If English Money Was Of The Same

Whether A Bank Lent One Million, Ten Million, Or A Hundred Millions, They Would Not Permanently Alter The Market Rate Of Interest; They Would Alter Only The Value Of The Money They Issued.

The Opinions That The Price Of Commodities Depends Solely On The Proportion Of Supply And Demand, Or Demand To Supply, Has Become Almost An Axiom In Political Economy, And Has Been The Source Of Much Error In That Science.

Whenever, Then, The Usual And Ordinary Rate Of The Profits Of Agricultural Stock, And All The Outgoings Belonging To The Cultivation Of Land, Are Together Equal To The Value Of The Whole Produce, There Can Be No Rent.

I Have Endeavoured To Show That The Ability To Pay Taxes Depends, Not On The Gross Money Value Of The Mass Of Commodities, Nor On The Net Money Value Of The Revenue Of Capitalists And Landlords, But On The Money Value Of Each Man's Revenue Compared To The Money Value Of The Commodities Which He Usually Consumes.

For Price Is Everywhere Regulated By The Return Obtained By This Last Portion Of Capital, For Which No Rent Whatever Is Paid.