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Principles of Political Economy

Chapter 23: M
By Arthur Latham Perry
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Economics

About This Book

A systematic exposition of political economy that frames economic activity as exchanges among persons, replacing the traditional focus on wealth with the scientific concept of value encompassing commodities, services, and credits. It builds economics around reciprocity, arguing that every sale is simultaneously a purchase and emphasizing mutual satisfaction as the motive for voluntary exchange. The text analyzes the elemental structure of buying and selling — persons, desires, efforts, estimates, renderings, satisfactions — and applies this framework to land, money, and foreign trade, critiques restrictive government interference, and demonstrates inductive reasoning and pedagogical organization for instruction in the subject.

F

  • Fallacies of protectionism, 503.
  • Fallacy A, 504.
  • Fallacy B, 508.
  • Fallacy C, 516.
  • Fallacy D, 520.
  • Fallacy E, 524.
  • Fallacy F, 529.
  • Fallen market rate, 55.
  • Fall of valuables, 49, 77.
  • Falsities of protectionism, 535.
  • "Farmer," 156.
  • "Farmers' Alliances," 519.
  • Farmers of United States, 577.
  • Fawcett, Professor, 223.
  • Federalists, the, 537.
  • Fees of preachers, 207.
  • Feigned cases, 65, 73.
  • Feudalism, 248.
  • Field, David Dudley, 206.
  • Field, Mr. Justice, 357, 360.
  • Field of investigation, 1.
  • Field of the science, 540.
  • Fire Insurance Co., 298.
  • First difficulty in money, 361.
  • "Five articles," 485.
  • "Five-twenties," 285, 355.
  • Fixed capital defined, 99.
  • Fluency of gold and silver, 401, 407.
  • Foreign bills of exchange, 306, 336.
  • Foreign trade, 454, 462.
  • Forms of credit, 271.
  • France and England, 30.
  • France and England in trade, 456.
  • Franklin, Benjamin, 436, 538.
  • Franklin's experiment, 69.
  • Fraud, 16.
  • Freak of fancy, 584.
  • "Free breakfast table," 488.
  • Free list, 583.
  • Freedom, 99, 112.
  • French "francs," 316.
  • French government, 56.
  • French lands, 156.
  • Fruit dealer, 366.
  • Funds, British, 284.
  • Future time in credit, 273.

G

  • Gambling, 347.
  • Gangs of slaves, 100.
  • Garibaldi, 211.
  • General rise of prices, 348.
  • Generalizations, 7, 67.
  • Genesis, Book of, 143.
  • Genus, 7.
  • George, Henry, 142, 147, 151, 174.
  • Georgia, 441.
  • German Empire, 133.
  • German "Mark," 317, 393, 413.
  • Germans in Italy, 292.
  • Gibbon, historian, 130.
  • Gift, 16.
  • Gifts of God, 85.
  • Giving, 15.
  • Gladstone, W. E., 151, 153, 172, 568.
  • Glasgow, 137.
  • Gloversville, 103.
  • Glut of products, 140.
  • Gold and silver divisible, 412.
  • Gold and silver impressible, 412.
  • Gold coins, 409.
  • Gold eagle, 35.
  • Gold eagle of United States, 389.
  • Gold in greenbacks, 356.
  • Goodhue of Massachusetts, 496.
  • Gould, Jay, 204.
  • Government a committee, 252, 481.
  • Governments, 29, 267, 409.
  • Gradual occupation of the earth, 154.
  • Graduated income tax, 549, 550.
  • Grains, 57, 87.
  • Grand Device, 583.
  • Grand Trunk Railway, 163.
  • Grant, General, 358, 359, 408, 500.
  • Gratuitous elements, 144.
  • Gravitation, 363.
  • Great Britain, 313.
  • Greek cities, 384.
  • Greek language, 298.
  • Greeks, 73.
  • Greeley, Horace, 129.
  • Greenback dollar, 476.
  • Greenbacks, 51, 280, 290, 409, 425, 432.
  • Green Mountains, 519.
  • Green's History, 9, 580.
  • Gresham's Law, 421.
  • Gresham, Sir Thomas, 421.
  • Grier, Mr. Justice, 357.
  • Ground of taxes, 542.
  • Ground of trade, 25.
  • Grounds of production, 116.
  • Guild of Armorers, 226.
  • "Guildhall," 226.
  • Guilds of the Middle Ages, 258.

