If A Tax On Malt Would Raise

Possessing Utility, Commodities Derive Their Exchangeable Value From Two Sources: From Their Scarcity, And From The Quantity Of Labour Required To Obtain Them.

It Is Not By The Absolute Quantity Of Produce Obtained By Either Class, That We Can Correctly Judge Of The Rate Of Profit, Rent, And Wages, But By The Quantity Of Labour Required To Obtain That Produce.

Experience, However, Shows That Neither A State Nor A Bank Ever Have [sic] Had The Unrestricted Power Of Issuing Paper Money Without Abusing That Power; In All States, Therefore, The Issue Of Paper Money Ought To Be Under Some Check And Control; And None Seems So Proper For That Purpose As That Of Subjecting The Issuers Of Paper Money To The Obligation Of Paying Their Notes Either In Gold Coin Or Bullion.

A Rise In Wages, From An Alteration In The Value Of Money, Produces A General Effect On Price, And For That Reason It Produces No Real Effect Whatever On Profits.

Again Two Manufacturers May Employ The Same Amount Of Fixed, And The Same Amount Of Circulating Capital; But The Durability Of Their Fixed Capitals May Be Very Unequal.