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Principles of Political Economy

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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.

Q

R

  • Randolph, John, 498.
  • Rapidity of circulation, 372, 409.
  • Rate of interest in Holland, 234.
  • Rate of taxes, 556.
  • Rates of discount, 316.
  • Ratio of gold and silver, 74.
  • Raw materials, 526.
  • Redemption of greenbacks, 291.
  • Religion higher than morals, 263.
  • Remedies for labor troubles, 238.
  • Renderings, 26, 59, 76, 78.
  • Rent, 160, 169.
  • Rent defined, 170.
  • Republic of Mexico, 478.
  • Republic of Venice, 291.
  • Requisites of production, 84.
  • Return services, 138.
  • Revenue, 113.
  • Revenue rights, 134.
  • Ricardo, David, 146, 153, 169, 176.
  • Right and wrong, 65.
  • Rise in market rate, 55, 77.
  • Rise of prices, 408.
  • Rise of valuables, 49.
  • "River and Harbor Bill," 488.
  • Roach, John, 516.
  • Robinson Crusoe, 100.
  • "Rogues' Island," 441.
  • Roman coins, 385.
  • Roman Law, 277.
  • Roman mercantile transactions, 238.
  • Roman taxes, 579.
  • Romans, 313, 402, 579.
  • Royal Bank of France, 438.
  • Royal library at Nineveh, 384.
  • Ruggles, S. B., 74, 418.
  • Rupee, 386.
  • Russia, 150.

S

  • Sabinus and Cassius, 451.
  • Salary-class, 184.
  • Salt, 178.
  • San Francisco, 455.
  • Sandal-wood, 23.
  • Sardanapalus, 331.
  • Satisfactions, 28, 75, 115.
  • Savannah, 527.
  • Savings banks, 270, 334.
  • Saxon ancestors, 93.
  • Say, J. B., 137.
  • Scandinavian "crown," 317, 393.
  • "Scarcity" of money, 440.
  • Schouler, James, 511.
  • Science as prophetic, 450.
  • Science defined, 62.
  • Science of buying and selling, 61.
  • Science of value, 42.
  • Scotch banking, 325.
  • Scotch banks, 288.
  • Scotland, 437.
  • Scott, W. L., 265.
  • Screw of Discount, 316.
  • Scriptures, 9, 14.
  • Scudder, M. L., 478.
  • Secession, 577.
  • Second difficulty in money, 362.
  • Secretary of the Treasury, 296.
  • Sempronian law, 580.
  • Services, 7.
  • Servius Tullius, 384.
  • "Seven-thirties," 285.
  • Shakspeare, 88, 98, 211.
  • Shears, 91.
  • Shekels, 9.
  • Sherman, Senator, 48, 490, 582.
  • Shoddy, 130.
  • "Shoemakers' Guild," 258.
  • Shut-downs, 521.
  • Shuttle, 91.
  • Shylock, 98.
  • Sicily, 580.
  • Silks and cottons, 457.
  • Silo, 155.
  • Silver certificates, 279.
  • "Silver Colony," 392, 442.
  • Silver dollar, 418.
  • Six kinds of exchanges, 8.
  • Skilled laborers, 186.
  • Smith, Adam, 114, 385, 398, 448, 536.
  • Smith, Captain John, 162.
  • Smith, Jonathan, 205.
  • Smithson, James, 214.
  • Social relations, 241.
  • Society, 5, 18.
  • Sociology, 242.
  • Solomon, 18.
  • Somers and Montague, 423.
  • Sons of Heth, 9.
  • Source of taxes, 543.
  • Sources of income, three, 547.
  • South Carolina, 435, 497.
  • Spain, taxes in, 569.
  • Spanish-Mexican dollar, 424.
  • Spanish milled dollar, 415.
  • Spaulding, E. G., 354.
  • Speaker of Commons, 126.
  • Specialties, 103.
  • Species, 8.
  • Specific rates of tariff-tax, 489.
  • Specific taxes, 558.
  • Speculation, 476.
  • Speculation proper, 346.
  • Spencer, Herbert, 342.
  • Spinning, 106.
  • Spinning-Jenny, 108.
  • "Springfield Republican," 265.
  • St. Louis, 114.
  • St. Petersburg, 455.
  • St. Timothy, 242.
  • Standard of comparison, 377.
  • Stanford, Senator, 439.
  • "Star Route Frauds," 256.
  • State banks, 288.
  • States and nation, 68.
  • Statistics, 230.
  • Statute law, 9.
  • Stealing, 15.
  • Steel beams, 564.
  • Steel rails, 487, 490.
  • Sterling exchange, 472.
  • Stephenson, Robert, 129.
  • Stock, 284.
  • Stock Exchange, 347.
  • Stockholm, 455.
  • Storrs, Dan, 303.
  • Story, Mr. Justice, 573.
  • "Straddles," 347.
  • Straits of Gibraltar, 481.
  • Strikes, 247, 261, 521.
  • Strong, Mr. Justice, 359.
  • "Subdue," 144.
  • Sub-forms of capital, 99.
  • Subject of money clear, 361.
  • Subject of Political Economy, 1.
  • Subjective elements, 39.
  • Subsidiary coins, 394, 418, 425, 433.
  • Sub-treasury of United States, 319.
  • Sugar and molasses, as taxed, 567.
  • "Suppliants" of Euripides, 237.
  • Supply and demand, 36, 445.
  • Supply defined, 53.
  • Supply of laborers, 219.
  • Supreme Court, 575.
  • Supreme Court of United States, 360.
  • Suspension of specie payment, 431.
  • Swank, James M., 565.
  • Swayne, Mr. Justice, 357.
  • Syllogism, 69.

