the British coin,[634]
1. Regulation as to the standard,[——]
2. As to the weight,[——]
3. Mint price,[——]
4. Denominations,[635]
5. Marking the weight on the coins,[——]
6. Liberty to stipulate payment in gold or silver,[——]
7. Creditors may demand payment, half in gold, and half in silver,[——]
8. Regulations as to sale,[——]
9. Ditto as to payments to and from banks, &c.,[——]
10. All coin to be of full weight, when paid away,[——]
11. Liberty to melt or export coin, but death to clip or wash,[——]
12. Rule for changing the mint price of the metals,[636]
13. When to change the mint price,[——]
14. Rule for changing the denomination of the coins,[——]
15. How contracts are to be acquitted, after a change of the denomination has taken place,[——]
16. The weight of the several coins never to be changed, except upon a general recoinage of one denomination at least,[638]
How these regulations will preserve the same value to the pound sterling at all times, and how fractions in the denomination of coin may be avoided,[——]
17. Small coins to be current only for 20 years, and large coins for 40 years, or more,[639]
18. All foreign coins to pass for bullion only,[——]
Consequences of these regulations,[——]