Conversations On the Principal Subjects of Political Economy
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T. Famously. As early as the end of 1874 the Financial Sec- retary reported that the whole 1000 millions of dollars borrowed in the loans of 1871 and 1872 had been reabsorbed by French capital. So the credit of the Government kept step with that of the bank. The question called up by this story is, I think, an- 228 POLITICAL ECONOMY.
« swered correctly b^ Lord Macaulay in his treatment of the enor- mous debt of Great Britain — he says: — "There is not an exact analogy between the case of an ind...ividual who is in debt to another individual, and the case of a society which is in debt to a part of itself." In such case, when the debt is held at home, its interest retained is capital in production ; labor has the benefit of its earn- ings, provided, as in the policy promptly adopted by France in her great necessity, its profits and its wages-paying power are not surrendered to foreign industries.
D. I suppose we are to have the doctrine of tariff protection next.
T. I suppose that you felt an inkling of it in the simple state- ment that France could not maintain her irredeemable currency and keep her home money good for all uses, when it was necessary to her very existence, while she was allowing her domestic indus- tries to suffer, and was fostering that of foreigners who contributed nothing to the provision for her necessary expenditure ; and, I suppose, you perceived that wnen France was under no necessity to export her " money of the world," she found that her own was every way sufficient for her.
What to read after Conversations On the Principal Subjects of Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Elder, William, 1806-1885. [from Old Catalog] to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
T. Famously. As early as the end of 1874 the Financial Sec- retary reported that the whole 1000 millions of dollars borrowed in the loans of 1871 and 1872 had been reabsorbed by French capital. So the credit of the Government kept step with that of the bank. The question called up by this story is, I think, an- 228 POLITICAL ECONOMY.
« swered correctly b^ Lord Macaulay in his treatment of the enor- mous debt of Great Britain — he says: — "There is not an exact analogy between the case of an ind...ividual who is in debt to another individual, and the case of a society which is in debt to a part of itself." In such case, when the debt is held at home, its interest retained is capital in production ; labor has the benefit of its earn- ings, provided, as in the policy promptly adopted by France in her great necessity, its profits and its wages-paying power are not surrendered to foreign industries.
D. I suppose we are to have the doctrine of tariff protection next.
T. I suppose that you felt an inkling of it in the simple state- ment that France could not maintain her irredeemable currency and keep her home money good for all uses, when it was necessary to her very existence, while she was allowing her domestic indus- tries to suffer, and was fostering that of foreigners who contributed nothing to the provision for her necessary expenditure ; and, I suppose, you perceived that wnen France was under no necessity to export her " money of the world," she found that her own was every way sufficient for her.
What to read after Conversations On the Principal Subjects of Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Elder, William, 1806-1885. [from Old Catalog] to read onlineMoreLess
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