Notes, power of bank to issue, 206. Notes, bank, origin of, 39; conditions under which they can be circulated, 45; small, the dangers of, when depreciated, 47. Notes, Bank of England, a legal tender, 303.

O.

Oats, relative value of, to wheat' and barley, 19. Overend and Gurney, house of, their policy, 147.

P.

Panic, commercial, its origin, 212. Paper circulation, what professes

to do, 204.

Par, of exchange, its meaning, 208. Parishes, open and close, 123. Parliament, granted monopolies, 81. Patents, grounds on which they are granted, 225; fees for, might be employed in technical education, 263.

Pawnbrokers, licence duties of, bad, 298.

Peasant, his isolation, 110; Irish, peculiar position of, 183. Peasant holdings, real disadvantages of, 172.

Peasant proprietors, universality of, 170.

Petroleum, in United States, its importance, 219. Physician, income of, why such

and such an amount, 17. Pictures, old, price of, 190. Pitt, Mr., adopted Price's sinkingfund scheme, 313. Plague, Great, of 1348, effects of, 85; its effects on the occupation of land, 169. Police, medieval, character of, 266. Policy, public, may justify an in

terference with free trade, 225.

Poll-tax, character of,-examples in England, 293.

Poor-law, origin of, 86; old, effects of, on rent, 91. Poor-laws, origin of, religious, 119; history of, 120.

Poor-rates, effects of, on wages, on the character of labourers, 125. Population, Mr. Malthus' theory of, 67; of England and Wales, in middle ages, 72; excessive, alarms about, 73; may make urgent demands, without rent being forthcoming, 154.

Porcelain, ancient, found in Ireland, 244.

Potato, effects of using, in Ireland, 177.

Precious, why metals called so, 26. Price, may generally rise or fall, 20; what constitutes it, 21; law of, as interpreted by demand, 188; depends on cost, in the long run, 189; of imported goods, what determined by, 247. Price, Mr., his sinking fund scheme, 313.

Prices, fluctuations of, 15; law of,

194; effect on, by scarcity, by general or enlarged demand, 240; in an inconvertible currency, 304-5.

Primogeniture, custom of, and defence of, 269.

Proprietorship, passion of, 144. Protection, origin of, 25; ground on which claimed, 98; origin of, 231; when manifestly unnecessary, 232; a natural, in all societies, 236; comparative, not the basis of taxation, 276. Public cost, education by, its effect on wages, 112.

R.

Race, influences of, exaggerated, 242. Recognizances, entered into, when a non-settled servant was hired,

122.

Reformation, after the, interest made lawful, 140.

Rent, rise in value of, 19; when does it arise? 52; not a part of capital, 55; how affected by a trades-union, 90; definition of, ib.; varieties of, 91; importance of, with English economists, 151; definitions of, ib.; common theory of, hypothetical, 154; received theory of, how it originated, 156; true definition of, 159; paid last, 164.

Rents, house, in London, what

composed of, 162; Irish, enormous, 180.

Republic, French, the, and its rule

fixing relative value of gold and silver, 30. Repudiation, common among European Governments, 142; risks of, in England, in 1815, 308. Reserve, wealth not employed, but which might be, 55; of capital, and its relation to loans, 217. Restraint, effects of, on population, 68.

Revenue, private, what it is, 276; taxation of, necessarily unequal, 288.

Revolution, French, its assignats and mandats, 30+.

Ricardo, Mr., his objection to taxes on capital, 281. Richard II, poll-tax of, 293. Rights, natural, disputes about the origin of, a contemptible quibble, 223.

Risk, its effects on the capitalist,

59; followed by increase of apparent profit, 89; effect of, on wages, 112.

Risks attending labour, paid for, 65.

Rochdale Pioneers, movement of,

134. Rock-salt, a currency, 26.

Routes, commercial, in middle ages, 245.

Russia, foreign trade of, 209.
Rutland, statute of, 175.

S.

Salt, tax on, the solitary tax which some Hindoos can pay, 280. Saltpetre, produce of India, 241. Saving, antecedent to capital, 54Scarcity, effects of, on labour, 78; effects of, on prices, 193. Scotland, food of labourer in, 64; poor-law in, 126.

Security necessary, before loans are made, 140.

Securities, export of, may balance an adverse exchange, 209. Senior, Mr., his definition of inter

est, 89, 139. Serfage, extinction of, 86. Service, benefits of, socially considered, 297.

Services, some not economical, 2. Settlement, parochial law of, 122. Sheep farming in the 16th century, 86.

Silk, manufacture of, how affected by trades-unions, 93.