H

  • Hamilton, Alexander, 288, 393, 415, 511, 536, 573.
  • "Handsome is that handsome does," 250.
  • Hargreaves, John, 106.
  • Harrison, President, 582.
  • Harrison's inaugural suit, 511.
  • Hartley of Pennsylvania, 495.
  • Health, 113.
  • Hebron, 9, 81, 83.
  • Henry II., 580.
  • Hepburn vs. Griswold, 356.
  • Herodotus, 386.
  • Heyd, Dr. W., 27.
  • Hildreth, historian, 512.
  • Hills of Judah, 25.
  • Hindoo rice, 393.
  • Hired men lack motives, 255, 208.
  • History of taxes, 579.
  • Hoar, Judge E, R., 358.
  • Holland, 280.
  • "Home Market Club," 516.
  • Home Rule, 173.
  • Homer, 81, 383.
  • Homer, Sidney, 351.
  • Hoosac River, 27.
  • Hoosac Tunnel, 286.
  • Horse-leech cry, 514.
  • House-tax, 555, 570.
  • Hudson's Bay Company, 114, 180.
  • Hull, John, 434.
  • Human efforts, 89.
  • Human nature, 363.
  • Hume, David, 121, 124, 326, 373.
  • "Hymn to the Nativity," 149.

I

  • Ideal dollar, 426.
  • Idle capital, 191.
  • Iliad, 81, 383.
  • Illinois Central Railway, 232.
  • Impeachments, 253.
  • Imports, 474.
  • Improvements in machinery, 465.
  • Income bonds, 284.
  • Income tax, 547, 549, 578.
  • Indented servants, 248.
  • India, 26.
  • Indirect taxation, 553, 570.
  • Individuals vs. Government, 253.
  • Indorsements, 304.
  • Induction, 62, 397.
  • "Infant industries," 514.
  • Infinite Mind at work, 363.
  • "In God we Trust," 413.
  • Inland bills of exchange, 306, 336.
  • Inquiry, 78.
  • Internal taxes, 560.
  • International demand, 460.
  • "International Copyright," 212.
  • International exchange, 330.
  • Introspection, 65, 67, 71, 77.
  • Invention, 99, 104.
  • Invention of money, 366.
  • Ireland, 386.
  • Irish banks, 288.
  • Irish Land Bill, 151.
  • Irish leases, 173.
  • Iron Mountain, 526.
  • Iron in Tennessee Valley, 565.
  • Irving, Washington, 180.
  • Israelites, 584.
  • Issuer and bearer, 355, 427.
  • Italy, 150.

J

K

L

  • Labor, 182.
  • "Labor and Capital," 183.
  • Labor defined, 90, 161, 184.
  • Laborers, 4, 184, 186.
  • Laborers as a class, 233.
  • Labor-troubles, 237.
  • Laissez faire, 252.
  • Land Bill, 1881, 172.
  • Land parcels, 146, 170.
  • Lands, 141.
  • Lapoint, Alfred, 130.
  • Latin Union, 414.
  • Law, John, 341, 436, 439.
  • Law of diminishing returns, 153, 172.
  • Law of supply and demand, 52, 53.
  • Laws of Moses, 443.
  • Lawyers, 4.
  • Layard, 331, 384.
  • Legal rate of interest, 234.
  • Legal ratio of gold and silver, 393.
  • Legal restrictions, 225.
  • Legal tender, 355, 356, 359.
  • Legislators, 4, 270, 377, 451.
  • Life Insurance Co., 298.
  • Lightning-rod, 70.
  • Limestone, 527.
  • Limits of production, 136.
  • Limits of value, 58.
  • Lincoln, Abraham, 210.
  • Lind, Jennie, 187.
  • Liverpool, 455, 528.
  • Loan, 276.
  • Loaves of bread, 379.
  • Locke and Newton, 423.
  • Lockouts, 247, 266, 521.
  • Locomotives, 233.
  • Logic, 63.
  • Logical fallacies, 534.
  • London bills, 310.
  • London bills of exchange, 469.
  • London Bridge, 2, 3, 313.
  • Lord Mayor of London, 265.
  • Losses from depreciated money, 478.
  • Louisiana, 438.
  • Lowell, 3.
  • Lowell and Jackson, 497.
  • Lowell mill, 7.
  • Lowell on the Merrimack, 498.
  • Lowering rates of interest, 234.
  • Lowndes, Congressman, 498.
  • Low taxes on few things, 568.
  • Lucretius, 95.

