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When the 3 per cents. are at 60, they produce five per cent.; at 667. 3s. 2d. they produce 41. 15s.: so

£ s, d.

£ s.

60 0 0 produce 5 per cent.

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If, whilst the stocks were between these respective stages, the debentures bore the average price, the revenue would probably neither gain nor lose. The gain or loss, if any, would be trifling, and would be just as likely to be on the one side as the other.

One farthing in the day upon the interest of the deben tures is 914d. or 7s. 74d. in the year, which may be called 7s. 6d. a year; † of a farthing produces 2s. 6d. a year, and of a farthing, 5s.

So, when the 3 per cents. are between 60 and 63, the average amount of the dividends for 100l. would be 41. 17s. 6d. which is equal to threepence farthing a day.

From 63 to 66 average is 41. 12s. 6d. equal to threepence and one third of a farthing a day.

So the following simple table will show what every Provident Bank ought to pay for their debentures to the Government, whilst the funds are,

From 60 to 63 average interest



pence farthings. 4 17 6 per day 3 1

63 to 66

66 to 70

70 to 75

75 to 80

4 12 6


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If the debentures were thus purchased, it would create no confusion whatsoever in the Provident Banks, and no probable loss to the revenue.

The limits might be taken off from the Provident Banks, for more than was deposited there, the higher the funds would rise, because so much more would be withdrawn from the market.

Field Court, Gray's Inn,

June 10, 1820.










Translated for the Pamphleteer exclusively.

PARIS, 1820-LONDON, 1821.





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MR. Malthus, Professor of Political Economy, at the East India Company's College, has raised himself very high in the literary world by his Essay on Population, which has been translated into all the languages of Europe. For these two years past he has informed us, that he is preparing new Principles of Political Economy, considered with respect to their practical Applications. This work, which was impatiently expected, appeared in London,! few months since. M. J. B. Say, who has rendered great services to this science in our Country, and whom we can proudly oppose to the most celebrated English names, has not waited for a French Translation of it to combat those opinions which are in opposis tion to his. - 3 91 sdw med mot This discussion, between two men who have proved themselves able, and which is at this moment interesting to to all the Trading Interest in the world, has appeared to us worthy the attention ttention of the public, not only under existing circumstances, but at all times. d) SAKIT GA an of mese dog dinw of emi › It will further serve to make Mr. Malthus's work known to those who have not read it


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'The Translation of Professor Malthus's Principles of Political Economy,) by M. F. S. Constancie, (who translated Mr. Ricardo's work) is in the press, and will appear in the course of the month of August, published by J. P. Aillaud, Bookseller, No. 21, Quai Voltaire. It will consist of two octavo volumes, of about 400 pages each.

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ALL those who cultivate the new and beautiful science of Political Economy desire to read the work with which you have just enriched that subject. You are not one of those authors who address the public without having something to inform them; and when to the celebrity of the writer is joined the importance of the subject, when the subject is of no less importance to society, than to inform them what are their means of existence and enjoyment, it is to be supposed that the reader's curiosity must be doubly excited. I shall not undertake, Sir, toj oin my suffrage to that of the pubc, by pointing out every thing that is ingenious, and at the same tame just, in your work; this would be too great a task. Nor shall I undertake to enter into a discussion with you, upon some points to which you seem to me to attach an importance that they scarcely appear to merit. I shall not here tire either the public or you by dull controversies. But, I say it with sorrow, that there are some fundamental principles discoverable in your doctrine, which, were they tobeadmitted on so powerful an authority as yours, might cause to retrograde a science, the progress of which you are so good as to assist by your extensive knowledge and talent. And, in the first place, what fixes my attention, because all the interest of the moment is attached to it, is, from whence comes that general overstock of all the markets of the universe, to which goods are incessantly carried which sell at a loss ?-Whence comes

it that in the interior of each state, with a want of action in unison with all the developments of industry, whence comes, I say, that universal difficulty that is experienced in obtaining lucrative employ? And when the cause of this chronic malady is discovered, what are the means of cure? These are questions upon which the happiness and tranquillity of nations depend. Wherefore I cannot think a discussion tending to elucidate them will be unworthy your attention, and that of an enlightened public.

All those who, since Adam Smith, have turned their attention to Political Economy, agree that in reality we do not buy articles of consumption with money, the circulating medium with which we pay for them. We must in the first instance have bought this money itself by the sale of our produce.

To a proprietor of a mine, the silver money is a produce with which he buys what he has occasion for. To all those through whose hands this silver afterwards passes, it is only the price of the produce which they themselves have raised by means of their property in land, their capitals, or their industry. In selling them they in the first place exchange them for money, and afterwards they exchange the money for articles of consumption. It is therefore really and absolutely with their produce that they make their purchases: therefore it is impossible for them to purchase any articles whatever, to a greater amount than those they have produced, either by themselves or through the means of their capital or their land.

From these premises I have drawn a conclusion which appears to me evident, but the consequences of which appear to have alarmed you. I had said-As no one can purchase the produce of another except with his own produce, as the amount for which we can buy is equal to that which we can produce, the more we can produce the more we can purchase. From whence proceeds this other conclusion, which you refuse to admit-That if certain commodities do not sell, it is because others are not produced, and that it is the raising produce alone which opens a market for the sale of produce.

I know that this proposition has a paradoxical complexion, which creates a prejudice against it. I know that one has much greater reason to expect to be supported by vulgar prejudices, when one asserts that the cause of too much produce is because all the world is employed in raising it. That instead of continually producing, one ought to multiply barren consumptions, and expend the old capital instead of accumulating new. This doctrine has, indeed, probability on its side; it can be supported by arguments, facts

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