The Principles of Political Economy Applied to the Condition, the Resources, and the Institutions of the American People |
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Common terms and phrases
acre Adam Smith advantage aggregate agricultural American amount annual average Bank of England banks bills bills of exchange Britain bullion bushels capital cause cent Circulating Capital circulation circumstances civilized coin commercial commodities consequence consumed consumption cost cultivation currency debt demand depreciation diminished distribution dollars effect employment England English equal evil exchange expense exports extent fact flour foreign former grain greater hand increase individual industry inhabitants Ireland issue J. S. Mill labor land less loans Malthusians manufactures Massachusetts means ment merchant millions natural nearly necessary obtain operations paper money payment persons Political Economy population portion pound sterling precious metals principle produce proportion purchase quantity raise rate of interest rate of profit rent rise savings says seigniorage sell society soil specie supply tion trade value of money wages wealth whole
Popular passages
Page 136 - In two centuries the population would be to the means of subsistence as 256 to 9; in three centuries as 4096 to 13, and in two thousand years the difference would be almost incalculable.
Page 126 - The laws and conditions of the production of wealth, partake of the character of physical truths. There is nothing optional, or arbitrary in them. Whatever mankind produce, must be produced in the modes, and under the conditions, imposed by the constitution of external things, and by the inherent properties of their own bodily and mental structure.
Page 60 - One of those boys, who loved to play with his companions, observed that, by tying a string from the handle of the valve which opened this communication, to another part of the machine, the valve would open and shut without his assistance, and leave him at liberty to divert himself with his playfellows.
Page 34 - With many a weary step, and many a groan, Up the high hill he heaves a huge round stone; The huge round stone, resulting with a bound, Thunders impetuous down, and smokes along the ground.
Page 91 - Thirdly, and lastly, commerce and manufactures gradually introduced order and good government, and with them the liberty and security of individuals, among the inhabitants of the country, who had before lived almost in a continual state of war with their neighbours, and of servile dependency upon their superiors.
Page 503 - They came to a new country. There were as yet no lands yielding rent, and no tenants rendering service. The whole soil was unreclaimed from barbarism. They were themselves, either from their original condition, or from the necessity of their common interest, nearly on a general level in respect to property.
Page 229 - The property which every man has in his own labor, as it is the original foundation of all other property, so it is the most sacred and inviolable.
Page 503 - In my judgment, therefore, a republican form of government rests not more on political constitutions than on those laws which regulate the descent and transmission of property. Governments like ours could not have been maintained, where property was holden according to the principles of the feudal system; nor, on the other hand, could the feudal constitution possibly exist with us. Our New England ancestors brought hither no great capitals from Europe ; and if they had, there was nothing productive...
Page 237 - In every society the price of every commodity finally resolves itself into some one or other, or all of those three parts; and in every improved society, all the three enter more or less, as component parts, into the price of the far greater part of commodities.
Page 12 - What is annually saved is as regularly consumed as what is annually spent, and nearly in the same time too ; but it is consumed by a different set of people.