FELLOW OF TRINITY HALL, AND PROFESSOR OF POLITICAL ECONOMY FIFTH EDITION, REVISED AND ENLARGED. London: MACMILLAN AND CO. 1876. [All Rights reserved.] SINCE INCE the publication of the last Edition a marked fall in the price of silver has taken place, and so many important consequences have been thereby produced, that I have thought it desirable to insert a new chapter on The Depreciation of Silver. The circumstances which determine the value of gold and silver are so intimately connected with each other, that I have substituted a new chapter on The Recent Discoveries of Gold and Silver, in the place of the chapter in former editions, entitled The Recent Gold Discoveries. The present Edition has been carefully revised throughout, and new illustrations have been introduced, where it was thought desirable. July, 1876. PREFACE TO THE FOURTH EDITION. ALT LTHOUGH the general arrangement of this book remains unaltered, yet in preparing this Edition it has been found necessary to re-write considerable portions of many of the chapters. Some of the illustrations contained in the former editions are no longer apposite; others have been substituted in the place of these, for it is always desirable as far as possible to illustrate the principles of Political Economy by applying them to the discussion of passing events. New chapters have been added on the Nationalization of the Land, and on Local Taxation. In the last chapter of the volume an attempt has been made to solve the somewhat complicated economic question of tracing the incidence of local taxation. when rates are imposed upon different kinds of property, such as land, houses, shops, manufactories, railways, gas |