M

  • Macaulay, 123, 422.
  • McCulloch, Hugh, 359.
  • Macedonia, 579.
  • Machinery, 197, 200.
  • McKinley, 508, 516, 563, 581.
  • Macleod, Henry Dunning, 47, 278, 292, 382, 383.
  • Machpelah, 82, 365.
  • Madison, James, 494, 537.
  • Magellan, 26.
  • Magna Charta, 444, 581.
  • Major Premise, 63.
  • Malthus, T. R., 215.
  • Manager at the Clearing, 5, 320.
  • Mania, 16.
  • Market defined, 137.
  • Market for products, 54.
  • Market value, 54.
  • Markets, 195.
  • Marshall, Mr. Justice, 358, 573.
  • Mason's trowel, 38, 98.
  • Massachusetts, 286.
  • Material commodities, 49.
  • Maximum value, 61.
  • Mechanics, 42.
  • Mediterranean, 23.
  • Mercantile sagacity, 140.
  • Mercantile system, 115, 312.
  • Mercantile Theory, 403, 452.
  • Mercantilism, 576.
  • Merchant defined, 6.
  • Merchants as a class, 9.
  • Messengers at the Clearing, 320.
  • Metaphysics, 64, 75, 242.
  • Methods and motives in foreign trade, 481.
  • Methods of mining, 398.
  • Metric system, 419.
  • Metropolitan Museum, 332.
  • Mexican exports, 479.
  • Mexican imports, 479.
  • Mexicans, 105.
  • Mill, John Stuart, 32, 63.
  • Miller, Mr. Justice, 47, 357.
  • Mills, Roger Q., 581.
  • Milton, 149.
  • "Mind-cure," 263.
  • Mint of Amsterdam, 422.
  • Mississippi Valley, 519.
  • Mobility of laborers, 221.
  • Molasses, 496.
  • Molasses tax, 538.
  • Mommsen, 238.
  • Monetary Conference at Paris, 73, 74.
  • Monetary "par," 471.
  • Money, 77, 361, 367.
  • Money a measure, 380, 415.
  • Money a "medium," 370.
  • Money a tool, 377.
  • Money, current, 51.
  • Money defined, 380.
  • Money divisible, 374.
  • Money is capital, 374.
  • Monopoly, 88, 122.
  • Montesquieu, 388.
  • Moody's "power-loom," 497.
  • Moors from Africa, 481.
  • Moral sciences, 63.
  • Morals, 113, 248.
  • More, Sir Thomas, 536.
  • Morrill, Senator, 518.
  • "Morrill Tariff," 521, 533.
  • Morris, Gouverneur, 539.
  • Morris, Robert, 415.
  • Moses, 11.
  • Motives of Protectionists, 493.
  • Motives to trade, 77.
  • Mountain view, 1.
  • Mountains of Israel, 25.
  • Mount Lebanon, 23, 364.
  • Mozart, 211.
  • Munn, Dr., 204.
  • Murillo, 56.
  • Muscular effort, 189.
  • Musicians, 4.
  • Mutuum, 276.
  • Myers, P. V. N., 332.

N

  • Names on notes, 301.
  • Napoleon, the First, 134, 570.
  • Narbo in Gaul, 579.
  • National Bank, 289.
  • National Banks of United States, 428.
  • National Debt, 351.
  • National Labor Commissioner, 528.
  • Nationalism, 251, 256.
  • Nature, 102.
  • Nature of Credit, 271.
  • Natural agents, 85, 86.
  • "Natural monopolies," 136.
  • Nebuchadnezzar, 332.
  • Nelson, Mr. Justice, 357.
  • Nevada mines, 411.
  • New England, 145.
  • New Hampshire, 36, 441.
  • New Jersey, 502.
  • New Orleans, 438, 454.
  • New Testament, 12.
  • New York, 165, 477.
  • New York Central Railway Co., 491.
  • New York Clearing-House, 5, 7, 319.
  • "New York Public," 350.
  • Nickel pieces, 394.
  • Non-capital, 97.
  • North Carolina, 92.
  • Nottinghamshire, 163.
  • Novgorod, in Russia, 386.
  • Nullification, 577.