T

  • Taconics, 27.
  • Tailor's capacity, 119.
  • Talents, Parable of, 13.
  • Tariff, 128, 481.
  • Tariff defined, 483.
  • Tariff delusion, 577.
  • Tariff for revenue, 483.
  • Tariff Monopolies, 134.
  • "Tariff of Abominations," 576.
  • Tariff of United States, 487.
  • Taussig, Professor, 128, 488.
  • Taxation, 363, 540.
  • Tea and coffee, 488, 492.
  • Teachers, 4.
  • Temple at Jerusalem, 364.
  • Temple, Lord Richard, 199, 202, 544.
  • "Thaler," 393.
  • Theft, 16.
  • Thing-dollar, 427.
  • Third nation in trade, 459.
  • Thompson, Professor, 516.
  • Thoughts, 64.
  • Ticket, a general, 371.
  • Time of advance, 166.
  • Tobacco of Virginia, 369.
  • Tobacco taxes, 571.
  • Tools, 95.
  • Trade, 10, 72.
  • Trades-unions, 226, 258.
  • Treasurer of the mill, 4.
  • Trebizond, 27.
  • Tree-wool, 105.
  • Troughton's inch, 390.
  • Trust, 10.
  • Trustee, 278.
  • Tubal Cain, 95.
  • Tunis and Tripoli, 482.
  • Tyre, 11, 83.
  • Tyrians, 19, 22.

U

V

  • Vale of Sharon, 26.
  • Valuable lands, 143.
  • Valuables, 7, 49, 368, 378.
  • Value, 32, 65.
  • Value acts upon demand, 54.
  • Value defined, 46.
  • Value of cottons and silks, 459.
  • Vasco da Gama, 27.
  • Vermont, 577.
  • Vermont wools, 530.
  • Vice-President Clinton, 289.
  • Virginia in 1755, 436.
  • Vital principles of a protective tariff, three, 486.
  • Vital principles of a revenue tariff, three, 483.
  • Voluntary associations, 226.

W

  • "Wages," 161, 184.
  • Wages-portion, 192, 257.
  • "Wages-question," 163.
  • Wages, the leavings of profits, 235.
  • Walker, Francis A., 163, 184.
  • Walker, J. H., 340.
  • Walker's "Money," 382.
  • "Walking-delegate," 265.
  • Waltham, 497.
  • Wampum, 386.
  • War debt, 353.
  • Washington, 210.
  • Washington's inauguration suit, 510.
  • Water from the spring, 59.
  • Waterfall, 87.
  • "Water-twist," 109.
  • Ways and means, 355, 487.
  • "Wealth," 32.
  • "Wealth of Nations," 398, 536.
  • Webster, Daniel, 88, 187, 573.
  • Wells, David A., 571.
  • West of Europe, 19.
  • Whigs, 292.
  • Whitman, William, 516.
  • Whittier, 258, 500.
  • Will, 64.
  • William and Mary, reign of, 292, 392, 423.
  • Wiltshire laborer, 223.
  • Wolfe, General, 207.
  • Wool, 105.
  • Wool and woollen industry, 563, 581.
  • Wool and woollens tariff, 529, 533.
  • Wool manufacturers, 516.
  • Worn-out farms of New England, 155.
  • Wright, C. D., 267, 528.

