...All loans at interest, though made in money or paper, are in reality a transfer of a certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fume pieces of money may ferve fucceffively as the inftruments...

...All loans at intereft, though made in money or paper, are in reality a transfer ota certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fame pieces of money may ferve fucceffively as the inftruments...

...All loans at intereft, though made in money or paper, are in reality a transfer of a certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleafes. The fame pieces of money may ferve fuccefiively as the inftruments...

...BY advantage or gain, I underftand, not the increafe of the quantity of gold and filver, but that of the exchangeable value of the annual produce of the land and labour of the country, or the increafe of the annual revenue of its inhabitants. IF the balance be even, and if the trade...

...other unproductive hands. In the one way, therefore, it increafes, in the other, it does not increafe, the exchangeable value of the annual produce of the land and labour of the country. BOOK I WOULD not, however, by all this be undefftood to mean, that the one fpecies of expence always...

...relative' proportion of revenue,) " naturally tends to increafe " the real quantity of induftry, — the value of the " annual produce of the land and labour of the "country, — ihe real wealth of all its inhabitants':'-* Such is the reafoning with which this acute writer...

...productive hands, and confequently the exchangeable value of the annual produce of the land and labor of the country, the real wealth and revenue of all its inhabitants. Capitals are increafed byparfimony, anddiminillied by prodigality and mifcondnct. Whatever a perfon...

...Adam Smith : " Wherever" capital predominates industry prevails ; any variation of capital therefore naturally tends to increase or diminish the real quantity...consequently the exchangeable value of the annual produce cf the land and labor cf the country, the real wealth and revenue of all its inhabitants." A reference...

...By advantage or gain, I underftand, not the increafe of the quantity of gold and filver, but that of the exchangeable value of the annual produce of the land and labour of the country, or the increafe of the annual revenue of its inhabitants. If the balance be even, and if the trade...

...productive hands, whofe labour would have replaced, with a profit, the whole value of their confumption. The value of the annual produce of the land and labour of the country, would have been confiderably increafed by it every year, and every year's increafe would have augmented...