Section Iii. Pp. 72 _seq._

Footnote 635:

Quart. Rev., l. c. p. 324; cf. p. 315. Cf. above.

Footnote 636:

Pol. Econ. and Tax., ch. i. sections iv. and v.

Footnote 637:

Any given value, it might be added, is influenced by custom as well as competition.

Footnote 638:

1821, p. 186, ch. iv. sect. iii. “That consumption is coextensive with production.”

Footnote 639:

Pol. Econ., III. xiv. “Of excess of supply.” Cf. I. v. § 3, p. 42.

Footnote 640:

A cargo of skates was sent to Rio Janeiro in 1808.

Footnote 641:

The intention of the new Corn Law of 1815 was to keep out all foreign grain till the home price should reach 80s. a quarter, or the loaf 1s. See above, p. 221.

Footnote 642:

The article on the Bullion question, in August of the same year, might be his, if it was not Francis Horner’s. Cf. Horner’s Life, vol. i. ch. vi., dates April and Sept. 1805, from which it appears that Horner was working hard at the question and meant to write on it, as he might have done better in 1811, fresh from his experience on the Bullion Committee. As to the February article, the authorship is shown partly by internal evidence, partly by Horner’s Life, vol. ii. p. 68 (Jan. 1811): “I received Malthus’ MS. from you [Jeffrey] and have since transmitted it to him with such remarks as occurred to me in perusing it,” &c. MacCulloch did not begin to write the economical articles for the Edin. Rev. till 1818. See Notes and Queries, 5th Oct., 1878.

Footnote 643:

For the history of the currency in the interval see Miss Martineau’s Introd. to Hist. of Peace, Bk. II. ch. iii.; Hist. of the Peace, Bk. I. ch. iii. and ch. xv.; Cobbett’s Paper v. Gold; Macleod’s Banking, vol. ii., end of ch. ix. pp. 174–221, much the completest account.

Footnote 644:

Peel changed his views then on Currency, as he did later on Catholic Emancipation and the Corn Laws.

Footnote 645:

p. 370. He speaks approvingly of the American free trade in banking in a way that would have pleased Cobden.

Footnote 646:

p. 371.

Footnote 647:

E. g. Horner complains of this even in so clear a paper as that on Newenham. See Horner’s Life, vol. i. pp. 436–7 (sub dato 1808).

Footnote 648:

Works (ed. MacC.), pp. 291–296.

Footnote 649:

Ricardo, Works (MacC.), p. xxi.

Footnote 650:

Cf. below, Bk. V.

Footnote 651:

Horner’s Life, vol. ii. p. 68 (Jan. 1811).

Footnote 652:

Thoughts and Details on High and Low Prices during the last Thirty Years, 1793–1823. The later ed. of 1838 in three vols. is more valuable.

Footnote 653:

Political Register, 30th Nov., 1816.

Footnote 654:

Internal evidence, e. g. p. 237 of the Quarterly, compared with p. 65 of Measure of Value, would show his authorship, and the article is ascribed to him by Tooke, Prices, ed. 1838, vol. i. p. 21.

Footnote 655:

l. c. pp. 215–16.

Footnote 656:

Bosanquet, Practical Observations on the Report of the Bullion Committee (1810); Ricardo, The High Price of Bullion a Proof of the Depreciation of Bank-Notes (1809), and his Reply to Bosanquet (1811).

Footnote 657:

l. c. Pol. Econ., Introd. (1820), pp. 6 and 7 n., (1836) p. 5 n. Cf. Tooke, Prices, Part I. p. 6 (ed. 1823).

Footnote 658:

Tooke, Prices, Part III. p. 91.

Footnote 659:

See Tract on Value, p. 18.

Footnote 660:

Quarterly, April 1823, p. 230.

Footnote 661:

Econ. Pol., Part III. ch. ii., 2nd ed., 1842; 1st ed., 1802.

Footnote 662:

“Products” is Say’s word, however.

Footnote 663:

Elements (1821), ch. iv. sect. iii. pp. 186 seq. “That consumption is coextensive with production.” Mill taught this as early as 1808 in his tract (against Spence) Commerce defended.