Y

Typography by J. S. Cushing & Co., Boston.
Presswork by Berwick & Smith, Boston.


Two Earlier Works
By Prof. Perry.

INTRODUCTION TO POLITICAL ECONOMY.
Revised Edition. 12mo, $1.50.

POLITICAL ECONOMY.
Eighteenth Edition. Rewritten and Enlarged. Crown 8vo, $2.50.

Prof. Perry's most elementary text-book, Introduction to Political Economy, presents the subjects of Value, Production, Commerce, Money, Credit, and Taxation, in a way plain and easily grasped by young minds, but at the same time scientifically exact. In his preface the author says: "I have endeavored so to lay the foundations of Political Economy in their whole circuit, that they will never need to be disturbed afterwards by persons resorting to it for their early instruction, however long and however far these persons may pursue their studies in this science."

"This work is not meant in any way to take the place of its author's larger treatise, but rather to occupy a field which, in the nature of the case, that work cannot occupy. It is not an abridgment of that work but a separate treatise, intended primarily for the use of students and readers whose time for study is small, but who wish to learn the broad principles of the science thoroughly and well, especially with reference to the scientific principles which are involved in the practical discussions of our time.... We need scarcely add, with respect to a writer so well known as he, that his thinking is sound as well as acute, or that his doctrines are those which the greatest masters of political science have approved."

The N. Y. Evening Post.


Prof. Perry's Advanced Work.

POLITICAL ECONOMY.
Eighteenth Edition.
Rewritten and Enlarged, 1 vol., Crown 8vo. $2.50.

This book has passed through several revisions, to the most thorough of which it was subjected in 1883. It has grown in size, in symmetry and in maturity of thought and expression, so that it is a complete exposition of the science, both historically and topically. The distinctive feature of the work is its discarding the term Wealth and making Value the subject of the science. Original light is thrown on the vexed questions of Land, Money, and Credit, and the whole trend of the book is on the side of sound currency and unrestricted trade.

Professor Perry's style is admirably clear and racy; his illustrations are forcible and well chosen, and he has made a subject interesting and open to the comprehension of any diligent student, which has often been left by writers vague and befogged and bewildering. This work has stood excellently the test of the class room, and has been adopted by many of the chief educational institutions in this country. Among them are Yale College, Bowdoin College, Dartmouth, Trinity, Wesleyan, University of Wooster, Dennison University, Rutgers College, New York University, Union College, Seton Hall College, Hampden-Sidney, and many other colleges and normal and high schools.


CRITICAL NOTICES.

"This edition has the marks of mature power and complete grasp of the subject, and that finished style in which thought and language have become perfectly adjusted to each other. The statements and illustrations convey the thought clearly and aptly."—Boston Watchman.

"You have made an exceedingly valuable contribution to the science of political economy. I am not a little surprised that a college professor should have written a book so intelligible to the common mind, and so eminently practical and instructive. Accept my thanks for your kindness in sending me the book, and my grateful acknowledgments as your fellow-citizen for the service you have rendered the country. It is, in my judgment, the ablest and most valuable work yet published upon the science of which it treats. I do not see where it could be improved in matter, or style, or arrangement."—Hon. H. McCullough, Secretary of the U. S. Treasury.

"Your book interests students more than any I have ever instructed from."—President T. D. Woolsey, Yale College.

"So far as I have been able to read it, it seems to my humble judgment remarkably clear, as well as well-timed and sound."—Hon. W. E. Forster, M.P., Leeds, Eng.

"The gem of your work is 'foreign trade.' It is the best thing I have ever seen, the most clear and satisfactory. If my friend Cobden were alive, he would send you his congratulations and thanks."—Hon. Amasa Walker, M.C., Lecturer on Political Economy, Amherst College.

"As a manual for general reading and popular instruction, Prof. Perry's book is far superior to any work on this subject before issued in the United States."—New York Times.

"We cordially recommend this book to all, of whatever school of political economy, who enjoy candid statement and full and logical discussion."—New York Nation.

"There is more common sense in this book than in any of the more elaborate works on the same subject that have preceded it. It is the most interesting and valuable one that has been given to the American public on this important subject."—New York Independent.

"In all the portions of the book which we have read the author shows himself to be a clear, strong, bold, and generally sound thinker."—New Englander.

"Prof. Perry has certainly produced one of the best elementary treatises on political economy that we have ever met with in any language."—New York Commercial.

"Prof. Perry is a vigorous thinker, a clear and forcible writer."—Princeton Review.

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