O

  • Objective and subjective, 31.
  • Objective realities, 76.
  • Obligation in credit, 275.
  • Ocean freights, 474.
  • O'Connell, Daniel, 177.
  • Ohio sheep, 530.
  • "Oil Trust," 179.
  • Oklahoma, 221
  • Old Testament, 11.
  • Open ports of Great Britain, 474.
  • Operatives, 4.
  • Opinions on Protectionism, 535.
  • Orders to pay, 328.
  • O'Reilly's poem, 208.
  • Oresme, Nicole, 98.
  • Origin of capital, 95.
  • Oscillations of demand, 408.
  • "Ought," 65.
  • Ounce of silver, 36.
  • Our Lord, 12.
  • Outlying cases, 142.
  • Overseers of the mill, 4.
  • Owners, 38.
  • Oxford University, 338.
  • Oxus River, 27.

P

  • Pacific States, 418.
  • Paganini, 187.
  • Palermo, 455.
  • Palfrey, historian, 512.
  • Paper-makers, 197.
  • Paper-makers' convention, 584.
  • Paper money, 427, 429.
  • Par of Exchange, 307, 316.
  • Par of foreign exchange, 468.
  • Paradise Lost, 88.
  • Parcels in the Clearing, 6.
  • Paris, 3, 57.
  • Paris bills of exchange, 470.
  • Parliament, 284.
  • Past time in commodities, 274.
  • Patent rights, 132.
  • Paul, Lewis, 109.
  • Pauper labor of Europe, 528.
  • Payer and payee, 329.
  • Peace, 29.
  • Peas and potatoes, 272.
  • Peasant proprietor, 157.
  • Peculiarities of Credit, 271.
  • Pecunia, 81, 384.
  • Pence and pound, 389.
  • Pennsylvania, 436, 490.
  • Personal services, 181.
  • Personal slavery, 80.
  • Persons in credit, 275.
  • Petals of flowers, 70.
  • Pheidon, King of Argos, 384.
  • Philip le Bel, 404.
  • Philpott, editor, 521.
  • Phœnicians, 21.
  • Physical sciences, 32, 63, 64, 71.
  • Physicians, 4.
  • "Physiocrats," 141.
  • Physiology, 216.
  • Pierre and Company of Paris, 307.
  • Piers Ploughman, 228.
  • Pig-iron production, 560.
  • Pilgrims, 391.
  • Pillars of Hercules, 84.
  • Pine-tree shillings, 392.
  • Plato, 248.
  • Pliny, 384.
  • "Political Economy," 15, 174.
  • Polo, the traveller, 387.
  • "Pool," the, 2.
  • Poor Richard's Almanack, 158, 243.
  • Poor's Railroad Manual, 229.
  • Popular remedies for low wages, 251.
  • Portability of money, 411.
  • Porter, Dr. Samuel, 28.
  • Porters, 2.
  • Portfolio of governments, 254.
  • Post hoc ergo propter hoc, 534.
  • Post Offices, 256.
  • Potosi, silver of, 398.
  • Pottery wares, 502.
  • Pounds sterling, 310.
  • "Power," 91.
  • "Power-loom," 111.
  • Preamble of the Constitution, 256.
  • Present time in services, 274.
  • President Jackson, 289.
  • Press and Pulpit, 244.
  • Price, 50.
  • Price, Bonamy, 338, 382.
  • "Prices current," 50.
  • Prices of services, 375.
  • Prices under taxation, 549.
  • Principle of taxes, 546.
  • Privy Council, 350.
  • Probabilities, 347.
  • Probability of success, 220.
  • Procullus, 451.
  • Production defined, 84.
  • Products in market, 54.
  • Profitable exchanges, 473.
  • Profits, 94.
  • Profits the leavings of wages, 235.
  • Progress of civilization, 10.
  • Promise to pay, 279.
  • Promissory notes, 300.
  • Property, 101, 275, 545.
  • "Property is theft," 148.
  • Proportion of taxes, 544.
  • "Protectionism," 309, 453, 493.
  • Protectionism is prohibition, 486.
  • Proverbs, 12.
  • Providential elements in Economics, 362.
  • Prudhon, 148.
  • Prussians, 549.
  • Public opinion, 451.
  • "Pulpit or Platform," 22.