But A Rise In The Wages Of

Every Transaction In Commerce Is An Independent Transaction.

To Alter The Money Value Of Commodities, By Altering The Value Of Money, And Yet To Raise The Same Money Amount By Taxes, Is Then Undoubtedly To Increase The Burthens Of Society.

Adam Smith, And Other Able Writers To Whom I Have Alluded, Not Having Viewed Correctly The Principles Of Rent, Have, It Appears To Me, Overlooked Many Important Truths, Which Can Only Be Discovered After The Subject Of Rent Is Thoroughly Understood.

But A Tax On Luxuries Would No Other Effect Than To Raise Their Price. It Would Fall Wholly On The Consumer, And Could Neither Increase Wages Nor Lower Profits.

Whether A Bank Lent One Million, Ten Million, Or A Hundred Millions, They Would Not Permanently Alter The Market Rate Of Interest; They Would Alter Only The Value Of The Money They Issued.