...All loans at interest, though made in money or paper, are in reality a transfer of a certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fume pieces of money may ferve fucceffively as the inftruments...

...All loans at intereft, though made in money or paper, are in reality a transfer of a certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fame pieces of money may ferve fuccefiively as the inftruments...

...All loans at intereft, though made in money or paper, are in reality a transfer ota certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fame pieces of money may ferve fucceffively as the inftruments...

...productive hands, whofe labour would have replaced, with a profit, the whole value of their confumption. The value of the annual produce of the land and labour of the country, would have been confiderably increafed by it every year, and every year's increafe would have augmented...

...relative' proportion of revenue,) " naturally tends to increafe " the real quantity of induftry, — the value of the " annual produce of the land and labour of the "country, — ihe real wealth of all its inhabitants':'-* Such is the reafoning with which this acute writer...

...unproductive hands. Every year, therefore, there would still be some diminution in what would otherwise have been the value of the annual produce of the land and labour of the country. This expense, it may be said indeed, not being in foreign goods, and not occasioning any exportation of...

...indeed, not being in foreign goods, and not occasioning any exportation of gold and silver, the same quantity of money would' remain in the country as before. But if the quantity of food and clothing,which were thus consumed by unproductive, had been distributed among productive hands, they...

...productive hands, whofe labour would have replaced, with a profit, the whole value of their confumption. The value of the annual produce of the land and labour of the country, would have been confiderably increafed by it every year, and every year's increafe would have augmented...

...hands. In the one way, therefore, it increafes, in the other, it does not increafe, the exchangeable value of the annual produce of the land and labour of the country. I would >i.. "I'j BOOK. I would not, however, by all this be undern* ftood to mean, that the one fpecies...

...demand for labour. The declenfion of induflry, the decreafe of employment for thepoor, the diminution of the annual produce of the land and labour of the country, have generally been the effects of fuch taxes. Inconfequenceofthem,however,thepric« of labour muft...