Silver, relative value of, to gold,

18; currencies of, 26; disturbances in its relations to gold, 29. Sismondi, his defence for taxes on articles of luxury, 297. Slavery, existence of, proves that labour is an investment of capital, 50; parents prohibited from selling their sons into, generally,

224.

Slaves, their commercial value, 63. Sliding scale, effects of, 191. Smith, Adam, his two sources of value, 7; his illustration of the division of labour, II; his views of Political Economy, 16; recognises expenditure of capital in labour, 63; his illustration of a hangman's wages, 76; his explanation of the low earnings of clergymen, 113; speaks of Engglish farmers making great outlay on their land, 184; his view about the higgling of the market, 186; his natural price,' 192; mentions a rate of exchange between London and Edinburgh, 202; the value of his demonstrations, 245; his criticism of the theory that we ought to wish our neighbours poor, 249; his rules of taxation, 272; his explanation of equitable taxation, 275; the fulfilment of his condition perhaps impossible, 279; recognises that taxes on raw materials induce artificial barrenness, 283. Smith, Sydney, his view on diligence, 12.

Smuggling, difficulty of checking,

Soil, constituents of wheat-growing,

153.

Somerset, his base money, issued in

the name of Edward VI, 34. Spain, its conquests in the New World, 28.

Specie, efflux of, test of, 148;

causes of efflux of, 207; efflux of, will continue if the imports are of food, 210.

Speculation, what it does, 5-6. Speke, Mr., his travels, 26. Stanhope, Lord, his resolutions, 308.

State, unable to teach morality, 289. Stock on land, proportionate value of, to land, 175.

Stocks, market value of different, 312.

Strike, when adopted, 88; risks of, and effects on capital, 215. Success, chance of, generally overestimated, 6.

Sugar, cane, produce of British colonies, 241.

Sumptuary laws, rules of, 267. Supply, co-operation of, 104; to be effectual, what conditions required, 195.

Sycee, meaning of, 33. System, feudal, the, its theory of taxation, 276.

T.

Taille in France, 180. Tanistry, Irish, extinction of, 175. Tax, difference between a, and loans, 221; excuse and defence of a particular, 289.

Tax, income, is seldom fairly levied, 222.

Tax, war, difficult to apportion fairly, 221.

Taxation, Adam Smith's rules of, 272; should be equitable, 275; cannot be collected from what a man cannot save, 277; what

is legitimately exempt from it, 273; incidence of, when capable of being transferred, 285. Taxation, direct and indirect, their respective merits, 287. Taxation, local, kinds of, 287. Tenancy, ancient Irish, 174. Tenant-right, claim of, 183. Thrift, value of, to labourers, IOI. Tools, economy of, 9. Trade, foreign, in the United Kingdom, its amount, 38; profit of, 247.

Trade, honest, humanising effects of, 244.

Trade-profit is made up of interest and wages, 132.

Trader, speculative, his position, 5. Traders, devices of, to attract customers, 137.

Trades and occupations, what, may

be under the control of Government, 265. Trades-unions, origin of, 87; if universally possible, effects of, 96; good effects of, 99. Turner, Mr., his love of painting, 9.

Tyler, Wat, his insurrection, 86, 293.

Tyranny, Greek, idea of, in time of Aristotle, 260.

U.

Uncertainty, mischievous to commerce, 191.

Union rating, effects of, 124. United States, accumulation of capital in, 58; value of land in, 152; arguments alleged in favour of Protection in, 236; chief emigration to, 255; reason why they can endure a vicious fiscal system, 280; paper currency of, 305. Unproductive, not necessarily a term of reproach, 217; not

a phrase of adverse criticism, 301.

Use, what it is in political economy,

21.

V.

Value in exchange, depends on labour expended, 7.

Values, relative to each other; no general rise or fall in possible,

20.

Van der Weyer, M., his testimony to the economy of the Belgian peasantry, 71.

Vansittart, Mr., his resolutions, 308.

Vice, effects of, on population, 68. Village system, places in which it exists, 242.

W.

Wages, economical nature of, 5; variation in rate of, 13; means for maintaining labour, 50; to be used in a wide sense, 51; what determines the ordinary rate of, 62; of all labour, determined by similar causes, 66; rate of, raised by general education, 118; high rates of, go with high rates of interest, 144.

Wakefield, Mr. Gibbon, his theory of labour, 10; his colonial system, 256.

War, justification of, 221. Warehouses, bonded, use of, 288. Wealth, inheritance of, in what it

consists, 8; of one people, and of nations, 16; origin of impres. sion that money is, 24; greate than capital, 55.

Weight, payments by, in England, 33. Westmoreland, labourers of, their prudence, 101.