Footnote 664:

Lettres à M. Malthus sur différents sujets d’écon. pol., notamment sur les causes de la stagnation générale du commerce (1820), pp. 26 seq.

Footnote 665:

Pol. Econ. (1820), p. 355, (1836) p. 316. Against Say’s general position see Definitions, p. 56 n.

Footnote 666:

Wealth of Nations, I. iii.

Footnote 667:

See above, p. 232. A curious footnote in Essay on Pop., 3rd ed., vol. ii. p. 264, suggested that there might be over-production in the case of high farming when its cost made the farmers charge more than the public could bear. But this note disappeared afterwards.

Footnote 668:

Ricardo, Pol. Econ. and Taxation, ch. xxi. p. 176 (MacCull.’s ed.). Mill (Elements, pp. 193 ft., 194) is more rigid.

Footnote 669:

Essay, 7th ed., IV. xiii. 473.

Footnote 670:

Pol. Econ. (1836), ch. iv. sect. iii. p. 239, slightly altered from 1st ed., 1820, ch. iv. sect. iii. p. 266.

Footnote 671:

Sismondi, Nouveaux Principes de l’Écon. Pol., 1819. See Malthus, Pol. Econ. (1820), p. 420, (1836) pp. 325 n., 366 n. Cf. on the other hand Essay, III. xiii. 372–3 and n.

Footnote 672:

Wealth of Nations, V. i. art. ii. pp. 350–353 (ed. MacC.). He is outrivalled by Ferguson, Civil Society, parts iv. and v. (ed. 1773).

Footnote 673:

3rd ed. of Pol. Ec. and Tax. (1821), ch. xxxi. pp. 468–9, ed. MacCull., pp. 235–6. Cf. below (Critics). It is the position of Marx.

Footnote 674:

If we believe Bowring, Life of Bentham (ed. 1843), p. 176.

Footnote 675:

“Supposing that his opinions have not altered within the last twelve months.”—De Quincey, vol. iv. p. 231.

Footnote 676:

James Mill, Elements, pp. 193, 194. MacCull., Pol. Ec., p. 207. Cf. the tract Mordecai Mullion (1826).

Footnote 677:

Especially by Sunday Schools, according to the testimony of Samuel Bamford.—Radical, vol. i. p. 7 (1844).

Footnote 678:

We have his counterpart in our own day.

Footnote 679:

See below, Bk. III., for disproof of the charge that he was reactionary in his politics, like many economical optimists.

Footnote 680:

Pol. Econ., 1820, p. 236.

Footnote 681:

l. c. p. 472.

Footnote 682:

Emigr. Comm. (1827), p. 317, qu. 3281.

Footnote 683:

Some such view is suggested by Malthus himself, Essay, IV. xiii. p. 473 (cf. Pol. Ec., 1820, p. 475), a passage which it is hard to reconcile with the passages in the Quarterly and in the Pol. Ec. that speak of the necessity of a special class of unproductive consumers.

Footnote 684:

Pol. Econ. (1820), ch. vii. sect. ix. p. 473. Cf. Tract on Rent, p. 48 n.

Footnote 685:

Essay on Pop., III. iii. p. 282 (in relation to Robert Owen). Cf. the whole ch. xiii. of Book III., where he treats of “Increasing Wealth as it affects the Condition of the Poor.”

Footnote 686:

Pol. Econ., l. c. p. 474.

Footnote 687:

Ibid., l. c. pp. 474–5.

Footnote 688:

See above, pp. 245 seq. and 252.

Footnote 689:

See below, Bk. IV., and cf. above, p. 208.

Footnote 690:

See above, p. 142.

Footnote 691:

The passage is quoted in full because by recent critics it is much garbled; e. g. in Progress and Poverty, VII. i. 304 n.

Footnote 692:

Essay, 2nd ed., IV. vi. 531.

Footnote 693:

Lucretius, iii. 951. Cicero’s simile of the theatre open to all comers, but giving each man his own seat, had special application to Property (De Finibus, iii. 20).

Footnote 694:

Epitaph on Fenton.

Footnote 695:

James Grahame’s Population (1816), p. 34. Cf. Quarterly Rev., Dec. 1812, p. 327; Hazlitt, Spirit of the Age, ‘Malthus,’ end.

Footnote 696: